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: 811-10183

MET INVESTORS SERIES TRUST

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

Registrant’s telephone number, including area code: (617) 578-3408

Date of fiscal year end: December 31

Date of reporting period: June 30, 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”):

Met Investors Series Trust

AllianceBernstein Global Dynamic Allocation Portfolio

Managed by AllianceBernstein L.P.

Portfolio Manager Commentary*

PERFORMANCE

For the six month period ended June 30, 2014, the Class B shares of the AllianceBernstein Global Dynamic Allocation Portfolio returned 6.26%. The Portfolio’s benchmark, the Dow Jones Moderate Index¹, returned 5.77%.

MARKET ENVIRONMENT / CONDITIONS

Stock indexes chalked up strong results for the first six months of the year, thanks particularly to a robust second quarter. Meanwhile, after posting small losses last year, bonds have gained so far in 2014, despite worries that interest rates could rise. Leading the pack were U.S. stocks, with the S&P 500 Index up more than 7%, followed by the emerging markets, which posted a half-year gain above 6%—a remarkable turnaround, since the emerging markets were marginally down for the year as late as April. Stock markets benefited from generally upbeat economic news, together with continuing central-bank accommodation and more positive investor sentiment. Meanwhile, six-month bond returns ran roughly in the 3%–4% range. Commodities and real estate were also up strongly coming out of a slump in 2013.

Market volatility has been unusually low since 2012, across asset classes and global geographies, and the trend continued during the six month period. For example, the VIX Index of implied S&P 500 Index volatility—which captures investor expectations for short-term S&P 500 fluctuations—was at about 11.6% at midyear, versus a long-term average above 21%. Other stock markets, along with the bond markets, have also been more tranquil than their norms. One key contributor to keeping risk low has been central bank policy; the world’s major central banks continue to keep short-term interest rates unusually low—in some cases at historically unprecedented levels. Ten-year government bond yields are about 2.5%, 1.2%, and 0.5% in the U.S., Germany, and Japan, respectively. The U.S. Federal Reserve’s overnight interest rate net of inflation has been in negative territory for much of the time since the Credit Crisis—an unusually accommodative stance relative to history. Such low rates are helping companies and economies to improve steadily.

Corporate fundamentals have also been strong, manifest in cash-rich balance sheets and burgeoning profit potential. Together with tame inflation and moderate global economic growth, the signals suggest that we are currently in the middle, rather than a late, stage of the economic cycle.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Portfolio’s objective is to provide long term growth by participating in up markets and by mitigating the downside. We aim to deliver more consistent returns through broad diversification and reduce volatility by making flexible adjustments to asset allocation. In this way, we should capture potential return opportunities and manage risk. In the six months ending June 30, 2014, the Portfolio had solid absolute returns and outperformed the benchmark.

Throughout the last six months, the Portfolio had an overweight in risk assets with global developed equity, global Real Estate Investment Trusts (“REITs”), and commodity holdings; although the degree and composition of the overweight varied as market conditions changed. This position was supported by our view that easy money policies of central banks would continue to provide liquidity to markets creating conditions with low interest rates and where equity volatility was also likely to remain low. For diversification, the Portfolio maintained a modest allocation to REITs and commodities. The Portfolio remained underweight bonds through most of the period and held very little cash at all times. The Portfolio holds a 10-year interest rate swap, extending duration exposure to provide additional diversification and balance the sources of risk.

The Portfolio’s equity overweight was neutral to performance; the Portfolio’s U.S. equity exposure contributed while positions in international equities, both developed and emerging, lagged. The decision to diversify across other assets classes helped performance; allocations to REITs and commodities contributed to performance given their strong returns. The Portfolio’s underweight to bonds was additive as bond returns lagged strong equity market performance. The interest rate swap held also contributed to performance.

In addition, during the last six months, we employed a variety of strategies to further protect the Portfolio during periods of uncertainty. At times, the Portfolio held a small amount of equity put options to provide some protection to our overweight equity position. We also hedged a portion of the foreign currency exposure that comes from owning non-U.S. stocks.

Derivatives used during the period included Stock Index Futures, Bond Futures, Currency Forwards, Exchange Traded Funds, and Equity Index Options for hedging and investment purposes as well as

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Met Investors Series Trust

AllianceBernstein Global Dynamic Allocation Portfolio

Managed by AllianceBernstein L.P.

Portfolio Manager Commentary*—(Continued)

Total Return Swaps, Credit Default Swaps, and Excess Return Swaps (Commodities) for investment purposes. Swaptions and Interest Rate Swaps were used for hedging purposes.

The Portfolio ended the period overweight risk assets. The overweight to risk assets was concentrated in global developed equities. Within the risk asset allocation, the Portfolio retained modest exposures to global REITs and commodities for diversification. The Portfolio was underweight bonds with a small cash position.

Dan Loewy

Vadim Zlotnikov

Portfolio Managers

AllianceBernstein 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 and 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 those of the subadvisory firm as of June 30, 2014 and 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 statements) 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 applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable annuity or insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

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Met Investors Series Trust

AllianceBernstein Global Dynamic Allocation Portfolio

A $10,000 INVESTMENT COMPARED TO THE DOW JONES MODERATE INDEX

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2014

	6 Month		1 Year		Since Inception2
AllianceBerstein Global Dynamic Allocation Portfolio
Class B		6.26		15.41		8.06
Dow Jones Moderate Index		5.77		16.21		7.94

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 of that combination will have 60% of the risk of an all equity portfolio.

² Inception date of the Class B shares is 5/2/2011. 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.

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 JUNE 30, 2014

Top Equity Sectors

	% of Net Assets
Financials		17.2
Consumer Discretionary		5.1
Industrials		5.1
Health Care		5.1
Information Technology		4.6

Top Fixed Income Sectors

	% of Net Assets
U.S. Treasury & Government Agencies		23.2
Cash & Cash Equivalents		20.1
Foreign Government		4.1

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Met Investors Series Trust

AllianceBernstein Global Dynamic Allocation 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, January 1, 2014 through June 30, 2014.

Actual Expenses

The first line 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 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 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 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.

AllianceBernstein Global Dynamic Allocation Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2014		Ending Account Value June 30, 2014		Expenses Paid During Period** January 1, 2014 to June 30, 2014
Class B(a)	Actual		0.88	%	$	1,000.00	$	1,062.60	$	4.50
	Hypothetical*		0.88	%	$	1,000.00	$	1,020.43	$	4.41

* 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 (181 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 7 of the Notes to Consolidated Financial Statements.

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AllianceBernstein Global Dynamic Allocation Portfolio

Consolidated§ Schedule of Investments as of June 30, 2014

Common Stocks—45.5% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—0.8%
Airbus Group NV		56,150	$	3,768,673
BAE Systems plc		304,159		2,253,599
Boeing Co. (The)		38,225		4,863,367
Cobham plc		102,833		549,049
Finmeccanica S.p.A. (a) (b)		38,585		366,524
General Dynamics Corp.		18,530		2,159,672
Honeywell International, Inc.		43,360		4,030,312
L-3 Communications Holdings, Inc.		4,885		589,864
Lockheed Martin Corp.		14,845		2,386,037
Meggitt plc		75,859		656,092
Northrop Grumman Corp.		12,325		1,474,440
Precision Castparts Corp.		8,025		2,025,510
Raytheon Co.		17,615		1,624,984
Rockwell Collins, Inc.		7,435		580,971
Rolls-Royce Holdings plc (a)		179,728		3,282,565
Safran S.A.		25,923		1,696,254
Singapore Technologies Engineering, Ltd.		147,900		450,120
Textron, Inc.		15,480		592,729
Thales S.A.		8,850		534,844
United Technologies Corp.		46,625		5,382,856
Zodiac Aerospace		17,774		601,148
				39,869,610
Air Freight & Logistics—0.2%
Bollore S.A.		520		337,516
C.H. Robinson Worldwide, Inc. (b)		8,360		533,284
Deutsche Post AG		92,450		3,343,728
Expeditors International of Washington, Inc.		11,305		499,229
FedEx Corp.		16,410		2,484,146
Royal Mail plc (a)		62,033		529,344
TNT Express NV		41,566		375,762
Toll Holdings, Ltd. (b)		64,954		312,592
United Parcel Service, Inc. - Class B		39,500		4,055,070
Yamato Holdings Co., Ltd.		34,793		720,643
				13,191,314
Airlines—0.1%
ANA Holdings, Inc. (b)		110,656		261,290
Cathay Pacific Airways, Ltd.		112,200		209,665
Delta Air Lines, Inc.		47,151		1,825,687
Deutsche Lufthansa AG		21,980		471,906
easyJet plc		15,123		352,814
International Consolidated Airlines Group S.A. - Class DI (a)		96,468		614,299
Japan Airlines Co., Ltd.		5,716		316,349
Qantas Airways, Ltd. (a)		100,738		119,790
Ryanair Holdings plc (ADR) (a)		2,230		124,434
Singapore Airlines, Ltd.		51,200		425,427
Southwest Airlines Co.		38,385		1,031,021
				5,752,682
Auto Components—0.4%
Aisin Seiki Co., Ltd.		18,307		729,694
BorgWarner, Inc.		12,540		817,483
Bridgestone Corp.		62,194		2,179,679
Auto Components—(Continued)
Cie Generale des Etablissements Michelin		17,759		2,124,547
Continental AG		10,515		2,435,834
Delphi Automotive plc		15,421		1,060,039
Denso Corp.		46,557		2,226,324
GKN plc		156,357		970,284
Goodyear Tire & Rubber Co. (The)		13,590		377,530
Johnson Controls, Inc.		37,845		1,889,601
Koito Manufacturing Co., Ltd.		9,781		250,877
NGK Spark Plug Co., Ltd.		17,000		480,464
NHK Spring Co., Ltd.		15,100		141,772
NOK Corp.		9,147		184,184
Nokian Renkaat Oyj (b)		10,923		426,586
Pirelli & C S.p.A.		22,590		361,982
Stanley Electric Co., Ltd.		13,644		356,448
Sumitomo Rubber Industries, Ltd.		16,301		235,708
Toyoda Gosei Co., Ltd.		6,245		129,894
Toyota Industries Corp.		15,624		808,302
Valeo S.A.		7,238		970,628
Yokohama Rubber Co., Ltd. (The)		19,000		164,570
				19,322,430
Automobiles—1.0%
Bayerische Motoren Werke (BMW) AG		31,648		4,014,331
Daihatsu Motor Co., Ltd.		18,533		330,010
Daimler AG		92,028		8,618,424
Fiat S.p.A. (a)		83,470		822,631
Ford Motor Co.		217,695		3,753,062
Fuji Heavy Industries, Ltd.		56,012		1,554,429
General Motors Co.		71,913		2,610,442
Harley-Davidson, Inc.		12,175		850,424
Honda Motor Co., Ltd.		155,896		5,453,292
Isuzu Motors, Ltd.		112,553		745,722
Mazda Motor Corp.		257,592		1,211,076
Mitsubishi Motors Corp.		61,400		678,775
Nissan Motor Co., Ltd.		237,649		2,258,440
Peugeot S.A. (a)		48,693		721,043
Renault S.A.		18,382		1,665,194
Suzuki Motor Corp.		34,894		1,095,066
Toyota Motor Corp.		263,710		15,863,253
Volkswagen AG		2,836		733,281
Yamaha Motor Co., Ltd.		25,066		432,242
				53,411,137
Banks—4.4%
Aozora Bank, Ltd.		109,635		360,677
Australia & New Zealand Banking Group, Ltd.		262,291		8,251,834
Banca Monte dei Paschi di Siena S.p.A. (a) (b)		9,491		18,388
Banco Bilbao Vizcaya Argentaria S.A.		563,885		7,178,732
Banco de Sabadell S.A. (b)		325,364		1,108,665
Banco Espirito Santo S.A. (a)		169,954		139,961
Banco Popolare SC (a)		32,817		540,675
Banco Popular Espanol S.A.		167,319		1,123,854
Banco Santander S.A.		1,128,558		11,776,330
Bank Hapoalim B.M.		100,592		581,138
Bank Leumi Le-Israel B.M. (a)		126,762		494,159
Bank of America Corp.		588,908		9,051,516

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

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Met Investors Series Trust

AllianceBernstein Global Dynamic Allocation Portfolio

Consolidated§ Schedule of Investments as of June 30, 2014

Common Stocks—(Continued)

Security Description	Shares		Value
Banks—(Continued)
Bank of East Asia, Ltd.		120,200	$	498,908
Bank of Ireland (a)		2,320,045		783,551
Bank of Kyoto, Ltd. (The) (b)		32,632		297,199
Bank of Queensland, Ltd.		34,389		395,616
Bank of Yokohama, Ltd. (The)		111,009		640,093
Bankia S.A. (a)		440,346		852,093
Barclays plc		1,562,879		5,693,063
BB&T Corp.		38,845		1,531,658
Bendigo and Adelaide Bank, Ltd.		41,473		477,019
BNP Paribas S.A.		101,165		6,863,975
BOC Hong Kong Holdings, Ltd.		353,500		1,024,596
CaixaBank S.A.		167,350		1,031,568
Chiba Bank, Ltd. (The)		70,833		500,940
Chugoku Bank, Ltd. (The)		15,798		243,289
Citigroup, Inc.		167,471		7,887,884
Comerica, Inc.		10,055		504,359
Commerzbank AG (a)		92,595		1,455,757
Commonwealth Bank of Australia		154,074		11,758,339
Credit Agricole S.A. (b)		98,588		1,390,547
Danske Bank A/S		62,690		1,772,783
DBS Group Holdings, Ltd.		164,100		2,200,199
DNB ASA		93,449		1,707,068
Erste Group Bank AG		26,703		863,839
Fifth Third Bancorp		48,735		1,040,492
Fukuoka Financial Group, Inc.		73,326		354,572
Gunma Bank, Ltd. (The)		36,171		214,233
Hachijuni Bank, Ltd. (The)		39,338		243,888
Hang Seng Bank, Ltd.		73,100		1,197,539
Hiroshima Bank, Ltd. (The)		47,340		226,537
Hokuhoku Financial Group, Inc.		116,000		247,657
HSBC Holdings plc		1,800,015		18,273,921
Huntington Bancshares, Inc.		45,855		437,457
Intesa Sanpaolo S.p.A.		1,111,760		3,427,322
Intesa Sanpaolo S.p.A. - Risparmio Shares		89,130		236,505
Iyo Bank, Ltd. (The)		23,000		232,859
Joyo Bank, Ltd. (The)		63,592		339,547
JPMorgan Chase & Co.		207,600		11,961,912
KBC Groep NV (a)		23,941		1,301,068
KeyCorp		49,420		708,189
Lloyds Banking Group plc (a)		5,457,430		6,940,196
M&T Bank Corp.		7,195		892,540
Mitsubishi UFJ Financial Group, Inc.		1,218,380		7,484,477
Mizrahi Tefahot Bank, Ltd.		13,163		170,148
Mizuho Financial Group, Inc.		2,199,960		4,522,296
National Australia Bank, Ltd.		224,981		6,959,256
Natixis		88,379		565,927
Nordea Bank AB		290,331		4,093,155
Oversea-Chinese Banking Corp., Ltd.		246,200		1,886,202
PNC Financial Services Group, Inc. (The)		29,435		2,621,187
Raiffeisen Bank International AG		11,184		356,040
Regions Financial Corp.		76,015		807,279
Resona Holdings, Inc.		211,026		1,231,463
Royal Bank of Scotland Group plc (a)		237,224		1,336,771
Seven Bank, Ltd.		56,917		232,866
Shinsei Bank, Ltd.		157,300		354,912
Shizuoka Bank, Ltd. (The)		50,824		550,361
Skandinaviska Enskilda Banken AB - Class A		145,198		1,938,588
Banks—(Continued)
Societe Generale S.A.		68,710		3,593,179
Standard Chartered plc		232,019		4,741,496
Sumitomo Mitsui Financial Group, Inc.		121,650		5,108,107
Sumitomo Mitsui Trust Holdings, Inc.		317,090		1,452,111
SunTrust Banks, Inc.		29,500		1,181,770
Suruga Bank, Ltd.		17,000		330,501
Svenska Handelsbanken AB - A Shares		47,708		2,332,708
Swedbank AB - A Shares		86,561		2,294,080
U.S. Bancorp		100,835		4,368,172
UniCredit S.p.A.		421,931		3,533,957
Unione di Banche Italiane SCPA (b)		81,676		705,413
United Overseas Bank, Ltd.		121,400		2,194,056
Wells Fargo & Co. (c)		264,610		13,907,902
Westpac Banking Corp.		297,174		9,501,870
Yamaguchi Financial Group, Inc.		20,000		211,126
Zions Bancorporation		10,160		299,415
				230,143,497
Beverages—1.0%
Anheuser-Busch InBev NV		76,844		8,832,530
Asahi Group Holdings, Ltd.		36,963		1,161,762
Brown-Forman Corp. - Class B		8,927		840,656
Carlsberg A/S - Class B		10,248		1,103,798
Coca-Cola Amatil, Ltd.		54,602		486,851
Coca-Cola Co. (The) (c)		209,610		8,879,080
Coca-Cola Enterprises, Inc.		13,290		634,996
Coca-Cola HBC AG (a)		19,105		438,416
Constellation Brands, Inc. - Class A (a)		9,175		808,593
Diageo plc		240,039		7,641,232
Dr Pepper Snapple Group, Inc.		11,040		646,723
Heineken Holding NV (b)		9,688		636,984
Heineken NV		22,038		1,582,243
Kirin Holdings Co., Ltd.		78,148		1,130,209
Molson Coors Brewing Co. - Class B		8,705		645,563
Monster Beverage Corp. (a)		7,480		531,304
PepsiCo, Inc.		84,725		7,569,331
Pernod-Ricard S.A.		20,296		2,437,369
Remy Cointreau S.A. (b)		2,315		212,982
SABMiller plc		92,110		5,336,620
Suntory Beverage & Food, Ltd.		13,397		525,969
Treasury Wine Estates, Ltd.		61,864		292,322
				52,375,533
Biotechnology—0.6%
Actelion, Ltd. (a)		9,802		1,239,090
Alexion Pharmaceuticals, Inc. (a)		10,900		1,703,125
Amgen, Inc.		41,683		4,934,017
Biogen Idec, Inc. (a)		13,130		4,140,020
Celgene Corp. (a)		45,640		3,919,563
CSL, Ltd.		46,257		2,904,147
Gilead Sciences, Inc. (a)		84,720		7,024,135
Grifols S.A.		14,312		781,375
Regeneron Pharmaceuticals, Inc. (a)		4,341		1,226,202
Vertex Pharmaceuticals, Inc. (a)		12,967		1,227,716
				29,099,390

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

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Consolidated§ Schedule of Investments as of June 30, 2014

Common Stocks—(Continued)

Security Description	Shares		Value
Building Products—0.2%
Allegion plc		4,901	$	277,789
Asahi Glass Co., Ltd. (b)		95,533		563,857
Assa Abloy AB - Class B		31,953		1,624,053
Cie de St-Gobain		42,453		2,391,631
Daikin Industries, Ltd.		22,491		1,422,596
Geberit AG		3,620		1,271,269
LIXIL Group Corp.		25,429		687,761
Masco Corp.		19,675		436,785
TOTO, Ltd.		27,000		364,564
				9,040,305
Capital Markets—0.9%
3i Group plc		92,636		636,373
Aberdeen Asset Management plc		87,539		680,189
Affiliated Managers Group, Inc. (a)		3,105		637,767
Ameriprise Financial, Inc.		10,715		1,285,800
Bank of New York Mellon Corp. (The)		63,385		2,375,670
BlackRock, Inc.		7,010		2,240,396
Charles Schwab Corp. (The)		64,045		1,724,732
Credit Suisse Group AG (a)		144,935		4,127,079
Daiwa Securities Group, Inc.		158,135		1,372,248
Deutsche Bank AG		124,513		4,380,646
E*Trade Financial Corp. (a)		15,815		336,227
Franklin Resources, Inc.		22,241		1,286,419
Goldman Sachs Group, Inc. (The)		23,350		3,909,724
Hargreaves Lansdown plc		22,669		479,508
ICAP plc		52,491		340,967
Invesco, Ltd.		24,420		921,855
Investec plc		52,368		483,133
Julius Baer Group, Ltd. (a)		21,452		884,543
Legg Mason, Inc.		5,830		299,137
Macquarie Group, Ltd.		27,637		1,553,503
Mediobanca S.p.A. (a)		57,616		574,495
Morgan Stanley		76,460		2,471,952
Nomura Holdings, Inc.		347,026		2,452,617
Northern Trust Corp.		12,390		795,562
Partners Group Holding AG		1,672		456,608
SBI Holdings, Inc.		19,318		237,134
Schroders plc		11,882		508,865
State Street Corp.		24,290		1,633,745
T. Rowe Price Group, Inc.		14,390		1,214,660
UBS AG (a)		348,908		6,393,423
				46,694,977
Chemicals—1.3%
Air Liquide S.A.		32,897		4,441,403
Air Products & Chemicals, Inc.		11,645		1,497,780
Air Water, Inc.		13,767		220,501
Airgas, Inc.		3,660		398,611
Akzo Nobel NV		22,931		1,719,301
Arkema S.A.		5,401		525,712
Asahi Kasei Corp.		120,475		923,615
BASF SE		87,792		10,222,315
CF Industries Holdings, Inc.		3,160		760,075
Croda International plc		13,047		491,906
Daicel Corp.		25,442		243,557
Chemicals—(Continued)
Dow Chemical Co. (The)		66,940		3,444,732
E.I. du Pont de Nemours & Co.		51,155		3,347,583
Eastman Chemical Co.		8,480		740,728
Ecolab, Inc.		14,945		1,663,976
EMS-Chemie Holding AG		784		312,977
FMC Corp.		7,340		522,535
Givaudan S.A. (a)		885		1,476,364
Hitachi Chemical Co., Ltd.		9,988		165,520
Incitec Pivot, Ltd.		155,286		424,989
International Flavors & Fragrances, Inc.		4,485		467,696
Israel Chemicals, Ltd.		42,467		364,480
Israel Corp., Ltd. (The) (a)		264		150,269
Johnson Matthey plc		19,629		1,040,481
JSR Corp.		17,020		292,465
K&S AG		16,546		543,159
Kaneka Corp.		25,974		162,791
Kansai Paint Co., Ltd.		22,548		377,670
Koninklijke DSM NV		16,475		1,198,997
Kuraray Co., Ltd.		33,005		418,981
Lanxess AG		8,748		590,136
Linde AG		17,745		3,773,633
LyondellBasell Industries NV - Class A		24,171		2,360,298
Mitsubishi Chemical Holdings Corp.		129,132		573,121
Mitsubishi Gas Chemical Co., Inc.		36,159		231,695
Mitsui Chemicals, Inc.		78,044		213,722
Monsanto Co.		29,080		3,627,439
Mosaic Co. (The)		18,780		928,671
Nippon Paint Co., Ltd.		16,000		339,521
Nitto Denko Corp.		14,970		702,844
Novozymes A/S - B Shares		22,879		1,147,988
Orica, Ltd. (b)		35,454		651,840
PPG Industries, Inc.		7,845		1,648,627
Praxair, Inc.		16,325		2,168,613
Sherwin-Williams Co. (The)		4,760		984,892
Shin-Etsu Chemical Co., Ltd.		39,289		2,391,730
Sigma-Aldrich Corp.		6,585		668,246
Sika AG		207		846,678
Solvay S.A.		5,685		980,070
Sumitomo Chemical Co., Ltd.		141,637		536,600
Syngenta AG		8,902		3,325,962
Taiyo Nippon Sanso Corp. (b)		22,268		197,541
Teijin, Ltd.		88,665		222,680
Toray Industries, Inc.		139,548		918,893
Umicore S.A. (b)		10,323		480,465
Yara International ASA		17,367		870,761
				69,943,835
Commercial Services & Supplies—0.2%
ADT Corp. (The) (b)		10,022		350,169
Aggreko plc		24,440		689,663
Babcock International Group plc		47,919		953,023
Brambles, Ltd.		148,849		1,290,817
Cintas Corp.		5,530		351,376
Dai Nippon Printing Co., Ltd.		52,963		554,116
Edenred		19,744		598,262
G4S plc		147,932		645,772

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

MIST-7

Met Investors Series Trust

AllianceBernstein Global Dynamic Allocation Portfolio

Consolidated§ Schedule of Investments as of June 30, 2014

Common Stocks—(Continued)

Security Description	Shares		Value
Commercial Services & Supplies—(Continued)
Iron Mountain, Inc.		9,351	$	331,493
Park24 Co., Ltd.		9,380		170,757
Pitney Bowes, Inc.		11,110		306,858
Republic Services, Inc.		14,885		565,183
Secom Co., Ltd.		20,129		1,232,099
Securitas AB - B Shares		29,854		353,878
Societe BIC S.A.		2,730		373,456
Stericycle, Inc. (a)		4,715		558,350
Toppan Printing Co., Ltd.		52,929		410,356
Tyco International, Ltd.		25,625		1,168,500
Waste Management, Inc.		24,035		1,075,086
				11,979,214
Communications Equipment—0.4%
Alcatel-Lucent (a) (b)		266,039		953,976
Cisco Systems, Inc. (c)		295,200		7,335,720
F5 Networks, Inc. (a)		4,285		477,520
Harris Corp.		5,890		446,168
Juniper Networks, Inc. (a)		27,820		682,703
Motorola Solutions, Inc.		12,700		845,439
QUALCOMM, Inc.		93,305		7,389,756
Telefonaktiebolaget LM Ericsson - B Shares		290,888		3,517,308
				21,648,590
Construction & Engineering—0.2%
ACS Actividades de Construccion y Servicios S.A.		16,767		765,946
Bouygues S.A.		19,368		807,262
Chiyoda Corp.		15,000		182,044
Ferrovial S.A.		38,699		860,924
Fluor Corp.		8,995		691,716
Hochtief AG		2,208		191,129
Jacobs Engineering Group, Inc. (a)		7,250		386,280
JGC Corp.		20,182		614,262
Kajima Corp.		80,151		354,926
Koninklijke Boskalis Westminster NV		8,282		474,501
Leighton Holdings, Ltd. (b)		9,707		180,629
Obayashi Corp.		61,450		439,298
OCI (a)		8,057		314,081
Quanta Services, Inc. (a)		11,885		410,983
Shimizu Corp.		56,178		398,340
Skanska AB - B Shares		36,444		831,073
Taisei Corp.		97,221		539,173
Vinci S.A.		46,174		3,448,560
				11,891,127
Construction Materials—0.2%
Boral, Ltd.		74,246		367,925
CRH plc		59,277		1,526,402
CRH plc		10,900		279,607
Fletcher Building, Ltd.		65,581		505,784
HeidelbergCement AG		13,472		1,148,960
Holcim, Ltd. (a)		21,888		1,924,083
Imerys S.A.		3,316		279,840
James Hardie Industries plc		42,274		552,297
Construction Materials—(Continued)
Lafarge S.A. (b)		17,860		1,550,606
Taiheiyo Cement Corp.		112,000		451,763
Vulcan Materials Co.		7,150		455,813
				9,043,080
Consumer Finance—0.2%
Acom Co., Ltd. (a) (b)		38,140		181,878
AEON Financial Service Co., Ltd.		10,805		283,110
American Express Co.		50,880		4,826,985
Capital One Financial Corp.		31,865		2,632,049
Credit Saison Co., Ltd.		14,215		295,602
Discover Financial Services		26,485		1,641,540
Navient Corp.		24,035		425,660
				10,286,824
Containers & Packaging—0.1%
Amcor, Ltd.		115,048		1,132,142
Avery Dennison Corp.		5,300		271,625
Ball Corp.		7,970		499,559
Bemis Co., Inc.		5,660		230,136
MeadWestvaco Corp.		9,800		433,748
Owens-Illinois, Inc. (a)		9,070		314,185
Rexam plc		67,096		614,024
Sealed Air Corp.		10,795		368,865
Toyo Seikan Group Holdings, Ltd.		15,596		240,105
				4,104,389
Distributors—0.0%
Genuine Parts Co.		8,515		747,617
Jardine Cycle & Carriage, Ltd.		10,200		360,915
				1,108,532
Diversified Consumer Services—0.0%
Benesse Holdings, Inc.		6,354		275,855
Graham Holdings Co. - Class B		253		181,682
H&R Block, Inc.		15,055		504,644
				962,181
Diversified Financial Services—0.7%
ASX, Ltd.		18,608		625,270
Berkshire Hathaway, Inc. - Class B (a) (c)		99,420		12,582,595
CME Group, Inc.		17,385		1,233,466
Deutsche Boerse AG		18,469		1,433,322
Eurazeo S.A. (b)		3,753		311,959
Exor S.p.A. (b)		9,453		388,276
First Pacific Co., Ltd.		224,500		252,603
Groupe Bruxelles Lambert S.A.		7,745		804,841
Hong Kong Exchanges and Clearing, Ltd.		105,500		1,967,978
Industrivarden AB - C Shares		11,921		235,307
ING Groep NV (a)		367,086		5,150,628
Intercontinental Exchange, Inc.		6,336		1,196,870
Investment AB Kinnevik - B Shares		22,501		958,408
Investor AB - B Shares		43,557		1,632,642
Japan Exchange Group, Inc.		24,929		615,768
Leucadia National Corp.		17,275		452,951

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

MIST-8

Met Investors Series Trust

AllianceBernstein Global Dynamic Allocation Portfolio

Consolidated§ Schedule of Investments as of June 30, 2014

Common Stocks—(Continued)

Security Description	Shares		Value
Diversified Financial Services—(Continued)
London Stock Exchange Group plc		16,856	$	578,451
McGraw Hill Financial, Inc.		14,915		1,238,392
Mitsubishi UFJ Lease & Finance Co., Ltd.		47,090		271,184
Moody’s Corp.		10,425		913,856
NASDAQ OMX Group, Inc. (The)		6,370		246,009
ORIX Corp.		125,380		2,076,574
Pargesa Holding S.A.		2,953		265,184
Singapore Exchange, Ltd.		76,600		426,245
Wendel S.A.		3,020		432,337
				36,291,116
Diversified Telecommunication Services—1.2%
AT&T, Inc. (c)		290,851		10,284,491
Belgacom S.A. (b)		14,555		482,587
Bezeq The Israeli Telecommunication Corp., Ltd.		182,189		341,167
BT Group plc		756,125		4,974,468
CenturyLink, Inc.		32,550		1,178,310
Deutsche Telekom AG		297,821		5,220,135
Elisa Oyj		13,654		417,419
Frontier Communications Corp. (b)		55,165		322,164
HKT Trust / HKT, Ltd.		210,500		246,878
Iliad S.A.		2,501		754,785
Inmarsat plc		40,708		520,318
Koninklijke KPN NV (a)		305,351		1,111,890
Nippon Telegraph & Telephone Corp.		35,914		2,243,042
Orange S.A.		177,233		2,793,135
PCCW, Ltd.		381,700		227,566
Singapore Telecommunications, Ltd.		761,400		2,351,742
Swisscom AG		2,232		1,296,633
TDC A/S		77,418		801,187
Telecom Corp. of New Zealand, Ltd.		173,913		408,062
Telecom Italia S.p.A. (a) (b)		959,408		1,213,788
Telecom Italia S.p.A. - Risparmio Shares		574,543		566,948
Telefonica Deutschland Holding AG (a)		26,247		216,929
Telefonica S.A.		391,502		6,712,178
Telekom Austria AG		21,195		207,177
Telenor ASA		72,482		1,649,104
TeliaSonera AB		227,062		1,657,229
Telstra Corp., Ltd.		416,273		2,046,093
TPG Telecom, Ltd.		26,556		138,061
Verizon Communications, Inc. (c)		228,420		11,176,591
Vivendi S.A. (a)		115,240		2,818,319
Windstream Holdings, Inc. (b)		32,850		327,186
Ziggo NV		14,324		661,941
				65,367,523
Electric Utilities—0.7%
American Electric Power Co., Inc.		26,850		1,497,424
Cheung Kong Infrastructure Holdings, Ltd.		57,400		397,334
Chubu Electric Power Co., Inc. (a)		61,537		766,315
Chugoku Electric Power Co., Inc. (The)		28,334		387,283
CLP Holdings, Ltd.		180,982		1,481,425
Contact Energy, Ltd.		34,436		160,084
Duke Energy Corp.		39,015		2,894,523
Edison International		17,945		1,042,784
EDP - Energias de Portugal S.A.		221,352		1,109,932
Electric Utilities—(Continued)
Electricite de France S.A.		23,181		730,078
Enel S.p.A.		629,163		3,661,157
Entergy Corp.		9,825		806,534
Exelon Corp.		47,224		1,722,732
FirstEnergy Corp.		23,025		799,428
Fortum Oyj (b)		42,555		1,141,715
Hokuriku Electric Power Co.		16,111		213,921
Iberdrola S.A.		487,358		3,726,132
Kansai Electric Power Co., Inc. (The) (a)		67,233		634,715
Kyushu Electric Power Co., Inc. (a)		40,797		460,114
NextEra Energy, Inc.		23,745		2,433,388
Northeast Utilities		17,365		820,844
Pepco Holdings, Inc.		13,760		378,125
Pinnacle West Capital Corp.		6,050		349,932
Power Assets Holdings, Ltd.		132,400		1,160,762
PPL Corp.		34,715		1,233,424
Red Electrica Corp. S.A. (b)		10,379		950,725
Shikoku Electric Power Co., Inc. (a) (b)		17,052		238,434
Southern Co. (The)		48,695		2,209,779
SP AusNet		160,953		201,165
SSE plc		92,364		2,475,530
Terna Rete Elettrica Nazionale S.p.A. (b)		143,727		757,725
Tohoku Electric Power Co., Inc.		43,238		508,422
Tokyo Electric Power Co., Inc. (a)		138,185		576,391
Xcel Energy, Inc.		27,410		883,424
				38,811,700
Electrical Equipment—0.5%
ABB, Ltd. (a)		210,189		4,850,492
Alstom S.A.		20,632		753,035
AMETEK, Inc.		13,467		704,055
Eaton Corp. plc		26,238		2,025,049
Emerson Electric Co.		38,895		2,581,072
Fuji Electric Co., Ltd.		52,942		251,432
Legrand S.A.		25,386		1,551,898
Mabuchi Motor Co., Ltd.		2,424		184,033
Mitsubishi Electric Corp.		184,739		2,285,631
Nidec Corp. (b)		19,400		1,192,806
OSRAM Licht AG (a)		8,506		429,095
Prysmian S.p.A.		19,445		438,852
Rockwell Automation, Inc.		7,645		956,848
Schneider Electric SE		51,427		4,850,297
Sumitomo Electric Industries, Ltd.		72,061		1,016,225
Vestas Wind Systems A/S (a)		21,418		1,081,659
				25,152,479
Electronic Equipment, Instruments & Components—0.4%
Amphenol Corp. - Class A		8,735		841,530
Citizen Holdings Co., Ltd.		25,200		198,195
Corning, Inc.		79,840		1,752,488
FLIR Systems, Inc.		7,805		271,068
FUJIFILM Holdings Corp.		44,253		1,236,627
Hamamatsu Photonics KK		6,834		335,821
Hexagon AB - B Shares		24,320		783,245
Hirose Electric Co., Ltd.		2,955		439,916
Hitachi High-Technologies Corp.		5,911		140,877

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

MIST-9

Met Investors Series Trust

AllianceBernstein Global Dynamic Allocation Portfolio

Consolidated§ Schedule of Investments as of June 30, 2014

Common Stocks—(Continued)

Security Description	Shares		Value
Electronic Equipment, Instruments & Components—(Continued)
Hitachi, Ltd.		461,158	$	3,384,290
Hoya Corp.		41,650		1,385,954
Ibiden Co., Ltd.		11,567		233,390
Jabil Circuit, Inc.		10,165		212,449
Japan Display, Inc. (a) (b)		34,489		211,633
Keyence Corp.		4,388		1,919,355
Kyocera Corp.		30,700		1,460,563
Murata Manufacturing Co., Ltd.		19,446		1,824,053
Nippon Electric Glass Co., Ltd.		37,602		219,391
Omron Corp.		19,566		826,647
Shimadzu Corp.		22,283		204,612
TDK Corp.		11,825		555,694
TE Connectivity, Ltd.		22,700		1,403,768
Yaskawa Electric Corp. (b)		21,000		254,899
Yokogawa Electric Corp.		20,543		260,523
				20,356,988
Energy Equipment & Services—0.6%
Aker Solutions ASA		14,404		249,997
AMEC plc		28,477		591,484
Baker Hughes, Inc.		24,425		1,818,441
Cameron International Corp. (a)		13,100		887,001
Diamond Offshore Drilling, Inc. (b)		3,815		189,338
Ensco plc - Class A (b)		12,870		715,186
FMC Technologies, Inc. (a)		13,030		795,742
Fugro NV (b)		7,095		405,881
Halliburton Co.		46,850		3,326,818
Helmerich & Payne, Inc.		5,905		685,630
Nabors Industries, Ltd.		14,315		420,432
National Oilwell Varco, Inc.		23,605		1,943,872
Noble Corp. plc		13,965		468,665
Petrofac, Ltd.		24,735		508,355
Rowan Cos. plc - Class A		6,820		217,763
Saipem S.p.A. (a)		25,369		683,658
Schlumberger, Ltd. (c)		72,690		8,573,785
Seadrill, Ltd. (b)		35,933		1,423,771
Subsea 7 S.A.		26,901		501,832
Technip S.A.		9,780		1,071,267
Tenaris S.A.		45,256		1,067,516
Transocean, Ltd. (b)		18,680		841,160
Transocean, Ltd. (Swiss-Traded Shares) (b)		34,508		1,549,193
WorleyParsons, Ltd.		19,861		326,385
				29,263,172
Food & Staples Retailing—0.9%
Aeon Co., Ltd.		60,629		746,635
Carrefour S.A.		58,821		2,167,881
Casino Guichard Perrachon S.A.		5,427		719,124
Colruyt S.A.		7,105		360,753
Costco Wholesale Corp.		24,095		2,774,780
CVS Caremark Corp.		65,715		4,952,940
Delhaize Group S.A. (b)		9,837		665,105
Distribuidora Internacional de Alimentacion S.A.		59,120		543,690
FamilyMart Co., Ltd. (b)		5,614		242,252
J Sainsbury plc (b)		117,844		637,913
Food & Staples Retailing—(Continued)
Jeronimo Martins SGPS S.A.		24,196		398,178
Koninklijke Ahold NV		88,965		1,669,319
Kroger Co. (The)		28,680		1,417,652
Lawson, Inc.		6,276		471,158
Metcash, Ltd. (b)		84,910		211,478
Metro AG (a)		15,490		675,089
Olam International, Ltd. (b)		116,400		240,863
Safeway, Inc.		13,600		467,024
Seven & I Holdings Co., Ltd.		72,031		3,039,727
Sysco Corp.		32,045		1,200,085
Tesco plc		773,897		3,759,230
Wal-Mart Stores, Inc. (c)		89,374		6,709,306
Walgreen Co.		48,095		3,565,282
Wesfarmers, Ltd.		109,278		4,314,132
Whole Foods Market, Inc.		20,500		791,915
WM Morrison Supermarkets plc		200,874		631,954
Woolworths, Ltd.		119,923		3,982,088
				47,355,553
Food Products—1.3%
Ajinomoto Co., Inc.		55,281		866,308
Archer-Daniels-Midland Co.		36,255		1,599,208
Aryzta AG (a)		8,362		791,423
Associated British Foods plc		34,063		1,783,847
Barry Callebaut AG (a)		210		285,316
Calbee, Inc.		7,080		195,497
Campbell Soup Co. (b)		9,890		453,061
ConAgra Foods, Inc.		23,240		689,763
Danone S.A.		55,747		4,137,412
General Mills, Inc.		34,960		1,836,798
Golden Agri-Resources, Ltd.		674,600		300,278
Hershey Co. (The)		8,265		804,763
Hormel Foods Corp.		7,405		365,437
J.M. Smucker Co. (The)		5,785		616,507
Kellogg Co.		14,155		929,984
Kerry Group plc - Class A		9,010		676,772
Kerry Group plc - Class A		6,107		456,044
Keurig Green Mountain, Inc. (b)		7,183		895,074
Kikkoman Corp.		14,100		294,205
Kraft Foods Group, Inc.		32,923		1,973,734
Lindt & Spruengli AG		10		617,655
Lindt & Spruengli AG (Participation Certifcate)		88		447,883
McCormick & Co., Inc.		7,270		520,459
Mead Johnson Nutrition Co.		11,130		1,036,982
MEIJI Holdings Co., Ltd.		5,918		392,535
Mondelez International, Inc. - Class A		96,760		3,639,144
Nestle S.A.		308,238		23,883,191
NH Foods, Ltd.		16,715		326,952
Nisshin Seifun Group, Inc.		18,600		222,240
Nissin Foods Holdings Co., Ltd.		5,634		290,031
Orkla ASA		77,914		693,595
Tate & Lyle plc		44,620		522,409
Toyo Suisan Kaisha, Ltd.		8,477		261,848
Tyson Foods, Inc. - Class A		14,950		561,223
Unilever NV		155,705		6,810,764
Unilever plc		122,678		5,562,859

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

MIST-10

Met Investors Series Trust

AllianceBernstein Global Dynamic Allocation Portfolio

Consolidated§ Schedule of Investments as of June 30, 2014

Common Stocks—(Continued)

Security Description	Shares		Value
Food Products—(Continued)
Wilmar International, Ltd.		183,339	$	469,211
Yakult Honsha Co., Ltd. (b)		8,392		425,723
Yamazaki Baking Co., Ltd. (b)		10,748		134,268
				66,770,403
Gas Utilities—0.1%
AGL Resources, Inc.		6,530		359,346
APA Group		79,682		517,618
Enagas S.A.		19,396		624,977
Gas Natural SDG S.A. (b)		33,586		1,062,901
Hong Kong & China Gas Co., Ltd.		603,039		1,322,252
Osaka Gas Co., Ltd.		178,489		751,459
Snam S.p.A.		193,447		1,165,445
Toho Gas Co., Ltd. (b)		39,048		215,037
Tokyo Gas Co., Ltd.		228,460		1,336,457
				7,355,492
Health Care Equipment & Supplies—0.6%
Abbott Laboratories		85,300		3,488,770
Baxter International, Inc.		30,000		2,169,000
Becton Dickinson & Co.		10,690		1,264,627
Boston Scientific Corp. (a)		73,680		940,894
C.R. Bard, Inc.		4,285		612,798
CareFusion Corp. (a)		11,620		515,347
Cochlear, Ltd. (b)		5,519		321,300
Coloplast A/S - Class B		10,651		963,687
Covidien plc		25,365		2,287,416
DENTSPLY International, Inc.		7,845		371,461
Edwards Lifesciences Corp. (a)		6,030		517,615
Elekta AB - B Shares (b)		35,180		447,251
Essilor International S.A.		19,517		2,072,071
Getinge AB - B Shares		19,083		501,164
Intuitive Surgical, Inc. (a)		2,120		873,016
Medtronic, Inc.		55,135		3,515,408
Olympus Corp. (a)		22,906		791,057
Smith & Nephew plc		85,588		1,521,939
Sonova Holding AG		5,137		784,109
St. Jude Medical, Inc.		16,085		1,113,886
Stryker Corp.		16,270		1,371,886
Sysmex Corp.		13,900		522,788
Terumo Corp.		29,000		649,714
Varian Medical Systems, Inc. (a)		5,825		484,290
William Demant Holding A/S (a) (b)		2,167		196,761
Zimmer Holdings, Inc.		9,435		979,919
				29,278,174
Health Care Providers & Services—0.5%
Aetna, Inc.		20,244		1,641,384
Alfresa Holdings Corp.		4,204		271,288
AmerisourceBergen Corp.		12,685		921,692
Cardinal Health, Inc.		18,830		1,290,985
Celesio AG		4,855		172,823
Cigna Corp.		15,225		1,400,243
DaVita HealthCare Partners, Inc. (a)		9,730		703,674
Express Scripts Holding Co. (a)		44,514		3,086,156
Extendicare Inc. (b)		9,850		67,941
Health Care Providers & Services—(Continued)
Fresenius Medical Care AG & Co. KGaA		20,678		1,391,485
Fresenius SE & Co. KGaA		12,031		1,794,189
Humana, Inc.		8,600		1,098,392
Laboratory Corp. of America Holdings (a)		4,825		494,080
McKesson Corp.		12,755		2,375,109
Medipal Holdings Corp.		12,887		182,880
Miraca Holdings, Inc.		5,343		259,201
Patterson Cos., Inc.		4,580		180,956
Quest Diagnostics, Inc. (b)		8,005		469,813
Ramsay Health Care, Ltd.		12,560		539,374
Ryman Healthcare, Ltd.		35,267		263,982
Sonic Healthcare, Ltd.		36,361		594,596
Suzuken Co., Ltd.		6,765		252,112
Tenet Healthcare Corp. (a)		5,457		256,152
UnitedHealth Group, Inc.		55,600		4,545,300
WellPoint, Inc.		16,280		1,751,891
				26,005,698
Health Care Technology—0.0%
Cerner Corp. (a)		16,260		838,691
M3, Inc.		18,536		294,809
				1,133,500
Hotels, Restaurants & Leisure—0.6%
Accor S.A.		16,349		849,590
Carnival Corp.		24,120		908,118
Carnival plc		17,649		665,924
Chipotle Mexican Grill, Inc. (a)		1,715		1,016,155
Compass Group plc		171,355		2,991,313
Crown Resorts, Ltd.		34,811		496,606
Darden Restaurants, Inc. (b)		7,175		331,987
Flight Centre Travel Group, Ltd. (b)		5,369		225,261
Galaxy Entertainment Group, Ltd.		222,171		1,771,410
Genting Singapore plc (b)		584,000		623,071
InterContinental Hotels Group plc		24,818		1,026,874
Marriott International, Inc. - Class A		12,375		793,238
McDonald’s Corp.		54,940		5,534,656
McDonald’s Holdings Co. Japan, Ltd. (b)		6,377		179,079
MGM China Holdings, Ltd.		90,500		314,765
Oriental Land Co., Ltd.		4,860		833,255
Sands China, Ltd.		230,535		1,747,385
Shangri-La Asia, Ltd.		133,200		209,446
SJM Holdings, Ltd.		185,256		463,751
Sodexo		9,036		972,487
Starbucks Corp.		41,630		3,221,329
Starwood Hotels & Resorts Worldwide, Inc.		10,565		853,863
TABCORP Holdings, Ltd.		71,914		227,803
Tatts Group, Ltd.		135,111		416,860
TUI Travel plc		48,088		327,170
Whitbread plc		17,344		1,306,887
William Hill plc		82,679		463,436
Wyndham Worldwide Corp.		7,165		542,534
Wynn Macau, Ltd.		148,278		583,604
Wynn Resorts, Ltd.		4,450		923,642
Yum! Brands, Inc.		24,640		2,000,768
				32,822,267

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

MIST-11

Met Investors Series Trust

AllianceBernstein Global Dynamic Allocation Portfolio

Consolidated§ Schedule of Investments as of June 30, 2014

Common Stocks—(Continued)

Security Description	Shares		Value
Household Durables—0.2%
Casio Computer Co., Ltd. (b)		20,000	$	290,956
D.R. Horton, Inc.		15,650		384,677
Electrolux AB - Series B		22,938		579,580
Garmin, Ltd. (b)		6,770		412,293
Harman International Industries, Inc.		3,730		400,714
Husqvarna AB - B Shares		38,957		302,552
Iida Group Holdings Co., Ltd.		15,479		235,091
Leggett & Platt, Inc. (b)		7,780		266,698
Lennar Corp. - Class A		9,695		406,996
Mohawk Industries, Inc. (a)		3,360		464,822
Newell Rubbermaid, Inc.		15,825		490,417
Nikon Corp. (b)		32,555		513,282
Panasonic Corp.		211,028		2,575,964
Persimmon plc (a)		29,024		631,175
PulteGroup, Inc.		18,980		382,637
Rinnai Corp.		3,575		345,697
Sekisui Chemical Co., Ltd.		40,915		474,836
Sekisui House, Ltd.		52,549		721,959
Sharp Corp. (a) (b)		146,178		468,420
Sony Corp.		99,275		1,658,208
Techtronic Industries Co.		131,100		420,569
Whirlpool Corp.		4,330		602,823
				13,030,366
Household Products—0.5%
Clorox Co. (The)		7,115		650,311
Colgate-Palmolive Co.		48,550		3,310,139
Henkel AG & Co. KGaA		11,175		1,124,538
Kimberly-Clark Corp.		21,135		2,350,634
Procter & Gamble Co. (The) (c)		150,125		11,798,324
Reckitt Benckiser Group plc		61,949		5,402,426
Svenska Cellulosa AB SCA - B Shares		56,124		1,461,650
Unicharm Corp.		11,861		707,698
				26,805,720
Independent Power and Renewable Electricity Producers—0.0%
AES Corp.		36,185		562,677
Electric Power Development Co., Ltd.		11,170		363,360
Enel Green Power S.p.A. (b)		166,848		472,498
NRG Energy, Inc.		17,805		662,346
				2,060,881
Industrial Conglomerates—0.8%
3M Co.		35,345		5,062,818
Danaher Corp.		33,160		2,610,687
General Electric Co. (c)		558,545		14,678,562
Hutchison Whampoa, Ltd.		203,600		2,782,508
Keppel Corp., Ltd.		138,000		1,194,548
Koninklijke Philips NV		92,751		2,940,250
NWS Holdings, Ltd.		141,500		262,530
Roper Industries, Inc.		5,490		801,595
Sembcorp Industries, Ltd.		93,600		402,206
Siemens AG		75,789		10,009,799
Smiths Group plc		37,819		838,912
Toshiba Corp.		384,779		1,799,822
				43,384,237
Insurance—1.8%
ACE, Ltd.		18,840		1,953,708
Admiral Group plc		18,450		490,402
Aegon NV		172,735		1,507,759
Aflac, Inc.		25,685		1,598,891
Ageas		21,270		848,641
AIA Group, Ltd.		1,151,173		5,800,382
Allianz SE		43,634		7,272,290
Allstate Corp. (The)		25,065		1,471,817
American International Group, Inc.		81,235		4,433,806
AMP, Ltd.		281,997		1,410,541
Aon plc		16,680		1,502,701
Assicurazioni Generali S.p.A.		111,609		2,446,555
Assurant, Inc.		4,005		262,528
Aviva plc		281,680		2,468,466
AXA S.A.		173,331		4,136,506
Baloise Holding AG		4,547		535,871
Chubb Corp. (The)		13,870		1,278,398
Cincinnati Financial Corp.		8,110		389,604
CNP Assurances		16,499		342,538
Dai-ichi Life Insurance Co., Ltd. (The)		81,398		1,215,348
Delta Lloyd NV		18,287		463,806
Direct Line Insurance Group plc		143,375		663,606
Friends Life Group, Ltd.		135,205		728,863
Genworth Financial, Inc. - Class A (a)		27,215		473,541
Gjensidige Forsikring ASA		19,044		341,547
Hannover Rueck SE		5,771		520,083
Hartford Financial Services Group, Inc. (The)		24,640		882,358
Insurance Australia Group, Ltd.		223,819		1,233,201
Legal & General Group plc		565,601		2,181,870
Lincoln National Corp.		14,440		742,794
Loews Corp.		16,840		741,128
Mapfre S.A.		88,306		351,558
Marsh & McLennan Cos., Inc.		30,250		1,567,555
MetLife, Inc. (d)		61,875		3,437,775
MS&AD Insurance Group Holdings		48,439		1,172,806
Muenchener Rueckversicherungs AG		17,143		3,800,309
NKSJ Holdings, Inc.		31,766		857,463
Old Mutual plc		466,890		1,577,829
Principal Financial Group, Inc.		15,075		760,986
Progressive Corp. (The)		30,405		771,071
Prudential Financial, Inc.		25,530		2,266,298
Prudential plc		244,751		5,614,291
QBE Insurance Group, Ltd.		119,355		1,224,143
RSA Insurance Group plc		96,788		786,473
Sampo Oyj - A Shares		42,730		2,162,821
SCOR SE		14,730		506,741
Sony Financial Holdings, Inc.		16,632		284,214
Standard Life plc		226,590		1,448,780
Suncorp Group, Ltd.		123,072		1,572,096
Swiss Life Holding AG (a)		3,083		731,212
Swiss Re AG (a)		33,662		2,995,842
T&D Holdings, Inc.		55,352		753,958
Tokio Marine Holdings, Inc.		66,179		2,180,577
Torchmark Corp.		4,970		407,142
Travelers Cos., Inc. (The)		20,080		1,888,926
Tryg A/S		2,052		207,314
UnipolSai S.p.A.		85,568		275,184

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

MIST-12

Met Investors Series Trust

AllianceBernstein Global Dynamic Allocation Portfolio

Consolidated§ Schedule of Investments as of June 30, 2014

Common Stocks—(Continued)

Security Description	Shares		Value
Insurance—(Continued)
Unum Group		14,395	$	500,370
Vienna Insurance Group AG Wiener Versicherung Gruppe		3,710		198,600
XL Group plc		15,565		509,442
Zurich Insurance Group AG (a)		14,236		4,292,014
				95,443,339
Internet & Catalog Retail—0.3%
Amazon.com, Inc. (a)		20,540		6,670,981
ASOS plc (a) (b)		5,175		261,557
Expedia, Inc.		5,685		447,751
Netflix, Inc. (a)		3,283		1,446,490
Priceline Group, Inc. (The) (a)		2,845		3,422,535
Rakuten, Inc. (b)		75,944		983,660
TripAdvisor, Inc. (a)		6,105		663,369
				13,896,343
Internet Software & Services—0.6%
Akamai Technologies, Inc. (a)		9,860		602,052
Dena Co., Ltd. (b)		10,090		136,714
eBay, Inc. (a)		64,325		3,220,110
Facebook, Inc. - Class A (a)		90,804		6,110,201
Google, Inc. - Class A (a) (c)		15,590		9,115,005
Google, Inc. - Class C (a) (c)		15,590		8,968,615
Gree, Inc. (a) (b)		9,936		87,258
Kakaku.com, Inc.		14,088		247,379
United Internet AG		11,126		490,206
VeriSign, Inc. (a) (b)		7,085		345,819
Yahoo Japan Corp.		137,450		636,947
Yahoo!, Inc. (a)		52,095		1,830,097
				31,790,403
IT Services—0.7%
Accenture plc - Class A		35,145		2,841,122
Alliance Data Systems Corp. (a) (b)		2,700		759,375
Amadeus IT Holding S.A. - A Shares		36,391		1,499,280
Atos		7,507		625,795
Automatic Data Processing, Inc.		26,545		2,104,488
Cap Gemini S.A.		13,792		985,025
Cognizant Technology Solutions Corp. - Class A (a)		33,350		1,631,148
Computer Sciences Corp.		8,105		512,236
Computershare, Ltd.		45,075		530,850
Fidelity National Information Services, Inc.		16,035		877,756
Fiserv, Inc. (a)		14,260		860,163
Fujitsu, Ltd.		178,016		1,337,312
International Business Machines Corp. (c)		54,446		9,869,426
Itochu Techno-Solutions Corp.		2,300		99,972
MasterCard, Inc. - Class A		57,200		4,202,484
Nomura Research Institute, Ltd.		10,730		338,493
NTT Data Corp.		12,065		464,264
Otsuka Corp.		4,680		227,115
Paychex, Inc.		17,915		744,547
Teradata Corp. (a)		9,000		361,800
Total System Services, Inc.		9,195		288,815
IT Services—(Continued)
Visa, Inc. - Class A		28,190		5,939,915
Western Union Co. (The) (b)		30,420		527,483
Xerox Corp.		63,860		794,418
				38,423,282
Leisure Products—0.1%
Bandai Namco Holdings, Inc.		17,010		399,083
Hasbro, Inc.		6,345		336,602
Mattel, Inc.		18,645		726,596
Sankyo Co., Ltd.		4,704		181,105
Sega Sammy Holdings, Inc.		17,848		351,800
Shimano, Inc.		7,541		838,378
Yamaha Corp.		16,000		252,723
				3,086,287
Life Sciences Tools & Services—0.1%
Agilent Technologies, Inc.		18,235		1,047,418
Lonza Group AG (a)		5,061		550,991
PerkinElmer, Inc.		6,190		289,940
QIAGEN NV (a)		22,912		555,039
Thermo Fisher Scientific, Inc.		21,930		2,587,740
Waters Corp. (a)		4,690		489,823
				5,520,951
Machinery—0.9%
Alfa Laval AB (b)		30,187		777,272
Amada Co., Ltd.		33,986		346,020
Andritz AG		7,010		404,662
Atlas Copco AB - A Shares (b)		64,191		1,852,897
Atlas Copco AB - B Shares		37,384		997,621
Caterpillar, Inc.		35,185		3,823,554
CNH Industrial NV (b)		90,015		923,436
Cummins, Inc.		9,695		1,495,841
Deere & Co.		21,115		1,911,963
Dover Corp.		9,400		854,930
FANUC Corp.		18,310		3,164,125
Flowserve Corp.		7,680		571,008
GEA Group AG		17,554		831,466
Hino Motors, Ltd.		24,133		333,182
Hitachi Construction Machinery Co., Ltd. (b)		10,258		204,717
IHI Corp.		126,748		591,674
Illinois Tool Works, Inc.		22,600		1,978,856
IMI plc		26,134		664,575
Ingersoll-Rand plc		14,765		922,960
Joy Global, Inc. (b)		5,835		359,319
JTEKT Corp.		19,617		331,489
Kawasaki Heavy Industries, Ltd.		135,697		517,968
Komatsu, Ltd.		89,287		2,076,241
Kone Oyj - Class B (b)		29,892		1,248,105
Kubota Corp.		108,359		1,539,502
Kurita Water Industries, Ltd. (b)		9,724		225,660
Makita Corp.		11,390		703,518
MAN SE		3,395		419,602
Melrose Industries plc		102,184		454,627
Metso Oyj (b)		10,778		408,347

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

MIST-13

Met Investors Series Trust

AllianceBernstein Global Dynamic Allocation Portfolio

Consolidated§ Schedule of Investments as of June 30, 2014

Common Stocks—(Continued)

Security Description	Shares		Value
Machinery—(Continued)
Mitsubishi Heavy Industries, Ltd.		290,000	$	1,812,731
Nabtesco Corp.		10,740		237,871
NGK Insulators, Ltd.		24,922		567,131
NSK, Ltd.		44,284		577,260
PACCAR, Inc.		19,595		1,231,154
Pall Corp.		6,120		522,587
Parker Hannifin Corp.		8,235		1,035,386
Pentair plc		10,973		791,373
Sandvik AB (b)		102,003		1,392,235
Schindler Holding AG		4,436		673,956
Schindler Holding AG		2,044		308,168
Sembcorp Marine, Ltd. (b)		79,700		262,121
SKF AB - B Shares		37,927		966,775
SMC Corp.		5,313		1,424,727
Snap-on, Inc.		3,210		380,449
Stanley Black & Decker, Inc.		8,540		749,983
Sulzer AG		2,324		325,957
Sumitomo Heavy Industries, Ltd.		52,676		251,043
THK Co., Ltd.		10,852		256,409
Vallourec S.A.		10,413		466,079
Volvo AB - B Shares		146,115		2,010,487
Wartsila Oyj Abp		14,140		700,828
Weir Group plc (The)		20,441		915,090
Xylem, Inc.		10,140		396,271
Yangzijiang Shipbuilding Holdings, Ltd.		179,890		155,398
Zardoya Otis S.A. (b)		16,097		286,399
				49,633,005
Marine—0.1%
AP Moeller - Maersk A/S - Class A		265		623,844
AP Moeller - Maersk A/S - Class B		633		1,573,890
Kuehne & Nagel International AG		5,192		691,091
Mitsui OSK Lines, Ltd.		102,913		383,545
Nippon Yusen KK (b)		153,984		444,482
				3,716,852
Media—1.0%
Altice S.A. (a)		5,815		405,074
Axel Springer SE (b)		3,783		232,763
British Sky Broadcasting Group plc		97,880		1,512,877
Cablevision Systems Corp. - Class A (b)		11,785		208,005
CBS Corp. - Class B		30,850		1,917,019
Comcast Corp. - Class A		143,830		7,720,794
Dentsu, Inc.		20,687		844,283
DIRECTV (a)		26,945		2,290,594
Discovery Communications, Inc. - Class A (a)		12,450		924,786
Eutelsat Communications S.A.		14,728		511,491
Gannett Co., Inc.		12,540		392,627
Hakuhodo DY Holdings, Inc.		22,280		221,568
Interpublic Group of Cos., Inc. (The)		22,925		447,267
ITV plc		364,602		1,110,331
JCDecaux S.A.		6,470		241,681
Kabel Deutschland Holding AG		2,134		312,549
Lagardere SCA		11,281		367,400
News Corp. - Class A (a)		27,421		491,933
Omnicom Group, Inc.		14,185		1,010,256
Media—(Continued)
Pearson plc		78,295		1,545,118
ProSiebenSat.1 Media AG (b)		20,979		934,797
Publicis Groupe S.A.		17,335		1,471,572
REA Group, Ltd. (b)		5,089		205,160
Reed Elsevier NV		66,664		1,528,343
Reed Elsevier plc		110,938		1,783,008
RTL Group S.A. (Brussels Exchange)		3,657		407,128
RTL Group S.A. (Frankfurt Exchange)		39		4,336
Scripps Networks Interactive, Inc. - Class A		6,050		490,897
SES S.A.		29,106		1,103,519
Singapore Press Holdings, Ltd. (b)		152,000		508,550
Sky Deutschland AG (a)		41,937		386,392
Telenet Group Holding NV (a)		4,998		284,653
Time Warner Cable, Inc.		15,635		2,303,035
Time Warner, Inc.		49,955		3,509,339
Toho Co., Ltd.		10,894		255,433
Twenty-First Century Fox, Inc. - Class A		108,335		3,807,975
Viacom, Inc. - Class B		22,370		1,940,150
Walt Disney Co. (The)		90,279		7,740,521
Wolters Kluwer NV		28,960		856,674
WPP plc		128,616		2,800,608
				55,030,506
Metals & Mining—1.0%
Alcoa, Inc.		59,050		879,254
Allegheny Technologies, Inc.		5,935		267,669
Alumina, Ltd. (a)		241,405		307,593
Anglo American plc		133,269		3,255,702
Antofagasta plc		37,693		494,428
ArcelorMittal		95,588		1,420,690
BHP Billiton plc		201,879		6,573,035
BHP Billiton, Ltd.		306,985		10,487,723
Boliden AB		26,244		380,831
Daido Steel Co., Ltd.		26,068		133,513
Fortescue Metals Group, Ltd. (b)		148,438		609,777
Freeport-McMoRan Copper & Gold, Inc.		57,300		2,091,450
Fresnillo plc (b)		21,130		315,039
Glencore plc		1,015,356		5,657,746
Hitachi Metals, Ltd.		20,465		310,400
Iluka Resources, Ltd. (b)		39,920		306,344
JFE Holdings, Inc.		46,961		970,624
Kobe Steel, Ltd.		290,670		436,785
Maruichi Steel Tube, Ltd.		4,500		120,986
Mitsubishi Materials Corp.		106,804		374,949
Newcrest Mining, Ltd. (a)		73,081		739,186
Newmont Mining Corp.		27,435		697,946
Nippon Steel Sumitomo Metal Corp.		726,089		2,325,974
Norsk Hydro ASA		128,220		685,432
Nucor Corp.		17,540		863,845
Randgold Resources, Ltd.		8,432		709,411
Rio Tinto plc		121,587		6,560,670
Rio Tinto, Ltd.		41,652		2,331,920
Sumitomo Metal Mining Co., Ltd.		50,516		821,703
ThyssenKrupp AG (a)		43,334		1,263,462
United States Steel Corp. (b)		7,945		206,888
Voestalpine AG (b)		10,755		511,550

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

MIST-14

Met Investors Series Trust

AllianceBernstein Global Dynamic Allocation Portfolio

Consolidated§ Schedule of Investments as of June 30, 2014

Common Stocks—(Continued)

Security Description	Shares		Value
Metals & Mining—(Continued)
Yamato Kogyo Co., Ltd.		3,700	$	108,613
				53,221,138
Multi-Utilities—0.6%
AGL Energy, Ltd.		53,238		777,004
Ameren Corp.		13,360		546,157
CenterPoint Energy, Inc.		23,600		602,744
Centrica plc		484,505		2,590,241
CMS Energy Corp.		14,655		456,503
Consolidated Edison, Inc.		16,145		932,212
Dominion Resources, Inc.		32,090		2,295,077
DTE Energy Co.		9,730		757,675
E.ON SE		191,263		3,949,434
GDF Suez		138,376		3,804,657
Integrys Energy Group, Inc.		4,390		312,261
National Grid plc		356,560		5,122,647
NiSource, Inc.		17,250		678,615
PG&E Corp.		24,745		1,188,255
Public Service Enterprise Group, Inc.		27,870		1,136,817
RWE AG		46,792		2,009,523
SCANA Corp.		7,740		416,490
Sempra Energy		12,520		1,310,969
Suez Environnement Co.		26,841		514,463
TECO Energy, Inc. (b)		11,235		207,623
Veolia Environnement S.A.		39,348		748,813
Wisconsin Energy Corp.		12,465		584,858
				30,943,038
Multiline Retail—0.2%
Dollar General Corp. (a)		16,230		930,953
Dollar Tree, Inc. (a)		11,470		624,656
Don Quijote Holdings Co., Ltd.		5,660		316,036
Family Dollar Stores, Inc.		5,310		351,203
Harvey Norman Holdings, Ltd. (b)		49,785		145,648
Isetan Mitsukoshi Holdings, Ltd.		32,097		418,967
J Front Retailing Co., Ltd.		45,915		322,874
Kohl’s Corp.		11,075		583,431
Macy’s, Inc.		20,310		1,178,386
Marks & Spencer Group plc		155,949		1,133,568
Marui Group Co., Ltd.		22,800		218,891
Next plc		14,828		1,642,079
Nordstrom, Inc.		7,890		535,968
Takashimaya Co., Ltd.		25,372		246,671
Target Corp.		34,940		2,024,773
				10,674,104
Oil, Gas & Consumable Fuels—3.2%
Anadarko Petroleum Corp.		27,835		3,047,097
Apache Corp.		22,095		2,223,199
BG Group plc		325,883		6,889,591
BP plc		1,765,169		15,542,672
Cabot Oil & Gas Corp.		23,190		791,707
Caltex Australia, Ltd.		12,908		262,697
Chesapeake Energy Corp.		27,835		865,112
Chevron Corp. (c)		106,200		13,864,410
Oil, Gas & Consumable Fuels—(Continued)
Cimarex Energy Co.		4,915		705,106
ConocoPhillips		67,620		5,797,063
CONSOL Energy, Inc.		12,590		580,021
Delek Group, Ltd.		449		185,688
Denbury Resources, Inc. (b)		20,205		372,984
Devon Energy Corp.		21,020		1,668,988
ENI S.p.A.		243,158		6,646,506
EOG Resources, Inc.		30,290		3,539,689
EQT Corp.		8,310		888,339
Exxon Mobil Corp. (c)		241,189		24,282,909
Galp Energia SGPS S.A.		36,856		674,857
Hess Corp.		15,670		1,549,606
Idemitsu Kosan Co., Ltd.		8,400		182,700
Inpex Corp.		83,864		1,277,196
JX Holdings, Inc.		214,024		1,146,943
Kinder Morgan, Inc.		37,090		1,344,883
Koninklijke Vopak NV		6,746		329,608
Lundin Petroleum AB (a)		21,343		431,564
Marathon Oil Corp.		38,380		1,532,130
Marathon Petroleum Corp.		16,605		1,296,352
Murphy Oil Corp.		9,685		643,859
Neste Oil Oyj		12,212		237,994
Newfield Exploration Co. (a)		7,500		331,500
Noble Energy, Inc.		19,800		1,533,708
Occidental Petroleum Corp.		44,545		4,571,653
OMV AG		14,067		635,712
ONEOK, Inc.		11,360		773,389
Origin Energy, Ltd.		105,355		1,453,430
Peabody Energy Corp. (b)		14,845		242,716
Phillips 66		33,140		2,665,450
Pioneer Natural Resources Co.		7,865		1,807,456
QEP Resources, Inc.		9,865		340,343
Range Resources Corp.		9,005		782,985
Repsol S.A.		82,291		2,174,153
Royal Dutch Shell plc - A Shares		372,586		15,413,006
Royal Dutch Shell plc - B Shares		233,734		10,164,689
Santos, Ltd.		92,843		1,249,317
Showa Shell Sekiyu KK (b)		18,000		204,810
Southwestern Energy Co. (a)		19,305		878,184
Spectra Energy Corp.		36,920		1,568,362
Statoil ASA		106,674		3,290,743
Tesoro Corp.		7,325		429,758
TonenGeneral Sekiyu KK (b)		26,150		248,557
Total S.A.		204,540		14,778,101
Tullow Oil plc		87,107		1,270,974
Valero Energy Corp.		29,815		1,493,731
Williams Cos., Inc. (The)		37,665		2,192,480
Woodside Petroleum, Ltd.		63,002		2,441,192
				171,737,869
Paper & Forest Products—0.1%
International Paper Co.		24,435		1,233,234
OJI Holdings Corp.		75,372		310,922
Stora Enso Oyj - R Shares		52,469		510,046
UPM-Kymmene Oyj (b)		50,465		861,061
				2,915,263

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

MIST-15

Met Investors Series Trust

AllianceBernstein Global Dynamic Allocation Portfolio

Consolidated§ Schedule of Investments as of June 30, 2014

Common Stocks—(Continued)

Security Description	Shares		Value
Personal Products—0.2%
Avon Products, Inc.		23,900	$	349,179
Beiersdorf AG		9,661		934,931
Estee Lauder Cos., Inc. (The) - Class A		14,120		1,048,551
Kao Corp.		49,324		1,943,304
L’Oreal S.A.		22,990		3,964,217
Shiseido Co., Ltd.		34,409		627,989
				8,868,171
Pharmaceuticals—3.3%
AbbVie, Inc.		87,780		4,954,303
Actavis plc (a)		9,683		2,159,793
Allergan, Inc.		16,395		2,774,362
Astellas Pharma, Inc.		207,500		2,731,517
AstraZeneca plc		120,528		8,968,627
Bayer AG		79,043		11,164,698
Bristol-Myers Squibb Co.		90,935		4,411,257
Chugai Pharmaceutical Co., Ltd.		21,374		603,775
Daiichi Sankyo Co., Ltd.		60,999		1,139,480
Eisai Co., Ltd.		24,080		1,010,081
Eli Lilly & Co.		54,730		3,402,564
Forest Laboratories, Inc. (a)		13,155		1,302,345
GlaxoSmithKline plc		464,418		12,410,100
Hisamitsu Pharmaceutical Co., Inc.		5,525		247,439
Hospira, Inc. (a)		9,140		469,522
Johnson & Johnson (c)		155,820		16,301,888
Kyowa Hakko Kirin Co., Ltd. (b)		22,167		300,467
Merck & Co., Inc. (c)		161,335		9,333,230
Merck KGaA		12,384		1,074,980
Mitsubishi Tanabe Pharma Corp.		21,801		326,826
Mylan, Inc. (a)		21,085		1,087,143
Novartis AG		219,868		19,916,120
Novo Nordisk A/S - Class B		190,336		8,786,408
Ono Pharmaceutical Co., Ltd.		7,934		700,058
Orion Oyj - Class B		9,591		357,284
Otsuka Holdings Co., Ltd.		37,324		1,158,386
Perrigo Co. plc		7,353		1,071,773
Pfizer, Inc.		357,806		10,619,682
Roche Holding AG		67,154		20,038,855
Sanofi		113,923		12,117,192
Santen Pharmaceutical Co., Ltd.		7,137		401,970
Shionogi & Co., Ltd.		28,498		595,873
Shire plc		56,187		4,405,676
Sumitomo Dainippon Pharma Co., Ltd. (b)		15,200		175,098
Taisho Pharmaceutical Holdings Co., Ltd.		3,039		222,191
Takeda Pharmaceutical Co., Ltd.		75,550		3,508,771
Teva Pharmaceutical Industries, Ltd.		81,640		4,282,851
UCB S.A. (b)		10,813		914,749
Zoetis, Inc.		27,540		888,716
				176,336,050
Professional Services—0.2%
Adecco S.A. (a)		16,282		1,338,900
ALS, Ltd. (b)		37,683		314,997
Bureau Veritas S.A.		21,118		586,179
Capita Group plc		63,096		1,235,446
Dun & Bradstreet Corp. (The)		2,095		230,869
Professional Services—(Continued)
Equifax, Inc.		6,715		487,106
Experian plc		94,922		1,603,197
Intertek Group plc		15,487		728,345
Nielsen Holdings NV		13,933		674,497
Randstad Holding NV		11,930		646,078
Robert Half International, Inc.		7,620		363,779
Seek, Ltd.		31,046		464,691
SGS S.A.		525		1,258,379
				9,932,463
Real Estate Investment Trusts—2.8%
Acadia Realty Trust		6,450		181,180
Activia Properties, Inc.		26		228,685
Advance Residence Investment Corp.		144		363,980
Aedifica S.A.		1,000		68,465
Affine S.A.		650		13,001
Agree Realty Corp.		1,600		48,368
Alexander’s, Inc. (b)		250		92,368
Alexandria Real Estate Equities, Inc.		8,100		628,884
Allied Properties Real Estate Investment Trust		7,850		260,060
Alstria Office REIT-AG (a)		7,650		101,316
American Assets Trust, Inc.		4,050		139,928
American Campus Communities, Inc.		11,800		451,232
American Homes 4 Rent - Class A		15,000		266,400
American Realty Capital Healthcare Trust, Inc.		19,100		207,999
American Realty Capital Properties, Inc.		102,600		1,285,578
American Tower Corp.		21,845		1,965,613
ANF Immobilier		750		23,852
Apartment Investment & Management Co. - Class A		24,465		789,486
Artis Real Estate Investment Trust		15,250		225,095
Ascendas Real Estate Investment Trust		416,800		769,021
Ashford Hospitality Trust, Inc.		7,850		90,589
Associated Estates Realty Corp.		6,450		116,229
Australand Property Group		52,350		219,144
AvalonBay Communities, Inc.		21,365		3,037,889
Aviv REIT, Inc.		2,850		80,285
Befimmo S.A.		1,900		144,835
Beni Stabili S.p.A. (b)		93,050		85,358
Big Yellow Group plc		14,500		123,094
BioMed Realty Trust, Inc.		21,700		473,711
Boardwalk Real Estate Investment Trust		4,500		275,217
Boston Properties, Inc.		25,575		3,022,453
Brandywine Realty Trust		17,700		276,120
British Land Co. plc		205,860		2,472,848
Brixmor Property Group, Inc.		4,650		106,718
BWP Trust (b)		53,800		125,906
Calloway Real Estate Investment Trust		11,700		291,225
Camden Property Trust		9,600		683,040
Campus Crest Communities, Inc.		7,300		63,218
Canadian Apartment Properties		12,500		267,794
Canadian Real Estate Investment Trust		7,800		336,181
CapitaCommercial Trust (b)		412,150		562,047
CapitaMall Trust		522,900		828,494
CBL & Associates Properties, Inc.		19,150		363,850
CDL Hospitality Trusts		71,050		100,314

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

MIST-16

Met Investors Series Trust

AllianceBernstein Global Dynamic Allocation Portfolio

Consolidated§ Schedule of Investments as of June 30, 2014

Common Stocks—(Continued)

Security Description	Shares		Value
Real Estate Investment Trusts—(Continued)
Cedar Realty Trust, Inc.		8,900	$	55,625
CFS Retail Property Trust (b)		438,954		844,213
Chambers Street Properties		26,700		214,668
Champion		262,750		122,063
Charter Hall Retail		35,000		128,100
Chartwell Retirement Residences		19,450		197,590
Chesapeake Lodging Trust		5,600		169,288
Cofinimmo		1,900		236,673
Cominar Real Estate Investment Trust		14,331		253,165
CommonWealth REIT		13,350		351,372
Corio NV		14,137		722,129
Corporate Office Properties Trust		9,250		257,242
Cousins Properties, Inc.		20,850		259,582
Crombie Real Estate Investment Trust		8,700		109,581
Cromwell Property Group		163,550		150,394
Crown Castle International Corp.		18,410		1,367,127
CubeSmart		16,300		298,616
Daiwahouse Residential Investment Corp.		35		164,176
DCT Industrial Trust, Inc.		36,950		303,359
DDR Corp.		34,500		608,235
Derwent London plc		10,450		478,522
Dexus Property Group		1,180,549		1,235,483
DiamondRock Hospitality Co.		22,050		282,681
Digital Realty Trust, Inc. (b)		15,300		892,296
Douglas Emmett, Inc.		14,950		421,889
Dream Global Real Estate Investment Trust		10,650		98,011
Dream Office Real Estate Investment Trust		11,750		322,532
Duke Realty Corp.		37,200		675,552
DuPont Fabros Technology, Inc.		7,400		199,504
EastGroup Properties, Inc.		3,550		228,016
Education Realty Trust, Inc.		12,950		139,083
Empire State Realty Trust, Inc. - Class A (b)		8,500		140,250
EPR Properties		6,000		335,220
Equity Lifestyle Properties, Inc.		8,500		375,360
Equity One, Inc.		6,650		156,874
Equity Residential		58,780		3,703,140
Essex Property Trust, Inc.		10,496		1,940,815
Eurobank Properties Real Estate Investment Co.		2,650		31,388
Eurocommercial Properties NV		4,650		229,275
Excel Trust, Inc.		5,200		69,316
Extra Space Storage, Inc.		12,300		654,975
Federal Realty Investment Trust		7,550		912,946
Federation Centres, Ltd.		298,308		700,282
FelCor Lodging Trust, Inc.		14,050		147,666
First Industrial Realty Trust, Inc.		12,400		233,616
First Potomac Realty Trust		6,600		86,592
Fonciere Des Regions		6,521		706,711
Fortune Real Estate Investment Trust		146,150		129,014
Franklin Street Properties Corp.		9,950		125,171
Frontier Real Estate Investment Corp.		54		293,895
Gecina S.A.		4,231		617,053
General Growth Properties, Inc.		86,511		2,038,199
Getty Realty Corp.		2,800		53,424
Glimcher Realty Trust		16,350		177,070
GLP J-Reit		201		225,118
Goodman Group (b)		359,428		1,712,570
Government Properties Income Trust (b)		6,150		156,149
Real Estate Investment Trusts—(Continued)
GPT Group		360,542		1,305,838
Granite Real Estate Investment Trust		5,350		198,046
Great Portland Estates plc		38,850		429,712
H&R Real Estate Investment Trust		30,594		664,034
Hamborner REIT AG		5,100		55,099
Hammerson plc		147,917		1,466,889
Hansteen Holdings plc		77,450		136,263
HCP, Inc.		76,875		3,181,087
Health Care REIT, Inc.		50,615		3,172,042
Healthcare Realty Trust, Inc.		10,800		274,536
Healthcare Trust of America, Inc. - Class A		26,750		322,070
Hersha Hospitality Trust		19,450		130,510
Highwoods Properties, Inc.		10,150		425,792
Home Properties, Inc.		6,450		412,542
Hospitality Properties Trust		16,900		513,760
Host Hotels & Resorts, Inc.		127,085		2,797,141
Hudson Pacific Properties, Inc.		6,200		157,108
ICADE		7,522		806,055
Immobiliare Grande Distribuzione		15,746		27,813
Industrial & Infrastructure Fund Investment Corp. (b)		17		152,234
Inland Real Estate Corp.		9,650		102,580
InnVest Real Estate Investment Trust		9,700		48,361
Intervest Offices & Warehouses		700		21,190
Intu Properties plc		184,125		980,496
Investa Office Fund		68,212		218,783
Investors Real Estate Trust		12,050		110,981
Japan Excellent, Inc. (b)		124		164,818
Japan Hotel REIT Investment Corp.		297		156,344
Japan Logistics Fund, Inc.		94		223,117
Japan Prime Realty Investment Corp.		165		592,180
Japan Real Estate Investment Corp.		248		1,445,163
Japan Retail Fund Investment Corp.		482		1,084,414
Kenedix Realty Investment Corp.		38		206,769
Keppel REIT Management, Ltd.		166,600		171,012
Kilroy Realty Corp.		9,300		579,204
Kimco Realty Corp.		68,420		1,572,292
Kite Realty Group Trust		14,600		89,644
Kiwi Income Property Trust		114,650		116,941
Klepierre		20,599		1,049,735
Land Securities Group plc		164,282		2,909,559
LaSalle Hotel Properties		11,750		414,657
Lexington Realty Trust (b)		25,800		284,058
Liberty Property Trust		16,700		633,431
Link REIT (The)		479,000		2,577,309
Londonmetric Property plc		66,000		152,851
LTC Properties, Inc.		3,900		152,256
Macerich Co. (The)		23,640		1,577,970
Mack-Cali Realty Corp.		9,900		212,652
Mapletree Commercial Trust		144,550		158,862
Mapletree Industrial Trust		132,550		152,040
Mapletree Logistics Trust		161,700		151,064
Medical Properties Trust, Inc.		19,450		257,518
Mercialys S.A.		4,650		108,372
Mid-America Apartment Communities, Inc.		8,426		615,519
Mirvac Group		768,230		1,293,650
Morguard Real Estate Investment Trust		3,900		64,912

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

MIST-17

Met Investors Series Trust

AllianceBernstein Global Dynamic Allocation Portfolio

Consolidated§ Schedule of Investments as of June 30, 2014

Common Stocks—(Continued)

Security Description	Shares		Value
Real Estate Investment Trusts—(Continued)
Mori Hills REIT Investment Corp.		130	$	188,461
Mori Trust Sogo REIT, Inc.		112		188,989
National Health Investors, Inc.		3,300		206,448
National Retail Properties, Inc. (b)		13,900		516,941
New York REIT, Inc. (b)		18,450		204,057
Nieuwe Steen Investments NV		14,693		92,544
Nippon Accommodations Fund, Inc.		51		193,340
Nippon Building Fund, Inc.		287		1,678,190
Nippon Prologis REIT, Inc.		275		641,600
Nomura Real Estate Master Fund, Inc.		189		231,029
Nomura Real Estate Office Fund, Inc.		40		189,026
Northern Property Real Estate Investment Trust		3,600		96,794
Omega Healthcare Investors, Inc.		14,250		525,255
Orix JREIT, Inc.		221		309,979
Parkway Properties, Inc.		8,050		166,233
Pebblebrook Hotel Trust		7,250		267,960
Pennsylvania Real Estate Investment Trust		7,350		138,327
Piedmont Office Realty Trust, Inc. - Class A		17,400		329,556
Plum Creek Timber Co., Inc.		9,745		439,499
Post Properties, Inc.		6,150		328,779
Premier Investment Corp.		24		95,468
Primary Health Properties plc		11,954		70,274
ProLogis, Inc.		83,770		3,442,109
PS Business Parks, Inc.		2,250		187,852
Public Storage		24,125		4,133,819
Pure Industrial Real Estate Trust		17,000		72,968
Ramco-Gershenson Properties Trust		7,600		126,312
Realty Income Corp. (b)		25,016		1,111,211
Redefine International plc		96,150		88,230
Regency Centers Corp.		10,350		576,288
Retail Opportunity Investments Corp. (b)		9,950		156,514
Retail Properties of America, Inc. - Class A		26,700		410,646
RioCan Real Estate Investment Trust		33,950		868,914
RLJ Lodging Trust		14,900		430,461
Rouse Properties, Inc. (b)		4,100		70,151
Sabra Health Care REIT, Inc.		5,300		152,163
Safestore Holdings plc		23,350		87,199
Saul Centers, Inc.		1,450		70,470
Scentre Group (a)		1,086,128		3,277,326
Segro plc		154,563		913,251
Select Income REIT		4,200		124,488
Senior Housing Properties Trust		23,000		558,670
Shaftesbury plc		31,400		352,575
Silver Bay Realty Trust Corp.		4,150		67,728
Simon Property Group, Inc.		52,220		8,683,142
SL Green Realty Corp.		10,750		1,176,157
Societe de la Tour Eiffel		400		31,821
Sovran Self Storage, Inc.		3,700		285,825
Spirit Realty Capital, Inc.		43,212		490,888
STAG Industrial, Inc.		6,050		145,261
Stockland (b)		483,870		1,770,965
Strategic Hotels & Resorts, Inc. (a)		27,300		319,683
Sun Communities, Inc. (b)		4,450		221,788
Sunstone Hotel Investors, Inc.		20,650		308,304
Suntec Real Estate Investment Trust		269,150		390,643
Tanger Factory Outlet Centers, Inc.		10,800		377,676
Taubman Centers, Inc.		7,200		545,832
Real Estate Investment Trusts—(Continued)
Tokyu REIT, Inc.		104		145,054
Top REIT, Inc.		19		84,998
UDR, Inc.		28,250		808,797
Unibail-Rodamco SE		20,298		5,898,777
United Urban Investment Corp.		512		826,655
Universal Health Realty Income Trust		1,450		63,046
Urstadt Biddle Properties, Inc. - Class A		2,650		55,332
Vastned Retail NV		2,150		109,487
Ventas, Inc.		49,442		3,169,232
Vornado Realty Trust		28,530		3,045,007
Warehouses De Pauw SCA		1,200		89,851
Washington Prime Group, Inc. (a)		17,750		332,635
Washington Real Estate Investment Trust		7,400		192,252
Weingarten Realty Investors		12,300		403,932
Wereldhave Belgium NV		250		33,396
Wereldhave NV		2,450		227,797
Westfield Corp.		407,918		2,751,837
Weyerhaeuser Co. (b)		32,120		1,062,851
Winthrop Realty Trust		3,650		56,028
Workspace Group plc		11,800		115,113
WP Carey, Inc.		9,501		611,864
				146,485,221
Real Estate Management & Development—1.0%
Aeon Mall Co., Ltd.		22,047		581,558
Allreal Holding AG (a)		1,050		149,191
Azrieli Group		4,100		134,975
BUWOG AG (a)		5,750		110,964
CA Immobilien Anlagen AG (a) (b)		8,250		156,207
Capital & Counties Properties plc		82,100		457,694
CapitaLand, Ltd.		531,250		1,363,448
CapitaMalls Asia, Ltd.		281,738		530,984
Castellum AB		18,550		328,779
CBRE Group, Inc. - Class A (a)		15,315		490,693
Cheung Kong Holdings, Ltd.		132,500		2,349,476
City Developments, Ltd. (b)		105,550		863,694
Citycon Oyj		29,500		108,153
Conwert Immobilien Invest SE (a) (b)		6,900		81,872
Daejan Holdings plc		550		44,802
Daito Trust Construction Co., Ltd.		6,944		817,221
Daiwa House Industry Co., Ltd.		56,810		1,179,710
Deutsche Annington Immobilien SE		7,050		207,456
Deutsche Euroshop AG (b)		5,200		256,968
Deutsche Wohnen AG		59,656		1,286,589
Development Securities plc		14,100		51,688
DIC Asset AG (b)		3,850		42,178
Dios Fastigheter AB (b)		4,200		36,758
Fabege AB		14,950		211,436
Fastighets AB Balder - B Shares (a)		10,200		138,040
First Capital Realty, Inc. (b)		9,450		164,902
Forest City Enterprises, Inc. - Class A (a)		16,850		334,809
GAGFAH S.A. (a)		17,800		324,070
Global Logistic Properties, Ltd.		633,518		1,371,875
Grainger plc		46,400		166,937
Hang Lung Properties, Ltd.		465,750		1,436,529
Helical Bar plc		11,200		67,089

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

MIST-18

Met Investors Series Trust

AllianceBernstein Global Dynamic Allocation Portfolio

Consolidated§ Schedule of Investments as of June 30, 2014

Common Stocks—(Continued)

Security Description	Shares		Value
Real Estate Management & Development—(Continued)
Hemfosa Fastigheter AB (a)		4,462	$	74,920
Henderson Land Development Co., Ltd.		227,260		1,331,396
Hongkong Land Holdings, Ltd.		132,750		885,551
Hufvudstaden AB - A Shares		12,550		176,027
Hulic Co., Ltd.		56,167		742,713
Hysan Development Co., Ltd.		131,700		618,904
IMMOFINANZ AG (a)		91,491		323,291
Inmobiliaria Colonial S.A. (a)		189,450		151,021
Keppel Land, Ltd.		146,500		397,254
Kerry Properties, Ltd.		134,350		470,229
Killam Properties, Inc. (b)		5,850		57,839
Klovern AB		8,450		43,000
Kungsleden AB		15,400		115,742
LEG Immobilien AG (a)		5,500		370,510
Lend Lease Group		52,236		646,636
Mitsubishi Estate Co., Ltd.		262,094		6,484,475
Mitsui Fudosan Co., Ltd.		174,468		5,899,932
Mobimo Holding AG (a)		700		148,324
New World Development Co., Ltd.		1,058,175		1,205,642
Nomura Real Estate Holdings, Inc.		25,359		480,734
Norwegian Property ASA (a) (b)		58,850		72,448
NTT Urban Development Corp.		23,278		262,847
Prime Office AG (a)		7,300		34,007
PSP Swiss Property AG (a)		4,500		423,528
Quintain Estates & Development plc (a)		54,350		82,317
Schroder Real Estate Investment Trust, Ltd.		53,250		47,613
Sino Land Co., Ltd.		619,850		1,018,497
Sponda Oyj		27,150		144,849
St. Modwen Properties plc		19,900		122,376
Sumitomo Realty & Development Co., Ltd.		82,795		3,562,502
Sun Hung Kai Properties, Ltd.		329,650		4,526,660
Swire Pacific, Ltd. - Class A		60,400		743,137
Swire Properties, Ltd.		244,000		713,159
Swiss Prime Site AG (a)		11,694		969,442
TAG Immobilien AG (b)		14,000		170,836
Technopolis plc		10,750		65,088
Tokyo Tatemono Co., Ltd.		85,450		792,162
Tokyu Fudosan Holdings Corp.		45,939		363,275
Unite Group plc		22,700		152,933
UOL Group, Ltd.		95,300		498,518
Wallenstam AB - B Shares		11,300		187,995
Wharf Holdings, Ltd.		315,550		2,281,472
Wheelock & Co., Ltd.		86,800		365,517
Wihlborgs Fastigheter AB		7,450		142,726
Wing Tai Holdings, Ltd.		43,200		68,265
				54,283,054
Road & Rail—0.4%
Asciano, Ltd.		92,995		494,083
Aurizon Holdings, Ltd.		204,289		959,931
Central Japan Railway Co.		13,784		1,968,678
ComfortDelGro Corp., Ltd.		192,700		385,575
CSX Corp.		55,870		1,721,355
DSV A/S		17,215		561,180
East Japan Railway Co.		32,126		2,533,774
Hankyu Hanshin Holdings, Inc.		109,000		622,749
Road & Rail—(Continued)
Kansas City Southern		6,090		654,736
Keikyu Corp.		44,373		399,168
Keio Corp.		54,672		430,163
Keisei Electric Railway Co., Ltd.		25,811		257,476
Kintetsu Corp. (b)		172,710		629,819
MTR Corp., Ltd.		138,200		533,191
Nagoya Railroad Co., Ltd. (b)		80,000		319,235
Nippon Express Co., Ltd.		80,307		389,787
Norfolk Southern Corp.		17,040		1,755,631
Odakyu Electric Railway Co., Ltd. (b)		59,552		573,889
Ryder System, Inc.		2,900		255,461
Tobu Railway Co., Ltd.		97,045		508,359
Tokyu Corp.		108,569		770,656
Union Pacific Corp.		50,990		5,086,253
West Japan Railway Co.		15,740		693,675
				22,504,824
Semiconductors & Semiconductor Equipment—0.6%
Advantest Corp.		15,207		188,317
Altera Corp.		17,690		614,904
Analog Devices, Inc.		17,140		926,760
Applied Materials, Inc.		66,460		1,498,673
ARM Holdings plc		134,668		2,032,813
ASM Pacific Technology, Ltd.		23,000		251,239
ASML Holding NV		34,167		3,179,711
Avago Technologies, Ltd.		13,161		948,513
Broadcom Corp. - Class A		29,735		1,103,763
First Solar, Inc. (a)		3,870		275,002
Infineon Technologies AG		107,769		1,347,214
Intel Corp. (c)		274,370		8,478,033
KLA-Tencor Corp.		9,170		666,109
Lam Research Corp.		8,947		604,638
Linear Technology Corp.		12,880		606,262
Microchip Technology, Inc. (b)		10,930		533,493
Micron Technology, Inc. (a)		58,070		1,913,406
NVIDIA Corp.		31,870		590,870
Rohm Co., Ltd.		9,278		533,161
STMicroelectronics NV (b)		60,770		544,940
Texas Instruments, Inc.		60,430		2,887,950
Tokyo Electron, Ltd.		16,425		1,113,477
Xilinx, Inc.		14,780		699,242
				31,538,490
Software—0.9%
Adobe Systems, Inc. (a)		25,720		1,861,099
Autodesk, Inc. (a)		12,415		699,958
CA, Inc.		17,895		514,302
Citrix Systems, Inc. (a)		10,270		642,389
Dassault Systemes S.A.		6,029		774,923
Electronic Arts, Inc. (a)		17,030		610,866
Gemalto NV		7,600		787,386
GungHo Online Entertainment, Inc. (b)		38,539		249,401
Intuit, Inc.		15,695		1,263,918
Konami Corp. (b)		9,603		212,670
Microsoft Corp. (c)		419,405		17,489,188
Nexon Co., Ltd.		12,598		120,591

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

MIST-19

Met Investors Series Trust

AllianceBernstein Global Dynamic Allocation Portfolio

Consolidated§ Schedule of Investments as of June 30, 2014

Common Stocks—(Continued)

Security Description	Shares		Value
Software—(Continued)
NICE Systems, Ltd.		5,583	$	228,061
Nintendo Co., Ltd.		10,187		1,220,797
Oracle Corp. (c)		193,710		7,851,066
Oracle Corp. Japan		3,633		159,085
Red Hat, Inc. (a)		10,435		576,742
Sage Group plc (The)		104,256		684,568
Salesforce.com, Inc. (a)		30,660		1,780,733
SAP AG		88,069		6,802,277
Symantec Corp.		38,350		878,215
Trend Micro, Inc.		10,124		333,981
Xero, Ltd. (a) (b)		6,099		138,698
				45,880,914
Specialty Retail—0.6%
ABC-Mart, Inc. (b)		2,600		139,338
AutoNation, Inc. (a)		3,555		212,162
AutoZone, Inc. (a)		1,885		1,010,812
Bed Bath & Beyond, Inc. (a)		11,825		678,519
Best Buy Co., Inc.		15,045		466,546
CarMax, Inc. (a) (b)		12,300		639,723
Fast Retailing Co., Ltd.		5,079		1,675,205
GameStop Corp. - Class A (b)		6,445		260,829
Gap, Inc. (The)		14,590		606,506
Hennes & Mauritz AB - B Shares		90,751		3,962,446
Hikari Tsushin, Inc. (b)		1,600		120,968
Home Depot, Inc. (The)		77,720		6,292,211
Inditex S.A.		20,853		3,215,486
Kingfisher plc		227,136		1,393,972
L Brands, Inc.		13,440		788,390
Lowe’s Cos., Inc.		57,720		2,769,983
Nitori Holdings Co., Ltd.		6,600		361,243
O’Reilly Automotive, Inc. (a)		5,915		890,799
PetSmart, Inc. (b)		5,730		342,654
Ross Stores, Inc.		11,940		789,592
Sanrio Co., Ltd. (b)		4,726		137,419
Shimamura Co., Ltd.		2,200		216,551
Sports Direct International plc (a)		25,741		310,803
Staples, Inc. (b)		36,385		394,413
Tiffany & Co.		6,070		608,518
TJX Cos., Inc. (The)		39,300		2,088,795
Tractor Supply Co.		7,735		467,194
Urban Outfitters, Inc. (a)		6,000		203,160
USS Co., Ltd.		20,960		358,127
Yamada Denki Co., Ltd. (b)		83,140		296,727
				31,699,091
Technology Hardware, Storage & Peripherals—1.0%
Apple, Inc. (c)		340,381		31,631,606
Brother Industries, Ltd.		22,546		391,554
Canon, Inc. (b)		108,433		3,549,390
EMC Corp.		113,610		2,992,487
Hewlett-Packard Co.		106,110		3,573,785
Konica Minolta, Inc.		45,753		453,070
NEC Corp.		248,087		792,725
NetApp, Inc.		18,770		685,480
Nokia Oyj (b)		357,959		2,707,670
Technology Hardware, Storage & Peripherals—(Continued)
Ricoh Co., Ltd.		67,478		805,877
SanDisk Corp.		12,455		1,300,676
Seagate Technology plc		17,960		1,020,487
Seiko Epson Corp.		12,400		527,196
Western Digital Corp.		11,595		1,070,219
				51,502,222
Textiles, Apparel & Luxury Goods—0.6%
Adidas AG		19,998		2,025,621
Asics Corp.		15,878		371,034
Burberry Group plc		42,471		1,076,812
Christian Dior S.A.		5,223		1,038,409
Cie Financiere Richemont S.A.		49,895		5,236,767
Coach, Inc.		15,450		528,235
Fossil Group, Inc. (a)		2,699		282,099
Hugo Boss AG		3,055		456,368
Kering		7,240		1,586,511
Li & Fung, Ltd.		558,300		828,352
Luxottica Group S.p.A.		16,023		927,360
LVMH Moet Hennessy Louis Vuitton S.A.		26,689		5,141,116
Michael Kors Holdings, Ltd. (a)		9,897		877,369
NIKE, Inc. - Class B		41,290		3,202,039
Pandora A/S		9,952		763,603
PVH Corp.		4,508		525,633
Ralph Lauren Corp.		3,295		529,474
Swatch Group AG (The)		2,950		1,781,769
Swatch Group AG (The)		4,743		526,865
Under Armour, Inc. - Class A (a) (b)		8,972		533,744
VF Corp.		19,400		1,222,200
Yue Yuen Industrial Holdings, Ltd.		70,600		239,196
				29,700,576
Thrifts & Mortgage Finance—0.0%
Hudson City Bancorp, Inc.		26,185		257,399
People’s United Financial, Inc.		17,495		265,399
				522,798
Tobacco—0.6%
Altria Group, Inc.		110,425		4,631,224
British American Tobacco plc		180,325		10,730,623
Imperial Tobacco Group plc		92,019		4,137,956
Japan Tobacco, Inc.		105,142		3,839,901
Lorillard, Inc.		20,290		1,237,081
Philip Morris International, Inc. (c)		88,505		7,461,857
Reynolds American, Inc.		17,280		1,042,848
Swedish Match AB		19,297		669,441
				33,750,931
Trading Companies & Distributors—0.3%
Brenntag AG		4,939		882,180
Bunzl plc		31,973		886,722
Fastenal Co. (b)		15,050		744,824
ITOCHU Corp.		144,010		1,852,568
Marubeni Corp.		157,709		1,155,369
Mitsubishi Corp.		134,385		2,799,495

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

MIST-20

Met Investors Series Trust

AllianceBernstein Global Dynamic Allocation Portfolio

Consolidated§ Schedule of Investments as of June 30, 2014

Common Stocks—(Continued)

Security Description	Shares/ Principal Amount*		Value
Trading Companies & Distributors—(Continued)
Mitsui & Co., Ltd.		166,105	$	2,667,493
Noble Group, Ltd.		411,000		451,868
Rexel S.A.		25,732		601,582
Sumitomo Corp. (b)		107,613		1,455,257
Toyota Tsusho Corp.		20,326		585,723
Travis Perkins plc		23,601		660,726
Wolseley plc		25,409		1,391,267
WW Grainger, Inc.		3,420		869,603
				17,004,677
Transportation Infrastructure—0.1%
Abertis Infraestructuras S.A.		38,639		888,404
Aeroports de Paris		2,837		373,664
Atlantia S.p.A.		39,466		1,125,021
Auckland International Airport, Ltd.		91,033		310,814
Fraport AG Frankfurt Airport Services Worldwide (b)		3,556		251,129
Groupe Eurotunnel S.A.		44,685		604,930
Hutchison Port Holdings Trust - Class U		541,202		389,676
Kamigumi Co., Ltd.		21,677		199,586
Mitsubishi Logistics Corp.		11,300		169,545
Sydney Airport		103,798		413,356
Transurban Group (b)		165,896		1,156,431
				5,882,556
Water Utilities—0.0%
Severn Trent plc		22,948		758,221
United Utilities Group plc		65,013		980,568
				1,738,789
Wireless Telecommunication Services—0.4%
KDDI Corp.		55,728		3,406,556
Millicom International Cellular S.A.		6,365		583,046
NTT DoCoMo, Inc.		146,028		2,499,787
SoftBank Corp.		91,832		6,832,528
StarHub, Ltd.		57,000		190,378
Tele2 AB - B Shares		30,588		359,962
Vodafone Group plc		2,527,061		8,444,900
				22,317,157
Total Common Stocks (Cost $1,786,945,108)				2,407,094,280
U.S. Treasury & Government Agencies—23.2%
Federal Agencies—2.5%
Federal Home Loan Banks 4.750%, 12/16/16 (b)		1,785,000		1,961,413
Federal Home Loan Mortgage Corp. 0.750%, 11/25/14 (b)		24,845,000		24,909,895
0.750%, 01/12/18 (b)		10,255,000		10,101,565
2.000%, 08/25/16		3,900,000		4,017,402
2.375%, 01/13/22 (b)		16,225,000		16,193,069
Federal Agencies—(Continued)
Federal Home Loan Mortgage Corp. 4.375%, 07/17/15 (b)		4,305,000		4,493,051
6.250%, 07/15/32 (b)		2,480,000		3,420,275
Federal National Mortgage Association 0.500%, 05/27/15 (b)		6,510,000		6,527,955
0.500%, 03/30/16 (b)		12,850,000		12,871,896
0.875%, 02/08/18		20,645,000		20,362,742
1.250%, 01/30/17 (b)		14,970,000		15,157,260
2.375%, 04/11/16 (b)		966,000		1,001,164
5.250%, 09/15/16 (b)		5,445,000		5,994,684
5.375%, 06/12/17		756,000		854,006
6.625%, 11/15/30		1,650,000		2,343,229
7.250%, 05/15/30 (b)		1,941,000		2,863,190
				133,072,796
U.S. Treasury—20.7%
U.S. Treasury Bonds 2.750%, 08/15/42		8,785,000		7,857,084
2.875%, 05/15/43 (b)		7,804,000		7,130,905
3.125%, 11/15/41 (b)		15,840,000		15,349,942
3.125%, 02/15/42 (b)		5,645,000		5,461,538
3.125%, 02/15/43 (b)		8,925,000		8,591,705
3.500%, 02/15/39		7,482,000		7,807,003
3.625%, 08/15/43 (b)		13,361,000		14,112,556
3.750%, 08/15/41 (b)		8,025,000		8,717,156
4.250%, 05/15/39 (b)		1,235,000		1,450,160
4.375%, 11/15/39 (b)		8,320,000		9,963,200
4.375%, 05/15/40 (b)		6,650,000		7,974,806
4.375%, 05/15/41 (b)		7,495,000		9,010,399
4.750%, 02/15/41		1,780,000		2,261,713
5.375%, 02/15/31 (b) (e)		14,855,000		19,504,155
6.000%, 02/15/26		12,037,000		16,088,197
6.250%, 08/15/23 (b)		4,620,000		6,094,066
6.250%, 05/15/30 (b)		1,815,000		2,579,569
7.250%, 05/15/16 (b)		13,085,000		14,749,255
8.875%, 02/15/19 (b)		2,158,000		2,875,535
U.S. Treasury Notes 0.250%, 05/15/15 (b)		11,503,000		11,517,379
0.375%, 04/15/15		11,636,000		11,661,460
0.375%, 01/31/16 (b)		6,295,000		6,304,096
0.625%, 11/30/17		19,755,000		19,452,511
0.750%, 12/31/17		19,375,000		19,129,790
0.750%, 03/31/18		30,165,000		29,637,113
0.875%, 11/30/16 (b)		17,792,000		17,901,812
0.875%, 01/31/17		21,673,700		21,770,213
0.875%, 02/28/17		17,235,000		17,298,287
0.875%, 01/31/18 (b)		63,035,000		62,429,297
1.000%, 09/30/16 (b)		17,635,000		17,805,848
1.000%, 05/31/18 (b)		36,865,000		36,464,683
1.250%, 08/31/15 (b) (e)		49,790,000		50,427,909
1.250%, 11/30/18		16,530,000		16,380,205
1.250%, 01/31/19		6,545,000		6,471,369
1.250%, 04/30/19 (b)		56,744,000		55,892,840
1.375%, 06/30/18		21,010,000		21,057,609

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

MIST-21

Met Investors Series Trust

AllianceBernstein Global Dynamic Allocation Portfolio

Consolidated§ Schedule of Investments as of June 30, 2014

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

Security Description	Shares/ Principal Amount*		Value
U.S. Treasury—(Continued)
U.S. Treasury Notes 1.500%, 08/31/18		39,415,000	$	39,621,298
1.500%, 01/31/19		5,070,000		5,066,831
1.625%, 11/15/22 (b)		16,550,000		15,641,041
1.750%, 07/31/15		35,965,000		36,585,972
1.750%, 05/15/23 (b)		47,565,000		45,052,997
1.875%, 10/31/17		13,345,000		13,715,110
2.000%, 01/31/16 (b)		34,235,000		35,161,741
2.000%, 04/30/16		21,417,000		22,047,795
2.000%, 11/15/21		17,230,000		17,014,625
2.000%, 02/15/22		9,370,000		9,224,325
2.000%, 02/15/23		9,615,000		9,335,569
2.125%, 12/31/15		17,680,000		18,173,113
2.125%, 08/15/21 (b)		11,970,000		11,962,519
2.250%, 11/30/17 (b)		16,220,000		16,857,397
2.375%, 07/31/17 (b)		15,830,100		16,525,136
2.500%, 05/15/24		5,535,000		5,527,218
2.625%, 01/31/18 (b)		18,655,000		19,631,477
2.625%, 08/15/20 (b)		6,995,000		7,279,172
2.625%, 11/15/20		15,004,000		15,585,405
2.750%, 02/15/19 (b)		33,793,000		35,659,523
3.125%, 10/31/16		28,880,000		30,578,953
3.125%, 01/31/17 (b)		14,130,000		15,008,716
3.250%, 07/31/16 (b)		18,515,000		19,575,280
3.500%, 05/15/20 (b)		9,995,000		10,928,123
3.625%, 02/15/20 (b)		11,270,000		12,396,121
3.625%, 02/15/21 (b)		16,280,000		17,918,175
				1,091,254,997
Total U.S. Treasury & Government Agencies (Cost $1,219,969,748)				1,224,327,793
Investment Company Securities—5.4%
F&C Commercial Property Trust, Ltd.		55,950		114,792
F&C UK Real Estate Investment, Ltd.		24,750		35,569
Medicx Fund, Ltd.		39,483		56,255
Picton Property Income, Ltd.		49,600		51,833
SPDR S&P 500 ETF Trust		1,204,468		235,738,477
Standard Life Investment Property Income Trust plc		17,500		22,910
UK Commercial Property Trust, Ltd.		46,000		64,233
Vanguard Mid-Cap ETF (b)		196,240		23,287,801
Vanguard REIT ETF (b)		99,800		7,469,032
Vanguard Small-Cap ETF		176,610		20,684,563
Total Investment Company Securities (Cost $273,198,098)				287,525,465
Foreign Government—4.1%
Sovereign—4.1%
Australia Government Bonds 2.750%, 04/21/24 (AUD)		610,000		537,311
5.250%, 03/15/19 (AUD)		510,000		528,961
Sovereign—(Continued)
Australia Government Bonds 5.750%, 05/15/21 (AUD)		2,345,000		2,549,445
6.000%, 02/15/17 (AUD)		230,000		235,363
Austria Government Bonds 3.150%, 06/20/44 (144A) (EUR)		145,000		233,029
3.400%, 11/22/22 (144A) (EUR)		1,165,000		1,872,002
4.000%, 09/15/16 (144A) (EUR)		1,850,000		2,750,656
4.150%, 03/15/37 (144A) (EUR)		240,000		437,846
Belgium Government Bonds 3.750%, 09/28/15 (144A) (EUR)		610,000		873,303
3.750%, 09/28/20 (144A) (EUR)		335,000		539,194
4.250%, 09/28/21 (144A) (EUR)		900,000		1,504,828
4.250%, 03/28/41 (144A) (EUR)		315,000		558,897
5.000%, 03/28/35 (144A) (EUR)		175,000		332,800
5.500%, 09/28/17 (144A) (EUR)		900,000		1,440,505
5.500%, 03/28/28 (EUR)		815,000		1,561,178
Bundesobligation 0.250%, 04/13/18 (EUR)		390,000		535,335
Bundesrepublik Deutschland 1.500%, 05/15/23 (EUR)		235,000		333,309
2.000%, 01/04/22 (EUR)		1,505,000		2,237,634
2.000%, 08/15/23 (EUR)		765,000		1,127,754
2.500%, 01/04/21 (EUR)		2,715,000		4,165,553
2.500%, 07/04/44 (EUR)		190,000		278,920
3.250%, 07/04/42 (EUR)		135,000		227,291
4.000%, 07/04/16 (EUR)		4,990,000		7,372,259
4.250%, 07/04/39 (EUR)		920,000		1,772,011
5.500%, 01/04/31 (EUR)		1,040,000		2,142,616
Canadian Government Bonds 2.750%, 06/01/22 (CAD)		1,075,000		1,063,162
3.500%, 06/01/20 (CAD)		420,000		433,552
4.000%, 06/01/16 (CAD)		2,410,000		2,382,287
4.000%, 06/01/41 (CAD)		675,000		775,815
5.750%, 06/01/29 (CAD)		385,000		503,814
5.750%, 06/01/33 (CAD)		245,000		333,765
Denmark Government Bonds 1.500%, 11/15/23 (DKK)		2,355,000		440,261
4.000%, 11/15/15 (DKK)		500,000		96,775
4.000%, 11/15/19 (DKK)		3,690,000		802,115
4.500%, 11/15/39 (DKK)		1,645,000		434,339
Finland Government Bond 3.500%, 04/15/21 (144A) (EUR)		915,000		1,467,972
France Government Bond OAT 1.750%, 05/25/23 (EUR)		545,000		769,381
2.250%, 10/25/22 (EUR)		1,410,000		2,079,301
3.250%, 04/25/16 (EUR)		1,710,000		2,475,999
3.750%, 04/25/21 (EUR)		4,155,000		6,743,207
4.500%, 04/25/41 (EUR)		1,465,000		2,730,380
5.500%, 04/25/29 (EUR)		1,310,000		2,549,745
5.750%, 10/25/32 (EUR)		220,000		453,193
French Treasury Note BTAN 1.750%, 02/25/17 (EUR)		4,190,000		5,982,411
Italy Buoni Poliennali Del Tesoro 3.750%, 04/15/16 (EUR)		3,305,000		4,780,370
3.750%, 03/01/21 (EUR)		4,625,000		7,039,145

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

MIST-22

Met Investors Series Trust

AllianceBernstein Global Dynamic Allocation Portfolio

Consolidated§ Schedule of Investments as of June 30, 2014

Foreign Government—(Continued)

Security Description	Principal Amount*		Value
Sovereign—(Continued)
Italy Buoni Poliennali Del Tesoro 5.000%, 08/01/39 (EUR)		1,170,000	$	1,902,135
5.250%, 08/01/17 (EUR)		2,605,000		4,035,984
5.250%, 11/01/29 (EUR)		2,485,000		4,146,204
5.500%, 11/01/22 (EUR)		1,830,000		3,073,363
Japan Government Five Year Bonds 0.200%, 06/20/17 (JPY)		86,750,000		859,021
0.300%, 09/20/18 (JPY)		491,950,000		4,888,484
Japan Government Ten Year Bonds 0.800%, 09/20/22 (JPY)		44,300,000		450,795
0.800%, 12/20/22 (JPY)		274,150,000		2,786,820
0.800%, 09/20/23 (JPY)		105,450,000		1,068,070
1.700%, 03/20/17 (JPY)		1,551,100,000		15,979,446
1.900%, 06/20/16 (JPY)		182,900,000		1,869,870
Japan Government Thirty Year Bonds 1.800%, 09/20/43 (JPY)		91,900,000		932,854
1.900%, 09/20/42 (JPY)		309,600,000		3,224,384
2.300%, 03/20/40 (JPY)		305,700,000		3,461,575
Japan Government Twenty Year Bonds 1.400%, 12/20/22 (JPY)		876,300,000		9,338,674
1.700%, 12/20/31 (JPY)		561,250,000		5,964,541
1.700%, 09/20/32 (JPY)		182,400,000		1,922,664
1.700%, 09/20/33 (JPY)		191,600,000		1,996,332
2.100%, 06/20/29 (JPY)		555,050,000		6,325,839
2.100%, 12/20/29 (JPY)		144,800,000		1,647,221
2.500%, 12/21/20 (JPY)		899,900,000		10,160,942
Mexican Bonos 6.500%, 06/10/21 (MXN)		15,375,000		1,269,540
7.250%, 12/15/16 (MXN)		12,170,000		1,016,731
7.750%, 11/13/42 (MXN)		3,375,000		294,591
10.000%, 11/20/36 (MXN)		4,580,000		491,253
Netherlands Government Bonds 2.250%, 07/15/22 (144A) (EUR)		565,000		839,957
3.750%, 01/15/42 (144A) (EUR)		315,000		566,602
4.500%, 07/15/17 (144A) (EUR)		2,305,000		3,567,463
5.500%, 01/15/28 (144A) (EUR)		925,000		1,824,995
Poland Government Bonds 5.500%, 10/25/19 (PLN)		3,610,000		1,330,882
5.750%, 04/25/29 (PLN)		1,105,000		446,163
South Africa Government Bonds 8.250%, 09/15/17 (ZAR)		12,430,000		1,199,369
10.500%, 12/21/26 (ZAR)		4,640,000		508,864
Spain Government Bonds 3.150%, 01/31/16 (EUR)		2,940,000		4,197,006
4.000%, 04/30/20 (EUR)		2,190,000		3,402,546
4.200%, 01/31/37 (EUR)		650,000		959,113
4.400%, 10/31/23 (144A) (EUR)		445,000		699,722
4.700%, 07/30/41 (EUR)		255,000		397,106
5.850%, 01/31/22 (EUR)		1,580,000		2,722,671
6.000%, 01/31/29 (EUR)		770,000		1,376,057
Sweden Government Bonds 1.500%, 11/13/23 (SEK)		3,330,000		488,993
4.500%, 08/12/15 (SEK)		660,000		103,268
5.000%, 12/01/20 (SEK)		8,685,000		1,596,603
Sovereign—(Continued)
United Kingdom Gilt 1.750%, 01/22/17 (GBP)		1,495,000		2,590,422
1.750%, 09/07/22 (GBP)		275,000		442,957
2.000%, 01/22/16 (GBP)		550,000		957,695
2.250%, 09/07/23 (GBP)		1,065,000		1,760,416
3.250%, 01/22/44 (GBP)		915,000		1,516,319
3.750%, 09/07/20 (GBP)		1,395,000		2,601,314
4.250%, 09/07/39 (GBP)		2,805,000		5,512,272
4.500%, 12/07/42 (GBP)		275,000		565,873
8.000%, 06/07/21 (GBP)		1,170,000		2,731,489
Total Foreign Government (Cost $220,423,993)				214,498,459
Preferred Stocks—0.2%
Automobiles—0.1%
Bayerische Motoren Werke (BMW) AG		5,227		501,145
Porsche Automobil Holding SE		14,646		1,525,411
Volkswagen AG		15,574		4,090,636
				6,117,192
Chemicals—0.0%
Fuchs Petrolub SE (b)		6,792		307,158
Household Products—0.1%
Henkel AG & Co. KGaA		17,031		1,970,045
Total Preferred Stocks (Cost $5,936,877)				8,394,395
Rights—0.0%
Diversified Telecommunication Services—0.0%
HKT Trust / HKT, Ltd., Expires 07/15/14 (a)		37,890		11,000
Oil, Gas & Consumable Fuels—0.0%
Repsol S.A., Expires 07/10/14 (a)		82,291		56,002
Total Rights (Cost $54,361)				67,002
Warrant—0.0%
Capital Markets—0.0%
Sun Hung Kai Properties, Ltd., Expires 04/22/16 (a) (Cost $0)		27,220		35,542
Short-Term Investments—31.5%
Mutual Fund—11.4%
State Street Navigator Securities Lending MET Portfolio (f)		601,788,888		601,788,888

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

MIST-23

Met Investors Series Trust

AllianceBernstein Global Dynamic Allocation Portfolio

Consolidated§ Schedule of Investments as of June 30, 2014

Short-Term Investments—(Continued)

Security Description	Principal Amount*		Value
U.S. Treasury—0.9%
U.S. Treasury Bill 0.015%, 07/17/14 (e) (g)		42,500,000	$	42,499,714
0.061%, 08/07/14 (g)		6,000,000		5,999,625
				48,499,339
Repurchase Agreement—19.2%
Fixed Income Clearing Corp. Repurchase Agreement dated 06/30/14 at 0.000% to be repurchased at $1,016,638,378 on 07/01/14, collateralized by $1,034,145,000 U.S. Government Agency obligations with rates ranging from 0.075% - 1.625%, maturity dates ranging from 09/28/15 - 07/15/16 with a value of $1,036,980,856.		1,016,638,378		1,016,638,378
Total Short-Term Investments (Cost $1,666,926,605)				1,666,926,605
Total Investments—109.9% (Cost $5,173,454,790) (h)				5,808,869,541
Other assets and liabilities (net)—(9.9)%				(525,379,563	)
Net Assets—100.0%			$	5,283,489,978

* 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 June 30, 2014, the market value of securities loaned was $595,488,266 and the collateral received consisted of cash in the amount of $601,788,888 and non-cash collateral with a value of $9,981,527. 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 Consolidated Statement of Assets and Liabilities.

(c) All or a portion of the security was pledged as collateral against open futures contracts. As of June 30, 2014, the market value of securities pledged was $104,726,540.

(d) Affiliated Issuer. (See Note 8 of the Notes to Consolidated Financial Statements for a summary of transactions in securities of affiliated issuers.)

(e) All or a portion of the security was pledged as collateral against open OTC swap contracts. As of June 30, 2014, the market value of securities pledged was $1,370,744.

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

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

(h) As of June 30, 2014, the aggregate cost of investments was $5,173,454,790. The aggregate unrealized appreciation and depreciation of investments were $697,227,021 and $(61,812,270), respectively, resulting in net unrealized appreciation of $635,414,751.

(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 June 30, 2014, the market value of 144A securities was $19,509,771, which is 0.4% of net assets.

(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.

(AUD)— Australian Dollar

(CAD)— Canadian Dollar

(DKK)— Danish Krone

(ETF)— Exchange-Traded Fund

(EUR)— Euro

(GBP)— British Pound

(JPY)— Japanese Yen

(MXN)— Mexican Peso

(PLN)— Polish Zloty

(SEK)— Swedish Krona

(ZAR)— South African Rand

Forward Foreign Currency Exchange Contracts

Contracts to Buy		Counterparty	Settlement Date		In Exchange for		Unrealized Appreciation/ (Depreciation)
CAD	418,000	HSBC Bank USA		09/17/14	$	382,369	$	8,627
EUR	4,134,000	Barclays Bank plc		09/17/14		5,659,921		2,399
EUR	5,960,000	Barclays Bank plc		09/17/14		8,136,676		26,708
EUR	3,678,000	State Street Bank and Trust		09/17/14		5,031,209		6,530
Contracts to Deliver
AUD	3,923,712	Deutsche Bank AG		07/18/14	$	3,608,285	$	(87,344	)
AUD	52,092,000	Citibank N.A.		09/17/14		48,448,060		(405,309	)
CAD	5,921,978	BNP Paribas S.A.		07/11/14		5,409,666		(138,982	)
CAD	418,000	State Street Bank and Trust		09/17/14		391,210		214
CHF	45,776,000	Barclays Bank plc		09/17/14		51,266,717		(386,372	)
CHF	1,327,000	Credit Suisse International		09/17/14		1,476,216		(21,155	)
DKK	8,981,007	Royal Bank of Scotland plc		07/15/14		1,648,814		(752	)
EUR	74,574,870	Barclays Bank plc		07/11/14		101,469,178		(649,670	)
EUR	553,751	Citibank N.A.		07/11/14		749,633		(8,644	)

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

MIST-24

Met Investors Series Trust

AllianceBernstein Global Dynamic Allocation Portfolio

Consolidated§ Schedule of Investments as of June 30, 2014

Forward Foreign Currency Exchange Contracts—(Continued)

Contracts to Deliver		Counterparty	Settlement Date		In Exchange for		Unrealized Appreciation/ (Depreciation)
EUR	573,849	Credit Suisse International		07/11/14	$	780,889	$	(4,909	)
EUR	473,412	Deutsche Bank AG		07/11/14		644,754		(3,512	)
EUR	241,750	State Street Bank and Trust		07/11/14		327,405		(3,635	)
EUR	3,758,000	Royal Bank of Scotland plc		09/17/14		5,127,340		(19,975	)
EUR	4,054,000	State Street Bank and Trust		09/17/14		5,514,616		(38,129	)
GBP	10,775,473	BNP Paribas S.A.		08/21/14		18,278,899		(154,976	)
GBP	1,746,000	Credit Suisse International		09/17/14		2,923,686		(62,541	)
GBP	9,752,000	UBS AG		09/17/14		16,535,150		(143,937	)
JPY	7,366,897,605	Goldman Sachs		07/11/14		72,608,886		(115,969	)
JPY	33,322,378	Royal Bank of Scotland plc		07/11/14		327,641		(1,313	)
JPY	6,052,468,000	BNP Paribas S.A.		09/17/14		59,422,744		(355,234	)
JPY	4,332,457,000	HSBC Bank USA		09/17/14		42,336,851		(453,217	)
JPY	1,538,437,000	Royal Bank of Scotland plc		09/17/14		15,012,217		(182,354	)
MXN	39,192,729	Goldman Sachs		07/24/14		3,003,458		(12,875	)
PLN	4,912,117	Citibank N.A.		07/10/14		1,603,799		(12,839	)
SEK	11,290,615	Goldman Sachs		07/15/14		1,713,129		23,573
SEK	3,276,376	State Street Bank and Trust		07/15/14		492,567		2,282
ZAR	17,295,403	BNP Paribas S.A.		08/14/14		1,610,283		(4,462	)
Net Unrealized Depreciation							$	(3,197,772	)

Futures Contracts

Futures Contracts—Long	Expiration Date		Number of Contracts			Notional Amount				Unrealized Appreciation/ (Depreciation)
Australian 10 Year Treasury Bond Futures		09/15/14		60			AUD	7,158,833		$	65,541
Euro Stoxx 50 Index Futures		09/19/14		2,420			EUR	78,995,034			(1,068,922	)
MSCI EAFE Mini Index Futures		09/19/14		71			USD	6,970,701			18,894
Russell 2000 Mini Index Futures		09/19/14		800			USD	93,569,488			1,654,512
S&P 500 E-Mini Index Futures		09/19/14		63			USD	6,119,120			30,940
TOPIX Index Futures		09/11/14		827			JPY	10,260,533,440			1,780,184
U.S. Treasury Note 5 Year Futures		09/30/14		329			USD	39,259,721			42,927
U.S. Treasury Ultra Long Bond Futures		09/19/14		254			USD	37,427,673			656,452
United Kingdom Long Gilt Bond Futures		09/26/14		84			GBP	9,225,028			14,122
Futures Contracts—Short
Euro Bobl Futures		09/08/14		(204	)		EUR	(25,968,955	)		(232,185	)
Euro Bund Futures		09/08/14		(154	)		EUR	(22,315,955	)		(443,085	)
Euro Buxl 30 Year Bond Futures		09/08/14		(70	)		EUR	(9,225,916	)		(274,249	)
FTSE 100 Index Futures		09/19/14		(154	)		GBP	(10,416,129	)		138,947
Hang Seng Index Futures		07/30/14		(159	)		HKD	(180,858,108	)		(363,683	)
Japanese 10 Year Bond Futures		09/10/14		(72	)		JPY	(10,450,912,480	)		(354,252	)
SPI 200 Futures		09/18/14		(442	)		AUD	(59,286,042	)		117,249
Net Unrealized Appreciation										$	1,783,392

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

MIST-25

Met Investors Series Trust

AllianceBernstein Global Dynamic Allocation Portfolio

Consolidated§ Schedule of Investments as of June 30, 2014

Swap Agreements

Total Return Swap Agreements

Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate			Maturity Date	Counterparty	Underlying Reference Instrument	Notional Amount			Market Value		Upfront Premium Paid/(Received)		Unrealized Appreciation
Pay	1-Month USD-LIBOR		1.0000	%	08/25/14	Goldman Sachs	Russell 2000 Total Return Index		USD	51,091,421	$	3,222,185	$	—	$	3,222,185
Pay	1-Month USD-LIBOR		1.0000	%	08/25/14	Goldman Sachs	S&P 400 Mid Cap Total Return Index		USD	51,239,898		2,506,627		—		2,506,627
Pay	1-Month USD-LIBOR		0.0808	%	03/16/15	UBS AG	Russell 2000 Total Return Index		USD	103,987,158		2,420,776		—		2,420,776
Pay	1-Month USD-LIBOR		1.0000	%	04/15/15	UBS AG	Russell 2000 Total Return Index		USD	262,221		6,104		—		6,104
Pay	1-Month USD-LIBOR		0.5493	%	05/15/15	Deutsche Bank AG	FTSE EPRA/NAREIT Developed ex U.S. Index		USD	14,405,525		252,635		—		252,635
Pay	1-Month USD-LIBOR		0.4293	%	06/15/15	Bank of America N.A.	SPDR S&P 500 ETF Trust Index		USD	73,041,188		537,593		—		537,593
Pay	1-Month USD-LIBOR		0.4210	%	06/15/15	Bank of America N.A.	SPDR S&P 500 ETF Trust Index		USD	56,811,950		418,143		—		418,143
Pay	3-Month USD-LIBOR		0.3505	%	09/10/14	Goldman Sachs	S&P 400 Mid Cap Total Return Index		USD	15,700,549		269,148		—		269,148
N/A	N/A		0.1200	%	07/15/14	JPMorgan Chase Bank N.A.	Dow Jones-UBS Commodity Index 2 Month Forward		USD	154,433,148		13,232		—		13,232
Pay	3-Month USD-LIBOR		1.0000	%	09/10/14	UBS AG	Russell 2000 Total Return Index		USD	14,404,550		370,137		—		370,137
Pay	3-Month USD-LIBOR		0.3698	%	03/16/15	Goldman Sachs	S&P 400 Mid Cap Total Return Index		USD	194,514,436		4,323,434		—		4,323,434
Totals											$	14,340,014	$	—	$	14,340,014

Centrally Cleared Interest Rate Swap Agreements

Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate			Maturity Date	Notional Amount			Unrealized Appreciation
Pay	3-Month USD-LIBOR		2.846	%	04/02/24		USD	1,274,000,000	$	29,467,365
Receive	3-Month USD-LIBOR		2.846	%	04/02/24		USD	1,274,000,000		5
Pay	3-Month USD-LIBOR		2.618	%	07/02/24		USD	1,319,000,000		—
Total									$	29,467,370

(AUD)— Australian Dollar

(CAD)— Canadian Dollar

(CHF)— Swiss Franc

(DKK)— Danish Krone

(EUR)— Euro

(GBP)— British Pound

(HKD)— Hong Kong Dollar

(JPY)— Japanese Yen

(MXN)— Mexican Peso

(PLN)— Polish Zloty

(SEK)— Swedish Krona

(USD)— United States Dollar

(ZAR)— South African Rand

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

MIST-26

Met Investors Series Trust

AllianceBernstein Global Dynamic Allocation Portfolio

Consolidated§ Schedule of Investments as of June 30, 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 Consolidated Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2014:

Description	Level 1		Level 2		Level 3		Total
Common Stocks
Aerospace & Defense	$	25,710,742	$	14,158,868	$	—	$	39,869,610
Air Freight & Logistics		7,571,729		5,619,585		—		13,191,314
Airlines		2,981,142		2,771,540		—		5,752,682
Auto Components		4,144,653		15,177,777		—		19,322,430
Automobiles		7,213,928		46,197,209		—		53,411,137
Banks		57,201,732		172,941,765		—		230,143,497
Beverages		20,556,246		31,819,287		—		52,375,533
Biotechnology		24,174,778		4,924,612		—		29,099,390
Building Products		714,574		8,325,731		—		9,040,305
Capital Markets		21,133,646		25,561,331		—		46,694,977
Chemicals		25,230,502		44,713,333		—		69,943,835
Commercial Services & Supplies		4,707,015		7,272,199		—		11,979,214
Communications Equipment		17,177,306		4,471,284		—		21,648,590
Construction & Engineering		1,488,979		10,402,148		—		11,891,127
Construction Materials		455,813		8,587,267		—		9,043,080
Consumer Finance		9,526,234		760,590		—		10,286,824
Containers & Packaging		2,118,118		1,986,271		—		4,104,389
Distributors		747,617		360,915		—		1,108,532
Diversified Consumer Services		686,326		275,855		—		962,181
Diversified Financial Services		17,864,139		18,426,977		—		36,291,116
Diversified Telecommunication Services		23,288,742		42,078,781		—		65,367,523
Electric Utilities		17,072,341		21,739,359		—		38,811,700
Electrical Equipment		6,267,024		18,885,455		—		25,152,479
Electronic Equipment, Instruments & Components		4,481,303		15,875,685		—		20,356,988
Energy Equipment & Services		20,883,833		8,379,339		—		29,263,172
Food & Staples Retailing		21,878,984		25,476,569		—		47,355,553
Food Products		15,922,137		50,848,266		—		66,770,403
Gas Utilities		359,346		6,996,146		—		7,355,492
Health Care Equipment & Supplies		20,506,333		8,771,841		—		29,278,174
Health Care Providers & Services		20,283,768		5,721,930		—		26,005,698
Health Care Technology		838,691		294,809		—		1,133,500
Hotels, Restaurants & Leisure		16,126,290		16,695,977		—		32,822,267
Household Durables		3,812,077		9,218,289		—		13,030,366
Household Products		18,109,408		8,696,312		—		26,805,720
Independent Power and Renewable Electricity Producers		1,225,023		835,858		—		2,060,881
Industrial Conglomerates		23,153,662		20,230,575		—		43,384,237
Insurance		27,840,839		67,602,500		—		95,443,339
Internet & Catalog Retail		12,651,126		1,245,217		—		13,896,343
Internet Software & Services		30,191,899		1,598,504		—		31,790,403

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

MIST-27

Met Investors Series Trust

AllianceBernstein Global Dynamic Allocation Portfolio

Consolidated§ Schedule of Investments as of June 30, 2014

Fair Value Hierarchy—(Continued)

Description	Level 1			Level 2			Level 3		Total
IT Services	$	32,315,176		$	6,108,106		$	—	$	38,423,282
Leisure Products		1,063,198			2,023,089			—		3,086,287
Life Sciences Tools & Services		4,414,921			1,106,030			—		5,520,951
Machinery		17,025,634			32,607,371			—		49,633,005
Marine		—			3,716,852			—		3,716,852
Media		35,195,198			19,835,308			—		55,030,506
Metals & Mining		5,007,052			48,214,086			—		53,221,138
Multi-Utilities		11,426,256			19,516,782			—		30,943,038
Multiline Retail		6,229,370			4,444,734			—		10,674,104
Oil, Gas & Consumable Fuels		84,605,169			87,132,700			—		171,737,869
Paper & Forest Products		1,233,234			1,682,029			—		2,915,263
Personal Products		1,397,730			7,470,441			—		8,868,171
Pharmaceuticals		58,776,578			117,559,472			—		176,336,050
Professional Services		1,756,251			8,176,212			—		9,932,463
Real Estate Investment Trusts		95,416,681			51,068,540			—		146,485,221
Real Estate Management & Development		1,048,243			53,234,811			—		54,283,054
Road & Rail		9,473,436			13,031,388			—		22,504,824
Semiconductors & Semiconductor Equipment		22,347,618			9,190,872			—		31,538,490
Software		34,168,476			11,712,438			—		45,880,914
Specialty Retail		19,510,806			12,188,285			—		31,699,091
Technology Hardware, Storage & Peripherals		42,274,740			9,227,482			—		51,502,222
Textiles, Apparel & Luxury Goods		7,700,793			21,999,783			—		29,700,576
Thrifts & Mortgage Finance		522,798			—			—		522,798
Tobacco		14,373,010			19,377,921			—		33,750,931
Trading Companies & Distributors		1,614,427			15,390,250			—		17,004,677
Transportation Infrastructure		—			5,882,556			—		5,882,556
Water Utilities		—			1,738,789			—		1,738,789
Wireless Telecommunication Services		—			22,317,157			—		22,317,157
Total Common Stocks		1,045,194,840			1,361,899,440			—		2,407,094,280
Total U.S. Treasury & Government Agencies*		—			1,224,327,793			—		1,224,327,793
Investment Company Securities		287,179,873			345,592			—		287,525,465
Total Foreign Government*		—			214,498,459			—		214,498,459
Total Preferred Stocks*		—			8,394,395			—		8,394,395
Total Rights*		67,002			—			—		67,002
Total Warrant*		35,542			—			—		35,542
Short-Term Investments
Mutual Fund		601,788,888			—			—		601,788,888
U.S. Treasury		—			48,499,339			—		48,499,339
Repurchase Agreement		—			1,016,638,378			—		1,016,638,378
Total Short-Term Investments		601,788,888			1,065,137,717			—		1,666,926,605
Total Investments	$	1,934,266,145		$	3,874,603,396		$	—	$	5,808,869,541
Collateral for securities loaned (Liability)	$	—		$	(601,788,888	)	$	—	$	(601,788,888	)
Forward Contracts
Forward Foreign Currency Exchange Contracts (Unrealized Appreciation)	$	—		$	70,333		$	—	$	70,333
Forward Foreign Currency Exchange Contracts (Unrealized Depreciation)		—			(3,268,105	)		—		(3,268,105	)
Total Forward Contracts	$	—		$	(3,197,772	)	$	—	$	(3,197,772	)
Futures Contracts
Futures Contracts (Unrealized Appreciation)	$	4,519,768		$	—		$	—	$	4,519,768
Futures Contracts (Unrealized Depreciation)		(2,736,376	)		—			—		(2,736,376	)
Total Futures Contracts	$	1,783,392		$	—		$	—	$	1,783,392
Centrally Cleared Swap Contracts
Centrally Cleared Swap Contracts (Unrealized Appreciation)	$	—		$	29,467,370		$	—	$	29,467,370
OTC Swap Contracts
OTC Swap Contracts at Value (Assets)	$	—		$	14,340,014		$	—	$	14,340,014

* See Consolidated Schedule of Investments for additional detailed categorizations.

Transfers from Level 1 to Level 2 in the amount of $249,701 were due to the application of a systematic fair valuation model factor.

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

MIST-28

Met Investors Series Trust

AllianceBernstein Global Dynamic Allocation Portfolio

Consolidated§ Statement of Assets and Liabilities

June 30, 2014

Assets
Investments at value (a) (b)	$	4,788,793,388
Affiliated investments at value (c)		3,437,775
Repurchase Agreement		1,016,638,378
Cash		7,102,761
Cash denominated in foreign currencies (d)		8,563,308
Cash collateral for centrally cleared swap contracts		47,278,076
OTC swap contracts at market value		14,340,014
Unrealized appreciation on forward foreign currency exchange contracts		70,333
Receivable for:
Investments sold		49,847,230
Open OTC swap contracts cash collateral		2,073,779
Fund shares sold		164,541
Dividends and interest		15,877,138
Variation margin on futures contracts		2,450,952
Interest on OTC swap contracts		6,038
Total Assets		5,956,643,711
Liabilities
Cash collateral for OTC swap contracts		12,864,450
Unrealized depreciation on forward foreign currency exchange contracts		3,268,105
Collateral for securities loaned		601,788,888
Payables for:
Investments purchased		13,339,500
Open OTC swap contracts cash collateral		510,000
Fund shares redeemed		1,868,061
Variation margin on futures contracts		121,462
Variation margin on swap contracts		35,105,625
Interest on OTC swap contracts		59,275
Accrued expenses:
Management fees		2,555,665
Distribution and service fees		1,080,350
Deferred trustees’ fees		41,823
Other expenses		550,529
Total Liabilities		673,153,733
Net Assets	$	5,283,489,978
Net assets consist of:
Paid in surplus	$	4,507,278,335
Undistributed net investment income		17,428,451
Accumulated net realized gain		80,906,902
Unrealized appreciation on investments, affiliated investments, futures contracts, swap contracts and foreign currency transactions		677,876,290
Net Assets	$	5,283,489,978
Net Assets
Class B	$	5,283,489,978
Capital Shares Outstanding*
Class B		450,953,454
Net Asset Value, Offering Price and Redemption Price Per Share
Class B	$	11.72

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

(a) Identified cost of investments, excluding repurchase agreement and affiliated investments, was $4,154,668,074.

(b) Includes securities loaned at value of $595,488,266.

(c) Identified cost of affiliated investments was $2,148,338.

(d) Identified cost of cash denominated in foreign currencies was $8,545,246.

Consolidated§ Statement of Operations

Six Months Ended June 30, 2014

Investment Income
Dividends (a)	$	49,543,875
Dividends from affiliated investments		38,644
Interest		10,181,196
Securities lending income		1,240,729
Total investment income		61,004,444
Expenses
Management fees		15,512,803
Administration fees		82,978
Custodian and accounting fees		606,424
Distribution and service fees—Class B		6,360,357
Audit and tax services		41,984
Legal		18,573
Trustees’ fees and expenses		21,351
Shareholder reporting		104,806
Insurance		15,132
Miscellaneous		56,606
Total expenses		22,821,014
Less management fee waiver		(453,311	)
Net expenses		22,367,703
Net Investment Income		38,636,741
Net Realized and Unrealized Gain
Net realized gain (loss) on:
Investments		4,238,478
Futures contracts		42,169,594
Written options		723,273
Swap contracts		64,191,690
Foreign currency transactions		(3,201,541	)
Net realized gain		108,121,494
Net change in unrealized appreciation (depreciation) on:
Investments		142,807,246
Affiliated investments		101,779
Futures contracts		(11,322,280	)
Swap contracts		41,001,213
Foreign currency transactions		(8,987,893	)
Net change in unrealized appreciation		163,600,065
Net realized and unrealized gain		271,721,559
Net Increase in Net Assets From Operations	$	310,358,300

(a) Net of foreign withholding taxes of $2,677,991.

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

MIST-29

Met Investors Series Trust

AllianceBernstein Global Dynamic Allocation Portfolio

Consolidated§ Statements of Changes in Net Assets

	Six Months Ended June 30, 2014			Year Ended December 31, 2013
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	38,636,741		$	34,634,202
Net realized gain		108,121,494			127,938,562
Net change in unrealized appreciation		163,600,065			330,712,427
Increase in net assets from operations		310,358,300			493,285,191
From Distributions to Shareholders
Net investment income
Class B		(100,095,595	)		(59,427,441	)
Net realized capital gains
Class B		(99,658,496	)		(98,772,505	)
Total distributions		(199,754,091	)		(158,199,946	)
Increase in net assets from capital share transactions		108,542,563			587,157,731
Total increase in net assets		219,146,772			922,242,976
Net Assets
Beginning of period		5,064,343,206			4,142,100,230
End of period	$	5,283,489,978		$	5,064,343,206
Undistributed net investment income
End of period	$	17,428,451		$	78,887,305

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2014						Year Ended December 31, 2013
	Shares			Value			Shares			Value
Class B
Sales		4,141,531		$	47,676,921			53,435,232		$	587,034,866
Reinvestments		17,851,125			199,754,091			14,729,977			158,199,946
Redemptions		(12,056,392	)		(138,888,449	)		(14,338,476	)		(158,077,081	)
Net increase		9,936,264		$	108,542,563			53,826,733		$	587,157,731
Increase derived from capital shares transactions				$	108,542,563					$	587,157,731

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

MIST-30

Met Investors Series Trust

AllianceBernstein Global Dynamic Allocation Portfolio

Consolidated§ Financial Highlights

Selected per share data
	Class B
	Six Months Ended June 30, 2014			Year Ended December 31,
				2013			2012			2011(a)
Net Asset Value, Beginning of Period	$	11.48		$	10.70		$	9.73		$	10.00
Income (Loss) from Investment Operations
Net investment income (b)		0.09			0.08			0.05			0.01
Net realized and unrealized gain (loss) on investments		0.61			1.09			0.93			(0.18	)(c)
Total from investment operations		0.70			1.17			0.98			(0.17	)
Less Distributions
Distributions from net investment income		(0.23	)		(0.15	)		(0.01	)		(0.04	)
Distributions from net realized capital gains		(0.23	)		(0.24	)		(0.00	)(d)		(0.06	)
Total distributions		(0.46	)		(0.39	)		(0.01	)		(0.10	)
Net Asset Value, End of Period	$	11.72		$	11.48		$	10.70		$	9.73
Total Return (%) (e)		6.26	(f)		11.15			10.09			(1.72	)(f)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.90	(g)		0.89			0.91			1.01	(g)
Net ratio of expenses to average net assets (%) (h)		0.88	(g)		0.88			0.91			0.97	(g)
Ratio of net investment income to average net assets (%)		1.52	(g)		0.74			0.52			0.13	(g)
Portfolio turnover rate (%)		13	(f)		29			35			15	(f)
Net assets, end of period (in millions)	$	5,283.5		$	5,064.3		$	4,142.1		$	2,188.7

(a) Commencement of operations was May 2, 2011.

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

(c) The per share amount may differ with the change in aggregate gains (losses) as shown in the Consolidated Statement of Operations due to the timing of purchases and sales of Portfolio shares in relation to fluctuating market values during the period.

(d) Distributions from net realized capital gains were less than $0.01.

(e) 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.

(f) Periods less than one year are not computed on an annualized basis.

(g) Computed on an annualized basis.

(h) Includes the effects of management fee waivers (see Note 7 of the Notes to Consolidated Financial Statements).

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

MIST-31

Met Investors Series Trust

AllianceBernstein Global Dynamic Allocation Portfolio

Notes to Consolidated Financial Statements—June 30, 2014

1. Organization

Met Investors Series Trust (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 currently offers forty-seven series, each of which operates as a distinct investment vehicle of the Trust. The portfolio included in this report is AllianceBernstein Global Dynamic Allocation 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 four classes of shares: Class A, B, C and E shares. Class B shares are currently offered by the Portfolio.

2. Consolidation of Subsidiary—AllianceBernstein Global Dynamic Allocation Portfolio, Ltd.

The Portfolio may invest up to 10% of its total assets in the AllianceBernstein Global Dynamic Allocation Portfolio, Ltd. which is a wholly-owned and controlled subsidiary of the Portfolio that is organized under the laws of the Cayman Islands as an exempted company (the “Subsidiary”). The Portfolio invests in the Subsidiary in order to gain exposure to the commodities market within the limitations of the federal tax laws, rules and regulations that apply to regulated investment companies. The Portfolio has obtained an opinion from legal counsel to the effect that the annual net profit, if any, realized by the Subsidiary and imputed for income tax purposes to the Portfolio should constitute “qualifying income” for purposes of the Portfolio remaining qualified as a regulated investment company for U.S federal income tax purposes. It is possible that the Internal Revenue Service or a court could disagree with the legal opinion obtained by the Portfolio.

The Subsidiary invests primarily in commodity derivatives, exchange traded notes and total return swaps. Unlike the Portfolio, the Subsidiary may invest without limitation in commodity-linked derivatives; however, the Subsidiary complies with the same 1940 Act asset coverage requirements with respect to its investments in commodity-linked derivatives that are applicable to the Portfolio’s transactions in derivatives. In addition, to the extent applicable to the investment activities of the Subsidiary, the Subsidiary is subject to the same fundamental investment restrictions and follows the same compliance policies and procedures as the Portfolio.

By investing in the Subsidiary, the Portfolio is indirectly exposed to the risks associated with the Subsidiary’s investments. The commodity-related instruments held by the Subsidiary are subject to commodities risk. There can be no assurance that the investment objective of the Subsidiary will be achieved. The Subsidiary is not registered under the 1940 Act and is not subject to all the investor protections of the 1940 Act. The Portfolio, however, wholly owns and controls the Subsidiary, and the Portfolio and Subsidiary are both managed by AllianceBernstein L.P. (the “Subadviser”), making it unlikely that the Subsidiary will take action contrary to the interests of the Portfolio and its shareholders. Changes in the laws of the United States and/or Cayman Islands could result in the inability of the Portfolio and/or the Subsidiary to operate as described in the Portfolio’s prospectus and could adversely affect the Portfolio. For example, the Cayman Islands does not currently impose any income, corporate or capital gains tax, estate duty, inheritance tax, gift tax or withholding tax on the Subsidiary. If Cayman Islands law changes such that the Subsidiary must pay Cayman Islands taxes, Portfolio shareholders would likely suffer decreased investment returns.

The consolidated Schedule of Investments, Statement of Assets and Liabilities, Statement of Operations, Statement of Changes in Net Assets and the Financial Highlights of the Portfolio include the accounts of the Subsidiary. All inter-company accounts and transactions have been eliminated in consolidation for the Portfolio. The Subsidiary has a fiscal year end of December 31st for financial statement consolidation purposes and a nonconforming tax year end of November 30th.

A summary of the Portfolio’s investment in the Subsidiary is as follows:

	Inception Date of Subsidiary	Subsidiary Net Assets at June 30, 2014	% of Total Assets at June 30, 2014
AllianceBernstein Global Dynamic Allocation Portfolio, Ltd.	5/2/2012	$52,402,368	0.9%

3. Significant Accounting Policies

The preparation of consolidated 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 consolidated 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 consolidated financial statements, management has evaluated events and transactions subsequent to June 30, 2014 through the date the consolidated financial statements were issued.

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

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Investment Valuation and Fair Value Measurements - Debt securities (other than short term obligations with a remaining maturity of sixty days or less), 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 MetLife Advisers, LLC (“MetLife Advisers” or the “Adviser”), an affiliate of MetLife, Inc., pursuant to authorization of 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 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.

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, which 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 and futures contracts that are traded over-the-counter 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. 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

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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 has delegated the determination of the fair value of a security to a 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.

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 futures transactions, foreign currency transactions, swap transactions, premium amortization adjustments, Real Estate Investment Trusts (REITs), passive foreign investment companies (PFICs), controlled foreign corporations 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

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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 June 30, 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 Master Repurchase Agreement 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 June 30, 2014, the Portfolio had investments in repurchase agreements with a gross value of $1,016,638,378, which is reflected as repurchase agreement on the Consolidated Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at June 30, 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. 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 at least equal to 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 six months ended June 30, 2014 is reflected as Securities lending income on the Consolidated Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at June 30, 2014 are disclosed in the footnotes to the Consolidated Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at June 30, 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 has agreed to indemnify the Portfolio in the case of default of any securities borrower.

4. 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 Consolidated 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 Consolidated Statement of Operations. These contracts involve market and/or credit risk in excess of the amount recognized in the Consolidated Statement of

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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 Consolidated 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 Consolidated Statement of Assets and Liabilities and as a component of net change in unrealized appreciation/depreciation on the Consolidated 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. Futures contracts are exchange-traded and 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.

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

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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.

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 over-the-counter 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 Consolidated Schedule of Investments and restricted cash, if any, is reflected on the Consolidated 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 Consolidated 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 Consolidated 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 Consolidated Statement of Assets and Liabilities and as a component of unrealized appreciation/depreciation on the Consolidated 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 Consolidated Statement of Operations. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss on the Consolidated Statement of Operations. Net periodic payments received or paid by the Portfolio are included as part of realized gains or losses on the Consolidated 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 Consolidated 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.

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

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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.

Total Return Swaps: The Portfolio may enter into total return swap agreements to obtain exposure to a security or market without owning such security or investing directly in that market or to transfer the risk/return of one market (e.g., fixed income) to another market (e.g., equity) (equity risk and/or interest rate risk). Total return swaps are agreements in which one party agrees to make periodic payments to another party based on the change in market value of the assets underlying the contract, which may include a specified security, basket of securities or securities indices during the specific period, in return for periodic payments based on a fixed or floating rate or the total return from other underlying assets. When a Portfolio pays interest in exchange for the total return of an underlying asset and the value of the underlying asset decreases, the Portfolio may be required to pay the change in value to the counterparty in addition to the interest payment; conversely, when a Portfolio receives interest in exchange for the total return of an underlying asset and the value of the underlying asset decreases, the Portfolio may receive the change in value in addition to the interest payment. To the extent the total return of the instrument or index underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the Portfolio will receive a payment from or make a payment to the counterparty. Total return swaps can also be structured without an interest payment, so that one party pays the other party if the value of the underlying asset increases and receives payment from the other party if the value of the underlying asset decreases.

At June 30, 2014, the Portfolio had the following derivatives, categorized by risk exposure:

	Asset Derivatives			Liability Derivatives
Risk Exposure	Consolidated Statement of Assets & Liabilities Location	Fair Value		Consolidated Statement of Assets & Liabilities Location	Fair Value
Interest Rate	Unrealized appreciation on centrally cleared swap contracts* (a)	$	29,467,370
	Unrealized appreciation on futures contracts** (a)		779,042	Unrealized depreciation on futures contracts** (a)	$	1,303,771
Equity	OTC swap contracts at market value (b)		14,326,782
	Unrealized appreciation on futures contracts** (a)		3,740,726	Unrealized depreciation on futures contracts** (a)		1,432,605
Commodity	OTC swap contracts at market value (b)		13,232
Foreign Exchange	Unrealized appreciation on forward foreign currency exchange contracts		70,333	Unrealized depreciation on forward foreign currency exchange contracts		3,268,105
Total		$	48,397,485		$	6,004,481

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

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

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

(b) Excludes OTC swap interest receivable of $6,038 and OTC swap interest payable of $59,275.

The Portfolio is required to disclose the impact of offsetting assets and liabilities represented in the Consolidated 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”), or similar agreement, and net of the related collateral received by the Portfolio as of June 30, 2014.

Counterparty	Derivative Assets subject to a MNA by Counterparty		Financial Instruments available for offset			Collateral Received†			Net Amount*
Bank of America N.A.	$	955,736	$	—		$	(239,084	)	$	716,652
Barclays Bank plc		29,107		(29,107	)		—			—
Deutsche Bank AG		252,635		(90,856	)		(30,000	)		131,779
Goldman Sachs		10,344,967		(128,844	)		(7,660,000	)		2,556,123
HSBC Bank USA		8,627		(8,627	)		—			—
JPMorgan Chase Bank N.A.		13,232		—			(13,232	)		—

MIST-38

Met Investors Series Trust

AllianceBernstein Global Dynamic Allocation Portfolio

Notes to Consolidated Financial Statements—June 30, 2014—(Continued)

Counterparty	Derivative Assets subject to a MNA by Counterparty		Financial Instruments available for offset			Collateral Received†			Net Amount*
State Street Bank and Trust	$	9,026	$	(9,026	)	$	—		$	—
UBS AG		2,797,017		(143,937	)		(1,700,671	)		952,409
	$	14,410,347	$	(410,397	)	$	(9,642,987	)	$	4,356,963

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 June 30, 2014.

Counterparty	Derivative Liabilities subject to a MNA by Counterparty		Financial Instruments available for offset			Collateral Pledged†		Net Amount**
Barclays Bank plc	$	1,036,042	$	(29,107	)	$	—	$	1,006,935
BNP Paribas S.A.		653,654		—			—		653,654
Citibank N.A.		426,792		—			—		426,792
Credit Suisse International		88,605		—			—		88,605
Deutsche Bank AG		90,856		(90,856	)		—		—
Goldman Sachs		128,844		(128,844	)		—		—
HSBC Bank USA		453,217		(8,627	)		—		444,590
Royal Bank of Scotland plc		204,394		—			—		204,394
State Street Bank and Trust		41,764		(9,026	)		—		32,738
UBS AG		143,937		(143,937	)		—		—
	$	3,268,105	$	(410,397	)	$	—	$	2,857,708

* 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 six months ended June 30, 2014 were as follows:

Consolidated Statement of Operations Location—Net Realized Gain (Loss)	Interest Rate			Credit		Equity			Commodity		Foreign Exchange			Total
Investments (a)	$	(2,620,552	)	$	—	$	(10,553,634	)	$	—	$	—		$	(13,174,186	)
Forward foreign currency transactions		—			—		—			—		(4,707,671	)		(4,707,671	)
Futures contracts		6,539,816			—		35,629,778			—		—			42,169,594
Swap contracts		45,530,684			1,930,654		8,994,486			7,735,866		—			64,191,690
Written options		—			—		723,273			—		—			723,273
	$	49,449,948		$	1,930,654	$	34,793,903		$	7,735,866	$	(4,707,671	)	$	89,202,700
Consolidated Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)	Interest Rate			Credit		Equity			Commodity		Foreign Exchange			Total
Investments (a)	$	(1,246,198	)	$	—	$	—		$	—	$	—		$	(1,246,198	)
Forward foreign currency transactions		—			—		—			—		(8,972,655	)		(8,972,655	)
Futures contracts		1,787,086			—		(13,109,366	)		—		—			(11,322,280	)
Swap contracts		33,457,927			—		7,203,089			340,197		—			41,001,213
	$	33,998,815		$	—	$	(5,906,277	)	$	340,197	$	(8,972,655	)	$	19,460,080

For the six months ended June 30, 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)	$	172,014,560
Forward foreign currency transactions		581,855,106
Futures contracts long		188,220,023
Futures contracts short		(55,711,926	)
Swap contracts		1,928,360,090

‡ Averages are based on activity levels during the period.

(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 Consolidated Statement of Operations.

MIST-39

Met Investors Series Trust

AllianceBernstein Global Dynamic Allocation Portfolio

Notes to Consolidated Financial Statements—June 30, 2014—(Continued)

Written Options

The Portfolio transactions in written options during the six months June 30, 2014:

Put Options	Number of Contracts			Premium Received
Options outstanding December 31, 2013	$	—		$	—
Options written		417,100			4,488,713
Options bought back		(417,100	)		(4,488,713	)
Options outstanding June 30, 2014	$	—		$	—

5. 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; currency, interest rate, and price fluctuations.

Commodities Risk: Exposure to the commodities markets may subject the Portfolio to greater volatility than investments in traditional securities. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity.

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 consolidated 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 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 over-the-counter traded derivatives (e.g., forward foreign currency exchange contracts, swap agreements and over-the-counter 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 Consolidated 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 Consolidated Statement of Assets and Liabilities. Securities pledged as collateral, if any, for the same purpose are noted in the Consolidated 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.

MIST-40

Met Investors Series Trust

AllianceBernstein Global Dynamic Allocation Portfolio

Notes to Consolidated Financial Statements—June 30, 2014—(Continued)

Customer Account Agreements and related addendums 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.

6. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2014 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$149,765,867	$	540,681,728	$	131,752,016	$	412,465,940

7. 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 six months ended June 30, 2014	% per annum			Average Daily Net Assets
$15,512,803		0.700	%	First $250 million
		0.650	%	$250 million to $500 million
		0.625	%	$500 million to $1 billion
		0.600	%	Over $1 billion

MetLife Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. The Subadvisor 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 January 1, 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%	$500 million to $1 billion
0.020%	$2 billion to $3.5 billion
0.030%	Over $3.5 billion

An identical agreement was in place for the period January 1, 2014 through April 27, 2014. Amounts waived for the six months ended June 30, 2014 are shown as a management fee waiver in the Statement of Operations.

Amounts waived for the six months ended June 30, 2014 are shown as a management fee waiver in the Consolidated 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.

MIST-41

Met Investors Series Trust

AllianceBernstein Global Dynamic Allocation Portfolio

Notes to Consolidated Financial Statements—June 30, 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 Agreement and Plan - 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 B Shares. MIDC is a wholly-owned subsidiary of MetLife Investors Group, Inc., an affiliate of the Adviser. The Class B distribution plan provides that the Trust, on behalf of the Portfolio, may pay annually up to 0.50% of the average daily net assets of the Portfolio attributable to its Class B Shares with respect to activities primarily intended to result in the sale of Class B Shares. However, under the Class B distribution agreement, payments to the Distributor for activities pursuant to the Class B distribution plan are currently limited to payments at an annual rate equal to 0.25% of average daily net assets of the Portfolio attributable to its Class B Shares. Amounts incurred by the Portfolio for the six months ended June 30, 2014 are shown as Distribution and service fees in the Consolidated Statement of Operations.

Under the terms of the Class B distribution plan and distribution agreement, the Portfolio is authorized to make payments monthly to the Distributor that may be used to pay or reimburse entities providing distribution and shareholder servicing with respect to the Class B Shares for such entities’ fees or expenses incurred.

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 Metropolitan Series Fund, 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 Consolidated Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Consolidated Statement of Assets and Liabilities.

8. Transactions in Securities of Affiliated Issuers

A summary of the Portfolio’s transactions in the securities of affiliated issuers during the six months ended June 30, 2014 is as follows:

Security Description	Number of shares held at December 31, 2013		Shares purchased		Shares sold		Number of shares held at June 30, 2014		Realized Gain on shares sold		Income For the Six Months Ended June 30, 2014
MetLife, Inc.		61,775		100		0		61,875	$	0	$	38,644

9. 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.

10. Income Tax Information

The tax character of distributions paid for the years ended December 31, 2013 and 2012 were as follows:

Ordinary Income			Long-Term Capital Gains				Total
2013	2012		2013		2012		2013		2012
$146,724,302	$	3,158,007	$	11,475,644	$	13,930	$	158,199,946	$	3,171,937

As of December 31, 2013, 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		Total
$99,747,007	$	99,081,304	$	466,813,612	$	665,641,923

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. As of December 31, 2013, the Portfolio had no capital loss carryforwards.

MIST-42

Met Investors Series Trust

AllianceBernstein Global Dynamic Allocation Portfolio

Notes to Consolidated Financial Statements—June 30, 2014—(Continued)

11. 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 January 1, 2015, and interim periods within those fiscal years. Management is evaluating the impact, if any, of this guidance on the Portfolio’s financial statement disclosures.

MIST-43

Met Investors Series Trust

AllianceBernstein Global Dynamic Allocation Portfolio

Report of Independent Registered Public Accounting Firm

To the Shareholders of AllianceBernstein Global Dynamic Allocation Portfolio and the Board of Trustees of Met Investors Series Trust:

We have audited the accompanying consolidated statement of assets and liabilities, including the consolidated schedule of investments, of AllianceBernstein Global Dynamic Allocation Portfolio and subsidiary, one of the portfolios constituting the Met Investors Series Trust (the “Trust”) as of June 30, 2014, and the related consolidated statement of operations for the six months then ended, the consolidated statements of changes in net assets for the six months then ended and the year ended December 31, 2013, and the consolidated financial highlights for each of the periods presented. These consolidated financial statements and consolidated financial highlights are the responsibility of the Trust’s management. Our responsibility is to express an opinion on these consolidated financial statements and consolidated 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 consolidated financial statements and consolidated 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 consolidated financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall consolidated financial statement presentation. Our procedures included confirmation of securities owned as of June 30, 2014, by correspondence with the custodian and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, such consolidated financial statements and consolidated financial highlights present fairly, in all material respects, the financial position of the AllianceBernstein Global Dynamic Allocation Portfolio and subsidiary of the Met Investors Series Trust as of June 30, 2014, the results of their operations for the six months then ended, the changes in their net assets for the six months then ended and the year ended December 31, 2013, 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

August 26, 2014

MIST-44

Met Investors Series Trust

Allianz Global Investors Dynamic Multi-Asset Plus Portfolio

Managed By Allianz Global Investors U.S. LLC

Portfolio Manager Commentary*

PERFORMANCE

Since its inception on April 14, 2014, the Class B shares of the Allianz Global Investors Dynamic Multi-Asset Plus Portfolio returned 5.00%. The Portfolio’s benchmark, the Dow Jones Moderate Index¹, returned 4.84%.

MARKET ENVIRONMENT / CONDITIONS

The U.S. equity market continued to rally after a strong 2013 with the S&P 500 Index up 7.14% during the first six months of 2014, breaking through the 1,900 mark for the first time on record dating back to 1944. Investors have looked beyond a precipitous drop in first quarter gross domestic product, focusing instead on continued support from the U.S. Federal Reserve (the “Fed”) and prospects for economic acceleration. U.S. Treasury yields have tumbled in sympathy with a drop in borrowing rates across much of the developed world. In May, the rate on the 10-year U.S. note sank as low as 2.40%, a level not seen since the spring of 2013, when former Fed Chairman Ben Bernanke suggested that policymakers might start tapering their asset purchase program. In Europe, the average yield on 10-year Spanish, Italian, and Irish debt fell below 2.8% for the first time in more than thirty years. In Emerging Markets, both Equities and Fixed Income rebounded after a challenging 2013, with Emerging Markets Equities, as measured by the MSCI Emerging Market Index, gaining 6.14% and Emerging Markets Bonds, as measured by the JPMorgan Emerging Market Bond Index, rising 9.10% during the reporting period. The global equity market rally during the reporting period was led by Real Estate, with the MSCI World/Real Estate Index rising 10.83% during the first six months of 2014.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Dynamic Multi Asset Plus portfolio aims to deliver a superior return compared to its benchmark over a market cycle, while mitigating downside risk in times of market stress. An active approach to asset allocation sits at the strategy’s core. It has three components: Market Cycle analysis, Economic and Valuation analysis, and active risk management. In our systematic Market Cycle Analysis, we use a proprietary rule-based allocation approach to capture medium-term trends across asset classes. By combining pro-cyclical and anti-cyclical elements, we aim to invest in the best performing asset classes over time, and provide both excess returns and downside risk mitigation. In our fundamental Economic Cycle and Valuation analysis, we consider forward-looking assessments of fundamentals, based on both quantitative and qualitative input factors, to help identify turning points in markets. This allows us to tactically adjust the Portfolio’s asset allocation with the aim of further enhancing returns. Our Active Risk Management provides the final component of our approach, through which we actively manage portfolio risk, targeting reduction in downside risk in times of market stress.

The Allianz Global Investors Dynamic Multi-Asset Plus Portfolio returned 5.00% since its inception on April 14^th, 2014, slightly outperforming the 4.84% return of the Dow Jones Moderate Index benchmark. Positive relative performance was primarily driven by asset allocation decisions, specifically the Portfolio’s overweight allocations to U.S. equities and developed international equities. Equities have generally gained ground on the back of improving economic data out of developed economies such as an improving labor market in the U.S. The Portfolio’s holdings in U.S. equities gained 7.35%, while holdings in international equities (global ex USA) returned 4.95%. The Portfolio has been overweight both asset classes which were the two top contributors to outperformance. The overweights were mainly motivated by an assessment of the team’s Market Cycle Analysis which identified a positive price trend within these asset classes. Within the fixed component of the Portfolio, an allocation away from U.S. Government bonds to U.S. Corporate bonds contributed positively to relative outperformance as the backdrop of low corporate default rates and healthy balance sheets provided an attractive environment for U.S. Corporate bonds.

Since inception, the Portfolio maintained an overweight allocation to both U.S. and international equities while underweighting U.S. fixed income. Throughout the reporting period, the Portfolio reduced exposure to fixed income while increasing exposure to opportunistic asset classes such as Real Estate, emerging markets fixed income, and emerging markets equities. These allocations were primarily driven by an assessment of the team’s Market Cycle Analysis and positive price trends within these asset classes.

The Portfolio normally utilizes derivatives to gain exposure to certain asset classes and conduct tactical views to overweight and underweight certain asset classes relative to the benchmark. The portfolio utilized derivatives to gain exposure and create a tactical overweight allocation to both U.S. equities and international equities during the reporting period.

MIST-1

Met Investors Series Trust

Allianz Global Investors Dynamic Multi-Asset Plus Portfolio

Managed By Allianz Global Investors U.S. LLC

Portfolio Manager Commentary*—(Continued)

The Portfolio employs an interest rate overlay to provide additional diversification and balance the sources of risk through utilizing 10-year U.S. Treasury Interest Rate swaps, which was another positive contributor to the reporting period’s return. The yield on the 10-Year U.S. Treasury fell from 2.65% at the Portfolio’s inception to 2.53% by the end of the reporting period.

As of June 30, 2014, the Portfolio was overweight global equities and underweight U.S. fixed income. The Portfolio has allocated a portion of its assets to opportunistic asset classes such as Real Estate, emerging markets fixed income, and emerging markets equities based on an assessment of the team’s Market Cycle Analysis. The attractiveness of these asset classes relative to U.S. Government bonds has been the primary driver in the active underweight position to U.S. fixed income.

Michael Stamos

Herold Rohweder

Giorgio Carlino

Portfolio Managers

Allianz Global Investors U.S. 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 and 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 those of the subadvisory firm as of June 30, 2014 and 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 statements) 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 applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable annuity or insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

MIST-2

Met Investors Series Trust

Allianz Global Investors Dynamic Multi-Asset Plus Portfolio

A $10,000 INVESTMENT COMPARED TO THE DOW JONES MODERATE INDEX

CUMULATIVE RETURNS (%) FOR THE PERIOD ENDED JUNE 30, 2014

	Since Inception2
Allianz Global Investors Dynamic Multi-Asset Plus Portfolio
Class B		5.00
Dow Jones Moderate Index		4.84

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 of that combination will have 60% of the risk of an all equity portfolio.

² Inception date of the Class B shares is 4/14/2014. 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.

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 JUNE 30, 2014

Top Equity Holdings

	% of Net Assets
iShares J.P. Morgan USD Emerging Markets Bond ETF		4.0
iShares iBoxx $ Investment Grade Corporate Bond ETF		1.9
Vanguard Intermediate-Term Corporate Bond ETF		1.8
Vanguard REIT ETF		1.1
iPath Dow Jones-UBS Commodity Index Total Return ETN		0.0

Top Fixed Income Issuers

	% of Net Assets
U.S. Treasury Notes		19.6
Federal Home Loan Mortgage Corp.		6.5
Federal National Mortgage Association		6.4
European Investment Bank		5.7
KFW		5.7

MIST-3

Met Investors Series Trust

Allianz Global Investors Dynamic Multi-Asset Plus Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

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, April 14, 2014 through June 30, 2014.

Actual Expenses

The first line 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 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 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 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.

Allianz Global Investors Dynamic Multi-Asset Plus Portfolio		Annualized Expense Ratio			Beginning Account Value April 14, 2014		Ending Account Value June 30, 2014		Expenses Paid During Period** April 14, 2014 to June 30, 2014
Class B(a)(b)(c)	Actual		1.20	%	$	1,000.00	$	1,010.60	$	2.58
	Hypothetical*		1.20	%	$	1,000.00	$	1,008.12	$	2.57

* 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 (78 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

^(a) Commencement of operations was April 14, 2014.

^(b) The annualized expense ratio shown reflects an expense limitation agreement between MetLife Advisers, LLC and the Portfolio as described in Note 7 of the Notes to Consolidated Financial Statements.

^(c) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 7 of the Notes to Consolidated Financial Statements.

MIST-4

Met Investors Series Trust

Allianz Global Investors Dynamic Multi-Asset Plus Portfolio

Consolidated§ Schedule of Investments as of June 30, 2014 (Unaudited)

U.S. Treasury & Government Agencies—41.8% of Net Assets

Security Description	Shares/ Principal Amount*		Value
Federal Agencies—17.6%
Federal Home Loan Bank 2.875%, 06/12/15		600,000	$	615,315
Federal Home Loan Mortgage Corp. 1.000%, 06/29/17		180,000		180,390
2.875%, 02/09/15		150,000		152,512
4.375%, 07/17/15		500,000		521,841
Federal National Mortgage Association 0.500%, 07/02/15		500,000		501,620
1.375%, 11/15/16		178,000		180,562
5.000%, 04/15/15		150,000		155,714
				2,307,954
U.S. Treasury—24.2%
U.S. Treasury Bonds 4.375%, 05/15/41		251,000		301,749
6.875%, 08/15/25		214,000		303,178
U.S. Treasury Notes 0.250%, 03/31/15		79,000		79,089
0.375%, 03/15/16 (a)		580,000		580,317
2.125%, 02/29/16		567,000		584,010
2.125%, 08/31/20		570,000		575,878
2.250%, 07/31/18 (b)		736,000		762,910
				3,187,131
Total U.S. Treasury & Government Agencies (Cost $5,486,488)				5,495,085
Investment Company Securities—8.8%
iPath Dow Jones-UBS Commodity Index Total Return ETN (c)		150		5,916
iShares iBoxx $ Investment Grade Corporate Bond ETF		2,050		244,483
iShares J.P. Morgan USD Emerging Markets Bond ETF		4,600		530,242
Vanguard Intermediate-Term Corporate Bond ETF		2,780		240,637
Vanguard REIT ETF		1,900		142,196
Total Investment Company Securities (Cost $1,153,699)				1,163,474
Corporate Bonds & Notes—5.7%
Multi-National—5.7%
European Investment Bank 1.125%, 04/15/15 (Cost $755,647)		750,000		755,520
Foreign Government—5.7%
Banks—5.7%
KfW 1.000%, 01/12/15 (Cost $753,444)		750,000		753,285
Total Investments—62.0% (Cost $8,149,278) (d)				8,167,364
Other assets and liabilities (net)—38.0%				4,996,222
Net Assets—100.0%			$	13,163,586

(a) All or a portion of the security was pledged as collateral against open swap contracts. As of June 30, 2014, the market value of securities pledged was $450,246.

(b) All or a portion of the security was pledged as collateral against open futures contracts. As of June 30, 2014, the market value of securities pledged was $310,969.

(c) Non-income producing security.

(d) As of June 30, 2014, the aggregate cost of investments was $8,149,278. The aggregate unrealized appreciation and depreciation of investments were $22,627 and $(4,541), respectively, resulting in net unrealized appreciation of $18,086.

(ETF)— Exchange Traded Fund

(ETN)— Exchange Traded Note

Futures Contracts

Futures Contracts—Long	Expiration Date		Number of Contracts		Notional Amount			Unrealized Appreciation/ (Depreciation)
Euro Stoxx 50 Index Futures		09/19/14		10		EUR	326,615	$	(4,675	)
MSCI EAFE Mini Index Futures		09/19/14		24		USD	2,348,953		13,727
MSCI Emerging Markets Mini Index Futures		09/19/14		2		USD	103,726		344
Russell 2000 Mini Index Futures		09/19/14		6		USD	694,566		19,614
S&P 500 E-Mini Index Futures		09/19/14		44		USD	4,240,806		54,474
S&P Midcap 400 E-Mini Index Futures		09/19/14		3		USD	418,627		10,163
U.S. Treasury Long Bond Futures		09/19/14		2		USD	272,645		1,730

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

MIST-5

Met Investors Series Trust

Allianz Global Investors Dynamic Multi-Asset Plus Portfolio

Consolidated§ Schedule of Investments as of June 30, 2014 (Unaudited)

Futures Contracts (Continued)

Futures Contracts—Short	Expiration Date		Number of Contracts			Notional Amount				Unrealized Appreciation/ (Depreciation)
U.S. Treasury Note 2 Year Futures		09/30/14		(9	)		USD	(1,975,730	)	$	(614	)
Net Unrealized Appreciation										$	94,763

Swap Agreements

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 USD-LIBOR		2.743	%		04/16/24		USD	1,500,000	$	21,180
Pay		3-Month USD-LIBOR		2.577	%		05/19/24		USD	350,000		(890	)
Pay		3-Month USD-LIBOR		2.682	%		06/10/24		USD	400,000		2,738
Pay		3-Month USD-LIBOR		2.727	%		06/13/24		USD	1,100,000		11,984
Total											$	35,012

(EUR)— Euro

(LIBOR)— London InterBank Offered Rate

(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 Consolidated Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2014:

Description	Level 1			Level 2			Level 3		Total
Total U.S. Treasury & Government Agencies*	$	—		$	5,495,085		$	—	$	5,495,085
Total Investment Company Securities		1,163,474			—			—		1,163,474
Total Corporate Bonds & Notes*		—			755,520			—		755,520
Total Foreign Government*		—			753,285			—		753,285
Total Investments	$	1,163,474		$	7,003,890		$	—	$	8,167,364
Futures Contracts
Futures Contracts (Unrealized Appreciation)	$	100,052		$	—		$	—	$	100,052
Futures Contracts (Unrealized Depreciation)		(5,289	)		—			—		(5,289	)
Total Futures Contracts	$	94,763		$	—		$	—	$	94,763
Centrally Cleared Swap Contracts
Centrally Cleared Swap Contracts (Unrealized Appreciation)	$	—		$	35,902		$	—	$	35,902
Centrally Cleared Swap Contracts (Unrealized Depreciation)		—			(890	)		—		(890	)
Total Centrally Cleared Swap Contracts	$	—		$	35,012		$	—	$	35,012

* See Consolidated Schedule of Investments for additional detailed categorizations.

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

MIST-6

Met Investors Series Trust

Allianz Global Investors Dynamic Multi-Asset Plus Portfolio

Consolidated§ Statement of Assets and Liabilities

June 30, 2014 (Unaudited)

Assets
Investments at value (a)	$	8,167,364
Cash		4,534,926
Receivable for:
Fund shares sold		93,809
Interest		43,629
Variation margin on futures contracts		303,399
Variation margin on swap contracts		65,618
Due from investment adviser		20,760
Prepaid expenses		3
Total Assets		13,229,508
Liabilities
Payables for:
Fund shares redeemed		464
Accrued expenses:
Management fees		2,507
Distribution and service fees		2,088
Deferred trustees’ fees		5,589
Other expenses		55,274
Total Liabilities		65,922
Net Assets	$	13,163,586
Net assets consist of:
Paid in surplus	$	12,827,144
Accumulated net investment loss		(2,718	)
Accumulated net realized gain		191,259
Unrealized appreciation on investments, futures contracts, swap contracts and foreign currency transactions		147,901
Net Assets	$	13,163,586
Net Assets
Class B	$	13,163,586
Capital Shares Outstanding*
Class B		1,254,217
Net Asset Value, Offering Price and Redemption Price Per Share
Class B	$	10.50

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

(a) Identified cost of investments was $8,149,278.

Consolidated§ Statement of Operations

Period Ended June 30, 2014 (Unaudited)(a)

Investment Income
Dividends	$	3,802
Interest		12,376
Total investment income		16,178
Expenses
Management fees		10,629
Administration fees		9,227
Custodian and accounting fees		8,931
Distribution and service fees—Class B		3,937
Audit and tax services		20,412
Legal		19,351
Trustees’ fees and expenses		7,607
Shareholder reporting		2,977
Miscellaneous		1,444
Total expenses		84,515
Less management fee waiver		(5,905	)
Less expenses reimbursed by the Adviser		(59,714	)
Net expenses		18,896
Net Investment Loss		(2,718	)
Net Realized and Unrealized Gain
Net realized gain (loss) on:
Investments		(2,947	)
Futures contracts		183,601
Swap contracts		10,609
Foreign currency transactions		(4	)
Net realized gain		191,259
Net change in unrealized appreciation on:
Investments		18,086
Futures contracts		94,763
Swap contracts		35,012
Foreign currency transactions		40
Net change in unrealized appreciation		147,901
Net realized and unrealized gain		339,160
Net Increase in Net Assets From Operations	$	336,442

(a) Commencement of operations was April 14, 2014.

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

MIST-7

Met Investors Series Trust

Allianz Global Investors Dynamic Multi-Asset Plus Portfolio

Consolidated§ Statements of Changes in Net Assets

	Period Ended June 30, 2014 (Unaudited)(a)
Increase (Decrease) in Net Assets:
From Operations
Net investment loss	$	(2,718	)
Net realized gain		191,259
Net change in unrealized appreciation		147,901
Increase in net assets from operations		336,442
Increase in net assets from capital share transactions		12,827,144
Total increase in net assets		13,163,586
Net Assets
Beginning of period		0
End of period	$	13,163,586
Accumulated net investment loss
End of period	$	(2,718	)

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Period Ended June 30, 2014 (Unaudited)(a)
	Shares			Value
Class B
Sales		1,254,611		$	12,831,244
Redemptions		(394	)		(4,100	)
Net increase		1,254,217		$	12,827,144
Increase derived from capital shares transactions				$	12,827,144

(a) Commencement of operations was April 14, 2014.

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

MIST-8

Met Investors Series Trust

Allianz Global Investors Dynamic Multi-Asset Plus Portfolio

Consolidated§ Financial Highlights

Selected per share data
	Class B
	Period Ended June 30, 2014(a) (Unaudited)
Net Asset Value, Beginning of Period	$	10.00
Income (Loss) from Investment Operations
Net investment loss (b)		(0.00	)(c)
Net realized and unrealized gain on investments		0.50
Total from investment operations		0.50
Net Asset Value, End of Period	$	10.50
Total Return (%) (d)		5.00	(e)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		5.37	(f)
Net ratio of expenses to average net assets (%) (g)		1.20	(f)
Ratio of net investment income (loss) to average net assets (%)		(0.17	)(f)
Portfolio turnover rate (%)		4	(e)
Net assets, end of period (in millions)	$	13.2

(a) Commencement of operations was April 14, 2014.

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

(c) Net investment income (loss) was 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) Periods less than one year are not computed on an annualized basis.

(f) Computed on an annualized basis.

(g) Includes the effects of management fee waivers and expenses reimbursed by the Adviser (see Note 7 of the Notes to Consolidated Financial Statements).

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

MIST-9

Met Investors Series Trust

Allianz Global Investors Dynamic Multi-Asset Plus Portfolio

Notes to Consolidated Financial Statements—June 30, 2014 (Unaudited)

1. Organization

Met Investors Series Trust (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 currently offers forty-seven series, each of which operates as a distinct investment vehicle of the Trust. The portfolio included in this report is Allianz Global Investors Dynamic Multi-Asset Plus Portfolio (the “Portfolio”) (commenced operations on April 14, 2014), which is non-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 one class of shares: Class B shares. Class B shares are currently offered by the Portfolio.

2. Consolidation of Subsidiary - Allianz Global Investors Dynamic Multi-Asset Plus Portfolio, Ltd.

The Portfolio may invest up to 25% of its total assets in the Allianz Global Investors Dynamic Multi-Asset Plus Portfolio, Ltd., which is a wholly-owned and controlled subsidiary of the Portfolio that is organized under the laws of the Cayman Islands as an exempted company (the “Subsidiary”). The Portfolio invests in the Subsidiary in order to gain exposure to the commodities market within the limitations of the federal tax laws, rules and regulations that apply to regulated investment companies.

The Portfolio has obtained an opinion from legal counsel to the effect that the annual net profit, if any, realized by the Subsidiary and imputed for income tax purposes to the Portfolio should constitute “qualifying income” for purposes of the Portfolio remaining qualified as a regulated investment company for U.S federal income tax purposes. It is possible that the Internal Revenue Service or a court could disagree with the legal opinion obtained by the Portfolio.

The Subsidiary invests in commodity-related instruments such as futures, options and swap contracts. Unlike the Portfolio, the Subsidiary may invest without limitation in commodity-linked derivatives; however, the Subsidiary complies with the same 1940 Act asset coverage requirements with respect to its investments in commodity-linked derivatives that are applicable to the Portfolio’s transactions in derivatives. In addition, to the extent applicable to the investment activities of the Subsidiary, the Subsidiary is subject to the same fundamental investment restrictions and follows the same compliance policies and procedures as the Portfolio.

By investing in the Subsidiary, the Portfolio is indirectly exposed to the risks associated with the Subsidiary’s investments. The commodity-related instruments held by the Subsidiary are subject to commodities risk. There can be no assurance that the investment objective of the Subsidiary will be achieved. The Subsidiary is not registered under the 1940 Act and is not subject to all the investor protections of the 1940 Act. The Portfolio, however, wholly owns and controls the Subsidiary, and the Portfolio and Subsidiary are both managed by the Allianz Global Investors U.S. LLC (the “Subadviser”), making it unlikely that the Subsidiary will take action contrary to the interests of the Portfolio and its shareholders. Changes in the laws of the United States and/or Cayman Islands could result in the inability of the Portfolio and/or the Subsidiary to operate as described in the Portfolio’s prospectus and could adversely affect the Portfolio. For example, the Cayman Islands does not currently impose any income, corporate or capital gains tax, estate duty, inheritance tax, gift tax or withholding tax on the Subsidiary. If Cayman Islands law changes such that the Subsidiary must pay Cayman Islands taxes, Portfolio shareholders would likely suffer decreased investment returns.

The consolidated Schedule of Investments, Statement of Assets and Liabilities, Statement of Operations, Statement of Changes in Net Assets and the Financial Highlights of the Portfolio include the accounts of the Subsidiary. All inter-company accounts and transactions have been eliminated in consolidation for the Portfolio. The Subsidiary has a fiscal year end of December 31st for financial statement consolidation purposes and a nonconforming tax year end of November 30th.

A summary of the Portfolio’s investment in the Subsidiary is as follows:

	Inception Date of Subsidiary	Subsidiary Net Assets at June 30, 2014	% of Total Assets at June 30, 2014
Allianz Global Investors Dynamic Multi-Asset Plus Portfolio, Ltd.,	4/14/2014	$96,735	0.7%

3. Significant Accounting Policies

The preparation of consolidated 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 consolidated 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 consolidated financial statements, management has evaluated events and transactions subsequent to June 30, 2014 through the date the consolidated financial statements were issued.

MIST-10

Met Investors Series Trust

Allianz Global Investors Dynamic Multi-Asset Plus Portfolio

Notes to Consolidated Financial Statements—June 30, 2014—(Continued)

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

Investment Valuation and Fair Value Measurements - Debt securities (other than short term obligations with a remaining maturity of sixty days or less), 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 MetLife Advisers, LLC (“MetLife Advisers” or the “Adviser”), an affiliate of MetLife, Inc., pursuant to authorization of 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 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.

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, which 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 and futures contracts that are traded over-the-counter 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. 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

MIST-11

Met Investors Series Trust

Allianz Global Investors Dynamic Multi-Asset Plus Portfolio

Notes to Consolidated Financial Statements—June 30, 2014—(Continued)

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 has delegated the determination of the fair value of a security to a 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.

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 futures transactions, foreign currency transactions, swap transactions, distribution redesignations, foreign currency tax expense reclass, distribution and service fees and controlled foreign corporations. These adjustments have no impact on net assets or the results of operations.

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Met Investors Series Trust

Allianz Global Investors Dynamic Multi-Asset Plus Portfolio

Notes to Consolidated Financial Statements—June 30, 2014—(Continued)

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 remain subject to examination by the Internal Revenue Service for three fiscal years after the returns are filed. As of June 30, 2014, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

4. 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 Consolidated 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 Consolidated Statement of Assets and Liabilities and as a component of net change in unrealized appreciation/depreciation on the Consolidated 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. Futures contracts are exchange-traded and 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.

Commodity Futures Contracts and Swaps on Commodity Futures Contracts - The Subsidiary will invest primarily in commodity futures and swaps on commodity futures. Exposure to the commodities markets may subject the Portfolio to greater volatility than investments in traditional securities. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or sectors affecting a particular industry or commodity.

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 over-the-counter 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 Consolidated Schedule of Investments and restricted cash, if any, is reflected on the Consolidated 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 Consolidated 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 Consolidated 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 Consolidated Statement of Assets and Liabilities and as a component of unrealized appreciation/depreciation on the Consolidated 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 Consolidated Statement of Operations. A liquidation payment received or made at the

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Met Investors Series Trust

Allianz Global Investors Dynamic Multi-Asset Plus Portfolio

Notes to Consolidated Financial Statements—June 30, 2014—(Continued)

termination of the swap is recorded as realized gain or loss on the Consolidated Statement of Operations. Net periodic payments received or paid by the Portfolio are included as part of realized gains or losses on the Consolidated 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 Consolidated 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.

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 June 30, 2014, the Portfolio had the following derivatives, categorized by risk exposure:

	Asset Derivatives			Liability Derivatives
Risk Exposure	Consolidated Statement of Assets & Liabilities Location	Fair Value		Consolidated Statement of Assets & Liabilities Location	Fair Value
Interest Rate	Unrealized appreciation on centrally cleared swap contracts* (a)	$	35,902	Unrealized depreciation on centrally cleared swap contracts* (a)	$	890
	Unrealized appreciation on futures contracts** (a)		1,730	Unrealized depreciation on futures contracts** (a)		614
Equity	Unrealized appreciation on futures contracts** (a)		98,322	Unrealized depreciation on futures contracts** (a)		4,675
Total		$	135,954		$	6,179

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

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

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

Transactions in derivative instruments during the period ended June 30, 2014 were as follows:

Consolidated Statement of Operations Location—Net Realized Gain (Loss)	Interest Rate			Equity		Total
Futures contracts	$	(2,112	)	$	185,713	$	183,601
Swap contracts		10,609			—		10,609
	$	8,497		$	185,713	$	194,210

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Met Investors Series Trust

Allianz Global Investors Dynamic Multi-Asset Plus Portfolio

Notes to Consolidated Financial Statements—June 30, 2014—(Continued)

Consolidated Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)	Interest Rate		Equity		Total
Futures contracts	$	1,116	$	93,647	$	94,763
Swap contracts		35,012		—		35,012
	$	36,128	$	93,647	$	129,775

For the period ended June 30, 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	$	5,356,611
Futures contracts short		(1,117,762	)
Swap contracts		2,233,333

‡ Averages are based on activity levels during the period.

5. 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; currency, interest rate, and price fluctuations.

Commodities Risk: Exposure to the commodities markets may subject the Portfolio to greater volatility than investments in traditional securities. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity.

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 consolidated 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 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 over-the-counter traded derivatives (e.g., forward foreign currency exchange contracts, swap agreements and over-the-counter 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 Consolidated 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 Consolidated Statement of Assets and Liabilities. Securities pledged as collateral, if any, for the same purpose are noted in the Consolidated Schedule of Investments.

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Met Investors Series Trust

Allianz Global Investors Dynamic Multi-Asset Plus Portfolio

Notes to Consolidated Financial Statements—June 30, 2014—(Continued)

Customer Account Agreements and related addendums 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.

6. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the period ended June 30, 2014 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$4,483,258	$	1,283,455	$	0	$	126,810

7. 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 period ended June 30, 2014	% per annum			Average Daily Net Assets
$10,629		0.675	%	First $250 million
		0.650	%	$250 million to $1 billion
		0.600	%	Over $1 billion

MetLife Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. The Subadviser is compensated by MetLife Advisers to provide subadvisory services for the Portfolio.

Management Fee Waiver - The Subadviser voluntarily agreed to waive its entire subadvisory fee through July 14, 2014. Also through July 14, 2014, the Adviser voluntarily agreed to waive a portion of the management fee in an amount equal to the subadvisory fees waived. Amounts waived for the period ended June 30, 2014 are shown as a management fee waiver in the Consolidated Statement of Operations.

Expense Limitation Agreement - The Adviser has entered into an expense limitation agreement with the Trust (“Expense Limitation Agreement”) in the interest of limiting expenses of the Portfolio. The Expense Limitation Agreement shall continue in effect with respect to the Portfolio until April 30, 2015. Pursuant to that Expense Limitation Agreement, the Adviser has agreed to waive or limit its fees and to assume other expenses so that the total annual operating expenses of the Portfolio other than interest, taxes, brokerage commissions, other expenditures which are capitalized or expensed in accordance with GAAP, other extraordinary expenses not incurred in the ordinary course of the Portfolio’s business and acquired fund fees and expenses but including amounts payable pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act, are limited to the following expense ratio as a percentage of the Portfolio’s average daily net assets:

Maximum Expense Ratio under current Expense Limitation Agreement	Expenses Deferred in 2014 Subject to repayment until December 31,
Class B	2017
1.20%	$59,714

Amounts waived for the period ended June 30, 2014 are shown as expenses reimbursed by the Adviser in the Statement of Operations.

If, in any year in which the Management Agreement is still in effect, the estimated aggregate operating expenses of the Portfolio for the fiscal year are less than the Maximum Expense Ratio for that year, subject to approval by the Trust’s Board, the Adviser shall be entitled to reimbursement by the Portfolio to the extent that the charge does not cause the expenses in such subsequent year to

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Met Investors Series Trust

Allianz Global Investors Dynamic Multi-Asset Plus Portfolio

Notes to Consolidated Financial Statements—June 30, 2014—(Continued)

exceed the Maximum Expense Ratio as stated above. The Portfolio is not obligated to repay any expense paid by the Adviser more than three years after the end of the fiscal year in which such expense was incurred. As of June 30, 2014, there was $59,714 in expense deferrals eligible for recoupment by the Adviser.

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 Agreement and Plan - 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 B Shares. MIDC is a wholly-owned subsidiary of MetLife Investors Group, Inc., an affiliate of the Adviser. The Class B distribution plan provides that the Trust, on behalf of the Portfolio, may pay annually up to 0.50% of the average daily net assets of the Portfolio attributable to its Class B Shares with respect to activities primarily intended to result in the sale of Class B Shares. However, under the Class B distribution agreement, payments to the Distributor for activities pursuant to the Class B distribution plan are currently limited to payments at an annual rate equal to 0.25% of average daily net assets of the Portfolio attributable to its Class B Shares. Amounts incurred by the Portfolio for the period ended June 30, 2014 are shown as Distribution and service fees in the Consolidated Statement of Operations.

Under the terms of the Class B distribution plan and distribution agreement, the Portfolio is authorized to make payments monthly to the Distributor that may be used to pay or reimburse entities providing distribution and shareholder servicing with respect to the Class B Shares for such entities’ fees or expenses incurred.

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 Metropolitan Series Fund, 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 Consolidated Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Consolidated Statement of Assets and Liabilities.

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. 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 January 1, 2015, and interim periods within those fiscal years. Management is evaluating the impact, if any, of this guidance on the Portfolio’s financial statement disclosures.

MIST-17

Met Investors Series Trust

Allianz Global Investors Dynamic Multi-Asset Plus Portfolio

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

At an in-person meeting of the Boards of Trustees (the “Board”) of Met Investors Series Trust (the “Trust”) held on November 19-20, 2013, the Board, including a majority of the Trustees who are not considered to be “interested persons” of the Trust (the “Independent Trustees”) under the Investment Company Act of 1940, as amended (the “1940 Act”), initially approved the Trust’s advisory agreement (the “Advisory Agreement”) with MetLife Advisers, LLC (the “Adviser”) and the investment sub-advisory agreement (the “Sub-Advisory Agreement,” and collectively with the Advisory Agreement, the “Agreements”) between the Adviser and Allianz Global Investors (the “Sub-Adviser”) for the Allianz Global Investors Dynamic Multi-Asset Plus Portfolio, a new series of the Trust (the “Portfolio”).

In considering the Agreements, the Board reviewed a variety of materials provided by the Adviser and the Sub-Adviser relating to the Portfolio, the Adviser and the Sub-Adviser, including comparative fee and expense information for an appropriate peer group of similar mutual funds, back-tested performance information for the Portfolio’s proposed strategy, and other information regarding the nature, extent and quality of services to be provided by the Adviser and the Sub-Adviser under their respective Agreements. The Independent Trustees also assessed a report provided by the Board’s independent consultant, Bobroff Consulting, Inc., who reviewed and provided analyses regarding investment fees and expenses, and other information provided by, or at the direction of, the Adviser and the Sub-Adviser, as more fully discussed below.

The Independent Trustees were separately advised by independent legal counsel throughout the process. The Board received an initial presentation from the Adviser regarding the Portfolio during the Board meeting held on August 20-21, 2013. The Board also received additional presentations from the Adviser and the Sub-Adviser during a telephonic meeting on November 4, 2013, and at an in-person meeting on November 19, 2013, during which meetings the representatives of either the Adviser or Sub-Adviser responded to questions from the Independent Trustees. The Independent Trustees also discussed the proposed initial approval of the Agreements in private sessions with their independent legal counsel at which no representatives of management were present.

In considering whether to approve the Agreements, the Board reviewed and analyzed the factors it deemed relevant, including: (1) the nature, extent and quality of the services to be provided to the Portfolio by the Adviser and Sub-Adviser; (2) performance information relating to the proposed strategy; (3) the Adviser’s and the Sub-Adviser’s personnel and operations; (4) the financial condition of the Adviser and the Sub-Adviser; (5) the level and method of computing the Portfolio’s proposed advisory and sub-advisory fees; (6) any “fall-out” benefits to the Adviser, the Sub-Adviser and their affiliates (i.e., ancillary benefits realized by the Adviser, the Sub-Adviser or their affiliates from the Adviser’s or Sub-Adviser’s relationship with the Trusts); (7) the effect of growth in size on the Portfolio’s expenses; (8) fees paid by any comparable accounts; and (9) possible conflicts of interest. The Board also considered the nature, quality, and extent of the services to be provided to the Portfolio by the Adviser’s affiliates.

The Board evaluated the nature, extent and quality of the services that the Adviser and the Sub-Adviser would provide to the Portfolio. The Board considered the Adviser’s services as investment manager to the Portfolio, including services relating to the selection and oversight of the Sub-Adviser. The Board considered, among other things, the adviser’s oversight of the provision of services to the Portfolio by the Sub-Adviser, including with respect to investment activities and trading practices, and the Sub-Adviser’s compliance with fund policies, objectives and Board directives, compliance policies and procedures and applicable law. The Adviser’s role in coordinating the activities of the Portfolio’s other service providers was also considered. The Board also evaluated the expertise and performance of the personnel of the Adviser who have performed services for the other portfolios of the Trust and would be performing similar services to the Portfolio (e.g., overseeing the Sub-Adviser). In addition, the Board considered information received from the Trust’s Chief Compliance Officer (the “CCO”) regarding the Portfolio’s compliance policies and procedures established pursuant to Rule 38a-l under the 1940 Act.

With respect to the services to be provided by the Sub-Adviser, the Board considered, among other things, information provided to the Board by the Sub-Adviser. The Board considered the Sub-Adviser’s current level of staffing and its overall resources, as well as its compensation program. The Board reviewed the 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 would be providing services to the Portfolio. The Board also considered the Sub-Adviser’s compliance program and regulatory history. The Board also took into account the financial condition of the Sub-Adviser.

The Board considered the Sub-Adviser’s investment process and philosophy. The Board took into account that the Sub-Adviser’s responsibilities would include the development and maintenance of an investment program for the Portfolio that would be consistent with the Portfolio’s investment objective, 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.

The Board took into account the investment strategy of the proposed Portfolio and noted performance of representative accounts pursuing a similar investment strategy, composites and asset classes that would comprise, in part, the proposed strategy. The Board

MIST-18

Met Investors Series Trust

Allianz Global Investors Dynamic Multi-Asset Plus Portfolio

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

also considered how the Portfolio is designed to perform under a variety of market conditions. In addition, the Board took into account historical performance simulation for the proposed strategy.

The Board gave consideration to the proposed management fee payable under the Advisory Agreement and the proposed sub-advisory fees payable under the Sub-Advisory Agreement. In addition, the Independent Trustees, with the assistance of an independent consultant, examined the proposed fees to be paid by the Portfolio in light of fees paid to other investment managers by comparable funds and the method of computing the Portfolio’s proposed fee. In comparing the Portfolio’s actual and contractual management fee to that of comparable funds, the Board noted that the advisory fee includes both advisory and administrative fees. With respect to the Portfolio, the Board took into account that the proposed management fee (i.e., the advisory fee plus a small administrative fee) is below the median of comparable funds.

The Board noted that the sub-advisory fee for the Portfolio would be paid by the Adviser, not the Portfolio, out of the advisory fee. It was further noted that the Adviser negotiates the sub-advisory fee at arm’s length. The Board noted the proposed expense limitation agreement, pursuant to which the Adviser would agree to waive a portion of its advisory fee and/or reimburse certain expenses as a means of limiting the Portfolio’s total annual operating expenses. The Board further considered the amount of the sub-advisory fee to be paid out by the Adviser and the amount of the management fees that it would retain in light of the services performed by the Sub-Adviser and Adviser, respectively.

The Board noted that the Adviser agreed to waive a portion of its advisory fee and/or reimburse certain Portfolio expenses (i.e., to forego initially some of its revenue (and profit) in managing the Portfolio). As part of its evaluation of the Adviser’s compensation, the Board also considered other benefits that may be realized by the Adviser and its affiliates from their relationship with the Trust. In addition, the Board took into account the costs borne by the Adviser’s affiliates that support the operations of the Adviser. The Board noted that the Distributor, MetLife Investors Distribution Company, would receive Rule 12b-1 payments to support the distribution of the insurance products that invest in the Portfolio.

The Board also considered the probable effect of the Portfolio’s growth in size on its fees. The Board noted that the Portfolio’s advisory and sub-advisory fee each contains breakpoints that reduce the fee rate above specified asset levels.

The Board considered other benefits that may be realized by the Sub-Adviser and its affiliates from their relationship with the Trust, including the opportunity to provide advisory services to additional portfolios of the Trust and reputational benefits. In conjunction with these considerations, the Board noted the anticipated costs of providing sub-advisory services to the Portfolio.

The Board considered any possible conflicts of interest in the form of material benefits or detriments to the Trust resulting from the nature of the Trust’s and the Adviser’s or the Sub-Adviser’s affiliations and the services to be provided to the Trust, and the manner in which such conflicts would be mitigated.

After full consideration of the factors discussed above, the Board, including a majority of the Independent Trustees, approved the Agreements with respect to the Portfolio. In making its approvals, the Board concluded that the nature, extent and quality of services to be provided by the Adviser and the Sub-Adviser supported the initial approval of the Agreements. In addition, the Board concluded that the proposed fees to be paid by the Portfolio to the Adviser and the Sub-Adviser appeared to be acceptable in light of the nature, extent and quality of the services to be provided by the Adviser and Sub-Adviser. Finally, the Board concluded that the proposed Advisory and Sub-Advisory fees in some measure share economies of scale with contractholders. In approving the Agreements, the Board, including the Independent Trustees, did not identify any single factor as controlling.

MIST-19

Met Investors Series Trust

American Funds Balanced Allocation Portfolio

Managed by MetLife Advisers, LLC

Portfolio Manager Commentary*

PERFORMANCE

For the six month period ended June 30, 2014, the Class B and C shares of the American Funds Balanced Allocation Portfolio returned 5.70% and 5.46%, respectively. The Portfolio’s benchmark, the Dow Jones Moderate Index¹, returned 5.77%.

MARKET ENVIRONMENT / CONDITIONS

The equity market started the year in a sell-off mode with the majority of equity indices turning south driven by renewed concerns over emerging markets and the elevated valuation level in the stock market after a record high year in 2013. The Federal Reserve’s (the “Fed”) new chair Janet Yellen gave her first speech on February 11, 2014 which emphasized continuity in the Fed’s approach to monetary policy. This speech, combined with solid fourth quarter earnings reports, boosted investors’ confidence and resulted in a strong market rally in February. The market pared back again in March due to heightened tension in Ukraine. In addition, high growth internet and biotech stocks, which were among the best performing stocks in 2013, endured a substantial drawdown in March through April. More negative news came out during the second quarter: lower than expected retail sales, a shrinking first quarter Gross Domestic Product (“GDP”) number blamed on the harsh winter weather, and escalating violence in Iraq. However, the market decided to shrug off recent geopolitical flare-ups and first quarter weakness. Instead, investors chose to focus on a variety of other economic indicators that were telling a more upbeat story and bet on an improving second quarter. As a result, many of the equity markets worldwide finished the first half of 2014 in a strongly positive territory.

The U.S equity market, as measured by the S&P 500 Index, scored a gain of 7.1% over the six month period. Small cap stocks, represented by the S&P Small Cap 600 Index, trailed their large cap counterparts at 3.2%. Growth stocks underperformed value stocks across market cap segments, most prominently across mid cap stocks. With respect to industry sectors, Utilities turned out to be the best performing sector, benefiting from an unexpected decline in interest rates. Energy stocks rallied strongly on fears of a potential oil and gas shortage amid continuing turmoil in Iraq and Ukraine. On the other end of the spectrum, Consumer Discretionary stocks lagged the most. The retail industry suffered from harsh winter weather. Stocks of online retailers saw a sizable correction during the internet sell off in March and April after a remarkable year in 2013. Equity markets outside the U.S. delivered positive performance as well, both in developed markets as well as in emerging markets. The MSCI EAFE Index and the MSCI EM Index gained 4.8% and 6.1% respectively.

The bond market rallied in the first half of the year. U.S. Treasury yields unexpectedly declined in the first half of 2014 as rising geopolitical risk bolstered demand for safe-haven assets. The 10-year Treasury yield declined to 2.5% at the end of June from 3.0% six months earlier. The long end of the curve dropped significantly more than the short end as the yield curve flattened. Both investment grade and high yield bonds outperformed Treasuries as credit spreads narrowed. Over the six month period, the Barclays U.S. Aggregate Bond Index advanced 3.9%. The bond market outside the U.S. was strong as well, with the Barclays Global Aggregate ex-U.S. Index gaining 5.6%. Bond markets in Europe enjoyed a particularly strong ride, boosted by additional monetary accommodation implemented by the European Central Bank (the “ECB”). The ECB introduced an expanded long-term loan program to encourage banks to increase their lending and also cut its overnight rate to -10 bps.

PORTFOLIO REVIEW / PERIOD-END POSITIONING

The American Funds Balanced Allocation Portfolio invested all of its assets in funds of the American Funds Insurance Series (AFIS) and retail mutual funds to maintain a broad asset allocation of approximately 35% to fixed income and 65% to equities.

During the reporting period, we implemented a moderate increase in the Portfolio’s exposure to the international equity asset class, which was funded by domestic equity, to better align with global market capitalizations.

Over the six month period, the Portfolio delivered a solid performance to investors as both equity and fixed income markets finished the first half of the year in positive territory. Relative performance was in line with the Dow Jones Moderate Index.

The underlying equity funds produced a mixed story in terms of contribution to the Allocation Portfolio. While the AMCAP Fund and the AFIS Blue Chip Income and Growth Fund contributed positively to the Allocation Portfolio, several other funds detracted from relative performance. On the positive side, the AMCAP Fund delivered the best relative performance among all underlying equity funds. Despite a headwind from being a growth style portfolio and the negative impact from holding cash, the fund outpaced its S&P 500 benchmark index by a sizable margin. Outperformance was attributable to strong stock selection in a number of sectors, including Energy, Health Care, Consumer Discretionary and Consumer Staples. Additionally, an overweight in the Health Care Sector also benefited the fund as merger and acquisition activity drove the return of the sector higher than the broad market in the first quarter. The AFIS Blue Chip Income and Growth Fund benefited from a bias towards value oriented stocks, which outperformed growth stocks over the past six months. In addition, solid stock selection within the Information Technology sector as well as an overweight to the strong performing Utilities sector both added value. Conversely, the Fundamental Investors Fund and the AFIS Growth Fund detracted from the Allocation Portfolio’s relative performance. Underperformance for both funds was largely driven by their holdings in the Consumer Discretionary sector. Poor stock selection combined with an overweight in the sector explained the majority of the underperformance. More specifically, the portfolios’ holding in Amazon weighed on results as the stock lost more than 18% in the first half of the year. Among underlying funds that invest outside the U.S., the AFIS International Fund had a negative impact on the

MIST-1

Met Investors Series Trust

American Funds Balanced Allocation Portfolio

Managed by MetLife Advisers, LLC

Portfolio Manager Commentary*—(Continued)

Allocation Portfolio’s performance. The fund was hurt by its stock selection in the Information Technology sector, with Samsung being the largest detractor.

On the fixed income side, the AFIS U.S. Government/AAA-Rated Securities Fund’s focus on Treasury and government agency securities did not help overall performance during a period when credit products outperformed as credit spreads narrowed. However, from a yield curve positioning standpoint, the fund’s overweight to the longer end of the curve proved to be beneficial. As a result, the fund outperformed its asset class specific benchmark. The AFIS Global Bond Fund also outpaced its own benchmark, making a positive contribution to the Allocation Portfolio. Outperformance was attributable to a broad set of factors, including its positions in emerging markets and high yield bonds. The AFIS High-Income Bond Fund provided an exposure to the better performing high yield sector of the bond market, which is not part of the Dow Jones Moderate Index. Nevertheless, relative performance was hindered by poor security selection and holding cash in the portfolio.

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 and 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 those of the advisory firm as of June 30, 2014 and 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 statements) 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 applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable annuity or insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

MIST-2

Met Investors Series Trust

American Funds Balanced Allocation Portfolio

A $10,000 INVESTMENT COMPARED TO THE DOW JONES MODERATE INDEX

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2014

	6 Month		1 Year		5 Year		Since Inception2
American Funds Balanced Allocation Portfolio
Class B		5.70		18.36		13.36		6.25
Class C		5.46		17.96		12.93		5.92
Dow Jones Moderate Index		5.77		16.21		12.21		6.24

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 of that combination will have 60% of the risk of an all equity portfolio.

² Inception date of the Class B and Class C shares is 4/28/2008. Index since inception return is based on the Class B 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 B 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 JUNE 30, 2014

Top Holdings

	% of Net Assets
American Funds Bond Fund (Class 1)		11.6
American Funds U.S. Government/AAA - Rated Securities Fund (Class 1)		11.6
American Funds Growth-Income Fund (Class 1)		9.4
American Funds Growth Fund (Class 1)		9.2
American Funds AMCAP Fund (Class R-6)		8.2
American Funds Fundamental Investors Fund (Class R-6)		8.2
American Funds Blue Chip Income and Growth Fund (Class 1)		8.1
American Funds American Mutual Fund (Class R-6)		8.1
American Funds International Growth and Income Fund (Class 1)		6.8
American Funds International Fund (Class 1)		6.0

MIST-3

Met Investors Series Trust

American Funds Balanced Allocation Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

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, January 1, 2014 through June 30, 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.

American Funds Balanced Allocation Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2014		Ending Account Value June 30, 2014		Expenses Paid During Period** January 1, 2014 to June 30, 2014
Class B(a)	Actual		0.73	%	$	1,000.00	$	1,057.00	$	3.72
	Hypothetical*		0.73	%	$	1,000.00	$	1,021.18	$	3.66
Class C(a)	Actual		1.03	%	$	1,000.00	$	1,054.60	$	5.25
	Hypothetical*		1.03	%	$	1,000.00	$	1,019.69	$	5.16

* 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 (181 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.

MIST-4

Met Investors Series Trust

American Funds Balanced Allocation Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Mutual Funds—100.1% of Net Assets

Security Description	Shares		Value
Investment Company Securities—100.1%
American Funds AMCAP Fund (Class R-6)		14,288,897	$	412,663,337
American Funds American Mutual Fund (Class R-6)		11,172,764		409,928,707
American Funds Blue Chip Income and Growth Fund (Class 1) (a)		29,077,219		410,861,101
American Funds Bond Fund (Class 1) (a)		52,493,670		584,254,551
American Funds Fundamental Investors Fund (Class R-6)		7,619,740		411,084,963
American Funds Global Bond Fund (Class 1) (a)		11,884,435		147,723,533
American Funds Global Small Capitalization Fund (Class 1)		5,562,900		152,479,082
American Funds Growth Fund (Class 1)		5,882,476		462,421,444
American Funds Growth-Income Fund (Class 1)		9,168,326		472,810,567
American Funds High-Income Bond Fund (Class 1) (a)		17,251,428		198,218,907
American Funds International Fund (Class 1)		13,807,621		304,181,895
American Funds International Growth and Income Fund (Class 1) (a)		18,636,477		340,674,803
Investment Company Securities—(Continued)
American Funds New World Fund (Class 1) (a)		6,450,551		153,781,136
American Funds U.S. Government/AAA - Rated Securities Fund (Class 1) (a)		47,111,599		583,241,595
Total Mutual Funds (Cost $4,215,601,124)				5,044,325,621
Total Investments—100.1% (Cost $4,215,601,124) (b)				5,044,325,621
Other assets and liabilities (net)—(0.1)%				(2,632,099	)
Net Assets—100.0%			$	5,041,693,522

(a) Affiliated Issuer. (See Note 6 of the Notes to Financial Statements for a summary of transactions in securities of affiliated Underlying Portfolios.)

(b) As of June 30, 2014, the aggregate cost of investments was $4,215,601,124. The aggregate unrealized appreciation and depreciation of investments were $836,331,803 and $(7,607,306), respectively, resulting in net unrealized appreciation of $828,724,497.

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 June 30, 2014:

Description	Level 1		Level 2		Level 3		Total
Mutual Funds
Investment Company Securities	$	5,044,325,621	$	—	$	—	$	5,044,325,621
Total Investments	$	5,044,325,621	$	—	$	—	$	5,044,325,621

See accompanying notes to financial statements.

MIST-5

Met Investors Series Trust

American Funds Balanced Allocation Portfolio

Statement of Assets and Liabilities

June 30, 2014 (Unaudited)

Assets
Investments at value (a)	$	2,625,569,995
Affiliated investments at value (b)		2,418,755,626
Receivable for:
Investments sold		1,978,486
Fund shares sold		129,276
Total Assets		5,046,433,383
Liabilities
Payables for:
Fund shares redeemed		2,107,762
Accrued expenses:
Management fees		236,430
Distribution and service fees		2,260,406
Deferred trustees’ fees		58,994
Other expenses		76,269
Total Liabilities		4,739,861
Net Assets	$	5,041,693,522
Net assets consist of:
Paid in surplus	$	4,075,648,819
Undistributed net investment income		4,652,967
Accumulated net realized gain		132,667,239
Unrealized appreciation on investments and affiliated investments		828,724,497
Net Assets	$	5,041,693,522
Net Assets
Class B	$	5,258,978
Class C		5,036,434,544
Capital Shares Outstanding*
Class B		488,462
Class C		470,591,699
Net Asset Value, Offering Price and Redemption Price Per Share
Class B	$	10.77
Class C		10.70

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

(a) Identified cost of investments, excluding affiliated investments, was $1,989,978,174.

(b) Identified cost of affiliated investments was $2,225,622,950.

Statement of Operations

Six Months Ended June 30, 2014 (Unaudited)

Investment Income
Dividends from Underlying Portfolios	$	12,157,838
Dividends from Affiliated Underlying Portfolios		7,769,205
Total investment income		19,927,043
Expenses
Management fees		1,401,695
Administration fees		10,921
Custodian and accounting fees		12,224
Distribution and service fees—Class B		6,030
Distribution and service fees—Class C		13,359,835
Audit and tax services		13,263
Legal		15,668
Trustees’ fees and expenses		22,086
Shareholder reporting		33,008
Insurance		15,088
Miscellaneous		14,660
Total expenses		14,904,478
Net Investment Income		5,022,565
Net Realized and Unrealized Gain
Net realized gain on:
Investments		51,444,629
Affiliated investments		9,762,711
Capital gain distributions from Underlying Portfolios		61,324,845
Capital gain distributions from Affiliated Underlying Portfolios		18,827,691
Net realized gain		141,359,876
Net change in unrealized appreciation on:
Investments		35,992,231
Affiliated investments		80,113,611
Net change in unrealized appreciation		116,105,842
Net realized and unrealized gain		257,465,718
Net Increase in Net Assets From Operations	$	262,488,283

See accompanying notes to financial statements.

MIST-6

Met Investors Series Trust

American Funds Balanced Allocation Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2014 (Unaudited)			Year Ended December 31, 2013
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	5,022,565		$	54,207,601
Net realized gain		141,359,876			509,633,504
Net change in unrealized appreciation		116,105,842			226,757,994
Increase in net assets from operations		262,488,283			790,599,099
From Distributions to Shareholders
Net investment income
Class B		(78,777	)		(56,869	)
Class C		(62,411,676	)		(63,507,458	)
Net realized capital gains
Class B		(476,033	)		(207,017	)
Class C		(476,521,577	)		(285,576,021	)
Total distributions		(539,488,063	)		(349,347,365	)
Increase in net assets from capital share transactions		419,922,382			69,598,827
Total increase in net assets		142,922,602			510,850,561
Net Assets
Beginning of period		4,898,770,920			4,387,920,359
End of period	$	5,041,693,522		$	4,898,770,920
Undistributed net investment income
End of period	$	4,652,967		$	62,120,855

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2014 (Unaudited)						Year Ended December 31, 2013
	Shares			Value			Shares			Value
Class B
Sales		51,411		$	575,920			98,818		$	1,070,032
Reinvestments		54,181			554,810			26,102			263,886
Redemptions		(7,322	)		(81,146	)		(15,412	)		(166,513	)
Net increase		98,270		$	1,049,584			109,508		$	1,167,405
Class C
Sales		9,493,783		$	104,237,197			16,651,335		$	179,033,438
Reinvestments		52,940,398			538,933,253			34,700,147			349,083,479
Redemptions		(20,374,708	)		(224,297,652	)		(42,956,400	)		(459,685,495	)
Net increase		42,059,473		$	418,872,798			8,395,082		$	68,431,422
Increase derived from capital shares transactions				$	419,922,382					$	69,598,827

See accompanying notes to financial statements.

MIST-7

Met Investors Series Trust

American Funds Balanced Allocation Portfolio

Financial Highlights

Selected per share data
	Class B
	Six Months Ended June 30, 2014 (Unaudited)			Year Ended December 31,
				2013			2012			2011			2010			2009
Net Asset Value, Beginning of Period	$	11.50		$	10.51		$	9.52		$	9.84		$	8.87		$	6.82
Income (Loss) from Investment Operations
Net investment income (a)		0.03			0.16			0.18			0.20			0.22			0.24
Net realized and unrealized gain (loss) on investments		0.56			1.71			1.11			(0.36	)		0.87			1.81
Total from investment operations		0.59			1.87			1.29			(0.16	)		1.09			2.05
Less Distributions
Distributions from net investment income		(0.19	)		(0.19	)		(0.20	)		(0.15	)		(0.12	)		0.00
Distributions from net realized capital gains		(1.13	)		(0.69	)		(0.10	)		(0.01	)		(0.00	)(b)		0.00
Total distributions		(1.32	)		(0.88	)		(0.30	)		(0.16	)		(0.12	)		0.00
Net Asset Value, End of Period	$	10.77		$	11.50		$	10.51		$	9.52		$	9.84		$	8.87
Total Return (%) (c)		5.70	(d)		18.91			13.80			(1.79	)		12.40			30.06
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%) (e)		0.31	(f)		0.31			0.32			0.32			0.33			0.36
Net ratio of expenses to average net assets (%) (e)		0.31	(f)		0.31			0.32			0.32			0.33	(g)		0.35	(g)
Ratio of net investment income to average net assets (%) (h)		0.53	(f)		1.52			1.78			2.06			2.38			2.99
Portfolio turnover rate (%)		4	(d)		33			14			7			6			6
Net assets, end of period (in millions)	$	5.3		$	4.5		$	3.0		$	2.1		$	1.5		$	0.6
	Class C
	Six Months Ended June 30, 2014 (Unaudited)			Year Ended December 31,
				2013			2012			2011			2010			2009
Net Asset Value, Beginning of Period	$	11.42		$	10.44		$	9.45		$	9.78		$	8.82		$	6.82
Income (Loss) from Investment Operations
Net investment income (a)		0.01			0.13			0.13			0.16			0.17			0.17
Net realized and unrealized gain (loss) on investments		0.55			1.69			1.13			(0.36	)		0.89			1.83
Total from investment operations		0.56			1.82			1.26			(0.20	)		1.06			2.00
Less Distributions
Distributions from net investment income		(0.15	)		(0.15	)		(0.17	)		(0.12	)		(0.10	)		0.00
Distributions from net realized capital gains		(1.13	)		(0.69	)		(0.10	)		(0.01	)		(0.00	)(b)		0.00
Total distributions		(1.28	)		(0.84	)		(0.27	)		(0.13	)		(0.10	)		0.00
Net Asset Value, End of Period	$	10.70		$	11.42		$	10.44		$	9.45		$	9.78		$	8.82
Total Return (%) (c)		5.46	(d)		18.53			13.53			(2.13	)		12.16			29.33
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%) (e)		0.61	(f)		0.61			0.62			0.62			0.63			0.66
Net ratio of expenses to average net assets (%) (e)		0.61	(f)		0.61			0.62			0.62			0.63	(g)		0.65	(g)
Ratio of net investment income to average net assets (%) (h)		0.21	(f)		1.17			1.30			1.60			1.85			2.19
Portfolio turnover rate (%)		4	(d)		33			14			7			6			6
Net assets, end of period (in millions)	$	5,036.4		$	4,894.3		$	4,385.0		$	4,079.5		$	3,568.7		$	1,998.3

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

(b) Distributions from net realized capital gains were 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) Periods less than one year are not computed on an annualized basis.

(e) The ratio of operating expenses to average net assets does not include expenses of the Underlying Portfolios in which the Portfolio invests.

(f) Computed on an annualized basis.

(g) Includes the effects of expenses reimbursed by the Adviser.

(h) Recognition of net investment income by the 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.

MIST-8

Met Investors Series Trust

American Funds Balanced Allocation Portfolio

Notes to Financial Statements—June 30, 2014 (Unaudited)

1. Organization

Met Investors Series Trust (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 currently offers forty-seven series, each of which operates as a distinct investment vehicle of the Trust. The portfolio included in this report is American Funds Balanced Allocation 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 four classes of shares: Class A, B, C and E shares. Class B and C shares are currently offered by the Portfolio. 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.

The Portfolio is designed on established principles of asset allocation to achieve a specific risk profile. The Portfolio will invest substantially all of its assets in certain funds of the American Funds Insurance Series (“AFIS”) and other funds within the American Funds family not part of AFIS (“Underlying Portfolios”). AFIS is an open-end diversified investment management company advised by Capital Research and Management Company (“CRMC”), an indirect, wholly owned subsidiary of The Capital Group Companies, Inc.

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 June 30, 2014 through the date the financial statements were issued.

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

Valuation - Investments in the Underlying Portfolios are valued at their closing daily net asset value. The net asset value of the Portfolio is calculated based on the net asset values of the Underlying Portfolios in which the Portfolio invests. For information about the use of fair value pricing by the Underlying Portfolios, please refer to the prospectus of the Underlying Portfolios.

Investment Transactions and Related Investment Income - The Portfolio’s security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date. Interest income is recorded on the accrual basis. Realized gains and losses on investments and unrealized appreciation and depreciation are determined on the identified cost basis, which is the same basis used for federal income tax purposes. 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 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 short-term capital gain distributions received from underlying portfolios. 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 June 30, 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 counterparty

MIST-9

Met Investors Series Trust

American Funds Balanced Allocation Portfolio

Notes to Financial Statements—June 30, 2014—(Continued)

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; 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 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.

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 and in the Underlying Portfolios in which it invests.

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2014 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	186,265,791	$	0	$	220,639,688

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 six months ended June 30, 2014	% per annum			Average Daily Net Assets
$1,401,695		0.100	%	First $500 million
		0.075	%	$500 million to $1 billion
		0.050	%	Over $1 billion

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 Agreements and Plans - The Trust has distribution agreements with MetLife Investors Distribution Company (“MIDC” or the “Distributor”) in which MIDC serves as the distributor for the Portfolio’s Class B and Class C Shares. MIDC is a wholly-owned subsidiary of MetLife Investors Group, Inc., an affiliate of the Adviser. The Class B and Class C distribution plans provide that the Trust, on behalf of the Portfolio, may pay annually up to 0.50% and 1.00% respectively, of the average daily net assets of the Portfolio attributable to its Class B and Class C Shares with respect to activities primarily intended to result in the sale of Class B and Class C Shares. However, under the Class B and Class C distribution agreements, payments to the Distributor for activities pursuant to the Class B and Class C distribution plans are currently limited to payments at an annual rate equal to 0.25% and 0.55% of average daily net assets of the Portfolio attributable to its Class B and Class C Shares, respectively. Amounts incurred by the Portfolio for the six months ended June 30, 2014 are shown as Distribution and services fees in the Statement of Operations.

MIST-10

Met Investors Series Trust

American Funds Balanced Allocation Portfolio

Notes to Financial Statements—June 30, 2014—(Continued)

Under the terms of the Class B and Class C distribution plans and distribution agreements, the Portfolio is authorized to make payments monthly to the Distributor that may be used to pay or reimburse entities providing distribution and shareholder servicing with respect to the Class B and Class C Shares for such entities’ fees or expenses incurred.

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 Metropolitan Series Fund, 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. Transactions in Securities of Affiliated Underlying Portfolios

A summary of the Portfolio’s transactions in the securities of affiliated Underlying Portfolios during the six months ended June 30, 2014 is as follows:

Underlying Portfolio	Number of shares held at December 31, 2013		Shares purchased		Shares sold			Number of shares held at June 30, 2014
American Funds Blue Chip Income and Growth Fund (Class 1)		30,941,549		131,177		(1,995,507	)		29,077,219
American Funds Bond Fund (Class 1)		50,681,445		2,175,285		(363,060	)		52,493,670
American Funds Global Bond Fund (Class 1)		11,451,929		513,562		(81,056	)		11,884,435
American Funds High-Income Bond Fund (Class 1)		17,211,618		260,283		(220,473	)		17,251,428
American Funds International Growth and Income Fund (Class 1)*		17,122,653		2,038,710		(524,886	)		18,636,477
American Funds New World Fund (Class 1)		5,915,100		618,764		(83,313	)		6,450,551
American Funds U.S. Government/AAA - Rated Securities Fund (Class 1)		45,364,462		2,073,888		(326,751	)		47,111,599

* The Portfolio had ownership of at least 25% of the outstanding voting securities of the Underlying Portfolio as of June 30, 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 June 30, 2014
American Funds Blue Chip Income and Growth Fund (Class 1)	$	6,649,819		$	—	$	1,746,236	$	410,861,101
American Funds Bond Fund (Class 1)		508,804			205,181		2,103,110		584,254,551
American Funds Global Bond Fund (Class 1)		149,872			1,227,657		463,267		147,723,533
American Funds High-Income Bond Fund (Class 1)		329,905			—		1,921,238		198,218,907
American Funds International Growth and Income Fund (Class 1)		1,167,274			3,091,726		—		340,674,803
American Funds New World Fund (Class 1)		961,487			14,303,127		245,899		153,781,136
American Funds U.S. Government/AAA - Rated Securities Fund (Class 1)		(4,450	)		—		1,289,455		583,241,595
	$	9,762,711		$	18,827,691	$	7,769,205	$	2,418,755,626

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, 2013 and 2012 were as follows:

Ordinary Income			Long-Term Capital Gains				Total
2013	2012		2013		2012		2013		2012
$63,564,327	$	73,050,038	$	285,783,038	$	44,324,720	$	349,347,365	$	117,374,758

MIST-11

Met Investors Series Trust

American Funds Balanced Allocation Portfolio

Notes to Financial Statements—June 30, 2014—(Continued)

As of December 31, 2013, 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
$79,132,860	$	459,331,753	$	704,633,755	$	—	$	1,243,098,368

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, 2013, the Portfolio had no 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 January 1, 2015, and interim periods within those fiscal years. Management is evaluating the impact, if any, of this guidance on the Portfolio’s financial statement disclosures.

MIST-12

Met Investors Series Trust

American Funds Growth Allocation Portfolio

Managed by MetLife Advisers, LLC

Portfolio Manager Commentary*

PERFORMANCE

For the six month period ended June 30, 2014, the Class B and C shares of the American Funds Growth Allocation Portfolio returned 6.11% and 5.98%, respectively. The Portfolio’s benchmark, the Dow Jones Moderately Aggressive Index¹, returned 6.18%.

MARKET ENVIRONMENT / CONDITIONS

The equity market started the year in a sell-off mode with the majority of equity indices turning south driven by renewed concerns over emerging markets and the elevated valuation level in the stock market after a record high year in 2013. The Federal Reserve’s (the “Fed”) new chair Janet Yellen gave her first speech on February 11, 2014, which emphasized continuity in the Fed’s approach to monetary policy. This speech, combined with solid fourth quarter earnings reports, boosted investors’ confidence and resulted in a strong market rally in February. The market pared back again in March due to heightened tension in Ukraine. In addition, high growth internet and biotech stocks, which were among the best performing stocks in 2013, endured a substantial drawdown in March through April. More negative news came out during the second quarter: lower than expected retail sales, a shrinking first quarter Gross Domestic Product (“GDP”) number blamed on the harsh winter weather, and escalating violence in Iraq. However, the market decided to shrug off recent geopolitical flare-ups and first quarter weakness. Instead, investors chose to focus on a variety of other economic indicators that were telling a more upbeat story and bet on an improving second quarter. As a result, many of the equity markets worldwide finished the first half of 2014 in a strongly positive territory.

The U.S equity market, as measured by the S&P 500 Index, scored a gain of 7.1% over the six month period. Small cap stocks, represented by the S&P Small Cap 600 index, trailed their large cap counterparts at 3.2%. Growth stocks underperformed value stocks across market cap segments, most prominently across mid cap stocks. With respect to industry sectors, Utilities turned out to be the best performing sector, benefiting from an unexpected decline in interest rates. Energy stocks rallied strongly on fears of a potential oil and gas shortage amid continuing turmoil in Iraq and Ukraine. On the other end of the spectrum, Consumer Discretionary stocks lagged the most. The retail industry suffered from harsh winter weather. Stocks of online retailers saw a sizable correction during the internet sell off in March and April after a remarkable year in 2013. Equity markets outside the U.S. delivered positive performance as well, both in developed markets as well as in emerging markets. The MSCI EAFE Index and the MSCI Emerging Markets Index gained 4.8% and 6.1% respectively.

The bond market rallied in the first half of the year. U.S. Treasury yields unexpectedly declined in the first half of 2014 as rising geopolitical risk bolstered demand for safe-haven assets. The 10-year Treasury yield declined to 2.5% at the end of June from 3.0% six months earlier. The long end of the curve dropped significantly more than the short end as the yield curve flattened. Both investment grade and high yield bonds outperformed Treasuries as credit spreads narrowed. Over the six month period, the Barclays U.S. Aggregate Bond Index advanced 3.9%. The bond market outside the U.S. was strong as well, with the Barclays Global Aggregate ex-U.S. Index gaining 5.6%. Bond markets in Europe enjoyed a particularly strong ride, boosted by additional monetary accommodation implemented by the European Central Bank (the “ECB”). The ECB introduced an expanded long-term loan program to encourage banks to increase their lending and also cut its overnight rate to -10 bps.

PORTFOLIO REVIEW / PERIOD-END POSITIONING

The American Funds Growth Allocation Portfolio invested all of its assets in funds of the American Funds Insurance Series (AFIS) and retail mutual funds to maintain a broad asset allocation of approximately 15% to fixed income and 85% to equities.

During the reporting period, we implemented a moderate increase in the Portfolio’s exposure to the international equity asset class, which was funded by domestic equity, to better align with global market capitalizations.

Over the six month period, the Portfolio delivered a solid performance to investors as both equity and fixed income markets finished the first half of the year in positive territory. Relative performance was in line with the Dow Jones Moderately Aggressive Index.

The underlying equity funds produced a mixed story in terms of contribution to the Allocation Portfolio. While the AMCAP Fund and the AFIS Blue Chip Income & Growth Fund contributed positively to the Allocation Portfolio, several other funds detracted from relative performance. On the positive side, the AMCAP Fund delivered the best relative performance among all underlying equity funds. Despite a headwind from being a growth style portfolio and the negative impact from holding cash, the fund outpaced its S&P 500 benchmark index by a sizable margin. Outperformance was attributable to strong stock selection in a number of sectors, including Energy, Health Care, Consumer Discretionary and Consumer Staples. Additionally, an overweight in the Health Care Sector also benefited the fund as merger and acquisition activity drove the return of the sector higher than the broad market in the first quarter. The AFIS Blue Chip Income & Growth Fund benefited from a bias towards value oriented stocks, which outperformed growth stocks over the past six months. In addition, solid stock selection within the Information Technology sector as well as an overweight to the strong performing Utilities sector both added value. Conversely, the Fundamental Investors Fund and the AFIS Growth Fund detracted from the Allocation Portfolio’s relative performance. Underperformance for both funds was largely driven by their holdings in the Consumer Discretionary sector. Poor stock selection combined with an overweight in the sector explained the majority of the underperformance. More specifically, the portfolios’ holding in Amazon weighed on results as the stock lost more than 18% in the first half of the year. Among underlying funds that invest outside the U.S., the AFIS International

MIST-1

Met Investors Series Trust

American Funds Growth Allocation Portfolio

Managed by MetLife Advisers, LLC

Portfolio Manager Commentary*—(Continued)

Fund had a negative impact on the Allocation Portfolio’s performance. The fund was hurt by its stock selection in the Information Technology sector, with Samsung being the largest detractor.

On the fixed income side, the AFIS U.S. Government/AAA-Rated Securities Fund’s focus on Treasury and government agency securities did not help overall performance during a period when credit products outperformed as credit spreads narrowed. However, from a yield curve positioning standpoint, the fund’s overweight to the longer end of the curve proved to be beneficial. As a result, the fund outperformed its asset class specific benchmark. The AFIS Global Bond Fund also outpaced its own benchmark, making a positive contribution to the Allocation Portfolio. Outperformance was attributable to a broad set of factors, including its positions in emerging markets and high yield bonds. The AFIS High-Income Bond Fund provided an exposure to the better performing high yield sector of the bond market, which is not part of the Dow Jones Moderately Aggressive Index. Nevertheless, relative performance was hindered by poor security selection and holding cash in the portfolio.

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 and 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 those of the advisory firm as of June 30, 2014 and 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 statements) 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 applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable annuity or insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

MIST-2

Met Investors Series Trust

American Funds Growth Allocation Portfolio

A $10,000 INVESTMENT COMPARED TO THE DOW JONES MODERATELY AGGRESSIVE INDEX

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2014

	6 Month		1 Year		5 Year		Since Inception2
American Funds Growth Allocation Portfolio
Class B		6.11		22.57		15.38		6.36
Class C		5.98		22.21		15.04		6.00
Dow Jones Moderately Aggressive Index		6.18		20.02		14.83		6.75

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 of that combination will have 80% of the risk of an all equity portfolio.

² Inception date of the Class B and Class C shares is 4/28/2008. Index since inception return is based on the Class B 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 B 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 JUNE 30, 2014

Top Holdings

	% of Net Assets
American Funds AMCAP Fund (Class R-6)		12.1
American Funds Growth Fund (Class 1)		11.4
American Funds Fundamental Investors Fund (Class R-6)		11.1
American Funds Growth-Income Fund (Class 1)		10.1
American Funds Blue Chip Income and Growth Fund (Class 1)		10.1
American Funds American Mutual Fund (Class R-6)		10.1
American Funds International Growth and Income Fund (Class 1)		8.5
American Funds International Fund (Class 1)		8.0
American Funds Global Small Capitalization Fund (Class 1)		5.0
American Funds New World Fund (Class 1)		4.1

MIST-3

Met Investors Series Trust

American Funds Growth Allocation Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

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, January 1, 2014 through June 30, 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.

American Funds Growth Allocation Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2014		Ending Account Value June 30, 2014		Expenses Paid During Period** January 1, 2014 to June 30, 2014
Class B(a)	Actual		0.76	%	$	1,000.00	$	1,061.10	$	3.88
	Hypothetical*		0.76	%	$	1,000.00	$	1,021.03	$	3.81
Class C(a)	Actual		1.06	%	$	1,000.00	$	1,059.80	$	5.41
	Hypothetical*		1.06	%	$	1,000.00	$	1,019.54	$	5.31

* 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 (181 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.

MIST-4

Met Investors Series Trust

American Funds Growth Allocation Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Mutual Funds—100.1% of Net Assets

Security Description	Shares		Value
Investment Company Securities—100.1%
American Funds AMCAP Fund (Class R-6)		12,956,960	$	374,197,017
American Funds American Mutual Fund (Class R-6)		8,462,841		310,501,628
American Funds Blue Chip Income and Growth Fund (Class 1)		22,031,251		311,301,577
American Funds Bond Fund (Class 1)		8,090,427		90,046,452
American Funds Fundamental Investors Fund (Class R-6)		6,356,082		342,910,644
American Funds Global Bond Fund (Class 1)		4,844,120		60,212,416
American Funds Global Small Capitalization Fund (Class 1)		5,572,524		152,742,884
American Funds Growth Fund (Class 1)		4,474,440		351,735,742
American Funds Growth-Income Fund (Class 1)		6,061,091		312,570,478
American Funds High-Income Bond Fund (Class 1)		7,437,460		85,456,413
American Funds International Fund (Class 1)		11,148,173		245,594,255
American Funds International Growth and Income Fund (Class 1) (a)		14,258,138		260,638,754
Investment Company Securities—(Continued)
American Funds New World Fund (Class 1)		5,281,593		125,913,169
American Funds U.S. Government/AAA - Rated Securities Fund (Class 1)		4,828,010		59,770,766
Total Mutual Funds (Cost $2,398,812,029)				3,083,592,195
Total Investments—100.1% (Cost $2,398,812,029) (b)				3,083,592,195
Other assets and liabilities (net)—(0.1)%				(1,655,604	)
Net Assets—100.0%			$	3,081,936,591

(a) Affiliated Issuer. (See Note 6 of the Notes to Financial Statements for a summary of transactions in securities of affiliated Underlying Portfolios.)

(b) As of June 30, 2014, the aggregate cost of investments was $2,398,812,029. The aggregate unrealized appreciation and depreciation of investments were $685,311,602 and $(531,436), respectively, resulting in net unrealized appreciation of $684,780,166.

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 June 30, 2014:

Description	Level 1		Level 2		Level 3		Total
Mutual Funds
Investment Company Securities	$	3,083,592,195	$	—	$	—	$	3,083,592,195
Total Investments	$	3,083,592,195	$	—	$	—	$	3,083,592,195

See accompanying notes to financial statements.

MIST-5

Met Investors Series Trust

American Funds Growth Allocation Portfolio

Statement of Assets and Liabilities

June 30, 2014 (Unaudited)

Assets
Investments at value (a)	$	2,822,953,441
Affiliated investments at value (b)		260,638,754
Receivable for:
Investments sold		1,397,926
Fund shares sold		41,864
Total Assets		3,085,031,985
Liabilities
Payables for:
Fund shares redeemed		1,439,790
Accrued expenses:
Management fees		156,783
Distribution and service fees		1,381,660
Deferred trustees’ fees		58,994
Other expenses		58,167
Total Liabilities		3,095,394
Net Assets	$	3,081,936,591
Net assets consist of:
Paid in surplus	$	2,333,152,827
Undistributed net investment income		3,111,018
Accumulated net realized gain		60,892,580
Unrealized appreciation on investments and affiliated investments		684,780,166
Net Assets	$	3,081,936,591
Net Assets
Class B	$	15,863,090
Class C		3,066,073,501
Capital Shares Outstanding*
Class B		1,529,856
Class C		297,651,341
Net Asset Value, Offering Price and Redemption Price Per Share
Class B	$	10.37
Class C		10.30

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

(a) Identified cost of investments, excluding affiliated investments, was $2,168,565,619.

(b) Identified cost of affiliated investments was $230,246,410.

Statement of Operations

Six Months Ended June 30, 2014 (Unaudited)

Investment Income
Dividends from Underlying Portfolios	$	12,432,956
Total investment income		12,432,956
Expenses
Management fees		923,547
Administration fees		10,921
Custodian and accounting fees		12,224
Distribution and service fees—Class B		18,487
Distribution and service fees—Class C		8,072,793
Audit and tax services		13,263
Legal		15,668
Trustees’ fees and expenses		22,085
Shareholder reporting		22,233
Insurance		8,641
Miscellaneous		9,336
Total expenses		9,129,198
Net Investment Income		3,303,758
Net Realized and Unrealized Gain
Net realized gain on:
Investments		47,573,033
Affiliated investments		583,689
Capital gain distributions from Underlying Portfolios		58,860,049
Capital gain distributions from Affiliated Underlying Portfolios		2,391,336
Net realized gain		109,408,107
Net change in unrealized appreciation (depreciation) on:
Investments		91,501,715
Affiliated investments		(30,226,646	)
Net change in unrealized appreciation		61,275,069
Net realized and unrealized gain		170,683,176
Net Increase in Net Assets From Operations	$	173,986,934

See accompanying notes to financial statements.

MIST-6

Met Investors Series Trust

American Funds Growth Allocation Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2014 (Unaudited)			Year Ended December 31, 2013
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	3,303,758		$	29,622,724
Net realized gain		109,408,107			494,731,109
Net change in unrealized appreciation		61,275,069			78,542,884
Increase in net assets from operations		173,986,934			602,896,717
From Distributions to Shareholders
Net investment income
Class B		(199,175	)		(151,358	)
Class C		(30,724,579	)		(26,841,832	)
Net realized capital gains
Class B		(2,299,337	)		(636,323	)
Class C		(455,623,023	)		(148,109,393	)
Total distributions		(488,846,114	)		(175,738,906	)
Increase in net assets from capital share transactions		431,445,680			93,301,703
Total increase in net assets		116,586,500			520,459,514
Net Assets
Beginning of period		2,965,350,091			2,444,890,577
End of period	$	3,081,936,591		$	2,965,350,091
Undistributed net investment income
End of period	$	3,111,018		$	30,731,014

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2014 (Unaudited)						Year Ended December 31, 2013
	Shares			Value			Shares			Value
Class B
Sales		103,748		$	1,155,347			232,427		$	2,471,443
Reinvestments		256,258			2,498,512			79,644			787,681
Redemptions		(34,614	)		(369,362	)		(70,206	)		(746,770	)
Net increase		325,392		$	3,284,497			241,865		$	2,512,354
Class C
Sales		9,125,430		$	100,431,423			20,890,362		$	222,542,772
Reinvestments		50,138,928			486,347,602			17,779,596			174,951,225
Redemptions		(14,415,015	)		(158,617,842	)		(28,791,943	)		(306,704,648	)
Net increase		44,849,343		$	428,161,183			9,878,015		$	90,789,349
Increase derived from capital shares transactions				$	431,445,680					$	93,301,703

See accompanying notes to financial statements.

MIST-7

Met Investors Series Trust

American Funds Growth Allocation Portfolio

Financial Highlights

Selected per share data
	Class B
	Six Months Ended June 30, 2014 (Unaudited)			Year Ended December 31,
				2013			2012			2011			2010			2009
Net Asset Value, Beginning of Period	$	11.76		$	10.10		$	8.80		$	9.33		$	8.29		$	6.17
Income (Loss) from Investment Operations
Net investment income (a)		0.03			0.16			0.15			0.16			0.16			0.13
Net realized and unrealized gain (loss) on investments		0.56			2.27			1.30			(0.56	)		0.98			1.99
Total from investment operations		0.59			2.43			1.45			(0.40	)		1.14			2.12
Less Distributions
Distributions from net investment income		(0.16	)		(0.15	)		(0.15	)		(0.13	)		(0.10	)		(0.00	)(b)
Distributions from net realized capital gains		(1.82	)		(0.62	)		0.00			0.00			0.00			0.00
Total distributions		(1.98	)		(0.77	)		(0.15	)		(0.13	)		(0.10	)		(0.00	)
Net Asset Value, End of Period	$	10.37		$	11.76		$	10.10		$	8.80		$	9.33		$	8.29
Total Return (%) (c)		6.11	(d)		25.44			16.54			(4.41	)		13.78			34.36
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%) (e)		0.32	(f)		0.32			0.33			0.33			0.34			0.36
Net ratio of expenses to average net assets (%) (e)		0.32	(f)		0.32			0.33			0.33			0.34	(g)		0.35	(g)
Ratio of net investment income to average net assets (%) (h)		0.54	(f)		1.44			1.57			1.70			1.90			1.81
Portfolio turnover rate (%)		5	(d)		42			17			8			13			7
Net assets, end of period (in millions)	$	15.9		$	14.2		$	9.7		$	6.8		$	5.1		$	2.4
	Class C
	Six Months Ended June 30, 2014 (Unaudited)			Year Ended December 31,
				2013			2012			2011			2010			2009
Net Asset Value, Beginning of Period	$	11.67		$	10.02		$	8.73		$	9.26		$	8.23		$	6.14
Income (Loss) from Investment Operations
Net investment income (a)		0.01			0.12			0.10			0.11			0.10			0.09
Net realized and unrealized gain (loss) on investments		0.56			2.26			1.30			(0.54	)		1.00			2.00
Total from investment operations		0.57			2.38			1.40			(0.43	)		1.10			2.09
Less Distributions
Distributions from net investment income		(0.12	)		(0.11	)		(0.11	)		(0.10	)		(0.07	)		(0.00	)(b)
Distributions from net realized capital gains		(1.82	)		(0.62	)		0.00			0.00			0.00			0.00
Total distributions		(1.94	)		(0.73	)		(0.11	)		(0.10	)		(0.07	)		(0.00	)
Net Asset Value, End of Period	$	10.30		$	11.67		$	10.02		$	8.73		$	9.26		$	8.23
Total Return (%) (c)		5.98	(d)		25.11			16.16			(4.73	)		13.48			34.04
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%) (e)		0.62	(f)		0.62			0.63			0.63			0.64			0.66
Net ratio of expenses to average net assets (%) (e)		0.62	(f)		0.62			0.63			0.63			0.64	(g)		0.65	(g)
Ratio of net investment income to average net assets (%) (h)		0.22	(f)		1.10			1.07			1.17			1.25			1.27
Portfolio turnover rate (%)		5	(d)		42			17			8			13			7
Net assets, end of period (in millions)	$	3,066.1		$	2,951.2		$	2,435.2		$	2,237.3		$	2,360.4		$	1,938.9

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

(b) Distributions from net investment income were 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) Periods less than one year are not computed on an annualized basis.

(e) The ratio of operating expenses to average net assets does not include expenses of the Underlying Portfolios in which the Portfolio invests.

(f) Computed on an annualized basis.

(g) Includes the effects of expenses reimbursed by the Adviser.

(h) Recognition of net investment income by the 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.

MIST-8

Met Investors Series Trust

American Funds Growth Allocation Portfolio

Notes to Financial Statements—June 30, 2014 (Unaudited)

1. Organization

Met Investors Series Trust (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 currently offers forty-seven series, each of which operates as a distinct investment vehicle of the Trust. The portfolio included in this report is American Funds Growth Allocation 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 four classes of shares: Class A, B, C and E shares. Class B and C shares are currently offered by the Portfolio. 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.

The Portfolio is designed on established principles of asset allocation to achieve a specific risk profile. The Portfolio will invest substantially all of its assets in certain funds of the American Funds Insurance Series (“AFIS”) and other funds within the American Funds family not part of AFIS (“Underlying Portfolios”). AFIS is an open-end diversified investment management company advised by Capital Research and Management Company (“CRMC”), an indirect, wholly owned subsidiary of The Capital Group Companies, Inc.

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 June 30, 2014 through the date the financial statements were issued.

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

Valuation - Investments in the Underlying Portfolios are valued at their closing daily net asset value. The net asset value of the Portfolio is calculated based on the net asset values of the Underlying Portfolios in which the Portfolio invests. For information about the use of fair value pricing by the Underlying Portfolios, please refer to the prospectus of the Underlying Portfolios.

Investment Transactions and Related Investment Income - The Portfolio’s security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date. Interest income is recorded on the accrual basis. Realized gains and losses on investments and unrealized appreciation and depreciation are determined on the identified cost basis, which is the same basis used for federal income tax purposes. 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 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 short-term capital gain distributions received from underlying portfolios.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 June 30, 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 counterparty

MIST-9

Met Investors Series Trust

American Funds Growth Allocation Portfolio

Notes to Financial Statements—June 30, 2014—(Continued)

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; 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 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.

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 and in the Underlying Portfolios in which it invests.

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2014 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	167,338,599	$	0	$	160,147,311

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 six months ended June 30, 2014	% per annum			Average Daily Net Assets
$923,547		0.100	%	First $500 million
		0.075	%	$500 million to $1 billion
		0.050	%	Over $1 billion

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 Agreements and Plans - The Trust has distribution agreements with MetLife Investors Distribution Company (“MIDC” or the “Distributor”) in which MIDC serves as the distributor for the Portfolio’s Class B and Class C Shares. MIDC is a wholly-owned subsidiary of MetLife Investors Group, Inc., an affiliate of the Adviser. The Class B and Class C distribution plans provide that the Trust, on behalf of the Portfolio, may pay annually up to 0.50% and 1.00% respectively, of the average daily net assets of the Portfolio attributable to its Class B and Class C Shares with respect to activities primarily intended to result in the sale of Class B and Class C Shares. However, under the Class B and Class C distribution agreements, payments to the Distributor for activities pursuant to the Class B and Class C distribution plans are currently limited to payments at an annual rate equal to 0.25% and 0.55% of average daily net assets of the Portfolio attributable to its Class B and Class C Shares, respectively. Amounts incurred by the Portfolio for the six months ended June 30, 2014 are shown as Distribution and services fees in the Statement of Operations.

MIST-10

Met Investors Series Trust

American Funds Growth Allocation Portfolio

Notes to Financial Statements—June 30, 2014—(Continued)

Under the terms of the Class B and Class C distribution plans and distribution agreements, the Portfolio is authorized to make payments monthly to the Distributor that may be used to pay or reimburse entities providing distribution and shareholder servicing with respect to the Class B and Class C Shares for such entities’ fees or expenses incurred.

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 Metropolitan Series Fund, 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. Transactions in Securities of Affiliated Underlying Portfolios

A summary of the Portfolio’s transactions in the securities of affiliated Underlying Portfolios during the six months ended June 30, 2014 is as follows:

Underlying Portfolio	Number of shares held at December 31, 2013		Shares purchased		Shares sold			Number of shares held at June 30, 2014
American Funds International Growth and Income Fund (Class 1)		11,877,502		2,629,579		(248,943	)		14,258,138
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 June 30, 2014
American Funds International Growth and Income Fund (Class 1)	$	583,689	$	2,391,336	$	—		$	260,638,754

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, 2013 and 2012 were as follows:

Ordinary Income			Long-Term Capital Gains				Total
2013	2012		2013		2012		2013		2012
$26,993,190	$	28,866,408	$	148,745,716	$	—	$	175,738,906	$	28,866,408

As of December 31, 2013, 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
$38,349,387	$	449,968,713	$	575,378,729	$	—	$	1,063,696,829

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, 2013, the Portfolio had no capital loss carryforwards.

MIST-11

Met Investors Series Trust

American Funds Growth Allocation Portfolio

Notes to Financial Statements—June 30, 2014—(Continued)

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 January 1, 2015, and interim periods within those fiscal years. Management is evaluating the impact, if any, of this guidance on the Portfolio’s financial statement disclosures.

MIST-12

Met Investors Series Trust

American Funds Growth Portfolio

For the six months ended June 30, 2014, the American Funds Growth Portfolio had a return of 5.35% for Class C versus 7.14% for its benchmark, the S&P 500 Index¹.

A $10,000 INVESTMENT COMPARED TO THE S&P 500 INDEX

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2014

	6 Month		1 Year		5 Year		10 Year2
American Funds Growth Portfolio
Class C		5.35		24.18		17.43		7.87
S&P 500 Index		7.14		24.61		18.83		7.78

¹ The S&P 500 Index is an unmanaged index consisting of 500 stocks chosen for market size, liquidity, and industry group representation. It is a marketweighted index (stock price times number of shares outstanding) with each stock’s weight in the Index proportionate to its market value.

² The Portfolio and its corresponding Master Fund have essentially the same investment objectives, policies, and strategies. Since the Portfolio commenced operations on April 28, 2008, the ten year returns disclosed in the table above are based on the performance of the Master Fund adjusted to reflect for the Portfolio’s expenses. Similarly, the historical performance shown in the line graph above for periods prior to April 28, 2008 is the performance of the Master Fund, adjusted to reflect the Portfolio’s expenses.

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.

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.

MIST-3

Met Investors Series Trust

American Funds Growth Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

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, January 1, 2014 through June 30, 2014.

Actual Expenses

The first line 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 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 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 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.

American Funds Growth Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2014		Ending Account Value June 30, 2014		Expenses Paid During Period** January 1, 2014 to June 30, 2014
Class C(a)	Actual		0.93	%	$	1,000.00	$	1,053.50	$	4.74
	Hypothetical*		0.93	%	$	1,000.00	$	1,020.18	$	4.66

* 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 (181 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 Master Fund in which it invests.

MIST-4

Met Investors Series Trust

American Funds Growth Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Mutual Fund—100.1% of Net Assets

Security Description	Shares		Value
Investment Company Security—100.1%
American Funds Growth Fund (Class 1) (Cost $753,607,931)		14,225,005	$	1,118,227,664
Total Investments—100.1% (Cost $753,607,931) (a)				1,118,227,664
Other assets and liabilities (net)—(0.1)%				(619,902	)
Net Assets—100.0%			$	1,117,607,762

(a) As of June 30, 2014, the aggregate cost of investments was $753,607,931. The aggregate and net unrealized appreciation of investments was $364,619,733.

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 June 30, 2014:

Description	Level 1		Level 2		Level 3		Total
Mutual Fund
Investment Company Security	$	1,118,227,664	$	—	$	—	$	1,118,227,664
Total Investments	$	1,118,227,664	$	—	$	—	$	1,118,227,664

See accompanying notes to financial statements.

MIST-5

Met Investors Series Trust

American Funds Growth Portfolio

Statement of Assets and Liabilities

June 30, 2014 (Unaudited)

Assets
Investments at value (a)	$	1,118,227,664
Receivable for:
Investments sold		561,878
Fund shares sold		134,081
Total Assets		1,118,923,623
Liabilities
Payables for:
Fund shares redeemed		695,959
Accrued expenses:
Distribution and service fees		500,079
Deferred trustees’ fees		58,994
Other expenses		60,829
Total Liabilities		1,315,861
Net Assets	$	1,117,607,762
Net assets consist of:
Paid in surplus	$	682,927,581
Undistributed net investment income		2,054,280
Accumulated net realized gain		68,006,168
Unrealized appreciation on investments		364,619,733
Net Assets	$	1,117,607,762
Net Assets
Class C	$	1,117,607,762
Capital Shares Outstanding*
Class C		91,229,677
Net Asset Value, Offering Price and Redemption Price Per Share
Class C	$	12.25

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

(a) Identified cost of investments was $753,607,931.

Statement of Operations

Six Months Ended June 30, 2014 (Unaudited)

Investment Income
Dividends from Master Fund	$	5,260,634
Total investment income		5,260,634
Expenses
Administration fees		10,921
Custodian and accounting fees		12,224
Distribution and service fees—Class C		2,937,337
Audit and tax services		13,263
Legal		15,667
Trustees’ fees and expenses		22,085
Shareholder reporting		22,641
Insurance		3,282
Miscellaneous		5,166
Total expenses		3,042,586
Net Investment Income		2,218,048
Net Realized and Unrealized Gain
Net realized gain on:
Investments		20,327,192
Capital gain distributions from Master Fund		52,782,150
Net realized gain		73,109,342
Net change in unrealized depreciation on investments		(18,264,277	)
Net realized and unrealized gain		54,845,065
Net Increase in Net Assets From Operations	$	57,063,113

See accompanying notes to financial statements.

MIST-6

Met Investors Series Trust

American Funds Growth Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2014 (Unaudited)			Year Ended December 31, 2013
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	2,218,048		$	6,027,957
Net realized gain		73,109,342			63,664,061
Net change in unrealized appreciation (depreciation)		(18,264,277	)		192,899,387
Increase in net assets from operations		57,063,113			262,591,405
From Distributions to Shareholders
Net investment income
Class C		(6,012,488	)		(4,465,930	)
Net realized capital gains
Class C		(63,646,483	)		(49,661,136	)
Total distributions		(69,658,971	)		(54,127,066	)
Increase (decrease) in net assets from capital share transactions		43,835,006			(49,860,342	)
Total increase in net assets		31,239,148			158,603,997
Net Assets
Beginning of period		1,086,368,614			927,764,617
End of period	$	1,117,607,762		$	1,086,368,614
Undistributed net investment income
End of period	$	2,054,280		$	5,848,720

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2014 (Unaudited)						Year Ended December 31, 2013
	Shares			Value			Shares			Value
Class C
Sales		3,712,033		$	45,137,453			7,497,274		$	83,178,434
Reinvestments		6,142,766			69,658,971			5,391,142			54,127,066
Redemptions		(5,825,149	)		(70,961,418	)		(16,782,658	)		(187,165,842	)
Net increase (decrease)		4,029,650		$	43,835,006			(3,894,242	)	$	(49,860,342	)
Increase (decrease) derived from capital shares transactions				$	43,835,006					$	(49,860,342	)

See accompanying notes to financial statements.

MIST-7

Met Investors Series Trust

American Funds Growth Portfolio

Financial Highlights

Selected per share data
	Class C
	Six Months Ended June 30, 2014 (Unaudited)			Year Ended December 31,
				2013			2012			2011			2010			2009
Net Asset Value, Beginning of Period	$	12.46		$	10.18		$	8.70		$	9.15		$	7.75		$	5.58
Income (Loss) from Investment Operations
Net investment income (a)		0.03			0.07			0.04			0.03			0.05			0.04
Net realized and unrealized gain (loss) on investments		0.57			2.82			1.47			(0.45	)		1.37			2.13
Total from investment operations		0.60			2.89			1.51			(0.42	)		1.42			2.17
Less Distributions
Distributions from net investment income		(0.07	)		(0.05	)		(0.03	)		(0.03	)		(0.02	)		0.00
Distributions from net realized capital gains		(0.74	)		(0.56	)		(0.00	)(b)		0.00			0.00			0.00
Total distributions		(0.81	)		(0.61	)		(0.03	)		(0.03	)		(0.02	)		0.00
Net Asset Value, End of Period	$	12.25		$	12.46		$	10.18		$	8.70		$	9.15		$	7.75
Total Return (%) (c)		5.35	(d)		29.78			17.41			(4.60	)		18.33			38.89
Ratios/Supplemental Data
Ratio of expenses to average net assets (%) (e)		0.57	(f)		0.57			0.57			0.57			0.59			0.65
Ratio of net investment income to average net assets (%)		0.42	(f)		0.60			0.46			0.35			0.59			0.55
Portfolio turnover rate (%)		4	(d)		4			3			3			2			1
Net assets, end of period (in millions)	$	1,117.6		$	1,086.4		$	927.8		$	885.9		$	748.2		$	348.3

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

(b) Distributions from net realized capital gains were 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) Periods less than one year are not computed on an annualized basis.

(e) The ratio of operating expenses to average net assets does not include expenses of the Master Fund in which the Portfolio invests.

(f) Computed on an annualized basis.

See accompanying notes to financial statements.

MIST-8

Met Investors Series Trust

American Funds Growth Portfolio

Notes to Financial Statements—June 30, 2014 (Unaudited)

1. Organization

Met Investors Series Trust (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 currently offers forty-seven series, each of which operates as a distinct investment vehicle of the Trust. The portfolio included in this report is American Funds 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 four classes of shares: Class A, B, C and E shares. Class C shares are currently offered by the Portfolio.

The Portfolio, a feeder fund, seeks to achieve its investment objective by investing all of its investable assets in a master fund, the Growth Fund (the “Master Fund”), a fund of the American Funds Insurance Series (“AFIS”). AFIS is an open-end diversified investment management company advised by Capital Research and Management Company (“CRMC”), an indirect, wholly owned subsidiary of The Capital Group Companies, Inc. The financial statements of the Master Fund accompany the Portfolio’s financial statements and should be read in conjunction with the Portfolio’s financial statements. As of June 30, 2014, the Portfolio owned approximately 4.45% of the Master Fund.

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 June 30, 2014 through the date the financial statements were issued.

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

Valuation - Investments in the Master Fund are valued at its closing daily net asset value. The net asset value of the Portfolio is calculated based on the net asset value of the Master Fund in which the Portfolio invests. For information about the use of fair value pricing by the Master Fund, please refer to the Notes to Financial Statements for the Master Fund.

Investment Transactions and Related Investment Income - The Portfolio’s security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date. Interest income is recorded on the accrual basis. Realized gains and losses on investments and unrealized appreciation and depreciation are determined on the identified cost basis, which is the same basis used for federal income tax purposes.

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. The Portfolio has no permanent book-tax differences at December 31, 2013.

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 June 30, 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 Master Fund 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 Master Fund may decline in response to certain events, including those directly involving the companies whose securities are owned by the Master Fund; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; currency, interest rate, and price fluctuations.

Credit and Counterparty Risk: The Master Fund may be exposed to counterparty risk, or the risk that an entity with which the Master Fund has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities

MIST-9

Met Investors Series Trust

American Funds Growth Portfolio

Notes to Financial Statements—June 30, 2014—(Continued)

recorded in the financial statements. Financial assets that potentially expose the Master Fund to credit and counterparty risk consist principally of cash due from counterparties and investments. The Master Fund 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 Master Fund’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 Master Fund restricts its exposure to credit and counterparty losses by entering into master netting 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 Master Fund in which it invests.

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment in the Master Fund for the six months ended June 30, 2014 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	71,361,579	$	0	$	42,169,498

5. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - The Trust is managed by MetLife Advisers, LLC (the “Adviser”), an affiliate of MetLife, Inc. The Trust has entered into a management agreement (the “Management Agreement”) with the Adviser for investment management services in connection with the investment management of the Portfolio. The Adviser is subject to the supervision and direction of the Board of Trustees (the “Board”) and has overall responsibility for the general management and administration of the Trust. The Adviser selects the Master Fund in which the Portfolio will invest and monitors the Master Fund investment program. The Adviser is an affiliate of MetLife. The Adviser currently receives no compensation for its services to the Portfolio. In the event that the Portfolio were to withdraw from the Master Fund and invest its assets directly in investment securities, the Adviser would retain the services of an investment subadviser and would receive a management fee at an annual rate of percentage of the assets of the Portfolio as follows:

% per annum	Average Daily Net Assets
0.750%	ALL

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 Agreement and Plan - 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 C Shares. MIDC is a wholly-owned subsidiary of MetLife Investors Group, Inc., an affiliate of the Adviser. The Class C distribution plan provides that the Trust, on behalf of the Portfolio, may pay annually up to 1.00% of the average daily net assets of the Portfolio attributable to its Class C Shares with respect to activities primarily intended to result in the sale of Class C Shares. However, under the Class C distribution agreement, payments to the Distributor for activities pursuant to the Class C distribution plan are currently limited to payments at an annual rate equal to 0.55% of average daily net assets of the Portfolio attributable to its Class C Shares. Amounts incurred by the Portfolio for the six months ended June 30, 2014 are shown as Distribution and service fees in the Statement of Operations.

Under the terms of the Class C distribution plan and distribution agreement, the Portfolio is authorized to make payments monthly to the Distributor that may be used to pay or reimburse entities providing distribution and shareholder servicing with respect to the Class C Shares for such entities’ fees or expenses incurred.

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

MIST-10

Met Investors Series Trust

American Funds Growth Portfolio

Notes to Financial Statements—June 30, 2014—(Continued)

certain portfolios of the Trust or Metropolitan Series Fund, 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, 2013 and 2012 were as follows:

Ordinary Income			Long-Term Capital Gains				Total
2013	2012		2013		2012		2013		2012
$4,465,930	$	3,046,439	$	49,661,136	$	240,088	$	54,127,066	$	3,286,527

As of December 31, 2013, 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
$5,902,605	$	63,521,699	$	377,905,620	$	—	$	447,329,924

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, 2013, the Portfolio had no capital loss carryforwards.

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 January 1, 2015, and interim periods within those fiscal years. Management is evaluating the impact, if any, of this guidance on the Portfolio’s financial statement disclosures.

MIST-11

Met Investors Series Trust

American Funds Moderate Allocation Portfolio

Managed by MetLife Advisers, LLC

Portfolio Manager Commentary*

PERFORMANCE

For the six month period ended June 30, 2014, the Class B and C shares of the American Funds Moderate Allocation Portfolio returned 5.34% and 5.09%, respectively. The Portfolio’s benchmark, the Dow Jones Moderate Index¹, returned 5.77%.

MARKET ENVIRONMENT / CONDITIONS

The equity market started the year in a sell-off mode with the majority of equity indices turning south driven by renewed concerns over emerging markets and the elevated valuation level in the stock market after a record high year in 2013. The Federal Reserve’s (the “Fed”) new chair Janet Yellen gave her first speech on February 11, 2014, which emphasized continuity in the Fed’s approach to monetary policy. This speech, combined with solid fourth quarter earnings reports, boosted investors’ confidence and resulted in a strong market rally in February. The market pared back again in March due to heightened tension in Ukraine. In addition, high growth internet and biotech stocks, which were among the best performing stocks in 2013, endured a substantial drawdown in March through April. More negative news came out during the second quarter: lower than expected retail sales, a shrinking first quarter Gross Domestic Product (“GDP”) number blamed on the harsh winter weather, and escalating violence in Iraq. However, the market decided to shrug off recent geopolitical flare-ups and first quarter weakness. Instead, investors chose to focus on a variety of other economic indicators that were telling a more upbeat story and bet on an improving second quarter. As a result, many of the equity markets worldwide finished the first half of 2014 in a strongly positive territory.

The U.S equity market, as measured by the S&P 500 Index, scored a gain of 7.1% over the six month period. Small cap stocks, represented by the S&P Small Cap 600 index, trailed their large cap counterparts at 3.2%. Growth stocks underperformed value stocks across market cap segments, most prominently across mid cap stocks. With respect to industry sectors, Utilities turned out to be the best performing sector, benefiting from an unexpected decline in interest rates. Energy stocks rallied strongly on fears of a potential oil and gas shortage amid continuing turmoil in Iraq and Ukraine. On the other end of the spectrum, Consumer Discretionary stocks lagged the most. The retail industry suffered from harsh winter weather. Stocks of online retailers saw a sizable correction during the internet sell off in March and April after a remarkable year in 2013. Equity markets outside the U.S. delivered positive performance as well, both in developed markets as well as in emerging markets. The MSCI EAFE Index and the MSCI Emerging Markets Index gained 4.8% and 6.1% respectively.

The bond market rallied in the first half of the year. U.S. Treasury yields unexpectedly declined in the first half of 2014 as rising geopolitical risk bolstered demand for safe-haven assets. The 10-year Treasury yield declined to 2.5% at the end of June from 3.0% six months earlier. The long end of the curve dropped significantly more than the short end as the yield curve flattened. Both investment grade and high yield bonds outperformed Treasuries as credit spreads narrowed. Over the six month period, the Barclays U.S. Aggregate Bond Index advanced 3.9%. The bond market outside the U.S. was strong as well, with the Barclays Global Aggregate ex-U.S. Index gaining 5.6%. Bond markets in Europe enjoyed a particularly strong ride, boosted by additional monetary accommodation implemented by the European Central Bank (“ECB”). The ECB introduced an expanded long-term loan program to encourage banks to increase their lending and also cut its overnight rate to -10 bps.

PORTFOLIO REVIEW / PERIOD-END POSITIONING

The American Funds Moderate Allocation Portfolio invested all of its assets in funds of the American Funds Insurance Series (AFIS) and American Funds retail mutual funds to maintain a broad asset allocation of approximately 50% to fixed income and 50% to equities.

During the reporting period, we implemented a moderate increase in the Portfolio’s exposure to the international equity asset class, which was funded by domestic equity, to better align with global market capitalizations.

Over the six month period, the Portfolio modestly underperformed the Dow Jones Moderate Index on a net-of-fees basis. While performance was hurt by a lower equity target allocation than the Index (50% versus 60%) during a period when equity markets generally outperformed the fixed income markets, good security selection in many underlying funds helped mitigate some of the underperformance.

On the fixed income side, the AFIS U.S. Government/AAA-Rated Securities Fund’s focus on Treasury and government agency securities did not help overall performance during a period when credit products outperformed as credit spreads narrowed. However, from a yield curve positioning standpoint, the fund’s overweight to the longer end of the curve proved to be beneficial. As a result, the fund outperformed its asset class specific benchmark. The AFIS Global Bond Fund also outpaced its own benchmark, making a positive contribution to the Allocation Portfolio. Outperformance was attributable to a broad set of factors, including its positions in emerging markets and high yield bonds. The AFIS High-Income Bond Fund provided an exposure to the better performing high yield sector of the bond market, which is not part of the Dow Jones Moderate Index. Nevertheless, relative performance was hindered by poor security selection and holding cash in the portfolio.

The story on the equity side was mixed. While the AFIS Blue Chip Income and Growth Fund and the AMCAP Fund contributed positively to the Allocation Portfolio, several other funds detracted from relative performance. On the positive side, the AFIS Blue Chip Income and Growth Fund benefited from a bias towards value oriented stocks, which outperformed growth stocks over the past six months. In addition, solid stock selection within the Information Technology sector as well as an overweight to the strong performing Utilities sector both added value. The AMCAP Fund delivered the best relative

MIST-1

Met Investors Series Trust

American Funds Moderate Allocation Portfolio

Managed by MetLife Advisers, LLC

Portfolio Manager Commentary*—(Continued)

performance among all underlying equity funds. Despite a headwind from being a growth style portfolio and the negative impact from holding cash, the fund outpaced its S&P 500 benchmark index by a sizable margin. Outperformance was attributable to strong stock selection in a number of sectors, including Energy, Health Care, Consumer Discretionary and Consumer Staples. Additionally, an overweight in the Health Care Sector also benefited the fund as merger and acquisition activity drove the return of the sector higher than the broad market in the first quarter. Conversely, the Fundamental Investors Fund and the AFIS Growth Fund detracted from the Allocation Portfolio’s relative performance. Underperformance for both funds was largely driven by their holdings in the Consumer Discretionary sector. Poor stock selection combined with an overweight in the sector explained the majority of the underperformance. More specifically, the portfolios’ holding in Amazon weighed on results as the stock lost more than 18% in the first half of the year. Among underlying funds that invest outside the U.S., the AFIS International Fund had a negative impact on the Allocation Portfolio’s performance. The fund was hurt by its stock selection in the Information Technology sector, with Samsung being the largest detractor.

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 and 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 those of the advisory firm as of June 30, 2014 and 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 statements) 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 applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable annuity or insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

MIST-2

Met Investors Series Trust

American Funds Moderate Allocation Portfolio

A $10,000 INVESTMENT COMPARED TO THE DOW JONES MODERATE INDEX

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2014

	6 Month		1 Year		5 Year		Since Inception2
American Funds Moderate Allocation Portfolio
Class B		5.34		14.93		11.07		5.84
Class C		5.09		14.49		10.74		5.53
Dow Jones Moderate Index		5.77		16.21		12.21		6.24

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 of that combination will have 60% of the risk of an all equity portfolio.

² Inception date of the Class B and Class C shares is 4/28/2008. Index since inception return is based on the Class B 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 B 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 JUNE 30, 2014

Top Holdings

	% of Net Assets
American Funds U.S. Government/AAA - Rated Securities Fund (Class 1)		21.5
American Funds Bond Fund (Class 1)		16.7
American Funds Growth-Income Fund (Class 1)		9.2
American Funds American Mutual Fund (Class R-6)		9.2
American Funds Blue Chip Income and Growth Fund (Class 1)		8.3
American Funds AMCAP Fund (Class R-6)		5.1
American Funds Growth Fund (Class 1)		5.1
American Funds Fundamental Investors Fund (Class R-6)		5.1
American Funds International Fund (Class 1)		5.0
American Funds High-Income Bond Fund (Class 1)		4.9

MIST-3

Met Investors Series Trust

American Funds Moderate Allocation Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

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, January 1, 2014 through June 30, 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.

American Funds Moderate Allocation Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2014		Ending Account Value June 30, 2014		Expenses Paid During Period** January 1, 2014 to June 30, 2014
Class B(a)	Actual		0.72	%	$	1,000.00	$	1,053.40	$	3.67
	Hypothetical*		0.72	%	$	1,000.00	$	1,021.22	$	3.61
Class C(a)	Actual		1.02	%	$	1,000.00	$	1,050.90	$	5.19
	Hypothetical*		1.02	%	$	1,000.00	$	1,019.74	$	5.11

* 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 (181 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.

MIST-4

Met Investors Series Trust

American Funds Moderate Allocation Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Mutual Funds—100.1% of Net Assets

Security Description	Shares		Value
Investment Company Securities—100.1%
American Funds AMCAP Fund (Class R-6)		5,703,174	$	164,707,680
American Funds American Mutual Fund (Class R-6)		8,021,945		294,325,158
American Funds Blue Chip Income and Growth Fund (Class 1)		18,888,751		266,898,057
American Funds Bond Fund (Class 1) (a)		48,169,382		536,125,223
American Funds Fundamental Investors Fund (Class R-6)		3,038,647		163,935,023
American Funds Global Bond Fund (Class 1)		7,657,251		95,179,636
American Funds Global Small Capitalization Fund (Class 1)		1,179,992		32,343,585
American Funds Growth Fund (Class 1)		2,090,121		164,304,403
American Funds Growth-Income Fund (Class 1)		5,746,151		296,328,992
American Funds High-Income Bond Fund (Class 1) (a)		13,816,893		158,756,096
American Funds International Fund (Class 1)		7,353,553		161,998,772
American Funds International Growth and Income Fund (Class 1) (a)		8,404,448		153,633,303
Investment Company Securities—(Continued)
American Funds New World Fund (Class 1)		1,379,646		32,890,764
American Funds U.S. Government/AAA - Rated Securities Fund (Class 1) (a)		55,781,495		690,574,904
Total Mutual Funds (Cost $2,794,434,201)				3,212,001,596
Total Investments—100.1% (Cost $2,794,434,201) (b)				3,212,001,596
Other assets and liabilities (net)—(0.1)%				(1,730,927	)
Net Assets—100.0%			$	3,210,270,669

(a) Affiliated Issuer. (See Note 6 of the Notes to Financial Statements for a summary of transactions in securities of affiliated Underlying Portfolio.)

(b) As of June 30, 2014, the aggregate cost of investments was $2,794,434,201. The aggregate unrealized appreciation and depreciation of investments were $425,735,146 and $(8,167,751), respectively, resulting in net unrealized appreciation of $417,567,395.

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 June 30, 2014:

Description	Level 1		Level 2		Level 3		Total
Mutual Funds
Investment Company Securities	$	3,212,001,596	$	—	$	—	$	3,212,001,596
Total Investments	$	3,212,001,596	$	—	$	—	$	3,212,001,596

See accompanying notes to financial statements.

MIST-5

Met Investors Series Trust

American Funds Moderate Allocation Portfolio

Statement of Assets and Liabilities

June 30, 2014 (Unaudited)

Assets
Investments at value (a)	$	1,672,912,070
Affiliated investments at value (b)		1,539,089,526
Receivable for:
Investments sold		1,309,420
Fund shares sold		115,516
Total Assets		3,213,426,532
Liabilities
Payables for:
Fund shares redeemed		1,424,937
Accrued expenses:
Management fees		162,370
Distribution and service fees		1,445,244
Deferred trustees’ fees		58,994
Other expenses		64,318
Total Liabilities		3,155,863
Net Assets	$	3,210,270,669
Net assets consist of:
Paid in surplus	$	2,723,388,481
Undistributed net investment income		3,161,478
Accumulated net realized gain		66,153,315
Unrealized appreciation on investments and affiliated investments		417,567,395
Net Assets	$	3,210,270,669
Net Assets
Class B	$	7,329,487
Class C		3,202,941,182
Capital Shares Outstanding*
Class B		698,122
Class C		306,490,559
Net Asset Value, Offering Price and Redemption Price Per Share
Class B	$	10.50
Class C		10.45

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

(a) Identified cost of investments, excluding affiliated investments, was $1,301,054,374.

(b) Identified cost of affiliated investments was $1,493,379,827.

Statement of Operations

Six Months Ended June 30, 2014 (Unaudited)

Investment Income
Dividends from Underlying Portfolios	$	8,040,401
Dividends from Affiliated Underlying Portfolios		5,069,715
Total investment income		13,110,116
Expenses
Management fees		967,862
Administration fees		10,921
Custodian and accounting fees		12,224
Distribution and service fees—Class B		8,262
Distribution and service fees—Class C		8,582,754
Audit and tax services		13,263
Legal		15,668
Trustees’ fees and expenses		22,085
Shareholder reporting		26,679
Insurance		10,093
Miscellaneous		11,050
Total expenses		9,680,861
Net Investment Income		3,429,255
Net Realized and Unrealized Gain
Net realized gain on:
Investments		33,809,010
Affiliated investments		2,545,364
Capital gain distributions from Underlying Portfolios		32,298,073
Capital gain distributions from Affiliated Underlying Portfolios		1,605,296
Net realized gain		70,257,743
Net change in unrealized appreciation on:
Investments		32,356,422
Affiliated investments		52,379,316
Net change in unrealized appreciation		84,735,738
Net realized and unrealized gain		154,993,481
Net Increase in Net Assets From Operations	$	158,422,736

See accompanying notes to financial statements.

MIST-6

Met Investors Series Trust

American Funds Moderate Allocation Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2014 (Unaudited)			Year Ended December 31, 2013
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	3,429,255		$	37,110,886
Net realized gain		70,257,743			297,583,275
Net change in unrealized appreciation		84,735,738			57,225,634
Increase in net assets from operations		158,422,736			391,919,795
From Distributions to Shareholders
Net investment income
Class B		(119,514	)		(100,822	)
Class C		(45,897,856	)		(50,974,271	)
Net realized capital gains
Class B		(578,139	)		(273,594	)
Class C		(273,161,783	)		(168,130,607	)
Total distributions		(319,757,292	)		(219,479,294	)
Increase (decrease) in net assets from capital share transactions		209,231,823			(42,251,146	)
Total increase in net assets		47,897,267			130,189,355
Net Assets
Beginning of period		3,162,373,402			3,032,184,047
End of period	$	3,210,270,669		$	3,162,373,402
Undistributed net investment income
End of period	$	3,161,478		$	45,749,593

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2014 (Unaudited)						Year Ended December 31, 2013
	Shares			Value			Shares			Value
Class B
Sales		90,460		$	965,573			143,146		$	1,532,996
Reinvestments		69,212			697,653			36,816			374,416
Redemptions		(22,193	)		(234,796	)		(35,353	)		(381,371	)
Net increase		137,479		$	1,428,430			144,609		$	1,526,041
Class C
Sales		4,773,923		$	51,019,940			7,116,144		$	75,441,697
Reinvestments		31,778,849			319,059,639			21,629,307			219,104,878
Redemptions		(15,037,070	)		(162,276,186	)		(31,881,827	)		(338,323,762	)
Net increase (decrease)		21,515,702		$	207,803,393			(3,136,376	)	$	(43,777,187	)
Increase (decrease) derived from capital shares transactions				$	209,231,823					$	(42,251,146	)

See accompanying notes to financial statements.

MIST-7

Met Investors Series Trust

American Funds Moderate Allocation Portfolio

Financial Highlights

Selected per share data
	Class B
	Six Months Ended June 30, 2014 (Unaudited)			Year Ended December 31,
				2013			2012			2011			2010			2009
Net Asset Value, Beginning of Period	$	11.14		$	10.58		$	9.87		$	10.05		$	9.28		$	7.49
Income (Loss) from Investment Operations
Net investment income (a)		0.03			0.17			0.20			0.25			0.24			0.28
Net realized and unrealized gain (loss) on investments		0.51			1.21			0.90			(0.20	)		0.69			1.51
Total from investment operations		0.54			1.38			1.10			0.05			0.93			1.79
Less Distributions
Distributions from net investment income		(0.20	)		(0.22	)		(0.25	)		(0.18	)		(0.16	)		0.00
Distributions from net realized capital gains		(0.98	)		(0.60	)		(0.14	)		(0.05	)		0.00			0.00
Total distributions		(1.18	)		(0.82	)		(0.39	)		(0.23	)		(0.16	)		0.00
Net Asset Value, End of Period	$	10.50		$	11.14		$	10.58		$	9.87		$	10.05		$	9.28
Total Return (%) (b)		5.34	(c)		13.75			11.28			0.44			10.15			23.90
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%) (d)		0.32	(e)		0.32			0.32			0.32			0.34			0.37
Net ratio of expenses to average net assets (%) (d)		0.32	(e)		0.32			0.32			0.32			0.34	(f)		0.35	(f)
Ratio of net investment income to average net assets (%) (g)		0.56	(e)		1.56			1.93			2.51			2.56			3.32
Portfolio turnover rate (%)		2	(c)		27			12			7			7			14
Net assets, end of period (in millions)	$	7.3		$	6.2		$	4.4		$	2.8		$	1.6		$	0.7
	Class C
	Six Months Ended June 30, 2014 (Unaudited)			Year Ended December 31,
				2013			2012			2011			2010			2009
Net Asset Value, Beginning of Period	$	11.08		$	10.51		$	9.81		$	9.99		$	9.23		$	7.48
Income (Loss) from Investment Operations
Net investment income (a)		0.01			0.13			0.14			0.18			0.19			0.24
Net realized and unrealized gain (loss) on investments		0.51			1.22			0.91			(0.15	)		0.72			1.51
Total from investment operations		0.52			1.35			1.05			0.03			0.91			1.75
Less Distributions
Distributions from net investment income		(0.17	)		(0.18	)		(0.21	)		(0.16	)		(0.15	)		0.00
Distributions from net realized capital gains		(0.98	)		(0.60	)		(0.14	)		(0.05	)		0.00			0.00
Total distributions		(1.15	)		(0.78	)		(0.35	)		(0.21	)		(0.15	)		0.00
Net Asset Value, End of Period	$	10.45		$	11.08		$	10.51		$	9.81		$	9.99		$	9.23
Total Return (%) (b)		5.09	(c)		13.52			10.84			0.19			9.91			23.40
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%) (d)		0.62	(e)		0.62			0.62			0.62			0.64			0.67
Net ratio of expenses to average net assets (%) (d)		0.62	(e)		0.62			0.62			0.62			0.64	(f)		0.65	(f)
Ratio of net investment income to average net assets (%) (g)		0.22	(e)		1.20			1.36			1.79			2.04			2.85
Portfolio turnover rate (%)		2	(c)		27			12			7			7			14
Net assets, end of period (in millions)	$	3,202.9		$	3,156.1		$	3,027.8		$	2,913.1		$	2,590.2		$	1,575.4

(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) Periods less than one year are not computed on an annualized basis.

(d) The ratio of operating expenses to average net assets does not include expenses of the Underlying Portfolios in which the Portfolio invests.

(e) Computed on an annualized basis.

(f) Includes the effects of expenses reimbursed by the Adviser.

(g) Recognition of net investment income by the 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.

MIST-8

Met Investors Series Trust

American Funds Moderate Allocation Portfolio

Notes to Financial Statements—June 30, 2014 (Unaudited)

1. Organization

Met Investors Series Trust (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 currently offers forty-seven series, each of which operates as a distinct investment vehicle of the Trust. The portfolio included in this report is American Funds Moderate Allocation 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 four classes of shares: Class A, B, C and E shares. Class B and C shares are currently offered by the Portfolio. 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.

The Portfolio is designed on established principles of asset allocation to achieve a specific risk profile. The Portfolio will invest substantially all of its assets in certain funds of the American Funds Insurance Series (“AFIS”) and other funds within the American Funds family not part of AFIS (“Underlying Portfolios”). AFIS is an open-end diversified investment management company advised by Capital Research and Management Company (“CRMC”), an indirect, wholly owned subsidiary of The Capital Group Companies, Inc.

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 June 30, 2014 through the date the financial statements were issued.

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

Valuation - Investments in the Underlying Portfolios are valued at their closing daily net asset value. The net asset value of the Portfolio is calculated based on the net asset values of the Underlying Portfolios in which the Portfolio invests. For information about the use of fair value pricing by the Underlying Portfolios, please refer to the prospectus of the Underlying Portfolios.

Investment Transactions and Related Investment Income - The Portfolio’s security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date. Interest income is recorded on the accrual basis. Realized gains and losses on investments and unrealized appreciation and depreciation are determined on the identified cost basis, which is the same basis used for federal income tax purposes. 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 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 short-term capital gain distributions received from underlying portfolios. 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 June 30, 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 counterparty

MIST-9

Met Investors Series Trust

American Funds Moderate Allocation Portfolio

Notes to Financial Statements—June 30, 2014—(Continued)

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; 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 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.

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 and in the Underlying Portfolios in which it invests.

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2014 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	74,791,113	$	0	$	147,993,151

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 six months ended June 30, 2014	% per annum			Average Daily Net Assets
$967,862		0.100	%	First $500 million
		0.075	%	$500 million to $1 billion
		0.050	%	Over $1 billion

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 Agreements and Plans - The Trust has distribution agreements with MetLife Investors Distribution Company (“MIDC” or the “Distributor”) in which MIDC serves as the distributor for the Portfolio’s Class B and Class C Shares. MIDC is a wholly-owned subsidiary of MetLife Investors Group, Inc., an affiliate of the Adviser. The Class B and Class C distribution plans provide that the Trust, on behalf of the Portfolio, may pay annually up to 0.50% and 1.00% respectively, of the average daily net assets of the Portfolio attributable to its Class B and Class C Shares with respect to activities primarily intended to result in the sale of Class B and Class C Shares. However, under the Class B and Class C distribution agreements, payments to the Distributor for activities pursuant to the Class B and Class C distribution plans are currently limited to payments at an annual rate equal to 0.25% and 0.55% of average daily net assets of the Portfolio attributable to its Class B and Class C Shares, respectively. Amounts incurred by the Portfolio for the six months ended June 30, 2014 are shown as Distribution and services fees in the Statement of Operations.

MIST-10

Met Investors Series Trust

American Funds Moderate Allocation Portfolio

Notes to Financial Statements—June 30, 2014—(Continued)

Under the terms of the Class B and Class C distribution plans and distribution agreements, the Portfolio is authorized to make payments monthly to the Distributor that may be used to pay or reimburse entities providing distribution and shareholder servicing with respect to the Class B and Class C Shares for such entities’ fees or expenses incurred.

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 Metropolitan Series Fund, 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. Transactions in Securities of Affiliated Underlying Portfolios

A summary of the Portfolio’s transactions in the securities of affiliated Underlying Portfolios during the six months ended June 30, 2014 is as follows:

Underlying Portfolio	Number of shares held at December 31, 2013		Shares purchased		Shares sold			Number of shares held at June 30, 2014
American Funds Bond Fund (Class 1)		48,230,064		319,520		(380,202	)		48,169,382
American Funds High-Income Bond Fund (Class 1)		14,195,596		140,791		(519,494	)		13,816,893
American Funds International Growth and Income Fund (Class 1)		7,427,913		1,368,957		(392,422	)		8,404,448
American Funds U.S. Government/AAA - Rated Securities Fund (Class 1)		55,820,947		332,799		(372,251	)		55,781,495
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 June 30, 2014
American Funds Bond Fund (Class 1)	$	665,844	$	191,832	$	1,966,273		$	536,125,223
American Funds High-Income Bond Fund (Class 1)		973,243		—		1,546,023			158,756,096
American Funds International Growth and Income Fund (Class 1)		886,599		1,413,464		—			153,633,303
American Funds U.S. Government/AAA - Rated Securities Fund (Class 1)		19,678		—		1,557,419			690,574,904
	$	2,545,364	$	1,605,296	$	5,069,715		$	1,539,089,526

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, 2013 and 2012 were as follows:

Ordinary Income			Long-Term Capital Gains				Total
2013	2012		2013		2012		2013		2012
$51,075,093	$	61,909,198	$	168,404,201	$	40,464,542	$	219,479,294	$	102,373,740

As of December 31, 2013, 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
$60,023,693	$	259,085,963	$	329,160,973	$	—	$	648,270,629

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, 2013, the Portfolio had no capital loss carryforwards.

MIST-11

Met Investors Series Trust

American Funds Moderate Allocation Portfolio

Notes to Financial Statements—June 30, 2014—(Continued)

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 January 1, 2015, and interim periods within those fiscal years. Management is evaluating the impact, if any, of this guidance on the Portfolio’s financial statement disclosures.

MIST-12

Met Investors Series Trust

AQR Global Risk Balanced Portfolio

Managed by AQR Capital Management, LLC

Portfolio Manager Commentary*

PERFORMANCE

For the six month period ended June 30, 2014, the Class B shares of the AQR Global Risk Balanced Portfolio returned 11.55%. The Portfolio’s benchmark, the Dow Jones Moderate Index¹, returned 5.77%.

MARKET ENVIRONMENT / CONDITIONS

Unlike the second quarter of last year, when there was a penalty for diversification, the first half of 2014 rewarded diversification with gains in all asset classes. Globally, economic growth slowed and inflation remained low, prompting central banks to continue easy monetary policy, boosting asset prices. Geopolitical events, droughts, cold weather and other idiosyncratic events also affected markets, particularly commodities, which performed well in the first half of the year.

The 2013 equity rally stalled in the first quarter of the year as economic data came in negative across the developed and emerging world. In the U.S., jobs data was weak, growth was below expectations in Japan and China, and Europe was on the verge of deflation. The economic slowdown contributed to gains in nominal and inflation-linked bonds as yields fell over 25 basis points on average across developed countries. The situation in Crimea drove agricultural commodities higher in the first quarter as Ukraine is a significant global supplier of corn and wheat. In addition, strong export sales of U.S. grains continually reduced supply.

The slow start to 2014 encouraged monetary authorities to maintain an accommodative stance in the second quarter, which benefited all major asset classes. The European Central Bank cut rates and extended lending programs while the U.S. Federal Reserve and Bank of Japan made dovish remarks on inflation, extending the rally in bonds. Developed equities rallied on better than expected economic data over the second quarter, as an upgrade to Spanish debt signaled the strengthening of peripheral Europe and an improvement in U.S. employment numbers indicated a return to economic growth after the weather-affected first quarter slowdown. The global outlook remained weaker however, as the World Bank lowered expectations for economic growth.

Emerging markets assets rose broadly over the second quarter after a prolonged period of underperformance relative to the developed equity. In India, the election of Nardendra Modi spurred optimism of a pro-business agenda. Turkey’s equity market rallied following an election victory for the ruling AK party, which the market perceived to portend greater future political stability, and larger-than-expected rate cuts from Turkey’s central bank. The Korean won appreciated on strong export data, and the Brazilian real appreciated on continued intervention from Brazil’s central bank.

Geopolitical risk remained elevated as the breakout of violence in the Middle East pushed oil and gold prices higher. However, the gains of corn, wheat and soy due to the severe weather in the first quarter were reduced as stockpiles exceeded expectations. Cattle prices increased as stock levels hit all-time lows, while a deadly virus affected hog populations, inducing higher prices.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The AQR Global Risk Balanced Portfolio (“GRB” or the “Portfolio”) is a globally diversified asset-allocation portfolio. GRB seeks to provide diversification across three primary sources of risk: equities, government bonds and inflation-related assets (global inflation-linked bonds and commodities). The Portfolio diversifies by risk rather than dollars and targets equal risk contributions from each source of risk. Diversifying risk means creating a portfolio where each asset class is expected to matter about the same amount, not where each is allocated the same number of dollars. To achieve equal risk weighting, low-risk assets are given higher dollar allocations and high-risk assets given lower dollar allocations. In this way, each asset class is expected to contribute meaningfully to the returns and variability of returns of the portfolio.

To achieve GRB’s target risk of 10%, the Portfolio is moderately levered through investments in equity, bond, and commodity futures. GRB’s portfolio management process adjusts exposures to each of the three risk categories using a proprietary risk-forecasting model. The process seeks to realize a steady risk contribution from each of the Portfolio’s three categories and for the Portfolio as a whole. Exposures are primarily attained through equity, fixed income, and commodity futures and the purchase of global inflation-linked bonds. Our objective is to keep the Portfolio diversified not only across asset classes, but also through time so no single period has a disproportionate impact on the Portfolio’s long-term results. Our research has shown that targeting a steady level of risk and maintaining a consistently diversified portfolio can help manage risk during periods of market stress and improve long-term risk-adjusted returns.

The Portfolio returned 11.55% for the six month period ending June 30, 2014, outperforming the Dow Jones Moderate Portfolio Index by 578 basis points. Returns for the three risk categories in the Portfolio were positive for the six-month period: fixed income risk contributed 5.1%, inflation risk contributed 4.1%, and equity risk contributed 1.7%. The first half of 2014 was a favorable period for risk-balanced strategies as continued central bank participation reassured financial markets after the global economic recovery slowed. Additionally, weather and geopolitical events buoyed commodity risks.

AQR’s systematic portfolio management process dynamically adjusts position sizes in inverse proportion to the volatility of the underlying assets. For the first half of 2014, asset volatilities were close to their historical lows. As a result, the Portfolio’s positions at the end of the second quarter were at or close to the maximum exposure for each asset class.

The Portfolio entered the beginning of 2014 with a total market exposure of 252%, which is above our long-term average, as a result

MIST-1

Met Investors Series Trust

AQR Global Risk Balanced Portfolio

Managed by AQR Capital Management, LLC

Portfolio Manager Commentary*—(Continued)

of historically low volatility across all asset classes. Portfolio exposures ranged from 240% to 260% in the first half of 2014, driven by higher than average exposure in nominal and inflation-linked bonds. The Portfolio benefited from these larger exposures as all asset classes delivered positive returns in the first half of 2014. Asset class exposures were mostly steady in this period with equities averaging 42%, nominal bonds 121%, inflation-linked bonds 53%, and commodities 31%. The Portfolio ended the second quarter with a total market exposure of 241%, consisting of 43% equities, 117% nominal bonds, 52% inflation-linked bonds, and 30% commodities.

Brian Hurst

Michael Mendelson

Yao Hua Ooi

Portfolio Managers

AQR Capital 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 and 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 those of the subadvisory firm as of June 30, 2014 and 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 statements) 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 applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable annuity or insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

MIST-2

Met Investors Series Trust

AQR Global Risk Balanced Portfolio

A $10,000 INVESTMENT COMPARED TO THE DOW JONES MODERATE INDEX

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2014

	6 Month		1 Year		Since Inception2
AQR Global Risk Balanced Portfolio
Class B		11.55		14.27		6.81
Dow Jones Moderate Index		5.77		16.21		7.94

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 of that combination will have 60% of the risk of an all equity portfolio.

² Inception date of the Class B shares is 5/2/2011. 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.

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 JUNE 30, 2014

Exposures by Asset Class*

	% of Net Assets
Global Developed Bonds		116.5
Global Inflation-Linked Bonds		51.5
Global Developed Equities		33.8
Commodities - Production Weighted		29.6
Global Emerging Equities		5.0
U.S. Mid Cap Equities		2.4
U.S. Small Cap Equities		1.9

* The percentages noted above are based on the notional amounts by asset class as a percentage of net assets.

MIST-3

Met Investors Series Trust

AQR Global Risk Balanced Portfolio

Understanding Your Portfolio's Expenses (Unaudited)

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, January 1, 2014 through June 30, 2014.

Actual Expenses

The first line 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 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 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 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.

AQR Global Risk Balanced Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2014		Ending Account Value June 30, 2014		Expenses Paid During Period** January 1, 2014 to June 30, 2014
Class B(a)	Actual		0.87	%	$	1,000.00	$	1,115.50	$	4.56
	Hypothetical*		0.87	%	$	1,000.00	$	1,020.48	$	4.36

* 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 (181 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 7 of the Notes to Consolidated Financial Statements.

MIST-4

Met Investors Series Trust

AQR Global Risk Balanced Portfolio

Consolidated§ Schedule of Investments as of June 30, 2014 (Unaudited)

U.S. Treasury & Government Agencies—31.9% of Net Assets

Security Description	Shares/ Principal Amount*		Value
U.S. Treasury—31.9%
U.S. Treasury Inflation Indexed Notes
0.125%, 04/15/18		357,167,718	$	368,943,181
0.125%, 01/15/22		189,879,116		191,140,103
0.125%, 07/15/22		179,359,200		180,578,304
0.125%, 01/15/23		172,015,800		171,424,410
0.375%, 07/15/23		161,549,960		164,679,990
1.375%, 07/15/18		81,126,126		88,642,948
1.625%, 01/15/18		182,171,500		198,695,002
2.125%, 01/15/19		72,317,240		81,447,292
2.625%, 07/15/17		202,783,329		227,006,406
Total U.S. Treasury & Government Agencies (Cost $1,640,225,959)				1,672,557,636
Foreign Government—25.3%
Sovereign—25.3%
Bundesrepublik Deutschland Bundesobligation Inflation Linked Bond 0.750%, 04/15/18 (EUR)		80,880,558		116,599,574
Deutsche Bundesrepublik Inflation Linked Bonds
0.100%, 04/15/23 (EUR)		157,809,440		223,366,373
1.750%, 04/15/20 (EUR)		53,275,795		82,914,879
France Government Bond OAT
0.250%, 07/25/18 (EUR)		38,478,213		54,647,387
0.250%, 07/25/24 (EUR)		36,261,092		50,360,862
1.100%, 07/25/22 (EUR)		82,772,448		124,882,917
1.300%, 07/25/19 (EUR)		91,897,880		138,406,789
2.100%, 07/25/23 (EUR)		35,664,948		58,404,466
United Kingdom Gilt Inflation Linked
0.125%, 03/22/24 (GBP)		58,111,766		102,850,756
1.875%, 11/22/22 (GBP)		180,634,054		370,803,750
Total Foreign Government (Cost $1,271,319,224)				1,323,237,753
Short-Term Investments—38.8%
Mutual Funds—28.2%
BlackRock Liquidity Funds T-Fund Portfolio, Institutional Class, 0.010% (a)		369,035,170		369,035,170
Mutual Funds—(Continued)
Dreyfus Treasury & Agency Cash Management, Institutional Class, 0.010% (a)		363,561,322	$	363,561,322
State Street Institutional Treasury Plus Money Market Fund, Class I, 0.000% (a) (b)		372,512,100		372,512,100
UBS Select Treasury Preferred Fund, Institutional Class, 0.010% (a)		371,931,824		371,931,824
				1,477,040,416
U.S. Treasury—10.6%
U.S. Treasury Bills
0.050%, 11/28/14 (c)		96,503,000		96,480,901
0.052%, 12/04/14 (c) (d)		54,455,000		54,443,183
0.058%, 07/31/14 (c)		119,837,500		119,835,223
0.062%, 08/07/14 (c)		281,896,000		281,894,591
				552,653,898
Total Short-Term Investments (Cost $2,029,675,633)				2,029,694,314
Total Investments—96.0% (Cost $4,941,220,816) (e)				5,025,489,703
Other assets and liabilities (net)—4.0%				210,368,223
Net Assets—100.0%			$	5,235,857,926

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

(a) The rate shown represents the annualized seven-day yield as of June 30, 2014.

(b) All or a portion of the security was pledged as collateral against open swap contracts and open forward foreign currency exchange contracts. As of June 30, 2014, the market value of securities pledged was $93,340,003.

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

(d) All or a portion of the security was pledged as collateral against open futures contracts. As of June 30, 2014, the market value of securities pledged was $27,863,391.

(e) As of June 30, 2014, the aggregate cost of investments was $4,941,220,816. The aggregate unrealized appreciation and depreciation of investments were $92,514,273 and $(8,245,386), respectively, resulting in net unrealized appreciation of $84,268,887.

(EUR)— Euro

(GBP)— British Pound

Forward Foreign Currency Exchange Contracts

Contracts to Buy		Counterparty	Settlement Date		In Exchange for		Unrealized Appreciation/ (Depreciation)
GBP	6,880,000	Royal Bank of Scotland plc		09/17/14	$	11,547,783	$	219,251
Contracts to Deliver
EUR	135,093,203	Royal Bank of Scotland plc		09/17/14		183,917,913		(1,118,610	)
EUR	135,093,203	Royal Bank of Scotland plc		09/17/14		184,151,624		(884,899	)

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

MIST-5

Met Investors Series Trust

AQR Global Risk Balanced Portfolio

Consolidated§ Schedule of Investments as of June 30, 2014 (Unaudited)

Forward Foreign Currency Exchange Contracts —(Continued)

Contracts to Deliver		Counterparty	Settlement Date		In Exchange for		Unrealized Appreciation/ (Depreciation)
EUR	135,093,203	Royal Bank of Scotland plc		09/17/14	$	183,297,160	$	(1,739,363	)
EUR	114,638,315	Royal Bank of Scotland plc		09/17/14		156,020,454		(999,105	)
EUR	101,090,151	Royal Bank of Scotland plc		09/17/14		137,877,565		(585,139	)
GBP	71,427,283	Royal Bank of Scotland plc		09/17/14		119,499,416		(2,664,436	)
GBP	71,427,282	Royal Bank of Scotland plc		09/17/14		119,578,484		(2,585,366	)
GBP	71,427,282	Royal Bank of Scotland plc		09/17/14		119,657,126		(2,506,724	)
GBP	70,083,065	Royal Bank of Scotland plc		09/17/14		117,775,642		(2,089,160	)
Net Unrealized Depreciation							$	(14,953,551	)

Futures Contracts

Futures Contracts—Long	Expiration Date		Number of Contracts		Notional Amount			Unrealized Appreciation/ (Depreciation)
Amsterdam Index Futures		07/18/14		90		EUR	7,477,087	$	(52,837	)
Australian 10 Year Treasury Bond Futures		09/15/14		1,308		AUD	154,618,405		2,790,555
CAC 40 Index Futures		07/18/14		617		EUR	27,912,842		(861,430	)
Canada Government Bond 10 Year Futures		09/19/14		1,635		CAD	220,307,380		1,892,995
Cattle Feeder Futures		08/28/14		106		USD	10,150,343		1,126,732
Cocoa Futures		09/15/14		151		USD	4,653,275		68,495
Coffee "C" Futures		09/18/14		172		USD	11,199,298		94,652
Copper LME Futures		09/17/14		263		USD	44,862,760		1,320,040
Corn Futures		09/12/14		2,252		USD	49,508,374		(2,357,124	)
Cotton No. 2 Futures		12/08/14		386		USD	14,950,108		(762,678	)
DAX Index Futures		09/19/14		104		EUR	25,805,902		(234,426	)
Euro Stoxx 50 Index Futures		09/19/14		2,384		EUR	77,958,550		(1,242,873	)
Euro-Bund Futures		09/08/14		6,330		EUR	918,273,331		16,842,351
FTSE 100 Index Futures		09/19/14		1,376		GBP	92,459,090		(198,060	)
FTSE JSE Top 40 Index Futures		09/18/14		656		ZAR	302,107,719		10,482
FTSE MIB Index Futures		09/19/14		63		EUR	6,909,228		(272,193	)
Gold 100 oz Futures		08/27/14		283		USD	36,550,149		862,451
H-Shares Index Futures		07/30/14		718		HKD	363,239,312		573,969
Hang Seng Index Futures		07/30/14		139		HKD	158,688,261		243,154
IBEX 35 Index Futures		07/18/14		90		EUR	9,827,009		(78,131	)
Japanese Government 10 Year Bond Futures		09/10/14		306		JPY	44,430,586,164		1,365,321
KOSPI 200 Index Futures		09/11/14		443		KRW	58,304,316,257		(574,636	)
LME Aluminium Futures		09/17/14		636		USD	29,289,123		773,802
LME Nickel Futures		09/17/14		86		USD	9,881,729		(58,637	)
LME Zinc Futures		09/15/14		168		USD	8,765,893		558,108
Lead Futures		09/17/14		126		USD	6,715,275		118,650
Lean Hogs Futures		08/14/14		702		USD	36,575,207		722,053
Live Cattle Futures		08/29/14		505		USD	27,914,702		2,400,448
MSCI Taiwan Index Futures		07/30/14		378		USD	12,356,397		208,323
Russell 2000 Mini Index Futures		09/19/14		811		USD	93,877,036		2,656,294
S&P 500 E-Mini Index Futures		09/19/14		10,352		USD	996,790,664		13,771,576
S&P Midcap 400 E-Mini Index Futures		09/19/14		885		USD	123,831,228		2,661,822
S&P TSX 60 Index Futures		09/18/14		488		CAD	83,473,959		771,436
SGX CNX NIFTY Index Futures		07/31/14		1,666		USD	25,300,370		111,128
SPI 200 Futures		09/18/14		452		AUD	60,505,385		(4,889	)
Silver Futures		09/26/14		50		USD	5,253,369		10,631
Soybean Futures		11/14/14		622		USD	38,022,705		(2,032,230	)
Sugar No. 11 Futures		09/30/14		1,085		USD	21,480,434		405,319
TOPIX Index Futures		09/11/14		1,221		JPY	15,074,728,771		3,360,114
U.S. Treasury Note 10 Year Futures		09/19/14		14,671		USD	1,837,920,980		(1,524,402	)
United Kingdom Long Gilt Bond Futures		09/26/14		1,269		GBP	139,449,808		66,183
Wheat Futures		09/12/14		1,395		USD	41,743,824		(1,463,199	)
Net Unrealized Appreciation								$	44,069,339

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

MIST-6

Met Investors Series Trust

AQR Global Risk Balanced Portfolio

Consolidated§ Schedule of Investments as of June 30, 2014 (Unaudited)

OTC Swap Agreements

Total Return Swap Agreements

Maturity Date	Counterparty	Underlying Reference Instrument	Notional Amount			Market Value			Upfront Premium Paid/(Received)		Unrealized Appreciation/ (Depreciation)
07/22/14	Barclays Bank plc	Light Sweet Crude Oil (WTI) Futures		USD	395,828,400	$	6,685,000		$	—	$	6,685,000
07/29/14	Barclays Bank plc	Henry Hub Natural Gas Futures		USD	49,151,480		(1,686,440	)		—		(1,686,440	)
07/30/14	Bank of America N.A.	MSCI Taiwan Stock Index Futures		USD	30,166,901		546,859			—		546,859
07/30/14	Bank of America N.A.	Hang Seng China Enterprises Index Futures		HKD	145,468,054		260,212			—		260,212
07/31/14	Barclays Bank plc	RBOB Gasoline Futures		USD	94,996,595		1,250,809			—		1,250,809
07/31/14	Barclays Bank plc	NY Harbor ULSD Futures		USD	90,880,499		717,087			—		717,087
08/12/14	Barclays Bank plc	Gasoil Futures		USD	128,754,000		(1,966,500	)		—		(1,966,500	)
08/13/14	Bank of America N.A.	Ibovespa Futures		BRL	89,138,026		(1,359,052	)		—		(1,359,052	)
08/14/14	Barclays Bank plc	Brent Crude Oil Futures		USD	372,393,500		(4,691,830	)		—		(4,691,830	)
08/18/14	Bank of America N.A.	Lean Hog Futures		USD	1,660,472		39,688			—		39,688
08/29/14	Bank of America N.A.	Live Cattle Futures		USD	18,375,868		1,554,092			—		1,554,092
09/08/14	Bank of America N.A.	Euro Bond Futures		EUR	241,773,758		3,702,412			—		3,702,412
09/10/14	Bank of America N.A.	Japanese 10 Year Government Bond Futures		JPY	34,558,337,800		1,049,921			—		1,049,921
09/19/14	Bank of America N.A.	U.S. Treasury Note 10 Year Futures		USD	1,065,507,959		1,331,932			—		1,331,932
09/19/14	Bank of America N.A.	Swiss Market Index Futures		CHF	60,489,363		(833,156	)		—		(833,156	)
09/26/14	Bank of America N.A.	United Kingdom Long Gilt Bond Futures		GBP	55,042,014		47,758			—		47,758
Totals						$	6,648,792		$	—	$	6,648,792

(AUD)— Australian Dollar

(BRL)— Brazilian Real

(CAD)— Canadian Dollar

(CHF)— Swiss Franc

(EUR)— Euro

(GBP)— British Pound

(HKD)— Hong Kong Dollar

(JPY)— Japanese Yen

(KRW)— South Korea Won

(USD)— United States Dollar

(ZAR)— South African Rand

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

MIST-7

Met Investors Series Trust

AQR Global Risk Balanced Portfolio

Consolidated§ Schedule of Investments as of June 30, 2014 (Unaudited)

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 Consolidated Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2014:

Description	Level 1			Level 2			Level 3		Total
Total U.S. Treasury & Government Agencies*	$	—		$	1,672,557,636		$	—	$	1,672,557,636
Total Foreign Government*		—			1,323,237,753			—		1,323,237,753
Short-Term Investments
Mutual Funds		1,477,040,416			—			—		1,477,040,416
U.S. Treasury		—			552,653,898			—		552,653,898
Total Short-Term Investments		1,477,040,416			552,653,898			—		2,029,694,314
Total Investments	$	1,477,040,416		$	3,548,449,287		$	—	$	5,025,489,703
Forward Contracts
Forward Foreign Currency Exchange Contracts (Unrealized Appreciation)	$	—		$	219,251		$	—	$	219,251
Forward Foreign Currency Exchange Contracts (Unrealized Depreciation)		—			(15,172,802	)		—		(15,172,802	)
Total Forward Contracts	$	—		$	(14,953,551	)	$	—	$	(14,953,551	)
Futures Contracts
Futures Contracts (Unrealized Appreciation)	$	55,787,084		$	—		$	—	$	55,787,084
Futures Contracts (Unrealized Depreciation)		(11,717,745	)		—			—		(11,717,745	)
Total Futures Contracts	$	44,069,339		$	—		$	—	$	44,069,339
OTC Swap Contracts
OTC Swap Contracts at Value (Assets)	$	—		$	17,185,770		$	—	$	17,185,770
OTC Swap Contracts at Value (Liabilities)		—			(10,536,978	)		—		(10,536,978	)
Total OTC Swap Contracts	$	—		$	6,648,792		$	—	$	6,648,792

* See Consolidated Schedule of Investments for additional detailed categorizations.

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

MIST-8

Met Investors Series Trust

AQR Global Risk Balanced Portfolio

Consolidated§ Statement of Assets and Liabilities

June 30, 2014 (Unaudited)

Assets
Investments at value (a)	$	5,025,489,703
Cash		6,320,015
Cash denominated in foreign currencies (b)		10,541,821
Cash collateral (c)		155,842,686
OTC swap contracts at market value		17,185,770
Unrealized appreciation on forward foreign currency exchange contracts		219,251
Receivable for:
Investments sold		27,729,158
Fund shares sold		536,485
Interest		10,786,080
Variation margin on futures contracts		18,429,375
Total Assets		5,273,080,344
Liabilities
OTC swap contracts at market value		10,536,978
Unrealized depreciation on forward foreign currency exchange contracts		15,172,802
Payables for:
Investments purchased		2,307
Fund shares redeemed		1,959,167
Variation margin on futures contracts		5,531,565
Accrued expenses:
Management fees		2,521,763
Distribution and service fees		1,065,244
Deferred trustees' fees		41,823
Other expenses		390,769
Total Liabilities		37,222,418
Net Assets	$	5,235,857,926
Net assets consist of:
Paid in surplus	$	4,770,408,676
Undistributed net investment income		14,587,236
Accumulated net realized gain		330,863,017
Unrealized appreciation on investments, futures contracts, swap contracts and foreign currency transactions		119,998,997
Net Assets	$	5,235,857,926
Net Assets
Class B	$	5,235,857,926
Capital Shares Outstanding*
Class B		448,702,113
Net Asset Value, Offering Price and Redemption Price Per Share
Class B	$	11.67

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

(a) Identified cost of investments was $4,941,220,816.

(b) Identified cost of cash denominated in foreign currencies was $10,446,661.

(c) Includes collateral of $155,842,172 for futures contracts and $514 for OTC swap contracts.

Consolidated§ Statement of Operations

Six Months Ended June 30, 2014 (Unaudited)

Investment Income
Interest	$	30,455,043
Total investment income		30,455,043
Expenses
Management fees		15,388,574
Administration fees		82,506
Custodian and accounting fees		337,840
Distribution and service fees—Class B		6,308,596
Audit and tax services		49,776
Legal		16,551
Trustees' fees and expenses		21,353
Shareholder reporting		105,893
Insurance		20,064
Miscellaneous		16,162
Total expenses		22,347,315
Less management fee waiver		(439,101	)
Net expenses		21,908,214
Net Investment Income		8,546,829
Net Realized and Unrealized Gain
Net realized gain (loss) on:
Investments		(1,077	)
Futures contracts		277,224,931
Swap contracts		120,343,982
Foreign currency transactions		(3,967,477	)
Net realized gain		393,600,359
Net change in unrealized appreciation (depreciation) on:
Investments		108,327,598
Futures contracts		26,252,898
Swap contracts		29,981,432
Foreign currency transactions		(7,969,926	)
Net change in unrealized appreciation		156,592,002
Net realized and unrealized gain		550,192,361
Net Increase in Net Assets From Operations	$	558,739,190

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

MIST-9

Met Investors Series Trust

AQR Global Risk Balanced Portfolio

Consolidated§ Statements of Changes in Net Assets

	Six Months Ended June 30, 2014 (Unaudited)			Year Ended December 31, 2013
Increase (Decrease) in Net Assets:
From Operations
Net investment income (loss)	$	8,546,829		$	(38,522,989	)
Net realized gain (loss)		393,600,359			(31,061,659	)
Net change in unrealized appreciation (depreciation)		156,592,002			(154,712,621	)
Increase (decrease) in net assets from operations		558,739,190			(224,297,269	)
From Distributions to Shareholders
Net investment income
Class B		0			(120,508,313	)
Net realized capital gains
Class B		(23,202,826	)		(224,559,543	)
Total distributions		(23,202,826	)		(345,067,856	)
Increase (decrease) in net assets from capital share transactions		(435,730,079	)		11,154,644
Total increase (decrease) in net assets		99,806,285			(558,210,481	)
Net Assets
Beginning of period		5,136,051,641			5,694,262,122
End of period	$	5,235,857,926		$	5,136,051,641
Undistributed net investment income
End of period	$	14,587,236		$	6,040,407

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2014 (Unaudited)						Year Ended December 31, 2013
	Shares			Value			Shares			Value
Class B
Sales		2,049,094		$	22,628,474			56,965,865		$	655,496,837
Reinvestments		2,097,905			23,202,826			31,284,484			345,067,856
Redemptions		(44,394,510	)		(481,561,379	)		(93,775,605	)		(989,410,049	)
Net decrease		(40,247,511	)	$	(435,730,079	)		(5,525,256	)	$	11,154,644
Increase (decrease) derived from capital shares transactions				$	(435,730,079	)				$	11,154,644

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

MIST-10

Met Investors Series Trust

AQR Global Risk Balanced Portfolio

Consolidated§ Financial Highlights

Selected per share data
	Class B
	Six Months Ended June 30, 2014 (Unaudited)			Year Ended December 31,						Period May 2, 2011 through December 31, 2011(a)			Period April 19, 2011 through May 2, 2011(a)
				2013			2012
Net Asset Value, Beginning of Period	$	10.50		$	11.52		$	10.53		$	10.36	(b)	$	10.00
Income (Loss) from Investment Operations
Net investment income (loss) (c)		0.02			(0.07	)		(0.00	)(d)		(0.01	)		0.51
Net realized and unrealized gain (loss) on investments		1.20			(0.30	)		1.11			0.36			(0.15	)
Total from investment operations		1.22			(0.37	)		1.11			0.35			0.36
Less Distributions
Distributions from net investment income		0.00			(0.23	)		(0.06	)		(0.15	)		0.00
Distributions from net realized capital gains		(0.05	)		(0.42	)		(0.06	)		(0.03	)		0.00
Total distributions		(0.05	)		(0.65	)		(0.12	)		(0.18	)		0.00
Net Asset Value, End of Period	$	11.67		$	10.50		$	11.52		$	10.53		$	10.36
Total Return (%) (e)		11.55	(f)		(3.39	)		10.56			3.38	(f)(g)		3.60	(f)(h)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.89	(i)		0.90			0.98			1.18	(i)
Gross ratio of expenses to average net assets excluding interest expense (%)		0.89	(i)		0.88			0.89			0.95	(i)
Net ratio of expenses to average net assets (%) (j)		0.87	(i)		0.89			0.98			1.15	(i)
Net ratio of expenses to average net assets excluding interest expense (%) (j)		0.87	(i)		0.87			0.89			0.92	(i)
Ratio of net investment income (loss) to average net assets (%)		0.34	(i)		(0.66	)		(0.04	)		(0.06	)(i)
Portfolio turnover rate (%)		0	(f)(k)		173			79			8	(f)
Net assets, end of period (in millions)	$	5,235.9		$	5,136.1		$	5,694.3		$	2,584.1

(a) Commencement of operations was April 19, 2011. Shares first became available to investors through certain separate accounts on the SEC effective date which was May 2, 2011.

(b) Net Asset Value on SEC Effective Date, May 2, 2011.

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

(d) Net investment income (loss) was less than $0.01.

(e) 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.

(f) Periods less than one year are not computed on an annualized basis.

(g) Total return for the period May 2, 2011 to December 31, 2011.

(h) Total return for the period April 19, 2011 to May 2, 2011.

(i) Computed on an annualized basis.

(j) Includes the effects of management fee waivers (see Note 7 of the Notes to Consolidated Financial Statements).

(k) There were no long term sale transactions during the period ended June 30, 2014.

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

MIST-11

Met Investors Series Trust

AQR Global Risk Balanced Portfolio

Notes to Consolidated Financial Statements—June 30, 2014 (Unaudited)

1. Organization

Met Investors Series Trust (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 currently offers forty-seven series, each of which operates as a distinct investment vehicle of the Trust. The portfolio included in this report is AQR Global Risk Balanced Portfolio (the “Portfolio”), which is non-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 four classes of shares: Class A, B, C and E shares. Class B shares are currently offered by the Portfolio.

2. Consolidation of Subsidiary - AQR Global Risk Balanced Portfolio, Ltd.

The Portfolio may invest up to 25% of its total assets in the AQR Global Risk Balanced Portfolio, Ltd., which is a wholly-owned and controlled subsidiary of the Portfolio that is organized under the laws of the Cayman Islands as an exempted company (the “Subsidiary”). The Portfolio invests in the Subsidiary in order to gain exposure to the commodities market within the limitations of the federal tax laws, rules and regulations that apply to regulated investment companies. The Portfolio has obtained a private letter ruling from the Internal Revenue Service confirming that the annual net profit, if any, realized by the Subsidiary and imputed for income tax purposes to the Portfolio will constitute “qualifying income” for the purposes of the Portfolio remaining qualified as a regulated investment company for U.S. federal income tax purposes.

The Subsidiary invests primarily in commodity futures and swaps on commodity futures, but it may also invest in other commodity-related instruments and other investments intended to serve as margin or collateral for the Subsidiary’s derivative positions. Unlike the Portfolio, the Subsidiary may invest without limitation in commodity-linked derivatives; however, the Subsidiary complies with the same 1940 Act asset coverage requirements with respect to its investments in commodity-linked derivatives that are applicable to the Portfolio’s transactions in derivatives. In addition, to the extent applicable to the investment activities of the Subsidiary, the Subsidiary is subject to the same fundamental investment restrictions and follows the same compliance policies and procedures as the Portfolio.

By investing in the Subsidiary, the Portfolio is indirectly exposed to the risks associated with the Subsidiary’s investments. The commodity-related instruments held by the Subsidiary are subject to commodities risk. There can be no assurance that the investment objective of the Subsidiary will be achieved. The Subsidiary is not registered under the 1940 Act and is not subject to all the investor protections of the 1940 Act. The Portfolio, however, wholly owns and controls the Subsidiary, and the Portfolio and Subsidiary are both managed by AQR Capital Management, LLC (the “Subadviser”), making it unlikely that the Subsidiary will take action contrary to the interests of the Portfolio and its shareholders. Changes in the laws of the United States and/or Cayman Islands could result in the inability of the Portfolio and/or the Subsidiary to operate as described in the Portfolio’s prospectus and could adversely affect the Portfolio. For example, the Cayman Islands does not currently impose any income, corporate or capital gains tax, estate duty, inheritance tax, gift tax or withholding tax on the Subsidiary. If Cayman Islands law changes such that the Subsidiary must pay Cayman Islands taxes, Portfolio shareholders would likely suffer decreased investment returns.

The consolidated Schedule of Investments, Statement of Assets and Liabilities, Statement of Operations, Statement of Changes in Net Assets, Statement of Cash Flows and the Financial Highlights of the Portfolio include the accounts of the Subsidiary. All inter-company accounts and transactions have been eliminated in consolidation for the Portfolio. The Subsidiary has a fiscal year end of December 31st for financial statement consolidation purposes and a nonconforming tax year end of November 30th.

A summary of the Portfolio’s investment in the Subsidiary is as follows:

	Inception Date of Subsidiary	Subsidiary Net Assets at June 30, 2014	% of Total Assets at June 30, 2014
AQR Global Risk Balanced Portfolio, Ltd.	4/19/2011	$516,490,992	9.8%

3. Significant Accounting Policies

The preparation of consolidated 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 consolidated 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 consolidated financial statements, management has evaluated events and transactions subsequent to June 30, 2014 through the date the consolidated financial statements were issued.

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

Investment Valuation and Fair Value Measurements - Debt securities (other than short term obligations with a remaining maturity of sixty days or less), 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 MetLife Advisers, LLC (“MetLife Advisers” or the “Adviser”), an affiliate of MetLife, Inc., pursuant to authorization of 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 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.

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, which 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 and futures contracts that are traded over-the-counter 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. 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

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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 has delegated the determination of the fair value of a security to a 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.

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 futures transactions, foreign currency transactions, swap transactions, premium amortization adjustments, controlled foreign corporation reversal and deflationary sell 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

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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 June 30, 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 Master Repurchase Agreement 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.

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 Master Repurchase Agreement 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 Consolidated Statement of Assets and Liabilities.

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.

4. 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 Consolidated 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 Consolidated Statement of Operations. These contracts involve market and/or credit risk in excess of the amount recognized in the Consolidated 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.

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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 Consolidated 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 Consolidated Statement of Assets and Liabilities and as a component of net change in unrealized appreciation/depreciation on the Consolidated 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. Futures contracts are exchange-traded and 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.

Commodity Futures Contracts and Swaps on Commodity Futures Contracts - The Subsidiary will invest primarily in commodity futures and swaps on commodity futures. Exposure to the commodities markets may subject the Portfolio to greater volatility than investments in traditional securities. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or sectors affecting a particular industry or commodity.

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 over-the-counter 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 Consolidated Schedule of Investments and restricted cash, if any, is reflected on the Consolidated 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 Consolidated 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 Consolidated 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 Consolidated Statement of Assets and Liabilities and as a component of unrealized appreciation/depreciation on the Consolidated 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 Consolidated Statement of Operations. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss on the Consolidated Statement of Operations. Net periodic payments received or paid by the Portfolio are included as part of realized gains or losses on the Consolidated 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 Consolidated 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,

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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.

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.

Equity Swaps: Equity swaps are two-party contracts that generally obligate one party to pay the positive return and the other party to pay the negative return on a specified reference security, basket of securities, security index or index component during the period of the swap. Equity swap contracts are marked to market daily based on the value of the underlying security and the change, if any, is recorded as an unrealized gain or loss. Equity swaps normally do not involve the delivery of securities or other underlying assets. If the other party to an equity swap defaults, a Portfolio’s risk of loss consists of the net amount of payments that such Portfolio is contractually entitled to receive, if any. Equity swaps are derivatives and their value can be very volatile.

Total Return Swaps: The Portfolio may enter into total return swap agreements to obtain exposure to a security or market without owning such security or investing directly in that market or to transfer the risk/return of one market (e.g., fixed income) to another market (e.g., equity) (equity risk and/or interest rate risk). Total return swaps are agreements in which one party agrees to make periodic payments to another party based on the change in market value of the assets underlying the contract, which may include a specified security, basket of securities or securities indices during the specific period, in return for periodic payments based on a fixed or floating rate or the total return from other underlying assets. When a Portfolio pays interest in exchange for the total return of an underlying asset and the value of the underlying asset decreases, the Portfolio may be required to pay the change in value to the counterparty in addition to the interest payment; conversely, when a Portfolio receives interest in exchange for the total return of an underlying asset and the value of the underlying asset decreases, the Portfolio may receive the change in value in addition to the interest payment. To the extent the total return of the instrument or index underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the Portfolio will receive a payment from or make a payment to the counterparty. Total return swaps can also be structured without an interest payment, so that one party pays the other party if the value of the underlying asset increases and receives payment from the other party if the value of the underlying asset decreases.

At June 30, 2014, the Portfolio had the following derivatives, categorized by risk exposure:

	Asset Derivatives			Liability Derivatives
Risk Exposure	Consolidated Statement of Assets & Liabilities Location	Fair Value		Consolidated Statement of Assets & Liabilities Location	Fair Value
Interest Rate	OTC swap contracts at market value	$	6,132,023
	Unrealized appreciation on futures contracts* (a)		22,957,405	Unrealized depreciation on futures contracts* (a)	$	1,524,402
Equity	OTC swap contracts at market value		807,071	OTC swap contracts at market value		2,192,208
	Unrealized appreciation on futures contracts* (a)		24,368,298	Unrealized depreciation on futures contracts* (a)		3,519,475
Commodity	OTC swap contracts at market value		10,246,676	OTC swap contracts at market value		8,344,770
	Unrealized appreciation on futures contracts* (a)		8,461,381	Unrealized depreciation on futures contracts* (a)		6,673,868
Foreign Exchange	Unrealized appreciation on forward foreign currency exchange contracts		219,251	Unrealized depreciation on forward foreign currency exchange contracts		15,172,802
Total		$	73,192,105		$	37,427,525

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

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

The Portfolio is required to disclose the impact of offsetting assets and liabilities represented in the Consolidated 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.

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The following table presents the Portfolio's derivative assets by counterparty net of amounts available for offset under a master netting agreement (“MNA”), or similar agreement, and net of the related collateral received by the Portfolio as of June 30, 2014.

Counterparty	Derivative Assets subject to a MNA by Counterparty		Financial Instruments available for offset			Collateral Received†		Net Amount*
Bank of America N.A.	$	8,532,874	$	(2,192,208	)	$	—	$	6,340,666
Barclays Bank plc		8,652,896		(8,344,770	)		—		308,126
Royal Bank of Scotland plc		219,251		(219,251	)		—		—
	$	17,405,021	$	(10,756,229	)	$	—	$	6,648,792

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 June 30, 2014.

Counterparty	Derivative Liabilities subject to a MNA by Counterparty		Financial Instruments available for offset			Collateral Pledged†			Net Amount**
Bank of America N.A.	$	2,192,208	$	(2,192,208	)	$	—		$	—
Barclays Bank plc		8,344,770		(8,344,770	)		—			—
Royal Bank of Scotland plc		15,172,802		(219,251	)		(8,890,003	)		6,063,548
	$	25,709,780	$	(10,756,229	)	$	(8,890,003	)	$	6,063,548

* 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 six months ended June 30, 2014 were as follows:

Consolidated Statement of Operations Location—Net Realized Gain (Loss)	Interest Rate		Equity			Commodity		Foreign Exchange			Total
Forward foreign currency transactions	$	—	$	—		$	—	$	(3,832,681	)	$	(3,832,681	)
Futures contracts		112,146,765		153,059,757			12,018,409		—			277,224,931
Swap contracts		43,690,533		8,351,423			68,302,026		—			120,343,982
	$	155,837,298	$	161,411,180		$	80,320,435	$	(3,832,681	)	$	393,736,232
Consolidated Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)	Interest Rate		Equity			Commodity		Foreign Exchange			Total
Forward foreign currency transactions	$	—	$	—		$	—	$	(7,886,559	)	$	(7,886,559	)
Futures contracts		83,582,534		(67,271,902	)		9,942,266		—			26,252,898
Swap contracts		36,427,621		(7,648,048	)		1,201,859		—			29,981,432
	$	120,010,155	$	(74,919,950	)	$	11,144,125	$	(7,886,559	)	$	48,347,771

For the six months ended June 30, 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	$	1,339,124,098
Futures contracts long		3,386,319,380
Futures contracts short		(80,848	)
Swap contracts		111,396,682

‡ Averages are based on activity levels during the period.

5. 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

MIST-18

Met Investors Series Trust

AQR Global Risk Balanced Portfolio

Notes to Consolidated Financial Statements—June 30, 2014—(Continued)

whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; currency, interest rate, and price fluctuations.

Commodities Risk: Exposure to the commodities markets may subject the Portfolio to greater volatility than investments in traditional securities. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity.

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 consolidated 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 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 over-the-counter traded derivatives (e.g., forward foreign currency exchange contracts, swap agreements and over-the-counter 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 Consolidated 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 Consolidated Statement of Assets and Liabilities. Securities pledged as collateral, if any, for the same purpose are noted in the Consolidated 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 addendums 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.

MIST-19

Met Investors Series Trust

AQR Global Risk Balanced Portfolio

Notes to Consolidated Financial Statements—June 30, 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.

6. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2014 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$182,351,899	$	112,047,175	$	0	$	0

7. 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 six months ended June 30, 2014	% per annum			Average Daily Net Assets
$15,388,574		0.675	%	First $250 million
		0.650	%	$250 million to $750 million
		0.625	%	$750 million to $1 billion
		0.600	%	Over $1 billion

MetLife Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. The Subadviser 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 reduction	Average Daily Net Assets
0.010%	$1 billion to $3.5 billion
0.040%	Over $3.5 billion

Prior to April 28, 2014 the Adviser had agreed, for the period April 29, 2013 to April 27, 2014, 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
0.030%	Over $3.5 billion

Amounts waived for the six months ended June 30, 2014 are shown as a management fee waiver in the Consolidated 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 Agreement and Plan - 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 B Shares. MIDC is a wholly-owned subsidiary of MetLife Investors Group, Inc., an affiliate of the Adviser. The Class B distribution plan provides that the Trust, on behalf of the Portfolio, may pay annually up to 0.50% of the average daily net assets of the Portfolio attributable to its Class B Shares with respect to activities primarily intended to result in the sale of Class B Shares. However, under the Class B distribution agreement, payments to the Distributor for activities pursuant to the Class B distribution plan are currently limited to payments at an annual rate equal to 0.25% of average daily net assets of the Portfolio attributable to its Class B Shares. Amounts incurred by the Portfolio for the six months ended June 30, 2014 are shown as Distribution and service fees in the Consolidated Statement of Operations.

MIST-20

Met Investors Series Trust

AQR Global Risk Balanced Portfolio

Notes to Consolidated Financial Statements—June 30, 2014—(Continued)

Under the terms of the Class B distribution plan and distribution agreement, the Portfolio is authorized to make payments monthly to the Distributor that may be used to pay or reimburse entities providing distribution and shareholder servicing with respect to the Class B Shares for such entities’ fees or expenses incurred.

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 Metropolitan Series Fund, 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 Consolidated Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Consolidated Statement of Assets and Liabilities.

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, 2013 and 2012 were as follows:

Ordinary Income			Long-Term Capital Gains				Total
2013	2012		2013		2012		2013		2012
$264,208,421	$	25,817,343	$	80,859,435	$	12,340,123	$	345,067,856	$	38,157,466

As of December 31, 2013, 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		Total
$—	$	22,678,111	$	(92,730,733	)	$	—	$	(70,052,622	)

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.

As of December 31, 2013, the Portfolio had no capital loss carryforwards.

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 January 1, 2015, and interim periods within those fiscal years. Management is evaluating the impact, if any, of this guidance on the Portfolio’s financial statement disclosures.

MIST-21

Met Investors Series Trust

BlackRock Global Tactical Strategies Portfolio

Managed By BlackRock Financial Management, Inc.

Portfolio Manager Commentary*

PERFORMANCE

For the six month period ended June 30, 2014, the Class B shares of the BlackRock Global Tactical Strategies Portfolio returned 5.72%. The Portfolio’s benchmark, the Dow Jones Moderate Index¹, returned 5.77%.

MARKET ENVIRONMENT / CONDITIONS

Despite a slow start to the year, risk assets advanced over the six-month period with minimal volatility, supported by global accommodative monetary policy. In the U.S., data releases since March generally pointed to improving economic momentum, following a weak first quarter in which Gross Domestic Product contracted by an annualized 2.9%. The Federal Reserve (the “Fed”), under the leadership of Janet Yellen, maintained its dovish stance, signaling no change to the gradual tapering of its bond buying program despite falling unemployment and slowly building inflation pressures. On a sector basis, Utilities, Energy, and Health Care delivered impressive results within the broad-market S&P 500 Index, while Consumer Discretionary, Industrials, and Financials lagged. European equities edged higher as economic activity continued to improve, largely due to receding challenges in the peripheral countries of the Eurozone. However, concerned over the progress of the economic recovery, the European Central Bank (the “ECB”) announced further measures (including the introduction of a negative deposit rate) in its attempt to stimulate growth and fend off the risk of deflation. Within the emerging markets, the geopolitical risks that unsettled markets early this year, including a crisis in Ukraine and weak macroeconomic data from China, eased during the second quarter. Emerging markets equities, which underperformed in the first quarter, rebounded in second quarter and the MSCI Emerging Market Index posted its biggest quarterly gain since 2012. Within fixed income, global bonds rallied and government bond yields remained low, confounding market expectations for higher interest rates.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Portfolio’s assets are generally allocated across a broad range of asset classes in a tactical sleeve. The volatility of the Portfolio is generally managed by transferring assets out of the tactical sleeve into cash during periods of high volatility, and back into the tactical sleeve during periods of low volatility.

On a broad asset allocation level, the Portfolio remained overweight in equities relative to fixed income, consistent with our ongoing view that improving economic growth and easy global monetary policy could create a favorable backdrop for equities, particularly in the developed markets. During the period, we modestly increased the Portfolio’s aggregate equity exposure, which benefitted performance as equity markets broadly advanced. Within fixed income, the Portfolio was tactically underweight duration, which modestly detracted from performance. Portfolio positioning and performance can be viewed through the following key macroeconomic themes:

We believe that U.S. economic growth is set to accelerate in the coming months and we have expressed this view with overweight positions in the U.S. dollar, U.S. equities, and pro-cyclical U.S. sectors. During the period, the Portfolio maintained overweight positions in the Health Care, Information Technology, and Financials sectors, but closed out of a Consumer Discretionary tilt due to less attractive valuations. While U.S. stocks continued to benefit from a dovish Fed and encouraging economic data, equity market gains were partially offset by a sector tilt toward Financials, which underperformed the S&P 500 Index.

A second theme expressed in the Portfolio was an ongoing slowdown in the emerging markets that we believe will likely impact developed economies tied to emerging growth. During the second quarter, we initiated an Australian bond overweight and maintained a modest Australian equity underweight as we believe that China’s transition to a lower growth model will likely reduce global demand for iron ore, thereby hindering growth prospects in Australia’s mining-dependent economy. These positions buoyed performance as mixed economic data and the central bank’s desire to maintain current rate levels led to a sharp decline in Australian bond yields and relatively muted equity market returns.

We continue to believe that structural reforms, along with existing tightness in labor markets, have the potential to place Japan on a higher-inflation, higher-growth trajectory over the next six to twelve months. During the second quarter, we cut losses on a yen underweight, preferring to express our bullish view on Japanese reflation by increasing the Portfolio’s Japanese equity overweight to 4%. These positions modestly detracted from performance as the Japanese equity market significantly weakened at the beginning of the year (before rebounding during the second quarter), while the yen strengthened. We believe that improved expectations around earnings growth and attractive valuations should push Japanese equities higher.

We maintain a constructive view on European equities and believe the Portfolio is well-positioned to benefit from economic recovery in the region. During the quarter, we increased and broadened European equity exposure, introducing positions in peripheral economies such as Italy and Spain, while maintaining existing tilts to key core economies (Germany and France). Inflationary pressures remained weak across the Eurozone (in both core and peripheral economies), which means that it should be easier to generate consensus to support easing measures on the Governing Council. While easing measures should support the growth backdrop, one of the key mechanisms by which easing should support the equity market is via the exchange rate. Thus, given the potential for further easing by the ECB, we increased our euro underweight position. While the ECB and the Bank of Japan appear supportive of reflationary trends, the Bank of England is likely to become more hawkish in response to signs of strengthening growth data and wage pressures, potentially weighing on equities and creating upward pressure on the currency against the U.S. dollar. As a result, over the first half of the year, we cut an underweight to the British pound and later initiated an overweight

MIST-1

Met Investors Series Trust

BlackRock Global Tactical Strategies Portfolio

Managed By BlackRock Financial Management, Inc.

Portfolio Manager Commentary*—(Continued)

position. Both the Portfolio’s European equity country overweight positions and European currency bets contributed to performance.

Within real assets, the Portfolio remained underweight in real estate, which detracted from performance as the asset class continued to thrive in the low interest rate environment. Over the period, we cut losses on a commodity underweight position, ultimately initiating a commodity overweight as geopolitical tensions arising from conflict in Iraq increased the probability of a spike in oil prices.

During the period, the Portfolio held derivatives, which positively impacted performance. As part of the Portfolio’s design, we use a 10-year interest rate swap to overlay 30% of total portfolio NAV in order to help dampen volatility. This position lifted performance as interest rates declined; over the period, the 10-year U.S. Treasury rate slid from 3.03% to 2.53%. The Portfolio also employs derivatives to hedge and/or take outright views primarily through equity and bond futures. During the period, the Portfolio used futures to access local currency returns in U.K., German, Italian, Spanish, Swiss, Swedish, and Japanese markets, as well as to hedge out currency exposure to the Japanese yen and euro, and introduce exposure to the British pound. Additionally, the Portfolio used 10-year note, 5-year note, and long U.S. bond futures, as well as a long Australia 10-year bond future, to help adjust Portfolio duration according to our views.

We remain optimistic about the state of the global economic environment, led by the developed world. Within equities, we have shifted exposure to international developed equities, where valuations appear relatively more attractive and accommodative monetary policies will likely support risk assets. We continue to believe economic momentum in the emerging markets is slowing and the transition to new growth models remains uneven and bumpy. Within fixed income, the Portfolio continues to hold exposure to credit sectors with higher yields than core bonds, yet we remain concerned over the substantial inflows these sectors have experienced. Overall, while we maintain a constructive outlook on both the global economy and risk assets, we expect heightened volatility as markets adjust to the notion of a less-accommodative Fed.

Philip Green

Portfolio Manager

BlackRock Financial Management, 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 and 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 those of the subadvisory firm as of June 30, 2014 and 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 statements) 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 applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable annuity or insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

MIST-2

Met Investors Series Trust

BlackRock Global Tactical Strategies Portfolio

A $10,000 INVESTMENT COMPARED TO THE DOW JONES MODERATE INDEX

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2014

	6 Month		1 Year		Since Inception2
BlackRock Global Tactical Strategies Portfolio
Class B		5.72		15.21		6.75
Dow Jones Moderate Index		5.77		16.21		7.94

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 of that combination will have 60% of the risk of an all equity portfolio.

² Inception date of the Class B shares is 5/2/2011. 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.

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 JUNE 30, 2014

Top Holdings

	% of Net Assets
Financial Select Sector SPDR Fund		11.5
iShares Core Total U.S. Bond Market ETF		10.4
Health Care Select Sector SPDR Fund		6.6
iShares Barclays 1-3 Year Credit Bond Fund		6.1
iShares iBoxx $ Investment Grade Corporate Bond ETF		5.7
Vanguard Total Bond Market ETF		5.4
Technology Select Sector SPDR Fund		5.2
iShares MSCI EAFE Index Fund		4.6
Powershares QQQ Trust - Series 1		3.3
Energy Select Sector SPDR Fund		3.2

MIST-3

Met Investors Series Trust

BlackRock Global Tactical Strategies Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

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, January 1, 2014 through June 30, 2014.

Actual Expenses

The first line 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 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 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 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 Global Tactical Strategies Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2014		Ending Account Value June 30, 2014		Expenses Paid During Period** January 1, 2014 to June 30, 2014
Class B(a)(b)	Actual		0.89	%	$	1,000.00	$	1,057.20	$	4.54
	Hypothetical*		0.89	%	$	1,000.00	$	1,020.38	$	4.46

* 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 (181 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 7 of the Notes to Consolidated Financial Statements.

^(b) The annualized expense ratio does not include the expenses of the Underlying ETFs in which the Portfolio invests.

MIST-4

Met Investors Series Trust

BlackRock Global Tactical Strategies Portfolio

Consolidated§ Schedule of Investments as of June 30, 2014 (Unaudited)

Investment Company Securities—69.8% of Net Assets

Security Description	Shares		Value
Consumer Discretionary Select Sector SPDR Fund (a)		3,290,430	$	219,603,298
Energy Select Sector SPDR Fund (a)		2,589,874		259,246,387
Financial Select Sector SPDR Fund (a)		40,743,929		926,516,946
Health Care Select Sector SPDR Fund (a)		8,727,952		530,921,320
Industrial Select Sector SPDR Fund		1,729,908		93,518,827
iShares Barclays 1-3 Year Credit Bond Fund (a) (b)		4,618,949		488,130,530
iShares Barclays Intermediate Credit Bond Fund (a) (b)		1,173,627		129,310,223
iShares Core Total U.S. Bond Market ETF (b)		7,646,966		836,578,081
iShares iBoxx $ Investment Grade Corporate Bond ETF (a) (b)		3,858,200		460,128,932
iShares MSCI EAFE Index Fund (a) (b)		5,418,553		370,466,469
iShares MSCI EMU ETF (a) (b)		1,694,629		71,716,699
Powershares QQQ Trust - Series 1 (a)		2,813,708		264,235,318
Technology Select Sector SPDR Fund (a)		11,005,261		422,051,759
Vanguard Short-Term Corporate Bond ETF (a)		1,458,405		117,212,010
Vanguard Total Bond Market ETF		5,264,314		432,831,897
Total Investment Company Securities (Cost $5,121,815,943)				5,622,468,696
Short-Term Investments—46.0%
Mutual Funds—19.0%
SSgA USD Liquidity Fund, S2 shares, 0.03% (c)		31,089,705		31,089,705
State Street Navigator Securities Lending MET Portfolio (d)		1,500,778,598		1,500,778,598
				1,531,868,303
Security Description	Principal Amount*		Value
Repurchase Agreement—27.0%
Fixed Income Clearing Corp. Repurchase Agreement dated 06/30/14 at 0.000% to be repurchased at $2,170,093,488 on 07/01/14, collateralized by $2,147,510,000 U.S. Government Agency obligations with rates ranging from of 0.625% - 4.875%, maturity dates ranging from 07/31/15 - 01/31/17, with a value of $2,213,512,341.		2,170,093,488		2,170,093,488
Total Short-Term Investments (Cost $3,701,961,791)				3,701,961,791
Total Investments—115.8% (Cost $8,823,777,734) (e)				9,324,430,487
Other assets and liabilities (net)—(15.8)%				(1,270,786,674	)
Net Assets—100.0%			$	8,053,643,813

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

(a) All or a portion of the security was held on loan. As of June 30, 2014, the market value of securities loaned was $1,466,435,771 and the collateral received consisted of cash in the amount of $1,500,778,598. The cash collateral is invested in a money market fund managed by an affiliate of the custodian.

(b) Affiliated Issuer. (See Note 8 of the Notes to Consolidated Financial Statements for a summary of transactions in securities of affiliated issuers.)

(c) The rate shown represents the annualized seven-day yield as of June 30, 2014.

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

(e) As of June 30, 2014, the aggregate cost of investments was $8,823,777,734. The aggregate unrealized appreciation and depreciation of investments were $512,868,192 and $(12,215,439), respectively, resulting in net unrealized appreciation of $500,652,753.

(ETF)— Exchange-Traded Fund

Futures Contracts

Futures Contracts—Long	Expiration Date		Number of Contracts		Notional Amount			Unrealized Appreciation/ (Depreciation)
Australian 10 Year Treasury Bond Futures		09/15/14		1,790		AUD	211,348,773	$	4,051,553
Australian Currency Futures		09/15/14		1,415		USD	131,904,107		766,293
British Pound Currency Futures		09/15/14		5,012		USD	525,705,422		9,795,453
CAC 40 Index Futures		07/18/14		978		EUR	44,334,354		(1,488,695	)
DAX Index Futures		09/19/14		290		EUR	71,800,920		(437,553	)
Euro Stoxx 50 Index Futures		09/19/14		11,697		EUR	382,540,801		(6,153,308	)
FTSE 100 Index Futures		09/19/14		397		GBP	26,682,902		(68,853	)
FTSE MIB Index Futures		09/19/14		427		EUR	47,235,549		(2,401,265	)
IBEX 35 Index Futures		07/18/14		414		EUR	45,544,685		(825,571	)
Japanese Yen Currency Futures		09/15/14		2,274		USD	278,782,394		2,056,606
Nikkei 225 Index Futures		09/11/14		4,420		JPY	66,468,685,658		5,315,773
OMX 30 Index Futures		07/18/14		3,000		SEK	417,297,510		(515,975	)
Swiss Franc Currency Futures		09/15/14		900		USD	125,096,040		1,882,710
Swiss Market Index Futures		09/19/14		1,465		CHF	126,736,351		(1,700,667	)

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

MIST-5

Met Investors Series Trust

BlackRock Global Tactical Strategies Portfolio

Consolidated§ Schedule of Investments as of June 30, 2014 (Unaudited)

Futures Contracts (Continued)

Futures Contracts—Short	Expiration Date		Number of Contracts			Notional Amount				Unrealized Appreciation/ (Depreciation)
Euro Currency Futures		09/15/14		(954	)		USD	(161,361,373	)		(1,987,277	)
U.S. Treasury Long Bond Futures		09/19/14		(126	)		USD	(17,193,902	)		(91,723	)
U.S. Treasury Note 5 Year Futures		09/30/14		(5,795	)		USD	(691,844,791	)		(431,346	)
Net Unrealized Appreciation										$	7,766,155

Swap Agreements

Total Return Swap Agreements

Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate			Maturity Date	Counterparty	Underlying Reference Instrument	Notional Amount			Market Value			Upfront Premium Paid/(Received)		Unrealized Appreciation/ (Depreciation)
Receive	JPMorgan Excess Return Index		0.000	%	09/05/14	JPMorgan Chase Bank N.A.	S+P GSCI Index		USD	156,620,868	$	4,052,994		$	—	$	4,052,994
Receive	JPMorgan Excess Return Index		0.000	%	09/05/14	JPMorgan Chase Bank N.A.	S+P GSCI Index		USD	151,264,879		3,914,394			—		3,914,394
Receive	JPMorgan Excess Return Index		0.000	%	12/23/14	JPMorgan Chase Bank N.A.	S+P GSCI Index		USD	155,000,021		(2,263,262	)		—		(2,263,262	)
Totals											$	5,704,126		$	—	$	5,704,126

Centrally Cleared Interest Rate Swap Agreements

Pay/Receive Floating Rate	Floating Rate Index		Fixed Rate			Maturity Date		Notional Amount			Unrealized Appreciation
Pay		3-Month USD-LIBOR		2.720	%		06/24/24		USD	404,000,000	$	4,028,728
Pay		3-Month USD-LIBOR		2.685	%		06/25/24		USD	424,000,000		2,861,746
Pay		3-Month USD-LIBOR		2.700	%		06/26/24		USD	785,000,000		6,352,534
Pay		3-Month USD-LIBOR		2.635	%		06/27/24		USD	400,000,000		868,520
Pay		3-Month USD-LIBOR		2.640	%		06/30/24		USD	400,000,000		1,076,960
Total											$	15,188,488

(AUD)— Australian Dollar

(CHF)— Swiss Franc

(EUR)— Euro

(GBP)— British Pound

(JPY)— Japanese Yen

(SEK)— Swedish Krona

(USD)— United States Dollar

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

MIST-6

Met Investors Series Trust

BlackRock Global Tactical Strategies Portfolio

Consolidated§ Schedule of Investments as of June 30, 2014 (Unaudited)

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 Consolidated Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2014:

Description	Level 1			Level 2			Level 3		Total
Total Investment Company Securities	$	5,622,468,696		$	—		$	—	$	5,622,468,696
Short-Term Investments
Mutual Funds		1,531,868,303			—			—		1,531,868,303
Repurchase Agreement		—			2,170,093,488			—		2,170,093,488
Total Short-Term Investments		1,531,868,303			2,170,093,488			—		3,701,961,791
Total Investments	$	7,154,336,999		$	2,170,093,488		$	—	$	9,324,430,487
Collateral for Securities Loaned (Liability)	$	—		$	(1,500,778,598	)	$	—	$	(1,500,778,598	)
Futures Contracts
Futures Contracts (Unrealized Appreciation)	$	23,868,388		$	—		$	—	$	23,868,388
Futures Contracts (Unrealized Depreciation)		(16,102,233	)		—			—		(16,102,233	)
Total Futures Contracts	$	7,766,155		$	—		$	—	$	7,766,155
Centrally Cleared Swap Contracts
Centrally Cleared Swap Contracts (Unrealized Appreciation)	$	—		$	15,188,488		$	—	$	15,188,488
OTC Swap Contracts
OTC Swap Contracts at Value (Assets)	$	—		$	7,967,388		$	—	$	7,967,388
OTC Swap Contracts at Value (Liabilities)		—			(2,263,262	)		—		(2,263,262	)
Total OTC Swap Contracts	$	—		$	5,704,126		$	—	$	5,704,126

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

MIST-7

Met Investors Series Trust

BlackRock Global Tactical Strategies Portfolio

Consolidated§ Statement of Assets and Liabilities

June 30, 2014 (Unaudited)

Assets
Investments at value (a) (b)	$	4,798,006,065
Affiliated investments at value (c) (d)		2,356,330,934
Repurchase Agreement		2,170,093,488
Cash denominated in foreign currencies (e)		325,704
Cash collateral (f)		221,675,000
OTC swap contracts at market value		7,967,388
Receivable for:
Fund shares sold		80,514
Dividends and interest		11,168,245
Variation margin on futures contracts		6,530,732
Variation margin on swap contracts		4,615,845
Total Assets		9,576,793,915
Liabilities
OTC swap contracts at market value		2,263,262
Cash collateral for OTC swap contracts		9,290,000
Collateral for securities loaned		1,500,778,598
Payables for:
Investments purchased		578
Fund shares redeemed		4,628,107
Accrued expenses:
Management fees		4,150,170
Distribution and service fees		1,648,758
Deferred trustees’ fees		41,823
Other expenses		348,806
Total Liabilities		1,523,150,102
Net Assets	$	8,053,643,813
Net assets consist of:
Paid in surplus	$	7,233,462,866
Undistributed net investment income		21,819,149
Accumulated net realized gain		268,824,982
Unrealized appreciation on investments, affiliated investments, futures contracts, swap contracts and foreign currency transactions		529,536,816
Net Assets	$	8,053,643,813
Net Assets
Class B	$	8,053,643,813
Capital Shares Outstanding*
Class B		738,228,719
Net Asset Value, Offering Price and Redemption Price Per Share
Class B	$	10.91

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

(a) Identified cost of investments, excluding repurchase agreement and affiliated investments, was $4,392,239,124.

(b) Includes securities loaned at value of $989,207,734.

(c) Identified cost of affiliated investments was $2,261,445,122.

(d) Includes securities loaned at value of $477,228,037.

(e) Identified cost of cash denominated in foreign currencies was $325,181.

(f) Includes collateral of $131,345,000 for futures contracts and $90,330,000 for centrally cleared swap contracts.

Consolidated§ Statement of Operations

Six Months Ended June 30, 2014 (Unaudited)

Investment Income
Dividends from Underlying ETFs	$	26,012,308
Dividends from affiliated investments		28,809,774
Interest		92,897
Securities lending income		2,123,385
Total investment income		57,038,364
Expenses
Management fees		25,586,023
Administration fees		113,647
Custodian and accounting fees		255,758
Distribution and service fees—Class B		9,726,342
Audit and tax services		22,848
Legal		18,510
Trustees’ fees and expenses		21,351
Shareholder reporting		105,268
Insurance		24,178
Miscellaneous		20,015
Total expenses		35,893,940
Less management fee waiver		(1,077,460	)
Net expenses		34,816,480
Net Investment Income		22,221,884
Net Realized and Unrealized Gain
Net realized gain (loss) on:
Investments		57,754,229
Affiliated investments		163,688,963
Capital gain distributions from Underlying ETFs		42,115
Futures contracts		138,163,489
Swap contracts		(24,553,110	)
Foreign currency transactions		47,232
Net realized gain		335,142,918
Net change in unrealized appreciation (depreciation) on:
Investments		71,311,506
Affiliated investments		(92,100,046	)
Futures contracts		(70,503,993	)
Swap contracts		163,091,143
Foreign currency transactions		227,039
Net change in unrealized appreciation		72,025,649
Net realized and unrealized gain		407,168,567
Net Increase in Net Assets From Operations	$	429,390,451

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

MIST-8

Met Investors Series Trust

BlackRock Global Tactical Strategies Portfolio

Consolidated§ Statements of Changes in Net Assets

	Six Months Ended June 30, 2014 (Unaudited)			Year Ended December 31, 2013
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	22,221,884		$	43,279,202
Net realized gain		335,142,918			434,121,452
Net change in unrealized appreciation		72,025,649			256,873,791
Increase in net assets from operations		429,390,451			734,274,445
From Distributions to Shareholders
Net investment income
Class B		(88,385,504	)		(100,334,481	)
Net realized capital gains
Class B		(416,873,360	)		(162,184,503	)
Total distributions		(505,258,864	)		(262,518,984	)
Increase in net assets from capital share transactions		311,749,244			587,431,812
Total increase in net assets		235,880,831			1,059,187,273
Net Assets
Beginning of period		7,817,762,982			6,758,575,709
End of period	$	8,053,643,813		$	7,817,762,982
Undistributed net investment income
End of period	$	21,819,149		$	87,982,769

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2014 (Unaudited)						Year Ended December 31, 2013
	Shares			Value			Shares			Value
Class B
Sales		4,525,937		$	49,282,585			69,546,352		$	732,102,877
Reinvestments		48,582,583			505,258,864			25,561,732			262,518,984
Redemptions		(22,161,343	)		(242,792,205	)		(38,460,912	)		(407,190,049	)
Net increase		30,947,177		$	311,749,244			56,647,172		$	587,431,812
Increase derived from capital shares transactions				$	311,749,244					$	587,431,812

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

MIST-9

Met Investors Series Trust

BlackRock Global Tactical Strategies Portfolio

Consolidated§ Financial Highlights

Selected per share data
	Class B
	Six Months Ended June 30, 2014 (Unaudited)			Year Ended December 31,
				2013			2012			2011(a)
Net Asset Value, Beginning of Period	$	11.05		$	10.39		$	9.52		$	10.00
Income (Loss) from Investment Operations
Net investment income (b)		0.03			0.06			0.14			0.09
Net realized and unrealized gain (loss) on investments		0.56			0.99			0.73			(0.44	)
Total from investment operations		0.59			1.05			0.87			(0.35	)
Less Distributions
Distributions from net investment income		(0.13	)		(0.15	)		0.00			(0.06	)
Distributions from net realized capital gains		(0.60	)		(0.24	)		(0.00	)(c)		(0.07	)
Total distributions		(0.73	)		(0.39	)		0.00			(0.13	)
Net Asset Value, End of Period	$	10.91		$	11.05		$	10.39		$	9.52
Total Return (%) (d)		5.72	(e)		10.31			9.14			(3.41	)(e)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%) (g)		0.92	(f)		0.92			0.93			0.96	(f)
Net ratio of expenses to average net assets (%) (g)(h)		0.89	(f)		0.91			0.93			0.92	(f)
Ratio of net investment income to average net assets (%) (i)		0.57	(f)		0.58			1.37			1.45	(f)
Portfolio turnover rate (%)		22	(e)		51			62			75	(e)
Net assets, end of period (in millions)	$	8,053.6		$	7,817.8		$	6,758.6		$	3,685.7

(a) Commencement of operations was May 2, 2011.

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

(c) Distributions from net realized capital gains 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) Periods less than one year are not computed on an annualized basis.

(f) Computed on an annualized basis.

(g) The ratio of operating expenses to average net assets does not include expenses of the Underlying ETFs in which the Portfolio invests.

(h) Includes the effects of management fee waivers (see Note 7 of the Notes to Consolidated Financial Statements).

(i) Recognition of net investment income by the Portfolio is affected by the timing of the declaration of dividends by the Underlying ETFs in which it invests.

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

MIST-10

Met Investors Series Trust

BlackRock Global Tactical Strategies Portfolio

Notes to Consolidated Financial Statements—June 30, 2014 (Unaudited)

1. Organization

Met Investors Series Trust (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 currently offers forty-seven series, each of which operates as a distinct investment vehicle of the Trust. The portfolio included in this report is BlackRock Global Tactical Strategies 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 four classes of shares: Class A, B, C and E shares. Class B shares are currently offered by the Portfolio.

The Portfolio allocates its assets in a broad range of asset classes, primarily through other investment companies known as exchange traded funds (“Underlying ETFs”), involving primarily series of the iShares^® Trust and iShares^®, Inc., but the Portfolio also has the ability to invest in series sponsored by other companies.

2. Consolidation of Subsidiary - BlackRock Global Tactical Strategies Portfolio, Ltd.

The Portfolio may invest up to 6% of its total assets in the BlackRock Global Tactical Strategies Portfolio, Ltd., which is a wholly-owned and controlled subsidiary of the Portfolio that is organized under the laws of the Cayman Islands as an exempted company (the “Subsidiary”). The Portfolio invests in the Subsidiary in order to gain exposure to the commodities market within the limitations of the federal tax laws, rules and regulations that apply to regulated investment companies. The Portfolio has obtained an opinion from legal counsel to the effect that the annual net profit, if any, realized by the Subsidiary and imputed for income tax purposes to the Portfolio should constitute “qualifying income” for purposes of the Portfolio remaining qualified as a regulated investment company for U.S federal income tax purposes. It is possible that the Internal Revenue Service or a court could disagree with the legal opinion obtained by the Portfolio.

The Subsidiary invests primarily in commodity-linked derivatives and exchange traded funds. Unlike the Portfolio, the Subsidiary may invest without limitation in commodity-linked derivatives; however, the Subsidiary complies with the same 1940 Act asset coverage requirements with respect to its investments in commodity-linked derivatives that are applicable to the Portfolio’s transactions in derivatives. In addition, to the extent applicable to the investment activities of the Subsidiary, the Subsidiary is subject to the same fundamental investment restrictions and follows the same compliance policies and procedures as the Portfolio.

By investing in the Subsidiary, the Portfolio is indirectly exposed to the risks associated with the Subsidiary’s investments. The commodity-related instruments held by the Subsidiary are subject to commodities risk. There can be no assurance that the investment objective of the Subsidiary will be achieved. The Subsidiary is not registered under the 1940 Act and is not subject to all the investor protections of the 1940 Act. The Portfolio, however, wholly owns and controls the Subsidiary, and the Portfolio and Subsidiary are both managed by BlackRock Financial Management, Inc. (the “Subadviser”), making it unlikely that the Subsidiary will take action contrary to the interests of the Portfolio and its shareholders. Changes in the laws of the United States and/or Cayman Islands could result in the inability of the Portfolio and/or the Subsidiary to operate as described in the Portfolio’s prospectus and could adversely affect the Portfolio. For example, the Cayman Islands does not currently impose any income, corporate or capital gains tax, estate duty, inheritance tax, gift tax or withholding tax on the Subsidiary. If Cayman Islands law changes such that the Subsidiary must pay Cayman Islands taxes, Portfolio shareholders would likely suffer decreased investment returns.

The consolidated Schedule of Investments, Statement of Assets and Liabilities, Statement of Operations, Statement of Changes in Net Assets and the Financial Highlights of the Portfolio includes the accounts of the Subsidiary. All inter-company accounts and transactions have been eliminated in consolidation for the Portfolio. The Subsidiary has a fiscal year end of December 31st for financial statement consolidation purposes and a nonconforming tax year end of November 30th.

A summary of the Portfolio’s investment in the Subsidiary is as follows:

	Inception Date of Subsidiary	Subsidiary Net Assets at June 30, 2014	% of Total Assets at June 30, 2014
BlackRock Global Tactical Strategies Portfolio, Ltd.	5/14/2013	$27,503,803	0.3%

3. Significant Accounting Policies

The preparation of consolidated 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 consolidated 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 consolidated financial statements, management has evaluated events and transactions subsequent to June 30, 2014 through the date the consolidated financial statements were issued.

MIST-11

Met Investors Series Trust

BlackRock Global Tactical Strategies Portfolio

Notes to Consolidated Financial Statements—June 30, 2014—(Continued)

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

Investment Valuation and Fair Value Measurements - Debt securities (other than short term obligations with a remaining maturity of sixty days or less), 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 MetLife Advisers, LLC (“MetLife Advisers” or the “Adviser”), an affiliate of MetLife, Inc., pursuant to authorization of 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 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 the Underlying ETFs are valued at the closing market quotation for their shares. The net asset value of the Portfolio is calculated based on the market values of the Underlying ETFs in which the Portfolio invests. For information about the use of fair value pricing by the Underlying ETFs, please refer to the prospectuses for such Underlying ETFs.

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, which 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 and futures contracts that are traded over-the-counter 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. These contracts are generally categorized as Level 2 within the fair value hierarchy.

MIST-12

Met Investors Series Trust

BlackRock Global Tactical Strategies Portfolio

Notes to Consolidated Financial Statements—June 30, 2014—(Continued)

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 has delegated the determination of the fair value of a security to a 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.

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, swap transactions and short-term dividend reclass from Underlying ETFs. These adjustments have no impact on net assets or the results of operations.

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Met Investors Series Trust

BlackRock Global Tactical Strategies Portfolio

Notes to Consolidated Financial Statements—June 30, 2014—(Continued)

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 June 30, 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 Master Repurchase Agreement 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 June 30, 2014, the Portfolio had investments in repurchase agreements with a gross value of $2,170,093,488, which is reflected as repurchase agreement on the Consolidated Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at June 30, 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. 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 at least equal to 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 six months ended June 30, 2014 is reflected as Securities lending income on the Consolidated Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at June 30, 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 June 30, 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 has agreed to indemnify the Portfolio in the case of default of any securities borrower.

4. 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 Consolidated Statement of Assets and Liabilities. Futures contracts are marked-to-market daily, and subsequent payments (“variation margin”) are made or received by the

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Met Investors Series Trust

BlackRock Global Tactical Strategies Portfolio

Notes to Consolidated Financial Statements—June 30, 2014—(Continued)

Portfolio depending on whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Consolidated Statement of Assets and Liabilities and as a component of net change in unrealized appreciation/depreciation on the Consolidated 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. Futures contracts are exchange-traded and 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.

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 over-the-counter 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 Consolidated Schedule of Investments and restricted cash, if any, is reflected on the Consolidated 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 Consolidated 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 Consolidated 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 Consolidated Statement of Assets and Liabilities and as a component of unrealized appreciation/depreciation on the Consolidated 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 Consolidated Statement of Operations. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss on the Consolidated Statement of Operations. Net periodic payments received or paid by the Portfolio are included as part of realized gains or losses on the Consolidated 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 Consolidated 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.

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.

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Met Investors Series Trust

BlackRock Global Tactical Strategies Portfolio

Notes to Consolidated Financial Statements—June 30, 2014—(Continued)

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.

Total Return Swaps: The Portfolio may enter into total return swap agreements to obtain exposure to a security or market without owning such security or investing directly in that market or to transfer the risk/return of one market (e.g., fixed income) to another market (e.g., equity) (equity risk and/or interest rate risk). Total return swaps are agreements in which one party agrees to make periodic payments to another party based on the change in market value of the assets underlying the contract, which may include a specified security, basket of securities or securities indices during the specific period, in return for periodic payments based on a fixed or floating rate or the total return from other underlying assets. When a Portfolio pays interest in exchange for the total return of an underlying asset and the value of the underlying asset decreases, the Portfolio may be required to pay the change in value to the counterparty in addition to the interest payment; conversely, when a Portfolio receives interest in exchange for the total return of an underlying asset and the value of the underlying asset decreases, the Portfolio may receive the change in value in addition to the interest payment. To the extent the total return of the instrument or index underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the Portfolio will receive a payment from or make a payment to the counterparty. Total return swaps can also be structured without an interest payment, so that one party pays the other party if the value of the underlying asset increases and receives payment from the other party if the value of the underlying asset decreases.

At June 30, 2014, the Portfolio had the following derivatives, categorized by risk exposure:

	Asset Derivatives			Liability Derivatives
Risk Exposure	Consolidated Statement of Assets & Liabilities Location	Fair Value		Consolidated Statement of Assets & Liabilities Location	Fair Value
Interest Rate	Unrealized appreciation on centrally cleared swap contracts* (a)	$	15,188,488
	Unrealized appreciation on futures contracts ** (a)		4,051,553	Unrealized depreciation on futures contracts** (a)	$	523,069
Equity	Unrealized appreciation on futures contracts ** (a)		5,315,773	Unrealized depreciation on futures contracts** (a)		13,591,887
Commodity	OTC swap contracts at market value		7,967,388	OTC swap contracts at market value		2,263,262
Foreign Exchange	Unrealized appreciation on futures contracts ** (a)		14,501,062	Unrealized depreciation on futures contracts** (a)		1,987,277
Total		$	47,024,264		$	18,365,495

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

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

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

The Portfolio is required to disclose the impact of offsetting assets and liabilities represented in the Consolidated 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.

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Met Investors Series Trust

BlackRock Global Tactical Strategies Portfolio

Notes to Consolidated Financial Statements—June 30, 2014—(Continued)

The following table presents the Portfolio’s derivative assets by counterparty net of amounts available for offset under a master netting agreement (“MNA”), or similar agreement, and net of the related collateral received by the Portfolio as of June 30, 2014.

Counterparty	Derivative Assets subject to a MNA by Counterparty		Financial Instruments available for offset			Collateral Received†			Net Amount*
JPMorgan Chase Bank N.A.	$	7,967,388	$	(2,263,262	)	$	(5,704,126	)	$	—

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 June 30, 2014.

Counterparty	Derivative Liabilities subject to a MNA by Counterparty		Financial Instruments available for offset			Collateral Pledged†		Net Amount**
JPMorgan Chase Bank N.A.	$	2,263,262	$	(2,263,262	)	$	—	$	—

* 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 six months ended June 30, 2014 were as follows:

Consolidated Statement of Operations Location—Net Realized Gain (Loss)	Interest Rate			Equity			Commodity		Foreign Exchange		Total
Futures contracts	$	2,449,768		$	117,966,441		$	—	$	17,747,280	$	138,163,489
Swap contracts		(26,350,592	)		—			1,797,482		—		(24,553,110	)
	$	(23,900,824	)	$	117,966,441		$	1,797,482	$	17,747,280	$	113,610,379
Consolidated Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)	Interest Rate			Equity			Commodity		Foreign Exchange		Total
Futures contracts	$	10,888,689		$	(97,362,267	)	$	—	$	15,969,585	$	(70,503,993	)
Swap contracts		157,387,017			—			5,704,126		—		163,091,143
	$	168,275,706		$	(97,362,267	)	$	5,704,126	$	15,969,585	$	92,587,150

For the six months ended June 30, 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	$	593,061,762
Futures contracts short		(238,257,500	)
Swap contracts		2,420,092,319

‡ Averages are based on activity levels during the period.

5. 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; currency, interest rate, and price fluctuations.

Commodities Risk: Exposure to the commodities markets may subject the Portfolio to greater volatility than investments in traditional securities. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity.

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 consolidated financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk

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Met Investors Series Trust

BlackRock Global Tactical Strategies Portfolio

Notes to Consolidated Financial Statements—June 30, 2014—(Continued)

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 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 over-the-counter traded derivatives (e.g., forward foreign currency exchange contracts, swap agreements and over-the-counter 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 Consolidated 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 Consolidated Statement of Assets and Liabilities. Securities pledged as collateral, if any, for the same purpose are noted in the Consolidated 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 addendums 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.

6. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2014 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	1,189,087,536	$	0	$	1,193,879,004

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Met Investors Series Trust

BlackRock Global Tactical Strategies Portfolio

Notes to Consolidated Financial Statements—June 30, 2014—(Continued)

7. 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 six months ended June 30, 2014	% per annum			Average Daily Net Assets
$25,586,023		0.800	%	First $100 million
		0.750	%	$100 million to $300 million
		0.700	%	$300 million to $600 million
		0.675	%	$600 million to $1 billion
		0.650	%	Over $1 billion

MetLife Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. BlackRock Financial Management, Inc 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 reduction	Average Daily Net Assets
0.125%	First $100 million
0.075%	$100 million to $300 million
0.025%	$300 million to $600 million
0.020%	$3 billion to $5 billion
0.050%	Over $5 billion

An identical agreement was in place for the period January 1, 2014 through April 27, 2014. Amounts waived, if applicable, for the six months ended June 30, 2014 are shown as a management fee waiver in the Consolidated 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 Agreement and Plan - 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 B Shares. MIDC is a wholly-owned subsidiary of MetLife Investors Group, Inc., an affiliate of the Adviser. The Class B distribution plan provides that the Trust, on behalf of the Portfolio, may pay annually up to 0.50% of the average daily net assets of the Portfolio attributable to its Class B Shares with respect to activities primarily intended to result in the sale of Class B Shares. However, under the Class B distribution agreement, payments to the Distributor for activities pursuant to the Class B distribution plan are currently limited to payments at an annual rate equal to 0.25% of average daily net assets of the Portfolio attributable to its Class B Shares. Amounts incurred by the Portfolio for the six months ended June 30, 2014 are shown as Distribution and service fees in the Consolidated Statement of Operations.

Under the terms of the Class B distribution plan and distribution agreement, the Portfolio is authorized to make payments monthly to the Distributor that may be used to pay or reimburse entities providing distribution and shareholder servicing with respect to the Class B Shares for such entities’ fees or expenses incurred.

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 Metropolitan Series Fund, 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 Consolidated Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Consolidated Statement of Assets and Liabilities.

MIST-19

Met Investors Series Trust

BlackRock Global Tactical Strategies Portfolio

Notes to Consolidated Financial Statements—June 30, 2014—(Continued)

8. Transactions in Securities of Affiliated Issuers

The Portfolio does not invest in the Underlying ETF’s for the purpose of exercising control; however, investments by the Portfolio within its principal investment strategies may represent a significant portion of the Underlying ETFs’ net assets. Transactions in the Underlying ETF’s for the six months ended June 30, 2014 were as follows:

Underlying ETF/Security	Number of shares held at December 31, 2013		Shares purchased		Shares sold			Number of shares held at June 30, 2014
iShares Barclays 1-3 Year Credit Bond Fund		4,618,949		—		—			4,618,949
iShares Barclays Intermediate Credit Bond Fund		1,173,627		—		—			1,173,627
iShares Core S&P 500 ETF		3,153,483		—		(3,153,483	)		—
iShares Core Total U.S. Bond Market ETF		7,646,966		—		—			7,646,966
iShares iBoxx $ Investment Grade Corporate Bond Fund		3,858,200		—		—			3,858,200
iShares MSCI EAFE Index Fund		5,418,553		—		—			5,418,553
iShares MSCI EMU ETF		—		1,694,629		—			1,694,629
iShares Russell 2000 Index Fund		1,670,173		—		(1,670,173	)		—
Underlying ETF/Security	Net Realized Gain/(Loss) on sales of Underlying ETFs		Capital Gain Distributions from Underlying Portfolios		Dividend Income from Underlying ETFs			Ending Value as of June 30, 2014
iShares Barclays 1-3 Year Credit Bond Fund	$	—	$	—	$	1,893,025		$	488,130,530
iShares Barclays Intermediate Credit Bond Fund		—		—		1,351,090			129,310,223
iShares Core S&P 500 ETF		94,031,751		—		713,833			—
iShares Core Total U.S. Bond Market ETF		—		—		7,769,616			836,578,081
iShares iBoxx $ Investment Grade Corporate Bond Fund		—		—		6,615,409			460,128,932
iShares MSCI EAFE Index Fund		—		—		9,082,606			370,466,469
iShares MSCI EMU ETF		—		—		1,384,195			71,716,699
iShares Russell 2000 Index Fund		69,657,212		—		—			—
	$	163,688,963	$	—	$	28,809,774		$	2,356,330,934

9. 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.

10. Income Tax Information

The tax character of distributions paid for the years ended December 31, 2013 and 2012 were as follows:

Ordinary Income			Long-Term Capital Gains				Total
2013	2012		2013		2012		2013		2012
$254,272,314	$	—	$	8,246,670	$	77,273	$	262,518,984	$	77,273

As of December 31, 2013, 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
$281,077,721	$	223,317,283	$	391,688,849	$	—	$	896,083,853

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.

As of December 31, 2013, the Portfolio had no capital loss carryforwards.

MIST-20

Met Investors Series Trust

BlackRock Global Tactical Strategies Portfolio

Notes to Consolidated Financial Statements—June 30, 2014—(Continued)

11. 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 January 1, 2015, and interim periods within those fiscal years. Management is evaluating the impact, if any, of this guidance on the Portfolio’s financial statement disclosures.

MIST-21

Met Investors Series Trust

BlackRock High Yield Portfolio

Managed By BlackRock Financial Management, Inc.

Portfolio Manager Commentary*

PERFORMANCE

For the six month period ended June 30, 2014, the Class A and B shares of the BlackRock High Yield Portfolio returned 5.68% and 5.58%, respectively. The Portfolio’s benchmark, the Barclays U.S. Corporate High Yield 2% Issuer Capped Index¹, returned 5.46%.

MARKET ENVIRONMENT / CONDITIONS

It’s been mostly good news for global asset prices through the first half of the year. Despite noise around a few geopolitical risks, relatively low volatility has aided performance. Of greater importance, however, has been the rhetoric of global central banks, which have largely touted more accommodative policies–keeping rates anchored for the foreseeable future and providing stimulus. As such, the bid for bonds and equities has been well-supported and, from a fixed income standpoint, higher duration instruments have led the return momentum.

High yield new-issue volumes declined in June after increasing each of the three months prior. $36 billion priced during the month, pushing second-quarter issuance to $121.1 billion and beating out the previous record high from the first quarter of 2013 by a small margin. Deal flow totaled $209 billion in the first half of 2014 and has mostly been refinancing focused (60%). On the demand front, investors added roughly $1.0 billion to high yield mutual funds in June and $3.7 billion over the second quarter. For the year to date through June 30, 2014, retail funds have garnered $7.1 billion in net flows, marking a reversal of the net outflows seen in 2013.

June default activity was muted as only one company filed for a total of $273 million in high yield loans. In aggregate, 15 companies have defaulted in the first half of the year for a total of $44.5 billion. The trailing 12-month par-weighted default rate sits at 2.06% and, excluding Energy Future Holdings (TXU), is only 0.70%. Importantly, default rates remain well below the 25-year average of 4.0%. A durable corporate fundamental backdrop has kept default activity subdued over the last few years. We believe default volumes should remain low through 2016 (below 2%) as only $185 billion in debt across high yield bonds and bank loans is coming due within that time.

PORTFOLIO REVIEW / PERIOD END POSITIONING

Portfolio exposure to names in the Gaming, Automotive, and Electric sectors boosted returns, while positioning in the Banking and Health Care sectors detracted. Bank loans underperformed high yield bonds for the six-month period, but the Portfolio’s tactical 11% loan allocation has been additive, specifically in the Gaming sector. Tactical equity and equity-like (i.e., convertible and preferred securities) exposures in the Automotive and Airlines sectors have also aided performance, given the market’s positive bid for risk.

The Portfolio implemented 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. During the period, the Portfolio used equity futures as a means to tactically hedge the Portfolio against volatility in global markets. The use of hedges detracted from performance during the period; however we continue to believe the benefits of managing market risk/volatility outweigh the negative impact.

Over the period, the Portfolio’s core issuer/credit biases remained consistent based on either our cash-flow views, determination of a specific catalyst or idiosyncratic characteristic. As a major theme during the reporting period, we continued to favor select equity/equity-like assets with more upside as a substitute to CCC-rated high yield bonds. As a balance to these trades, we continued to be active in liquid hedge instruments, which are an effective way to protect against general market volatility. Since we expect interest rates to be higher by year-end 2014, we maintained the Portfolio’s shorter-duration bias at the portfolio level. This view has largely been executed by underweighting the highest-rated high yield bonds, owning bank loans and non-bond investments (equities). During the period, the Portfolio increased its exposure to names in the Gaming and Transportation sectors, while reducing risk in the Consumer Services and Metals & Mining sectors.

MIST-1

Met Investors Series Trust

BlackRock High Yield Portfolio

Managed By BlackRock Financial Management, Inc.

Portfolio Manager Commentary*—(Continued)

As of June 30, 2014, the Portfolio’s top overweights relative to the benchmark index included Ally Financial (Banking), HD Supply (Building Materials), and Caesars (Gaming).

James Keenan

Mitch Garfin

David Delbos

Derek Schoenhofen

Portfolio Managers

BlackRock Financial Management, 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 and 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 those of the subadvisory firm as of June 30, 2014 and 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 statements) 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 applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable annuity or insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

MIST-2

Met Investors Series Trust

BlackRock High Yield Portfolio

A $10,000 INVESTMENT COMPARED TO THE BARCLAYS U.S. CORPORATE HIGH YIELD 2% ISSUER CAPPED INDEX

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2014

	6 Month		1 Year		5 Year		10 Year		Since Inception2
BlackRock High Yield Portfolio
Class A		5.68		13.90		14.19		8.45		—
Class B		5.58		13.47		13.88		—		9.69
Barclays U.S. Corporate High Yield 2% Issuer Capped Index		5.46		11.72		13.92		9.04		—

¹ The Barclays U.S. Corporate High Yield 2% Issuer Capped Index is composed of fixed rate non-investment grade debt with at least one year remaining to maturity that are dollar-denominated, nonconvertible and have an outstanding par value of at least $100 million. It limits issue exposure to a 2% maximum.

² Inception dates of the Class A and Class B shares are 8/30/1996 and 4/28/2008, 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 JUNE 30, 2014

Top Sectors

	% of Net Assets
Corporate Bonds & Notes		79.2
Floating Rate Loans		11.4
Common Stocks		8.9
Convertible Bonds		1.9
Asset-Backed Securities		1.4
Preferred Stocks		1.4
Convertible Preferred Stocks		0.1

MIST-3

Met Investors Series Trust

BlackRock High Yield Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

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, January 1, 2014 through June 30, 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 High Yield Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2014		Ending Account Value June 30, 2014		Expenses Paid During Period** January 1, 2014 to June 30, 2014
Class A	Actual		0.68	%	$	1,000.00	$	1,056.80	$	3.47
	Hypothetical*		0.68	%	$	1,000.00	$	1,021.42	$	3.41
Class B	Actual		0.93	%	$	1,000.00	$	1,055.80	$	4.74
	Hypothetical*		0.93	%	$	1,000.00	$	1,020.18	$	4.66

* 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 (181 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

MIST-4

Met Investors Series Trust

BlackRock High Yield Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Corporate Bonds & Notes—79.2% of Net Assets

Security Description	Principal Amount*		Value
Advertising—0.2%
CBS Outdoor Americas Capital LLC / CBS Outdoor Americas Capital Corp.
5.250%, 02/15/22 (144A)		270,000	$	277,425
5.625%, 02/15/24 (144A) (a)		418,000		431,585
Lamar Media Corp.
5.375%, 01/15/24 (144A) (a)		412,000		426,420
MDC Partners, Inc.
6.750%, 04/01/20 (144A)		525,000		553,875
				1,689,305
Aerospace/Defense—1.0%
LMI Aerospace, Inc.
7.375%, 07/15/19 (144A)		372,000		380,370
Meccanica Holdings USA, Inc.
6.250%, 07/15/19 (144A)		278,000		309,275
National Air Cargo Group, Inc.
12.375%, 09/02/15 (b) (c)		1,890,719		1,890,719
TransDigm, Inc.
6.000%, 07/15/22 (144A)		3,675,000		3,776,063
6.500%, 07/15/24 (144A)		2,415,000		2,514,619
				8,871,046
Airlines—1.0%
American Airlines Pass-Through Trust
6.000%, 01/15/17 (144A)		3,295,000		3,455,631
Continental Airlines Pass-Through Certificates
6.125%, 04/29/18		900,000		963,000
U.S. Airways Pass-Through Trust
10.875%, 10/22/14		327,286		336,286
United Continental Holdings, Inc.
6.000%, 12/01/20		795,000		830,775
Virgin Australia Trust
7.125%, 10/23/18 (144A)		2,076,048		2,164,281
8.500%, 10/23/16 (144A)		935,793		962,559
				8,712,532
Apparel—0.1%
Levi Strauss & Co.
6.875%, 05/01/22		388,000		427,770
7.750%, 05/15/18 (EUR)		139,000		198,622
William Carter Co. (The)
5.250%, 08/15/21 (144A)		485,000		505,612
				1,132,004
Auto Manufacturers—1.0%
CNH Industrial Finance Europe S.A.
2.750%, 03/18/19 (EUR)		985,000		1,367,536
General Motors Co.
4.875%, 10/02/23 (144A) (a)		130,000		136,825
6.250%, 10/02/43 (144A) (d)		2,925,000		3,356,437
Jaguar Land Rover Automotive plc
5.000%, 02/15/22 (GBP)		770,000		1,350,722
8.250%, 03/15/20 (GBP)		1,362,000		2,607,724
				8,819,244
Auto Parts & Equipment—0.7%
Autodis S.A.
6.500%, 02/01/19 (EUR)		185,000	$	267,380
Delphi Corp.
5.000%, 02/15/23		390,000		419,250
6.125%, 05/15/21 (a)		225,000		251,460
Grupo Antolin Dutch BV
4.750%, 04/01/21 (EUR)		260,000		370,259
IDQ Holdings, Inc.
11.500%, 04/01/17 (144A)		500,000		551,250
Lear Corp.
5.750%, 08/01/14		1,395,000		12,206
8.500%, 12/01/13		1,530,000		13,388
Pittsburgh Glass Works LLC
8.000%, 11/15/18 (144A) (a)		420,000		456,750
Schaeffler Finance BV
2.750%, 05/15/19 (EUR)		990,000		1,356,976
Schaeffler Holding Finance BV
6.875%, 08/15/18 (EUR) (e)		930,000		1,340,305
Titan International, Inc.
6.875%, 10/01/20		890,000		903,350
				5,942,574
Banks—0.6%
Bank of America Corp.
5.125%, 06/17/19 (a) (f)		2,115,000		2,107,075
CIT Group, Inc.
5.500%, 02/15/19 (144A)		746,000		808,477
6.000%, 04/01/36		1,550,000		1,604,250
6.625%, 04/01/18 (144A)		145,000		162,763
				4,682,565
Building Materials—1.2%
BMBG Bond Finance SCA
5.327%, 10/15/20 (EUR) (f)		510,000		710,215
Builders FirstSource, Inc.
7.625%, 06/01/21 (144A)		751,000		803,570
Building Materials Corp. of America
6.750%, 05/01/21 (144A)		850,000		915,875
Cemex Finance LLC
6.000%, 04/01/24 (144A) (a)		1,345,000		1,400,481
Cemex S.A.B. de C.V.
5.875%, 03/25/19 (144A) (a)		505,000		527,725
CPG Merger Sub LLC
8.000%, 10/01/21 (144A) (a)		1,675,000		1,762,938
Kerneos Tech Group SAS
5.060%, 03/01/21 (EUR) (f)		100,000		138,299
5.750%, 03/01/21 (EUR)		131,000		187,555
Pfleiderer AG
7.875%, 08/01/19 (EUR)		255,000		345,715
Ply Gem Industries, Inc.
6.500%, 02/01/22 (144A) (a)		820,000		793,350
Spie BondCo 3 SCA
11.000%, 08/15/19 (EUR)		402,000		622,040
Unifrax I LLC / Unifrax Holding Co.
7.500%, 02/15/19 (144A)		535,000		559,075

See accompanying notes to financial statements.

MIST-5

Met Investors Series Trust

BlackRock High Yield Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Building Materials (Continued)
USG Corp.
9.750%, 01/15/18 (a)		1,144,000	$	1,369,940
				10,136,778
Chemicals—1.9%
Axalta Coating Systems U.S. Holdings, Inc. / Axalta Coating Systems Dutch Holding B
5.750%, 02/01/21 (EUR)		260,000		380,946
7.375%, 05/01/21 (144A) (a)		960,000		1,046,400
Axiall Corp.
4.875%, 05/15/23 (a)		310,000		308,450
Celanese U.S. Holdings LLC
4.625%, 11/15/22		330,000		331,650
Chemtura Corp.
5.750%, 07/15/21		522,000		541,575
Huntsman International LLC
4.875%, 11/15/20 (a)		511,000		528,885
5.125%, 04/15/21 (EUR)		892,000		1,284,130
8.625%, 03/15/20		255,000		276,038
8.625%, 03/15/21		305,000		337,025
INEOS Group Holdings S.A.
5.750%, 02/15/19 (EUR)		1,245,000		1,760,184
6.125%, 08/15/18 (144A) (a)		1,160,000		1,200,600
6.500%, 08/15/18 (EUR)		883,000		1,260,479
Nexeo Solutions LLC / Nexeo Solutions Finance Corp.
8.375%, 03/01/18		315,000		318,150
Nufarm Australia, Ltd.
6.375%, 10/15/19 (144A)		594,000		621,473
Orion Engineered Carbons Bondco GmbH
10.000%, 06/15/18 (EUR)		830,474		1,224,617
Perstorp Holding AB
8.750%, 05/15/17 (144A) (a)		585,000		627,413
PetroLogistics L.P. / PetroLogistics Finance Corp.
6.250%, 04/01/20		561,000		611,490
PolyOne Corp.
5.250%, 03/15/23 (a)		747,000		767,542
Rain CII Carbon LLC / CII Carbon Corp
8.250%, 01/15/21 (144A) (a)		741,000		778,050
Rockwood Specialties Group, Inc.
4.625%, 10/15/20		1,701,000		1,764,787
				15,969,884
Coal—1.2%
Arch Coal, Inc.
7.000%, 06/15/19 (a)		815,000		617,363
7.250%, 10/01/20 (a)		343,000		255,535
7.250%, 06/15/21 (a)		253,000		184,690
CONSOL Energy, Inc.
5.875%, 04/15/22 (144A) (a)		4,094,000		4,288,465
8.250%, 04/01/20		821,000		888,732
Peabody Energy Corp.
6.000%, 11/15/18		1,400,000		1,459,500
6.250%, 11/15/21 (d)		632,000		629,630
6.500%, 09/15/20 (a)		884,000		890,630
Coal—(Continued)
Peabody Energy Corp.
7.875%, 11/01/26 (a)		967,000		1,012,932
				10,227,477
Commercial Services—4.7%
AA Bond Co., Ltd.
9.500%, 07/31/43 (GBP)		616,000		1,188,109
APX Group, Inc.
6.375%, 12/01/19		186,000		192,975
8.750%, 12/01/20		554,000		562,310
Ashtead Capital, Inc.
6.500%, 07/15/22 (144A)		1,998,000		2,182,815
Brand Energy & Infrastructure Services, Inc.
8.500%, 12/01/21 (144A)		1,336,000		1,426,180
Catalent Pharma Solutions, Inc.
7.875%, 10/15/18		538,000		547,415
Ceridian Corp.
8.875%, 07/15/19 (144A) (d)		6,309,000		7,129,170
Ceridian HCM Holding, Inc.
11.000%, 03/15/21 (144A)		3,457,000		3,992,835
Ceridian LLC / Comdata, Inc.
8.125%, 11/15/17 (144A)		1,605,000		1,621,050
Garda World Security Corp.
7.250%, 11/15/21 (144A)		349,000		366,886
H&E Equipment Services, Inc.
7.000%, 09/01/22		1,022,000		1,129,310
Hertz Corp. (The)
4.250%, 04/01/18 (a)		566,000		580,150
5.875%, 10/15/20		210,000		219,450
6.250%, 10/15/22 (a)		825,000		873,469
6.750%, 04/15/19		575,000		609,500
Igloo Holdings Corp.
8.250%, 12/15/17 (144A) (e)		944,000		962,880
Interactive Data Corp.
5.875%, 04/15/19 (144A)		1,555,000		1,588,044
IVS F. S.p.A
7.125%, 04/01/20 (EUR)		820,000		1,204,555
Jaguar Holding Co. II / Jaguar Merger Subordinated, Inc.
9.500%, 12/01/19 (144A)		855,000		934,087
Laureate Education, Inc.
9.250%, 09/01/19 (144A) (a)		2,361,000		2,431,830
Live Nation Entertainment, Inc.
7.000%, 09/01/20 (144A)		383,000		419,385
Safway Group Holding LLC / Safway Finance Corp.
7.000%, 05/15/18 (144A)		666,000		705,960
TMF Group Holding B.V.
9.875%, 12/01/19 (EUR)		420,000		638,483
Truven Health Analytics, Inc.
10.625%, 06/01/20		405,000		444,487
United Rentals North America, Inc.
5.750%, 11/15/24 (a)		2,207,000		2,292,521
6.125%, 06/15/23		2,687,000		2,881,807
7.375%, 05/15/20		660,000		729,300

See accompanying notes to financial statements.

MIST-6

Met Investors Series Trust

BlackRock High Yield Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Commercial Services—(Continued)
United Rentals North America, Inc.
7.625%, 04/15/22		592,000	$	664,520
8.250%, 02/01/21		580,000		645,250
Verisure Holding AB
8.750%, 09/01/18 (EUR)		117,000		172,064
8.750%, 12/01/18 (EUR)		288,000		424,527
				39,761,324
Computers—0.3%
SunGard Data Systems, Inc.
6.625%, 11/01/19		1,245,000		1,310,362
7.375%, 11/15/18		1,030,000		1,087,938
				2,398,300
Distribution/Wholesale—1.3%
American Builders & Contractors Supply Co., Inc.
5.625%, 04/15/21 (144A)		980,000		1,014,300
HD Supply, Inc.
7.500%, 07/15/20 (a)		2,541,000		2,776,043
8.125%, 04/15/19		2,444,000		2,685,345
11.000%, 04/15/20		3,578,000		4,217,567
VWR Funding, Inc.
7.250%, 09/15/17		170,000		179,775
				10,873,030
Diversified Financial Services—3.5%
Air Lease Corp.
4.500%, 01/15/16		1,369,000		1,433,172
Aircastle, Ltd.
6.250%, 12/01/19		655,000		717,225
Ally Financial, Inc.
7.500%, 09/15/20		403,000		485,615
8.000%, 03/15/20		654,000		794,610
8.000%, 11/01/31 (a) (d)		10,252,000		13,099,771
Cantor Commercial Real Estate Co. L.P. / CCRE Finance Corp.
7.750%, 02/15/18 (144A) (a)		769,000		830,520
DFC Finance Corp.
10.500%, 06/15/20 (144A)		1,055,000		1,077,419
General Motors Financial Co., Inc.
4.250%, 05/15/23		930,000		928,837
6.750%, 06/01/18		960,000		1,098,000
Icahn Enterprises L.P. / Icahn Enterprises Finance Corp.
4.875%, 03/15/19		1,725,000		1,776,750
5.875%, 02/01/22 (a)		1,957,000		2,049,957
6.000%, 08/01/20 (a)		543,000		581,689
Jefferies Finance LLC / JFIN Co-Issuer Corp.
6.875%, 04/15/22 (144A)		1,692,000		1,708,920
7.375%, 04/01/20 (144A)		505,000		530,250
Lehman Brothers Holdings, Inc.
Zero Coupon, 02/05/14 (EUR) (g) (h)		4,500,000		1,224,360
1.000%, 09/22/18 (g) (h)		489,000		96,578
Diversified Financial Services—(Continued)
Lehman Brothers Holdings, Inc.
1.000%, 12/31/49 (g) (h)		1,740,000		343,650
4.750%, 01/16/14 (EUR) (g) (h)		2,140,000		586,061
5.375%, 10/17/12 (EUR) (g) (h)		350,000		95,851
Springleaf Finance Corp.
6.900%, 12/15/17		295,000		327,450
7.750%, 10/01/21		96,000		108,000
8.250%, 10/01/23		175,000		199,500
				30,094,185
Electric—2.3%
Calpine Corp.
5.875%, 01/15/24 (144A) (a)		1,110,000		1,171,050
6.000%, 01/15/22 (144A) (a)		319,000		343,722
7.500%, 02/15/21 (144A)		175,000		189,875
Energy Future Intermediate Holding Co. LLC / EFIH Finance, Inc.
11.750%, 03/01/22 (144A) (g)		4,751,000		5,843,730
FPL Energy National Wind Portfolio LLC
6.125%, 03/25/19 (144A)		5,653		5,560
Homer City Generation L.P.
8.137%, 10/01/19 (e)		420,000		448,350
8.734%, 10/01/26 (e)		1,103,000		1,180,210
Mirant Mid Atlantic Pass-Through Trust
9.125%, 06/30/17		543,321		579,995
10.060%, 12/30/28		871,019		980,985
NRG Energy, Inc.
6.250%, 05/01/24 (144A) (a)		1,600,000		1,672,000
7.625%, 01/15/18		710,000		814,725
7.875%, 05/15/21		310,000		343,712
NRG REMA LLC
9.237%, 07/02/17		107,821		113,751
9.681%, 07/02/26		195,000		212,063
Texas Competitive Electric Holdings Co. LLC / TCEH Finance, Inc.
10.500%, 11/01/16		34,992,000		5,554,980
				19,454,708
Electrical Components & Equipment—0.1%
Belden, Inc.
5.500%, 04/15/23 (EUR)		400,000		573,737
Electronics—0.2%
Rexel S.A.
5.250%, 06/15/20 (144A)		204,000		212,160
Trionista Holdco GmbH
5.000%, 04/30/20 (EUR)		875,000		1,254,091
Trionista TopCo GmbH
6.875%, 04/30/21 (EUR)		211,000		313,359
				1,779,610
Engineering & Construction—0.7%
Aguila 3 S.A.
7.875%, 01/31/18 (144A)		1,456,000		1,536,080

See accompanying notes to financial statements.

MIST-7

Met Investors Series Trust

BlackRock High Yield Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Engineering & Construction—(Continued)
Aldesa Financial Services S.A.
7.250%, 04/01/21 (EUR)		485,000	$	692,335
Astaldi S.p.A.
7.125%, 12/01/20 (EUR)		913,000		1,364,187
Novafives SAS
4.222%, 06/30/20 (EUR) (f)		230,000		315,415
4.500%, 06/30/21 (EUR)		160,000		221,175
Obrascon Huarte Lain S.A.
4.750%, 03/15/22 (EUR)		345,000		494,848
Officine Maccaferri S.p.A.
5.750%, 06/01/21 (EUR)		383,000		537,553
Weekley Homes LLC / Weekley Finance Corp.
6.000%, 02/01/23		505,000		505,000
				5,666,593
Entertainment—1.3%
Cedar Fair LP / Canada’s Wonderland Co. / Magnum Management Corp.
5.375%, 06/01/24 (144A)		405,000		410,062
DreamWorks Animation SKG, Inc.
6.875%, 08/15/20 (144A)		433,000		466,557
Gala Group Finance plc
8.875%, 09/01/18 (GBP)		1,415,700		2,578,568
Gamenet S.p.A.
7.250%, 08/01/18 (EUR)		642,000		901,068
Greektown Holdings LLC/Greektown Mothership Corp.
8.875%, 03/15/19 (144A) (a)		615,000		627,300
Intralot Capital Luxembourg S.A.
6.000%, 05/15/21 (EUR)		358,000		498,175
Intralot Finance Luxembourg S.A.
9.750%, 08/15/18 (EUR)		1,200,000		1,879,365
NAI Entertainment Holdings / NAI Entertainment Holdings Finance Corp.
5.000%, 08/01/18 (144A)		1,209,000		1,251,315
Pinnacle Entertainment, Inc.
6.375%, 08/01/21		572,000		603,460
Regal Entertainment Group
5.750%, 02/01/25 (a)		271,000		274,388
Six Flags Entertainment Corp.
5.250%, 01/15/21 (144A) (a)		955,000		978,875
Vougeot Bidco plc
7.875%, 07/15/20 (GBP)		382,000		711,011
Waterford Gaming LLC / Waterford Gaming Finance Corp.
8.625%, 09/15/14 (144A)		392,036		82,328
				11,262,472
Environmental Control—0.2%
ADS Waste Holdings, Inc.
8.250%, 10/01/20		538,000		579,695
Bilbao Luxembourg S.A.
10.500%, 12/01/18 (EUR) (e)		255,000		375,360
Environmental Control—(Continued)
Covanta Holding Corp.
5.875%, 03/01/24		599,000		619,216
6.375%, 10/01/22 (a)		384,000		416,640
				1,990,911
Food—1.3%
ARAMARK Corp.
5.750%, 03/15/20 (a)		1,431,000		1,513,282
Bakkavor Finance 2 plc
8.250%, 02/15/18 (GBP)		1,056,000		1,924,709
8.750%, 06/15/20 (GBP)		396,000		759,040
Boparan Finance plc
4.375%, 07/15/21 (EUR)		220,000		299,348
5.250%, 07/15/19 (GBP)		200,000		338,857
5.500%, 07/15/21 (GBP)		300,000		504,384
Findus Bondco S.A.
9.125%, 07/01/18 (EUR)		467,000		695,416
9.500%, 07/01/18 (GBP)		264,000		489,106
JBS Investments GmbH
7.750%, 10/28/20 (144A) (a)		1,301,000		1,392,070
Labeyrie Fine Foods SAS
5.625%, 03/15/21 (EUR)		125,000		180,149
Premier Foods plc
6.500%, 03/15/21 (GBP)		165,000		284,499
R&R Ice Cream plc
5.500%, 05/15/20 (GBP)		215,000		364,823
R&R Pik plc
9.250%, 05/15/18 (EUR) (e)		626,000		876,469
Smithfield Foods, Inc.
5.875%, 08/01/21 (144A)		352,000		372,240
6.625%, 08/15/22		331,000		362,445
TreeHouse Foods, Inc.
4.875%, 03/15/22 (a)		329,000		338,048
Univeg Holding BV
7.875%, 11/15/20 (EUR)		355,000		487,599
				11,182,484
Food Service—0.0%
Brakes Capital
7.125%, 12/15/18 (GBP)		185,000		323,764
Forest Products & Paper—0.3%
Clearwater Paper Corp.
4.500%, 02/01/23		679,000		658,630
7.125%, 11/01/18		625,000		656,250
Metsa Board Oyj
4.000%, 03/13/19 (EUR)		506,000		722,077
Sappi Papier Holding GmbH
6.625%, 04/15/21 (144A) (a)		240,000		253,200
8.375%, 06/15/19 (144A) (a)		425,000		468,563
				2,758,720
Gas—0.4%
Sabine Pass LNG L.P.
7.500%, 11/30/16		3,391,000		3,747,055

See accompanying notes to financial statements.

MIST-8

Met Investors Series Trust

BlackRock High Yield Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Healthcare-Products—1.1%
3AB Optique Developpement SAS 5.625%, 04/15/19 (EUR)		450,000	$	610,023
Alere, Inc. 6.500%, 06/15/20 (a)		269,000		282,450
7.250%, 07/01/18		210,000		228,900
8.625%, 10/01/18		816,000		860,880
Biomet, Inc. 6.500%, 10/01/20		463,000		494,253
ConvaTec Healthcare E S.A. 7.375%, 12/15/17 (144A) (EUR)		594,000		858,848
Crimson Merger Sub, Inc. 6.625%, 05/15/22 (144A)		438,000		434,715
DJO Finance LLC / DJO Finance Corp. 8.750%, 03/15/18 (a)		354,000		380,550
Hologic, Inc. 6.250%, 08/01/20		1,298,000		1,369,390
IDH Finance plc 6.000%, 12/01/18 (GBP)		397,000		708,301
6.000%, 12/01/18 (144A) (GBP)		100,000		178,413
Ontex IV S.A. 9.000%, 04/15/19 (EUR)		1,348,000		1,993,482
Teleflex, Inc. 6.875%, 06/01/19		805,000		851,288
				9,251,493
Healthcare-Services—2.9%
Acadia Healthcare Co., Inc. 5.125%, 07/01/22 (144A)		435,000		436,088
CHS/Community Health Systems, Inc. 5.125%, 08/15/18		345,000		361,819
6.875%, 02/01/22 (144A)		1,259,000		1,334,540
DaVita HealthCare Partners, Inc. 5.125%, 07/15/24		1,958,000		1,970,237
Fresenius Medical Care U.S. Finance, Inc. 6.875%, 07/15/17		90,000		101,925
HCA, Inc. 3.750%, 03/15/19		675,000		680,906
4.750%, 05/01/23 (a)		408,000		407,490
5.000%, 03/15/24		290,000		294,008
5.875%, 03/15/22 (a)		2,735,000		2,964,056
5.875%, 05/01/23 (a)		672,000		703,080
6.500%, 02/15/20		1,797,000		2,021,625
Kindred Healthcare, Inc. 6.375%, 04/15/22 (144A)		357,000		358,785
MPH Acquisition Holdings LLC 6.625%, 04/01/22 (144A) (a)		470,000		492,325
Priory Group No. 3 plc 7.000%, 02/15/18 (144A) (GBP)		1,010,000		1,821,421
7.000%, 02/15/18 (GBP)		342,000		616,759
Symbion, Inc. 8.000%, 06/15/16 (a)		950,000		992,750
Tenet Healthcare Corp. 4.375%, 10/01/21 (a)		1,028,000		1,021,575
4.500%, 04/01/21 (a)		1,090,000		1,096,813
4.750%, 06/01/20 (a)		825,000		843,563
Healthcare-Services—(Continued)
Tenet Healthcare Corp. 5.000%, 03/01/19 (144A)		1,686,000		1,709,182
6.000%, 10/01/20		1,331,000		1,444,135
6.250%, 11/01/18		397,000		440,670
8.125%, 04/01/22		1,252,000		1,449,190
Voyage Care Bondco plc 6.500%, 08/01/18 (GBP)		704,000		1,253,018
				24,815,960
Holding Companies-Diversified—0.5%
Carlson Travel Holdings, Inc. 7.500%, 08/15/19 (144A) (e)		249,000		253,980
CE Energy A/S 7.000%, 02/01/21 (EUR)		385,000		559,471
Co-operative Group Holdings 6.875%, 07/08/20 (GBP) (i)		360,000		653,070
Monitchem HoldCo 3 S.A. 5.250%, 06/15/21 (EUR)		160,000		220,731
Odeon & UCI Finco plc 9.000%, 08/01/18 (144A) (GBP)		436,000		780,718
WaveDivision Escrow LLC / WaveDivision Escrow Corp. 8.125%, 09/01/20 (144A)		1,323,000		1,428,840
				3,896,810
Home Builders—2.8%
Allegion U.S. Holdings Co., Inc. 5.750%, 10/01/21 (144A)		257,000		270,493
Ashton Woods USA LLC / Ashton Woods Finance Co. 6.875%, 02/15/21 (144A)		744,000		744,000
Beazer Homes USA, Inc. 5.750%, 06/15/19 (144A)		1,344,000		1,344,000
6.625%, 04/15/18		1,003,000		1,068,195
7.500%, 09/15/21		551,000		584,060
Brookfield Residential Properties, Inc. 6.500%, 12/15/20 (144A)		937,000		990,877
Brookfield Residential Properties, Inc. / Brookfield Residential U.S. Corp. 6.125%, 07/01/22 (144A) (a)		793,000		824,720
DR Horton, Inc. 4.375%, 09/15/22		149,000		147,696
K Hovnanian Enterprises, Inc. 7.000%, 01/15/19 (144A) (a)		195,000		198,900
7.250%, 10/15/20 (144A) (a)		1,791,000		1,943,235
9.125%, 11/15/20 (144A)		255,000		284,325
KB Home 4.750%, 05/15/19 (a)		1,030,000		1,037,725
7.000%, 12/15/21 (a)		758,000		826,220
7.500%, 09/15/22		740,000		821,400
Lennar Corp. 4.500%, 06/15/19		228,000		233,415
4.750%, 11/15/22		910,000		905,450

See accompanying notes to financial statements.

MIST-9

Met Investors Series Trust

BlackRock High Yield Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Home Builders—(Continued)
PulteGroup, Inc. 6.375%, 05/15/33		750,000	$	753,750
Ryland Group, Inc. (The) 6.625%, 05/01/20		480,000		520,800
Shea Homes L.P. / Shea Homes Funding Corp. 8.625%, 05/15/19		1,707,000		1,860,630
Standard Pacific Corp. 8.375%, 01/15/21 (a)		3,283,000		3,890,355
Taylor Morrison Communities, Inc. / Monarch Communities, Inc. 5.250%, 04/15/21 (144A)		870,000		883,050
Weyerhaeuser Real Estate Co. 4.375%, 06/15/19 (144A)		875,000		877,188
5.875%, 06/15/24 (144A)		595,000		612,106
William Lyon Homes, Inc. 8.500%, 11/15/20		940,000		1,051,625
Woodside Homes Co. LLC / Woodside Homes Finance, Inc. 6.750%, 12/15/21 (144A)		660,000		673,200
				23,347,415
Home Furnishings—0.2%
Brighthouse Group plc 7.875%, 05/15/18 (GBP)		184,000		333,004
DFS Furniture Holdings plc 7.625%, 08/15/18 (GBP)		160,000		291,650
Magnolia BC S.A. 9.000%, 08/01/20 (EUR)		639,000		927,482
				1,552,136
Household Products/Wares—1.0%
Armored Autogroup, Inc. 9.250%, 11/01/18 (a)		700,000		736,750
Jarden Corp. 7.500%, 05/01/17		655,000		743,425
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC 5.750%, 10/15/20		2,487,000		2,623,785
6.875%, 02/15/21		295,000		318,342
7.125%, 04/15/19		735,000		768,075
7.875%, 08/15/19		403,000		438,766
8.250%, 02/15/21 (a)		165,000		179,438
9.000%, 04/15/19		435,000		460,556
9.875%, 08/15/19		1,498,000		1,659,035
Spectrum Brands, Inc. 6.375%, 11/15/20		310,000		333,250
6.625%, 11/15/22		425,000		460,062
				8,721,484
Insurance—0.7%
A-S Co-Issuer Subsidiary, Inc. / A-S Merger Sub LLC 7.875%, 12/15/20 (144A)		1,162,000		1,227,363
Insurance—(Continued)
AIG Life Holdings, Inc. 7.570%, 12/01/45 (144A)		1,000,000		1,320,000
CNO Financial Group, Inc. 6.375%, 10/01/20 (144A)		330,000		356,400
Galaxy Bidco, Ltd. 6.375%, 11/15/20 (GBP)		210,000		364,965
Hockey Merger Sub 2, Inc. 7.875%, 10/01/21 (144A) (a)		461,000		493,846
Pension Insurance Corp. plc 6.500%, 07/03/24 (GBP)		300,000		507,926
Radian Group, Inc. 5.500%, 06/01/19 (a)		1,330,000		1,358,262
				5,628,762
Internet—1.0%
Adria Bidco BV 7.875%, 11/15/20 (EUR)		340,000		505,135
Cerved Group S.p.A. 6.375%, 01/15/20 (EUR)		476,000		705,022
8.000%, 01/15/21 (EUR)		178,000		272,984
IAC/InterActiveCorp 4.875%, 11/30/18		824,000		859,020
Zayo Group LLC / Zayo Capital, Inc. 8.125%, 01/01/20		3,000,000		3,270,000
10.125%, 07/01/20 (a)		2,814,000		3,257,205
				8,869,366
Iron/Steel—0.6%
APERAM 7.375%, 04/01/16 (144A)		515,000		530,450
7.750%, 04/01/18 (144A)		363,000		386,141
Ovako AB 6.500%, 06/01/19 (EUR)		460,000		651,924
Ryerson, Inc. / Joseph T Ryerson & Son, Inc. 9.000%, 10/15/17		885,000		946,950
Signode Industrial Group Lux S.A. / Signode Industrial Group U.S., Inc. 6.375%, 05/01/22 (144A)		683,000		691,538
Steel Dynamics, Inc. 5.250%, 04/15/23		329,000		340,515
6.375%, 08/15/22		260,000		282,750
ThyssenKrupp AG 3.125%, 10/25/19 (EUR)		1,040,000		1,484,595
				5,314,863
Leisure Time—0.8%
Brunswick Corp. 4.625%, 05/15/21 (144A)		650,000		648,375
Cirsa Funding Luxembourg S.A. 8.750%, 05/15/18 (EUR)		2,052,000		2,915,172
Travelport LLC / Travelport Holdings, Inc. 6.352%, 03/01/16 (144A) (f)		66,233		66,730
11.875%, 09/01/16 (144A)		11,636		11,869
13.875%, 03/01/16 (144A) (e)		3,438,449		3,541,602
				7,183,748

See accompanying notes to financial statements.

MIST-10

Met Investors Series Trust

BlackRock High Yield Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Lodging—1.4%
Caesars Entertainment Operating Co., Inc. 9.000%, 02/15/20 (a)		8,288,000	$	6,919,496
Choice Hotels International, Inc. 5.750%, 07/01/22 (a)		410,000		440,037
Felcor Lodging L.P. 5.625%, 03/01/23		532,000		547,960
MGM Resorts International 5.250%, 03/31/20 (a)		509,000		529,360
6.625%, 12/15/21		277,000		308,163
6.750%, 10/01/20 (a)		188,000		209,855
8.625%, 02/01/19		65,000		77,431
Station Casinos LLC 7.500%, 03/01/21 (a)		2,108,000		2,302,990
Wynn Macau, Ltd. 5.250%, 10/15/21 (144A)		307,000		315,442
				11,650,734
Machinery-Construction & Mining—0.1%
BlueLine Rental Finance Corp. 7.000%, 02/01/19 (144A)		531,000		566,842
Machinery-Diversified—0.2%
Galapagos Holding S.A. 7.000%, 06/15/22 (EUR)		230,000		319,663
Galapagos S.A. 5.375%, 06/15/21 (EUR)		165,000		229,608
Selecta Group BV 6.500%, 06/15/20 (EUR)		615,000		859,030
				1,408,301
Media—5.2%
AMC Networks, Inc. 4.750%, 12/15/22 (a)		250,000		250,000
7.750%, 07/15/21		405,000		453,094
Cablevision Systems Corp. 5.875%, 09/15/22 (a)		1,277,000		1,300,944
CCO Holdings LLC / CCO Holdings Capital Corp. 5.125%, 02/15/23		2,065,000		2,083,069
5.250%, 09/30/22 (a)		1,370,000		1,390,550
Cequel Communications Holdings I LLC / Cequel Capital Corp. 5.125%, 12/15/21 (144A)		1,200,000		1,195,500
Clear Channel Communications, Inc. 9.000%, 12/15/19		1,059,000		1,129,159
9.000%, 03/01/21		1,334,000		1,427,380
Clear Channel Worldwide Holdings, Inc. 6.500%, 11/15/22		2,438,000		2,619,354
7.625%, 03/15/20		946,000		1,020,497
Columbus International, Inc. 7.375%, 03/30/21 (144A) (a)		1,360,000		1,465,400
DISH DBS Corp. 4.250%, 04/01/18		1,725,000		1,794,000
5.125%, 05/01/20 (a)		1,119,000		1,176,349
Media—(Continued)
Gannett Co., Inc. 5.125%, 10/15/19 (144A) (a)		469,000		485,415
5.125%, 07/15/20 (144A) (a)		275,000		282,219
6.375%, 10/15/23 (144A)		1,338,000		1,428,315
Harron Communications L.P. / Harron Finance Corp. 9.125%, 04/01/20 (144A)		690,000		769,350
Midcontinent Communications & Midcontinent Finance Corp. 6.250%, 08/01/21 (144A)		605,000		626,175
MPL 2 Acquisition Canco, Inc. 9.875%, 08/15/18 (144A)		1,151,000		1,240,202
NBCUniversal Enterprise, Inc. 5.250%, 03/29/49 (144A)		255,000		266,475
Nexstar Broadcasting, Inc. 6.875%, 11/15/20		509,000		548,448
Nielsen Finance LLC \ Nielsen Finance Co. 5.000%, 04/15/22 (144A)		585,000		589,387
Numericable Group S.A. 5.375%, 05/15/22 (EUR)		345,000		501,344
5.625%, 05/15/24 (EUR)		685,000		1,002,456
6.000%, 05/15/22 (144A) (a)		3,610,000		3,754,400
6.250%, 05/15/24 (144A)		640,000		668,000
ProQuest LLC / ProQuest Notes Co. 9.000%, 10/15/18 (144A)		572,000		604,890
Radio One, Inc. 9.250%, 02/15/20 (144A)		1,025,000		1,109,562
RCN Telecom Services LLC / RCN Capital Corp. 8.500%, 08/15/20 (144A)		725,000		775,750
Sterling Entertainment Enterprises LLC 9.750%, 12/15/19 (144A) (b) (c)		2,750,000		2,805,000
Unitymedia Hessen GmbH & Co. KG / Unitymedia NRW GmbH 5.500%, 01/15/23 (144A)		1,160,000		1,200,600
5.625%, 04/15/23 (EUR)		104,000		155,193
7.500%, 03/15/19 (EUR)		1,168,000		1,711,297
Unitymedia Kabel BW GmbH 9.500%, 03/15/21 (EUR)		1,029,000		1,607,895
Univision Communications, Inc. 6.875%, 05/15/19 (144A)		554,000		591,395
8.500%, 05/15/21 (144A) (a)		1,204,000		1,334,935
VTR Finance BV 6.875%, 01/15/24 (144A)		1,061,000		1,139,236
Wave Holdco LLC / Wave Holdco Corp. 8.250%, 07/15/19 (144A) (e)		1,350,000		1,385,437
				43,888,672
Metal Fabricate/Hardware—0.8%
Eco-Bat Finance plc 7.750%, 02/15/17 (EUR)		1,139,000		1,610,321
Wise Metals Group LLC / Wise Alloys Finance Corp. 8.750%, 12/15/18 (144A)		4,904,000		5,320,840
				6,931,161

See accompanying notes to financial statements.

MIST-11

Met Investors Series Trust

BlackRock High Yield Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Mining—1.3%
Constellium NV 4.625%, 05/15/21 (EUR)		490,000	$	696,957
5.750%, 05/15/24 (144A)		1,172,000		1,230,600
First Quantum Minerals, Ltd. 6.750%, 02/15/20 (144A)		1,326,000		1,365,780
7.250%, 05/15/22 (144A)		282,000		293,985
FMG Resources (August 2006) Pty, Ltd. 6.000%, 04/01/17 (144A) (a)		279,000		288,068
Global Brass & Copper, Inc. 9.500%, 06/01/19		575,000		655,500
Imperial Metals Corp. 7.000%, 03/15/19 (144A)		225,000		230,906
Kaiser Aluminum Corp. 8.250%, 06/01/20		330,000		371,250
New Gold, Inc. 6.250%, 11/15/22 (144A)		935,000		972,400
Novelis, Inc. 8.750%, 12/15/20		2,934,000		3,256,740
S&B Minerals Finance SCA / S&B Industrial Minerals North America, Inc. 9.250%, 08/15/20 (EUR)		665,000		1,023,952
Taseko Mines, Ltd. 7.750%, 04/15/19		596,000		598,980
				10,985,118
Miscellaneous Manufacturing—0.7%
Amsted Industries, Inc. 5.000%, 03/15/22 (144A)		894,000		894,000
CTP Transportation Products LLC / CTP Finance, Inc. 8.250%, 12/15/19 (144A)		555,000		598,012
Gates Global LLC / Gates Global Co. 5.750%, 07/15/22 (EUR)		465,000		633,541
GCL Holdings SCA 9.375%, 04/15/18 (144A) (EUR)		943,000		1,384,734
Hydra Dutch Holdings 2BV 5.825%, 04/15/19 (EUR) (f)		675,000		917,346
Polymer Group, Inc. 6.875%, 06/01/19 (144A)		165,000		167,681
SPX Corp. 6.875%, 09/01/17		495,000		556,875
Trinseo Materials Operating SCA / Trinseo Materials Finance, Inc. 8.750%, 02/01/19 (a)		390,000		420,225
				5,572,414
Oil & Gas—8.6%
Antero Resources Finance Corp. 5.375%, 11/01/21		978,000		1,014,675
6.000%, 12/01/20		325,000		348,563
Athlon Holdings L.P. / Athlon Finance Corp. 7.375%, 04/15/21 (144A)		730,000		795,700
Athlon Holdings LP / Athlon Finance Corp. 6.000%, 05/01/22 (144A)		674,000		697,590
Oil & Gas—(Continued)
Atwood Oceanics, Inc. 6.500%, 02/01/20 (a)		725,000		773,031
Baytex Energy Corp. 5.125%, 06/01/21 (144A)		356,000		358,225
5.625%, 06/01/24 (144A)		294,000		295,103
Berry Petroleum Co. LLC 6.375%, 09/15/22		898,000		956,370
6.750%, 11/01/20		463,000		487,308
Bonanza Creek Energy, Inc. 6.750%, 04/15/21		881,000		942,670
Carrizo Oil & Gas, Inc. 7.500%, 09/15/20		497,000		545,458
8.625%, 10/15/18		715,000		753,431
Chaparral Energy, Inc. 7.625%, 11/15/22 (a)		685,000		739,800
Chesapeake Energy Corp. 5.750%, 03/15/23 (a)		2,682,000		2,980,238
6.125%, 02/15/21		662,000		741,440
6.625%, 08/15/20		851,000		978,650
6.875%, 11/15/20		1,089,000		1,263,240
Cimarex Energy Co. 4.375%, 06/01/24		610,000		621,438
Concho Resources, Inc. 5.500%, 10/01/22		1,009,000		1,085,936
5.500%, 04/01/23		1,179,000		1,267,425
CrownRock L.P. / CrownRock Finance, Inc. 7.125%, 04/15/21 (144A)		1,006,000		1,061,330
Denbury Resources, Inc. 5.500%, 05/01/22		280,000		286,300
Diamondback Energy, Inc. 7.625%, 10/01/21 (144A)		1,019,000		1,120,900
Drill Rigs Holdings, Inc. 6.500%, 10/01/17 (144A)		1,119,000		1,144,177
Energy XXI Gulf Coast, Inc. 6.875%, 03/15/24 (144A)		436,000		444,720
7.750%, 06/15/19		1,109,000		1,186,630
9.250%, 12/15/17		300,000		319,500
EnQuest plc 7.000%, 04/15/22 (144A)		600,000		619,500
EP Energy LLC / Everest Acquisition Finance, Inc. 6.875%, 05/01/19		1,240,000		1,319,050
EXCO Resources, Inc. 7.500%, 09/15/18 (a)		925,000		948,125
8.500%, 04/15/22 (a)		480,000		518,400
Halcon Resources Corp. 8.875%, 05/15/21		1,748,000		1,879,100
9.250%, 02/15/22 (a)		465,000		508,013
9.750%, 07/15/20		850,000		927,562
Hilcorp Energy I L.P. / Hilcorp Finance Co. 5.000%, 12/01/24(144A)		938,000		938,000
7.625%, 04/15/21(144A)		970,000		1,059,725
8.000%, 02/15/20(144A)		245,000		260,925
Ithaca Energy, Inc. 8.125%, 07/01/19		655,000		655,000

See accompanying notes to financial statements.

MIST-12

Met Investors Series Trust

BlackRock High Yield Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Oil & Gas—(Continued)
Jones Energy Holdings LLC / Jones Energy Finance Corp. 6.750%, 04/01/22 (144A)		550,000	$	580,250
Kodiak Oil & Gas Corp. 5.500%, 02/01/22		557,000		577,888
8.125%, 12/01/19		1,035,000		1,146,262
Laredo Petroleum, Inc. 7.375%, 05/01/22		1,225,000		1,368,937
Legacy Reserves L.P. / Legacy Reserves Finance Corp. 6.625%, 12/01/21		431,000		437,465
6.625%, 12/01/21 (144A)		545,000		553,175
Linn Energy LLC / Linn Energy Finance Corp. 7.250%, 11/01/19 (a)		1,048,000		1,097,780
7.750%, 02/01/21		285,000		307,444
8.625%, 04/15/20		1,419,000		1,532,520
MEG Energy Corp. 6.500%, 03/15/21 (144A)		1,527,000		1,618,620
7.000%, 03/31/24 (144A)		2,437,000		2,686,792
Memorial Production Partners L.P. / Memorial Production Finance Corp. 7.625%, 05/01/21		559,000		584,854
Memorial Resource Development Corp. 5.875%, 07/01/22 (144A)		1,286,000		1,295,645
Newfield Exploration Co. 6.875%, 02/01/20		545,000		577,700
Northern Oil and Gas, Inc. 8.000%, 06/01/20 (a)		795,000		848,662
Oasis Petroleum, Inc. 6.500%, 11/01/21		835,000		897,625
6.875%, 01/15/23		480,000		523,200
7.250%, 02/01/19		315,000		333,900
Offshore Group Investment, Ltd. 7.500%, 11/01/19		1,016,000		1,074,420
Pacific Drilling S.A. 5.375%, 06/01/20 (144A)		730,000		715,400
Parker Drilling Co. 6.750%, 07/15/22 (144A)		365,000		379,600
Parsley Energy LLC / Parsley Finance Corp. 7.500%, 02/15/22 (144A)		1,104,000		1,178,520
PBF Holding Co. LLC / PBF Finance Corp. 8.250%, 02/15/20		608,000		662,720
Penn Virginia Corp. 8.500%, 05/01/20		1,197,000		1,337,647
Precision Drilling Corp. 5.250%, 11/15/24 (144A)		1,365,000		1,371,825
6.625%, 11/15/20		235,000		251,450
QEP Resources, Inc. 5.250%, 05/01/23		400,000		409,000
5.375%, 10/01/22		411,000		423,330
Range Resources Corp. 5.000%, 08/15/22		217,000		230,020
5.000%, 03/15/23 (a)		284,000		302,460
5.750%, 06/01/21		39,000		42,120
6.750%, 08/01/20		218,000		234,350
Oil & Gas—(Continued)
RKI Exploration & Production LLC / RKI Finance Corp. 8.500%, 08/01/21 (144A)		247,000		267,995
Rosetta Resources, Inc. 5.625%, 05/01/21		72,000		74,070
5.875%, 06/01/22		515,000		538,175
5.875%, 06/01/24 (a)		501,000		521,040
Sanchez Energy Corp. 6.125%, 01/15/23 (144A)		1,123,000		1,159,497
SandRidge Energy, Inc. 7.500%, 03/15/21		225,000		243,844
7.500%, 02/15/23 (a)		990,000		1,074,150
8.125%, 10/15/22		175,000		192,719
8.750%, 01/15/20		288,000		309,600
Seven Generations Energy, Ltd. 8.250%, 05/15/20 (144A)		3,082,000		3,390,200
Seventy Seven Energy, Inc. 6.500%, 07/15/22 (144A)		432,000		442,800
SM Energy Co. 5.000%, 01/15/24		377,000		375,115
6.500%, 01/01/23		163,000		176,448
6.625%, 02/15/19		412,000		436,720
Summit Midstream Holdings LLC / Summit Midstream Finance Corp. 7.500%, 07/01/21		776,000		845,840
Trafigura Beheer B.V. 6.375%, 04/08/15 (EUR)		490,000		692,448
Ultra Petroleum Corp. 5.750%, 12/15/18 (144A)		525,000		551,250
Vanguard Natural Resources LLC / VNR Finance Corp. 7.875%, 04/01/20 (a)		830,000		898,475
Whiting Petroleum Corp. 5.000%, 03/15/19		2,330,000		2,452,325
6.500%, 10/01/18		315,000		328,388
				73,395,928
Oil & Gas Services—0.7%
BIBBY Offshore Services plc 7.500%, 06/15/21 (GBP)		420,000		736,758
Calfrac Holdings L.P. 7.500%, 12/01/20 (144A)		142,000		152,650
CGG S.A. 6.500%, 06/01/21 (a)		1,210,000		1,200,925
7.750%, 05/15/17		271,000		275,065
Gulfmark Offshore, Inc. 6.375%, 03/15/22		480,000		499,200
Hiland Partners L.P. / Hiland Partner Finance Corp. 7.250%, 10/01/20 (144A)		215,000		234,350
Hornbeck Offshore Services, Inc. 5.875%, 04/01/20		639,000		661,365
Key Energy Services, Inc. 6.750%, 03/01/21		375,000		390,000

See accompanying notes to financial statements.

MIST-13

Met Investors Series Trust

BlackRock High Yield Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Oil & Gas Services—(Continued)
Petroleum Geo-Services ASA 7.375%, 12/15/18 (144A)		1,050,000	$	1,120,875
Pioneer Energy Services Corp. 6.125%, 03/15/22 (144A)		257,000		266,316
				5,537,504
Packaging & Containers—1.5%
Ardagh Packaging Finance plc 9.250%, 10/15/20 (144A) (EUR)		483,000		720,896
Ardagh Packaging Finance plc / Ardagh Holdings USA, Inc. 4.250%, 01/15/22 (EUR)		700,000		946,567
6.000%, 06/30/21 (144A)		680,000		679,150
6.250%, 01/31/19 (144A) (a)		769,000		788,225
Ball Corp. 4.000%, 11/15/23		1,326,000		1,263,015
Berry Plastics Corp. 9.750%, 01/15/21 (a)		420,000		478,800
Beverage Packaging Holdings Luxembourg II S.A. / Beverage Packaging Holdings II 5.625%, 12/15/16 (144A)		696,000		713,400
6.000%, 06/15/17 (144A)		1,125,000		1,153,125
Crown Americas LLC / Crown Americas Capital Corp. III 6.250%, 02/01/21		271,000		289,970
Crown Americas LLC / Crown Americas Capital Corp. IV 4.500%, 01/15/23 (a)		469,000		456,806
Crown European Holdings S.A. 4.000%, 07/15/22 (EUR)		660,000		903,196
Greif Nevada Holdings, Inc. 7.375%, 07/15/21 (144A) (EUR)		330,000		537,724
OI European Group B.V. 4.875%, 03/31/21 (EUR)		936,000		1,374,586
Pactiv LLC 7.950%, 12/15/25		1,186,000		1,269,020
8.375%, 04/15/27		274,000		295,920
SGD Group SAS 5.625%, 05/15/19 (EUR)		310,000		439,357
Tekni-Plex, Inc. 9.750%, 06/01/19 (144A)		516,000		576,630
				12,886,387
Pharmaceuticals—1.6%
Capsugel FinanceCo SCA 9.875%, 08/01/19 (EUR)		195,000		287,734
9.875%, 08/01/19 (144A) (EUR)		500,000		737,779
Capsugel S.A. 7.000%, 05/15/19 (144A) (e)		369,000		380,070
Catamaran Corp. 4.750%, 03/15/21		865,000		873,650
Endo Finance LLC & Endo Finco, Inc. 5.375%, 01/15/23 (144A)		405,000		404,494
7.250%, 01/15/22 (144A) (a)		255,000		275,400
Pharmaceuticals—(Continued)
Forest Laboratories, Inc. 4.375%, 02/01/19 (144A)		1,254,000		1,352,828
5.000%, 12/15/21 (144A)		830,000		909,564
Grifols Worldwide Operations, Ltd. 5.250%, 04/01/22 (144A)		1,279,000		1,326,962
Par Pharmaceutical Cos., Inc. 7.375%, 10/15/20 (a)		1,287,000		1,383,525
Pinnacle Merger Sub, Inc. 9.500%, 10/01/23 (144A)		356,000		395,605
Salix Pharmaceuticals, Ltd. 6.000%, 01/15/21 (144A)		355,000		380,738
Valeant Pharmaceuticals International, Inc. 5.625%, 12/01/21 (144A) (a)		1,182,000		1,215,982
6.375%, 10/15/20 (144A)		848,000		901,000
6.750%, 08/15/18 (144A)		2,221,000		2,393,127
6.750%, 08/15/21 (144A)		230,000		244,950
7.250%, 07/15/22 (144A)		330,000		356,400
				13,819,808
Pipelines—2.7%
Access Midstream Partners L.P. / ACMP Finance Corp. 4.875%, 05/15/23		1,209,000		1,273,984
4.875%, 03/15/24 (a)		823,000		869,294
5.875%, 04/15/21 (a)		948,000		1,014,360
6.125%, 07/15/22		1,077,000		1,190,085
Atlas Pipeline Partners L.P. / Atlas Pipeline Finance Corp. 5.875%, 08/01/23 (a)		246,000		250,305
Crestwood Midstream Partners L.P. / Crestwood Midstream Finance Corp. 6.125%, 03/01/22 (144A) (a)		595,000		626,238
El Paso LLC 6.700%, 02/15/27		62,930		67,689
7.750%, 01/15/32		493,000		539,835
7.800%, 08/01/31		525,000		569,625
Energy Transfer Equity L.P. 5.875%, 01/15/24		1,098,000		1,147,410
5.875%, 01/15/24 (144A)		2,190,000		2,288,550
Genesis Energy L.P. / Genesis Energy Finance Corp. 5.750%, 02/15/21		166,000		172,640
Kinder Morgan, Inc. 5.625%, 11/15/23 (144A)		943,000		968,932
MarkWest Energy Partners L.P. / MarkWest Energy Finance Corp. 6.250%, 06/15/22		731,000		798,618
6.500%, 08/15/21 (a)		845,000		912,600
NGPL PipeCo LLC 7.119%, 12/15/17 (144A) (a)		385,000		390,775
Regency Energy Partners L.P. / Regency Energy Finance Corp. 4.500%, 11/01/23		1,639,000		1,622,610

See accompanying notes to financial statements.

MIST-14

Met Investors Series Trust

BlackRock High Yield Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Pipelines—(Continued)
Rose Rock Midstream L.P. / Rose Rock Finance Corp.
5.625%, 07/15/22 (144A)		660,000	$	668,250
Sabine Pass Liquefaction LLC
5.625%, 04/15/23 (144A)		1,443,000		1,504,327
5.625%, 04/15/23		1,101,000		1,147,792
5.750%, 05/15/24 (144A)		3,470,000		3,617,475
Targa Resources Partners L.P. / Targa Resources Partners Finance Corp.
6.375%, 08/01/22 (a)		450,000		489,375
Tesoro Logistics L.P. / Tesoro Logistics Finance Corp.
5.875%, 10/01/20		259,000		273,245
Williams Cos., Inc. (The)
4.550%, 06/24/24		355,000		358,515
				22,762,529
Real Estate—1.1%
Annington Finance No. 5 plc 13.000%, 01/15/23 (GBP) (e)		438,035		974,549
Crescent Resources LLC / Crescent Ventures, Inc.
10.250%, 08/15/17 (144A)		1,570,000		1,758,400
Realogy Group LLC
7.625%, 01/15/20 (144A)		2,560,000		2,822,400
9.000%, 01/15/20 (144A) (a)		280,000		318,500
Realogy Group LLC / Realogy Co-Issuer Corp.
4.500%, 04/15/19 (144A) (a)		2,087,000		2,081,782
Rialto Holdings LLC / Rialto Corp.
7.000%, 12/01/18 (144A)		545,000		572,250
RPG Byty Sro
6.750%, 05/01/20 (EUR)		755,000		1,080,344
Tropicana Entertainment LLC / Tropicana Finance Corp.
9.625%, 12/15/14 (b) (g) (h)		70,000		0
				9,608,225
Real Estate Investment Trusts—0.2%
Crown Castle International Corp. 5.250%, 01/15/23		977,000		1,018,522
iStar Financial, Inc. 4.000%, 11/01/17		340,000		341,275
5.000%, 07/01/19		235,000		235,000
Rayonier AM Products, Inc. 5.500%, 06/01/24 (144A)		154,000		156,695
				1,751,492
Retail —2.2%
Asbury Automotive Group, Inc. 8.375%, 11/15/20		734,000		814,740
CST Brands, Inc. 5.000%, 05/01/23		676,000		676,000
Debenhams plc 5.250%, 07/15/21 (GBP)		570,000		960,475
Retail—(Continued)
DriveTime Automotive Group, Inc. / DT Acceptance Corp. 8.000%, 06/01/21 (144A)		760,000		775,200
Dufry Finance SCA 5.500%, 10/15/20 (144A)		346,000		359,255
Enterprise Inns plc 6.500%, 12/06/18 (GBP)		965,000		1,787,750
Guitar Center, Inc. 9.625%, 04/15/20 (144A) (d)		545,000		519,113
Hema Bondco I BV 6.250%, 06/15/19 (EUR)		907,000		1,254,375
Hillman Group, Inc. (The) 6.375%, 07/15/22 (144A)		532,000		532,000
House of Fraser Funding plc 8.875%, 08/15/18 (GBP)		414,000		758,187
8.875%, 08/15/18 (144A) (GBP)		780,000		1,428,468
L Brands, Inc.
5.625%, 02/15/22		400,000		433,000
Neiman Marcus Group Ltd., Inc.
8.000%, 10/15/21 (144A) (a)		2,517,000		2,712,067
Party City Holdings, Inc.
8.875%, 08/01/20		1,332,000		1,475,190
PC Nextco Holdings LLC / PC Nextco Finance, Inc.
8.750%, 08/15/19 (144A) (e)		474,000		484,073
Penske Automotive Group, Inc.
5.750%, 10/01/22		1,109,000		1,167,222
Rite Aid Corp.
6.750%, 06/15/21 (a)		324,000		350,730
9.250%, 03/15/20		400,000		456,000
Sally Holdings LLC / Sally Capital, Inc.
5.500%, 11/01/23		393,000		404,790
5.750%, 06/01/22		423,000		450,495
Sonic Automotive, Inc.
5.000%, 05/15/23 (a)		227,000		223,028
Stonegate Pub Co. Financing plc
5.750%, 04/15/19 (GBP)		215,000		371,630
Unique Pub Finance Co. plc (The)
6.542%, 03/30/21 (GBP)		276,000		498,325
				18,892,113
Semiconductors—0.2%
NXP B.V. / NXP Funding LLC 3.750%, 06/01/18 (144A)		1,210,000		1,213,025
5.750%, 02/15/21 (144A)		530,000		557,162
				1,770,187
Software—2.5%
BMC Software Finance, Inc.
8.125%, 07/15/21 (144A) (a)		850,000		874,438
Epicor Software Corp.
8.625%, 05/01/19 (a)		888,000		955,710
First Data Corp.
6.750%, 11/01/20 (144A)		1,198,000		1,296,835
7.375%, 06/15/19 (144A)		2,966,000		3,184,742

See accompanying notes to financial statements.

MIST-15

Met Investors Series Trust

BlackRock High Yield Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Software—(Continued)
First Data Corp.
8.250%, 01/15/21 (144A)		1,141,000	$	1,249,395
8.750%, 01/15/22 (144A) (a) (e)		251,000		277,041
10.625%, 06/15/21		1,732,000		2,017,780
11.250%, 01/15/21 (a)		60,000		70,050
11.750%, 08/15/21		2,995,000		3,552,819
IMS Health, Inc.
6.000%, 11/01/20 (144A)		502,000		527,100
Infor Software Parent LLC / Infor Software Parent, Inc.
7.125%, 05/01/21 (144A) (a) (e)		1,912,000		1,955,020
Infor U.S., Inc.
9.375%, 04/01/19		2,425,000		2,700,844
Nuance Communications, Inc.
5.375%, 08/15/20 (144A)		1,985,000		2,054,475
Sophia L.P. / Sophia Finance, Inc.
9.750%, 01/15/19 (144A)		549,000		603,900
				21,320,149
Storage/Warehousing—0.3%
Algeco Scotsman Global Finance plc
9.000%, 10/15/18 (EUR)		1,092,000		1,592,588
Mobile Mini, Inc.
7.875%, 12/01/20		540,000		591,300
				2,183,888
Telecommunications—9.4%
Alcatel-Lucent USA, Inc.
4.625%, 07/01/17 (144A)		970,000		1,001,525
6.450%, 03/15/29 (a)		398,000		394,020
6.750%, 11/15/20 (144A) (a)		2,790,000		2,971,350
Altice Financing S.A.
6.500%, 01/15/22 (144A)		1,290,000		1,373,850
Altice S.A.
7.250%, 05/15/22 (EUR)		1,005,000		1,458,716
7.750%, 05/15/22 (144A)		1,325,000		1,414,437
Avaya, Inc.
7.000%, 04/01/19 (144A)		655,000		655,000
10.500%, 03/01/21 (144A) (a)		680,000		627,300
CenturyLink, Inc.
5.625%, 04/01/20		1,039,000		1,096,145
6.450%, 06/15/21		215,000		233,275
CommScope, Inc.
5.000%, 06/15/21 (144A)		512,000		522,240
5.500%, 06/15/24 (144A) (a)		527,000		535,564
Consolidated Communications Finance Co.
10.875%, 06/01/20		725,000		846,438
Digicel Group, Ltd.
7.125%, 04/01/22 (144A) (a)		1,145,000		1,193,663
8.250%, 09/30/20 (144A)		1,521,000		1,657,890
Digicel, Ltd.
6.000%, 04/15/21 (144A) (a)		4,057,000		4,188,852
DigitalGlobe, Inc.
5.250%, 02/01/21 (a)		668,000		661,320
Telecommunications—(Continued)
Inmarsat Finance plc
4.875%, 05/15/22 (144A)		1,055,000		1,065,550
Intelsat Jackson Holdings S.A.
5.500%, 08/01/23		815,000		810,925
6.625%, 12/15/22 (a)		655,000		683,656
Intelsat Luxembourg S.A.
6.750%, 06/01/18 (a)		1,375,000		1,455,781
Level 3 Communications, Inc.
8.875%, 06/01/19		980,000		1,071,875
Level 3 Financing, Inc.
7.000%, 06/01/20		1,142,000		1,247,635
8.125%, 07/01/19		1,556,000		1,697,985
8.625%, 07/15/20		810,000		907,200
Phones4u Finance plc
9.500%, 04/01/18 (GBP)		839,000		1,478,940
9.500%, 04/01/18 (144A) (GBP)		965,000		1,701,046
Play Finance 2 S.A.
5.250%, 02/01/19 (EUR)		550,000		790,018
SBA Communications Corp.
4.875%, 07/15/22 (144A)		1,240,000		1,224,500
Sprint Capital Corp.
8.750%, 03/15/32 (a)		960,000		1,108,800
Sprint Communications, Inc.
7.000%, 03/01/20 (144A)		2,173,000		2,498,950
9.000%, 11/15/18 (144A)		4,310,000		5,225,875
Sprint Corp.
7.125%, 06/15/24 (144A)		500,000		530,000
7.875%, 09/15/23 (144A)		5,746,000		6,392,425
T-Mobile USA, Inc.
6.500%, 01/15/24 (a)		1,000,000		1,068,750
6.633%, 04/28/21		1,980,000		2,143,350
6.731%, 04/28/22		1,950,000		2,103,562
Telecom Italia S.p.A.
4.500%, 01/25/21 (EUR)		695,000		1,016,148
4.875%, 09/25/20 (EUR)		467,000		696,657
5.875%, 05/19/23 (GBP)		1,000,000		1,791,042
6.375%, 06/24/19 (GBP)		700,000		1,303,738
Telenet Finance V Luxembourg SCA
6.250%, 08/15/22 (EUR)		910,000		1,366,059
6.750%, 08/15/24 (EUR)		1,213,000		1,868,581
tw telecom holdings, Inc.
5.375%, 10/01/22		440,000		481,250
UPCB Finance II, Ltd.
6.375%, 07/01/20 (144A) (EUR)		2,103,000		3,055,959
Virgin Media Finance plc
6.375%, 04/15/23 (144A) (a)		232,000		251,720
7.000%, 04/15/23 (GBP)		513,000		961,353
Virgin Media Secured Finance plc
6.000%, 04/15/21 (GBP)		3,683,000		6,649,755
Wind Acquisition Finance S.A.
4.000%, 07/15/20 (EUR)		1,697,000		2,317,893
4.214%, 07/15/20 (EUR) (f)		805,000		1,109,540
Windstream Corp.
6.375%, 08/01/23		90,000		91,238
7.750%, 10/15/20 (a)		455,000		493,106
7.750%, 10/01/21		425,000		464,313
				79,956,760

See accompanying notes to financial statements.

MIST-16

Met Investors Series Trust

BlackRock High Yield Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Textiles—0.1%
Springs Industries, Inc.
6.250%, 06/01/21 (a)		1,103,000	$	1,125,060
Transportation—1.2%
CEVA Group plc
9.000%, 09/01/21 (144A) (a)		322,000		332,465
Florida East Coast Holdings Corp.
6.750%, 05/01/19 (144A) (a)		1,686,000		1,780,838
9.750%, 05/01/20 (144A) (a)		580,000		612,625
Gategroup Finance Luxembourg S.A.
6.750%, 03/01/19 (EUR)		1,225,000		1,786,423
Global Ship Lease, Inc.
10.000%, 04/01/19 (144A)		2,535,000		2,725,125
JCH Parent, Inc.
10.500%, 03/15/19 (144A) (e)		2,112,000		2,117,280
Watco Cos. LLC / Watco Finance Corp.
6.375%, 04/01/23 (144A)		617,000		629,340
				9,984,096
Trucking & Leasing—0.1%
Jurassic Holdings III, Inc.
6.875%, 02/15/21 (144A)		531,000		541,620
Total Corporate Bonds & Notes (Cost $636,592,932)				673,171,327
Floating Rate Loans (f)—11.4%
Advertising—0.0%
Affinion Group, Inc.
Term Loan B, 6.750%, 04/30/18		99,750		100,352
Aerospace/Defense—0.5%
Sequa Corp.
Term Loan B, 5.250%, 06/19/17		3,777,786		3,749,849
Silver II U.S. Holdings LLC
Term Loan, 4.000%, 12/13/19		759,328		758,315
				4,508,164
Air Freight & Logistics—0.1%
Ceva Logisitics U.S. Holdings, Inc. USD Term Loan, 6.500%, 03/19/21		846,306		831,364
Ceva Logistics Canada ULC
Term Loan, 6.500%, 03/19/21		105,788		103,921
				935,285
Airlines—0.2%
Northwest Airlines, Inc.
Term Loan, 1.562%, 09/10/18		1,227,750		1,164,309
Term Loan, 2.182%, 03/10/17		892,000		863,010
				2,027,319
Chemicals—0.5%
Ascend Performance Materials LLC
Term Loan B, 6.750%, 04/10/18		3,343,050		3,326,351
OXEA Finance LLC
2nd Lien Term Loan, 8.250%, 07/15/20		560,000		568,165
				3,894,516
Coal—0.4%
American Energy - Utica LLC
2nd Lien Term Loan, 5.500%, 09/30/18 (h)		1,763,654		1,913,565
Arch Coal, Inc.
Term Loan B, 6.250%, 05/16/18		865,594		851,982
Sandy Creek Energy Associates L.P. Term Loan B, 5.000%, 11/06/20		601,125		607,344
				3,372,891
Commercial Services—0.5%
Catalent Pharma Solutions, Inc. Term Loan, 6.500%, 12/29/17		730,000		738,213
Interactive Data Corp. Term Loan, 4.750%, 05/02/21		1,825,000		1,843,259
ServiceMaster Co. Term Loan, 5.500%, 01/31/17		995,665		996,242
Truven Health Analytics, Inc. Term Loan B, 4.500%, 06/06/19		1,122,207		1,114,492
				4,692,206
Distribution/Wholesale—0.2%
HD Supply, Inc. Term Loan B, 4.000%, 06/28/18		1,498,798		1,502,238
Diversified Consumer Services—0.1%
Affinion Group, Inc. 2nd Lien Term Loan, 8.500%, 10/12/18		1,150,000		1,155,209
Electric—1.8%
Energy Future Intermediate Holding Co. LLC DIP 2nd Lien Term Loan, 0.000%, 04/29/16 (j)		4,751,000		4,751,000
DIP Term Loan, 4.250%, 06/19/16		1,045,000		1,052,373
Texas Competitive Electric Holdings Co. LLC DIP Delayed Draw Term Loan, 0.000%, 05/05/16 (j) (k)		1,629,307		1,640,508
DIP Term Loan, 3.750%, 05/05/16		2,110,693		2,125,204
Extended Revolver, 0.000%, 10/10/16 (j)		915,000		750,588
Extended Term Loan, 4.651%, 10/10/17		5,704,315		4,682,273
Non-Extended Term Loan, 0.000%, 10/10/14 (j)		269,710		222,764
				15,224,710
Entertainment—0.2%
Amaya Gaming Group, Inc. Bridge Term Loan, 0.000%, 06/12/15 (c) (j)		5,554,717		0

See accompanying notes to financial statements.

MIST-17

Met Investors Series Trust

BlackRock High Yield Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Floating Rate Loans—(Continued)

Security Description	Principal Amount*		Value
Entertainment—(Continued)
Diamond Resorts Corp. Term Loan, 5.500%, 04/23/21		1,425,000	$	1,437,475
				1,437,475
Forest Products & Paper—0.2%
Wilsonart LLC Term Loan B, 4.000%, 10/31/19		1,300,201		1,294,246
Healthcare-Services—0.3%
Community Health Systems, Inc. Term Loan D, 4.250%, 01/27/21		1,735,502		1,747,434
ESH Hospitality, Inc. Term Loan, 0.000%, 06/24/19 (j)		530,000		535,523
LHP Hospital Group, Inc. Term Loan, 9.000%, 07/03/18		493,545		472,569
				2,755,526
Household Products/Wares—0.1%
Spin Holdco, Inc. Term Loan B, 4.250%, 11/14/19		1,261,834		1,265,664
Internet—0.2%
Zayo Group LLC Term Loan B, 4.000%, 07/02/19		1,457,247		1,461,196
Leisure Time—0.0%
Travelport LLC 2nd Lien Term Loan 1, 9.500%, 01/29/16		76,597		79,085
2nd Lien Term Loan 2, 4.000%, 12/01/16		158,186		160,163
				239,248
Lodging—2.4%
Caesars Entertainment Operating Co. Extended Term Loan B6, 0.000%, 01/26/18 (j)		1,805,900		1,689,085
Term Loan B7, 0.000%, 03/01/17 (j)		5,773,000		5,705,110
Caesars Entertainment Resort Properties LLC Term Loan B, 7.000%, 10/12/20		7,947,753		8,009,864
Hilton Worldwide Finance LLC Term Loan B2, 3.500%, 10/26/20		1,654,753		1,653,925
La Quinta Intermediate Holdings LLC Term Loan B, 4.000%, 04/14/21		904,190		906,311
Las Vegas Sands LLC Term Loan B, 3.250%, 12/19/20		699,667		700,234
MGM Resorts International Term Loan B, 3.500%, 12/20/19		223,363		222,944
Station Casinos LLC Term Loan B, 4.250%, 03/02/20		1,577,924		1,584,496
				20,471,969
Machinery-Diversified—0.1%
Gardner Denver, Inc. Term Loan, 4.250%, 07/30/20		872,977		873,562
Hillman Group Inc. (The) Term Loan B, 0.000%, 06/30/21 (j)		175,000		175,984
				1,049,546
Media—0.9%
Cengage Learning Acquisitions, Inc. 1st Lien Term Loan, 7.000%, 03/31/20		3,895,238		3,944,551
Term Loan, 0.000%, 07/03/15 (g)		295,300		0
Clear Channel Communications, Inc. Term Loan B, 3.800%, 01/29/16		410,646		408,537
Term Loan C, 3.800%, 01/29/16		259,451		256,695
Term Loan D, 6.900%, 01/30/19		3,057,747		3,047,366
				7,657,149
Mining—0.3%
FMG Resources (August 2006) Pty, Ltd. Term Loan B, 3.750%, 06/30/19		2,277,864		2,282,237
Miscellaneous Manufacturing—0.5%
Gates Global, Inc. Term Loan B, 0.000%, 07/05/21 (j)		4,205,000		4,196,464
Packaging & Containers—0.1%
Ardagh Holdings USA, Inc. Term Loan B, 4.250%, 12/17/19		427,850		429,989
Tekni-Plex, Inc. Term Loan B, 4.750%, 08/25/19 (h)		265,243		265,243
				695,232
Pharmaceuticals—0.2%
Grifols Worldwide Operations USA, Inc. Term Loan B, 3.150%, 02/27/21		1,296,750		1,296,867
Real Estate—0.0%
Realogy Corp. Extended Letter of Credit, 4.402%, 10/10/16		197,298		197,175
Retail—0.5%
Alliance Boots Holdings, Ltd. Term Loan B1, 3.478%, 07/09/15 (GBP)		874,124		1,496,536
BJ’s Wholesale Club, Inc. 2nd Lien Term Loan, 8.500%, 03/26/20		550,000		564,954
J.C. Penney Corp., Inc. Term Loan, 0.000%, 06/20/19 (j)		350,000		351,642
Neiman Marcus Group, Inc. (The) Term Loan, 4.250%, 10/26/20		1,308,433		1,307,426
Rite Aid Corp. 2nd Lien Term Loan, 5.750%, 08/21/20		350,000		358,313
				4,078,871
Semiconductors—0.2%
Avago Technologies Cayman, Ltd. Term Loan B, 3.750%, 05/06/21		1,495,000		1,501,369
CEVA Intercompany B.V. Term Loan, 6.500%, 03/19/21		613,572		602,739
				2,104,108

See accompanying notes to financial statements.

MIST-18

Met Investors Series Trust

BlackRock High Yield Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Floating Rate Loans—(Continued)

Security Description	Shares/ Principal Amount*		Value
Software—0.4%
First Data Corp. Extended Term Loan B, 4.154%, 03/24/18		1,685,000	$	1,689,844
Kronos, Inc. 2nd Lien Term Loan, 9.750%, 04/30/20		1,906,969		1,990,399
				3,680,243
Telecommunications—0.4%
Alcatel-Lucent USA, Inc. Term Loan C, 4.500%, 01/30/19		2,563,431		2,568,840
Hawaiian Telcom Communications, Inc. Term Loan B, 5.000%, 06/06/19		544,213		548,090
				3,116,930
Transportation—0.1%
CEVA Group plc Term Loan, 6.500%, 03/19/21		583,293		572,995
Total Floating Rate Loans (Cost $95,097,645)				97,266,031
Common Stocks—8.9%
Airlines—0.0%
Southwest Airlines Co.		15,345		412,167
Auto Components—1.6%
Goodyear Tire & Rubber Co. (The)		492,035		13,668,732
Lear Corp.		2,395		213,922
				13,882,654
Banks—0.5%
Citigroup, Inc.		84,080		3,960,168
Capital Markets—1.8%
American Capital, Ltd. (a) (l)		902,905		13,805,417
E*Trade Financial Corp. (l)		50,299		1,069,357
Uranium Participation Corp. (l)		28,400		129,085
				15,003,859
Chemicals—0.6%
Advanced Emissions Solutions, Inc. (a) (l)		11,202		256,862
Huntsman Corp. (a)		171,764		4,826,568
Zemex Minerals Group, Inc. (b) (l)		87		0
				5,083,430
Consumer Finance—1.8%
Ally Financial, Inc. (Private Placement) (c)		575,670		14,098,158
Ally Financial, Inc. (a) (l)		56,844		1,359,140
				15,457,298
Containers & Packaging—0.0%
Smurfit Kappa Group plc		520		11,876
Diversified Telecommunication Services—0.2%
Broadview Networks Holdings, Inc. (l)		52,943	$	108,532
Level 3 Communications, Inc. (l)		38,560		1,693,170
				1,801,702
Hotels, Restaurant & Leisure—0.2%
Amaya Gaming Group, Inc. (c)		74,289		1,392,418
Household Durables—0.1%
Stanley-Martin Communities LLC (b) (c) (l)		450		658,800
Insurance—0.8%
American International Group, Inc. (a)		131,638		7,184,802
Media—0.3%
Cengage Thomson Learning, Inc.		26,678		943,734
Clear Channel Outdoor Holdings, Inc. - Class A		31,744		259,666
HMH Publishing Co., Ltd. (l)		47,825		916,333
				2,119,733
Metals & Mining—0.0%
African Minerals, Ltd. (l)		159,753		189,755
Oil, Gas & Consumable Fuels—0.6%
General Maritime Corp. (b) (c)		262,836		4,862,466
Paper & Forest Products—0.2%
Ainsworth Lumber Co., Ltd. (l)		53,942		140,030
Ainsworth Lumber Co., Ltd. (144A) (l)		10,657		27,665
NewPage Holding, Inc. (a)		18,684		1,401,300
				1,568,995
Trading Companies & Distributors—0.2%
HD Supply Holdings, Inc. (l)		61,680		1,751,095
Total Common Stocks (Cost $69,075,914)				75,341,218
Convertible Bonds—1.9%
Coal—0.2%
Alpha Natural Resources, Inc. 3.750%, 12/15/17 (a)		1,702,000		1,470,102
Diversified Financial Services—0.0%
E*Trade Financial Corp.
Zero Coupon, 08/31/19 (144A)		76,000		156,655
Zero Coupon, 08/31/19		11,000		22,674
				179,329
Entertainment—0.8%
Amaya Gaming Group, Inc. 6.000%, 12/31/49 (CAD) (b) (c)		6,986,033		6,547,053

See accompanying notes to financial statements.

MIST-19

Met Investors Series Trust

BlackRock High Yield Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Convertible Bonds—(Continued)

Security Description	Shares/ Principal Amount*		Value
Insurance—0.1%
MGIC Investment Corp. 2.000%, 04/01/20		143,000	$	212,891
Radian Group, Inc. 2.250%, 03/01/19		363,000		544,047
3.000%, 11/15/17		169,000		244,416
				1,001,354
Pharmaceuticals—0.1%
Omnicare, Inc. 3.750%, 04/01/42 (a)		610,000		1,009,169
Retail—0.1%
Enterprise Funding, Ltd. 3.500%, 09/10/20 (GBP)		300,000		525,999
Telecommunications—0.6%
Nokia Oyj 5.000%, 10/26/17 (EUR)		1,400,000	$	4,479,693
Telecom Italia Finance S.A. 6.125%, 11/15/16 (EUR)		200,000		339,723
				4,819,416
Total Convertible Bonds (Cost $14,813,369)				15,552,422
Asset-Backed Securities—1.4%
Asset-Backed—Other—1.4%
Alm Loan Funding 2.978%, 01/20/26 (144A) (f)		500,000		489,152
3.428%, 01/20/26 (144A) (f)		550,000		518,382
4.728%, 01/20/26 (144A) (f)		500,000		440,348
ALM XIV, Ltd. 3.181%, 07/28/26 (144A) (b) (f)		356,456		350,646
3.681%, 07/28/26 (144A) (b) (f)		250,000		237,600
5.081%, 07/28/26 (144A) (b) (f)		250,000		227,525
Apidos CLO XVIII 3.881%, 07/22/26 (144A) (f)		550,000		530,420
Atlas Senior Loan Fund V, Ltd. 3.259%, 07/16/26 (144A) (f)		250,000		245,122
3.709%, 07/16/26 (144A) (f)		250,000		236,229
Avalon IV Capital, Ltd. 3.076%, 04/17/23 (144A) (f)		250,000		250,008
Battalion CLO, Ltd. 3.578%, 10/22/25 (144A) (f)		500,000		471,681
Benefit Street Partners CLO, Ltd. 3.680%, 07/20/26 (144A) (f)		500,000		477,643
Cedar Funding, Ltd. 3.029%, 05/20/26 (144A) (f)		320,000		310,242
3.779%, 05/20/26 (144A) (f)		270,000		256,993
CIFC Funding 2014-II, Ltd. 3.095%, 05/24/26 (144A) (f)		420,000		409,178
CIFC Funding, Ltd. 2.952%, 07/22/26 (144A) (b) (f)		250,000		241,273
3.552%, 07/22/26 (144A) (b) (f)		250,000		233,758
Asset-Backed—Other—(Continued)
Dryden Senior Loan Fund 4.520%, 04/18/26 (144A) (f)		750,000		661,827
Flatiron CLO, Ltd. 3.890%, 01/17/26 (144A) (f)		500,000		484,366
Jamestown CLO, Ltd. 3.734%, 07/15/26 (144A) (f)		250,000		235,600
LCM V, Ltd. 0.900%, 03/21/19 (144A) (f)		500,000		482,149
LCM VI, Ltd. 1.029%, 05/28/19 (144A) (f)		500,000		485,640
LCM X LP 5.727%, 04/15/22 (144A) (f)		1,000,000		985,044
Octagon Investment Partners XII, Ltd. 5.723%, 05/05/23 (144A) (f)		400,000		396,288
Palmer Square CLO, Ltd.
2.821%, 10/17/22 (144A) (f)		400,000		382,431
4.121%, 10/17/22 (144A) (f)		300,000		290,399
6.021%, 10/17/22 (144A) (f)		260,000		251,224
Venture CDO, Ltd. 3.134%, 07/15/26 (144A) (f)		340,000		324,972
Washington Mill CLO, Ltd.
3.227%, 04/20/26 (144A) (f)		250,000		245,934
3.677%, 04/20/26 (144A) (f)		320,000		302,978
Whitehorse, Ltd. 2.964%, 05/01/26 (144A) (f)		345,000		326,710
Total Asset-Backed Securities (Cost $11,803,729)				11,781,762
Preferred Stocks—1.4%
Banks—1.0%
GMAC Capital Trust I, 8.125%		328,498		8,967,995
Consumer Finance—0.1%
Ally Financial, Inc., 8.500%		22,812		630,068
Diversified Financial Services—0.3%
Marsico Parent Superholdco LLC (144A) (b) (l)		25		0
RBS Capital Funding Trust VII, 6.080%		90,156		2,172,760
				2,172,760
Total Preferred Stocks (Cost $11,052,419)				11,770,823
Convertible Preferred Stock—0.1%
Oil & Gas—0.1%
Chesapeake Energy Corp. 5.750%, 12/31/49 (Cost $1,039,237)		899		1,169,599

See accompanying notes to financial statements.

MIST-20

Met Investors Series Trust

BlackRock High Yield Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Purchased Option—0.0%

Security Description	Contracts/ Shares/ Principal Amount*		Value
Put Options—0.0%
SPDR S&P 500 ETF Trust, Strike $195, Expires 07/25/14 (Cost $410,992)		2,300	$	335,800
Warrants—0.0%
Hotels, Restaurant & Leisure—0.0%
Amaya Gaming Group, Inc. (c) (l)		45,141		0
Media—0.0%
HMH Publishing Co., Ltd., Expires 06/22/19 (b) (c) (l)		1,601		6,043
Total Warrants (Cost $16)				6,043
Short-Term Investments—14.7%
Mutual Fund—13.9%
State Street Navigator Securities Lending MET Portfolio (m)		118,193,653		118,193,653
Repurchase Agreement—0.8%
Fixed Income Clearing Corp. Repurchase Agreement dated 06/30/14 at 0.000% to be repurchased at $6,668,730 on 04/01/14, collateralized by $6,795,000 U.S. Treasury Note at 2.000% due 11/30/20 with a value of $6,803,494.		6,668,730		6,668,730
Total Short-Term Investments (Cost $124,862,383)				124,862,383
Total Investments—119.0% (Cost $964,748,636)				1,011,257,408
Unfunded Loan Commitments—(0.2)% (Cost $(1,623,197))				(1,623,197	)
Net Investments—118.8% (Cost $963,125,439) (n)				1,009,634,211
Other assets and liabilities (net)—(18.8)%				(159,618,306	)
Net Assets—100.0%			$	850,015,905

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

(a) All or a portion of the security was held on loan. As of June 30, 2014, the market value of securities loaned was $112,883,422 and the collateral received consisted of cash in the amount of $118,193,653 and non-cash collateral with a value of $1,456,908. 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) Security was valued in good faith under procedures approved by the Board of Trustees. As of June 30, 2014, these securities represent 2.2% of net assets.

(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 June 30, 2014, the market value of restricted securities was $32,260,657, which is 3.8% of net assets. See details shown in the Restricted Securities table that follows.

(d) All or a portion of the security was pledged as collateral against open reverse repurchase agreements. As of June 30, 2014, the value of securities pledged amounted to $14,709,163.

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

(f) Variable or floating rate security. The stated rate represents the rate at June 30, 2014. Maturity date shown for callable securities reflects the earliest possible call date.

(g) Non-income producing; Security is in default and/or issuer is in bankruptcy.

(h) Illiquid security. As of June 30, 2014, these securities represent 0.5% of net assets.

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

(j) This loan will settle after June 30, 2014, at which time the interest rate will be determined.

(k) Unfunded or partially unfunded loan commitments. The Portfolio may enter into certain credit agreements for which all or a portion may be unfunded. The Portfolio is obligated to fund these commitments at the borrower’s discretion.

(l) Non-income producing security.

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

(n) As of June 30, 2014, the aggregate cost of investments was $963,125,439. The aggregate unrealized appreciation and depreciation of investments were $53,992,409 and $(7,483,637), respectively, resulting in net unrealized appreciation of $46,508,772.

(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 June 30, 2014, the market value of 144A securities was $289,486,704, which is 34.1% of net assets.

(CAD)— Canadian Dollar

(CDO)— Collateralized Debt Obligation

(CLO)— Collateralized Loan Obligation

(ETF)— Exchange-Traded Fund

(EUR)— Euro

(GBP)— British Pound

See accompanying notes to financial statements.

MIST-21

Met Investors Series Trust

BlackRock High Yield Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Restricted Securities	Acquisition Date	Shares/ Principal Amount		Cost		Value
Ally Financial, Inc.	12/05/13		575,670	$	14,436,251	$	14,098,158
Amaya Gaming Group, Inc.	06/12/14		6,986,033		6,436,071		6,547,053
Amaya Gaming Group, Inc.	06/12/14		74,289		1,397,198		1,392,418
Amaya Gaming Group, Inc., Bridge Term loan	06/12/14		5,554,717		0		0
Amaya Gaming Group, Inc.	06/12/14		45,141		0		0
General Maritime Corp.	12/11/13		262,836		4,862,466		4,862,466
HMH Publishing Co., Ltd. Expires 06/22/19	06/22/12		1,601		16		6,043
National Air Cargo Group, Inc.	08/20/10		1,890,719		1,890,719		1,890,719
Stanley-Martin Communities LLC	10/22/07		450		282,182		658,800
Sterling Entertainment Enterprises LLC	12/28/12		2,750,000		2,750,000		2,805,000
							32,260,657

Forward Foreign Currency Exchange Contracts

Contracts to Buy		Counterparty	Settlement Date		In Exchange for		Unrealized Appreciation/ (Depreciation)
EUR	1,250,000	Bank of America N.A.		07/23/14	$	1,704,392	$	7,369
EUR	409,000	Deutsche Bank AG		07/23/14		557,950		2,138
EUR	1,950,000	UBS AG		07/23/14		2,662,263		8,084
GBP	710,000	BNP Paribas S.A.		07/23/14		1,189,173		25,722
Contracts to Deliver
EUR	2,361,000	BNP Paribas S.A.		07/23/14	$	3,275,345	$	42,172
EUR	395,000	BNP Paribas S.A.		07/23/14		538,495		(2,421	)
EUR	1,100,000	Bank of America N.A.		07/23/14		1,524,828		18,478
EUR	50,290,000	Barclays Bank plc		07/23/14		69,506,463		638,911
EUR	873,000	Barclays Bank plc		07/23/14		1,200,682		5,188
EUR	393,000	Barclays Bank plc		07/23/14		534,689		(3,488	)
EUR	272,000	Barclays Bank plc		07/23/14		372,638		159
EUR	440,000	Citibank N.A.		07/23/14		598,614		(3,926	)
EUR	110,000	Citibank N.A.		07/23/14		148,842		(1,793	)
EUR	1,090,000	Deutsche Bank AG		07/23/14		1,492,670		15
EUR	300,000	Deutsche Bank AG		07/23/14		415,846		5,023
EUR	803,000	Goldman Sachs & Co.		07/23/14		1,089,306		(10,329	)
EUR	547,000	Goldman Sachs & Co.		07/23/14		756,450		7,384
EUR	150,000	Goldman Sachs & Co.		07/23/14		207,155		1,744
EUR	547,000	Toronto Dominion Bank		07/23/14		743,583		(5,484	)
EUR	930,000	UBS AG		07/23/14		1,268,966		(4,584	)
EUR	390,000	Westpac Banking Corp.		07/23/14		530,498		(3,571	)
GBP	24,368,000	Barclays Bank plc		07/23/14		40,937,826		(758,741	)
GBP	520,000	Barclays Bank plc		07/23/14		885,608		(4,174	)
GBP	63,000	Barclays Bank plc		07/23/14		107,801		—
GBP	490,000	Citibank N.A.		07/23/14		827,243		(11,206	)
GBP	125,000	Citibank N.A.		07/23/14		209,721		(4,169	)
GBP	390,000	Deutsche Bank AG		07/23/14		662,360		(4,977	)
Net Unrealized Depreciation							$	(56,476	)

Futures Contracts

Futures Contracts—Short	Expiration Date		Number of Contracts			Notional Amount				Unrealized Depreciation
S&P 500 E-Mini Index Futures		09/19/14		(116	)		USD	(11,164,928	)	$	(158,992	)

See accompanying notes to financial statements.

MIST-22

Met Investors Series Trust

BlackRock High Yield Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Written Options

Options on an Exchange-Traded Fund	Strike Price	Expiration Date		Number of Contracts	Premiums Received			Market Value			Unrealized Appreciation
Put - SPDR S&P 500 ETF Trust	$185.0		07/25/14	(2,300)	$	(88,306	)	$	(69,000	)		19,306

Reverse Repurchase Agreements
Counterparty	Interest Rate			Settlement Date		Maturity Date		Principal Amount			Net Closing Amount
Barclays Bank plc		(3.00	%)		5/21/2014		Open		USD	509,575	$	509,575
Barclays Bank plc		(1.75	%)		6/25/2014		Open		USD	562,480		562,480
Barclays Bank plc		0.60	%		10/1/2013		Open		USD	2,156,250		2,156,250
Deutsche Bank Securities		0.55	%		5/14/2014		Open		USD	3,976,000		3,976,000
Deutsche Bank Securities		0.58	%		5/14/2014		Open		USD	5,602,000		5,602,000
Total											$	12,806,305

Securities pledged as collateral against open reverse repurchase agreements are noted in the Schedule of Investments. A security in the amount of $32,213 has been received at the custodian bank as collateral for reverse repurchase agreements.

Swap Agreements

OTC Credit Default Swaps on corporate issues—Buy Protection (a)

Reference Obligation	Fixed Deal (Pay) Rate		Maturity Date		Counterparty	Implied Credit Spread at June 30, 2014(b)		Notional Amount(c)			Market Value		Upfront Premium Paid		Unrealized Appreciation
RadioShack Corp. 6.75% due 05/15/2019		(5.000%)		09/20/18	Deutsche Bank AG		66.234%		USD	147,315	$	94,160	$	46,404	$	47,756
RadioShack Corp. 6.75% due 05/15/2019		(5.000%)		09/20/18	Deutsche Bank AG		66.234%		USD	147,315		94,160		45,668		48,492
RadioShack Corp. 6.75% due 05/15/2019		(5.000%)		09/20/18	Deutsche Bank AG		66.234%		USD	147,315		94,160		41,248		52,912
Totals											$	282,480	$	133,320	$	149,160

Credit Default Swaps on corporate and sovereign issues—Sell Protection (d)

Reference Obligation	Fixed Deal Receive Rate		Maturity Date		Counterparty	Implied Credit Spread at June 30, 2014(b)		Notional Amount(c)			Market Value		Upfront Premium Paid/ (Received)		Unrealized Appreciation/ (Depreciation)
CCO Holdings LLC / CCO Holdings Capital Corp. 7.25%, due 10/30/2017		8.000%		09/20/17	Deutsche Bank AG		1.380%		USD	1,500,000	$	312,893	$	—	$	312,893
Caesars Entertainment Operating Co., Inc. 5.625% due 06/01/2015		5.000%		09/20/15	Barclays Bank plc		38.354%		USD	572,099		(176,031)		(147,315)		(28,716)
Caesars Entertainment Operating Co., Inc. 5.625%, due 06/01/2015		5.000%		12/20/15	Barclays Bank plc		38.275%		USD	1,993,890		(699,686)		(578,228)		(121,458)
Caesars Entertainment Operating Co., Inc. 5.625% due 06/01/2015		5.000%		03/20/16	Barclays Bank plc		38.220%		USD	366,532		(142,668)		(84,302)		(58,366)
Caesars Entertainment Operating Co., Inc. 5.625% due 06/01/2015		5.000%		03/20/16	Barclays Bank plc		38.220%		USD	377,047		(146,761)		(98,032)		(48,729)
Caesars Entertainment Operating Co., Inc. 5.625% due 06/01/2015		5.000%		06/20/16	Barclays Bank plc		38.180%		USD	640,000		(271,085)		(144,800)		(126,285)
Caesars Entertainment Operating Co., Inc. 5.625% due 06/01/2015		5.000%		09/20/16	Barclays Bank plc		38.153%		USD	2,114,804		(960,010)		(475,831)		(484,179)

See accompanying notes to financial statements.

MIST-23

Met Investors Series Trust

BlackRock High Yield Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Swap Agreements—(Continued)

Reference Obligation	Fixed Deal Receive Rate		Maturity Date		Counterparty	Implied Credit Spread at June 30, 2014(b)		Notional Amount(c)			Market Value		Upfront Premium Paid/ (Received)		Unrealized Appreciation/ (Depreciation)
Caesars Entertainment Operating Co., Inc. 5.625% due 06/012015		5.000%		09/20/16	Deutsche Bank AG		38.153%		USD	1,500,000	$	(680,921)	$	(345,000)	$	(335,921)
Caesars Entertainment Operating Co., Inc. 5.625% due 06/01/2015		5.000%		03/20/17	Barclays Bank plc		38.698%		USD	436,847		(223,519)		(146,344)		(77,175)
Caesars Entertainment Operating Co., Inc. 5.625% due 06/01/2015		5.000%		03/20/17	Barclays Bank plc		38.698%		USD	2,045,986		(1,046,857)		(808,164)		(238,693)
Caesars Entertainment Operating Co., Inc. 5.625% due 06/01/2015		5.000%		06/20/17	Deutsche Bank AG		38.891%		USD	828,299		(443,403)		(283,692)		(159,711)
RadioShack Corp. 6.75% due 05/15/2019		5.000%		09/20/15	Deutsche Bank AG		N/A		USD	147,315		(78,021)		(23,570)		(54,451)
RadioShack Corp. 6.75% due 05/15/2019		5.000%		09/20/15	Deutsche Bank AG		N/A		USD	147,315		(78,021)		(23,570)		(54,451)
RadioShack Corp. 6.75% due 05/15/2019		5.000%		09/20/15	Deutsche Bank AG		N/A		USD	147,315		(78,021)		(19,151)		(58,870)
Techem GmbH 6.125% due 10/01/2019		5.000%		09/20/18	Credit Suisse International		2.226%		EUR	700,000		107,124		77,889		29,235
Techem GmbH 6.125% due 10/01/2019		5.000%		09/20/18	Credit Suisse International		2.226%		EUR	241,000		36,881		27,744		9,137
Techem GmbH 6.125% due 10/01/2019		5.000%		12/20/18	Credit Suisse International		2.369%		EUR	235,788		35,981		25,951		10,030
Techem GmbH 6.125% due 10/01/2019		5.000%		06/20/19	Barclays Bank plc		2.609%		EUR	456,000		69,201		66,852		2,349
Techem GmbH 5.0% due 06/20/2019		5.000%		06/20/19	Credit Suisse International		2.616%		EUR	3,195,000		484,118		487,210		(3,092)
Techem GmbH 6.125% due 10/01/2019		5.000%		06/20/19	Credit Suisse International		2.609%		EUR	760,000		115,338		110,623		4,715
Totals											$	(3,863,468)	$	(2,381,730)	$	(1,481,738)

A security with a market value of $893,287 has 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 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.

(EUR)— Euro

(GBP)— British Pound

(USD)— United States Dollar

See accompanying notes to financial statements.

MIST-24

Met Investors Series Trust

BlackRock High Yield Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

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 June 30, 2014:

Description	Level 1		Level 2		Level 3		Total
Corporate Bonds & Notes
Advertising	$	—	$	1,689,305	$	—	$	1,689,305
Aerospace/Defense		—		6,980,327		1,890,719		8,871,046
Airlines		—		8,712,532		—		8,712,532
Apparel		—		1,132,004		—		1,132,004
Auto Manufacturers		—		8,819,244		—		8,819,244
Auto Parts & Equipment		—		5,942,574		—		5,942,574
Banks		—		4,682,565		—		4,682,565
Building Materials		—		10,136,778		—		10,136,778
Chemicals		—		15,969,884		—		15,969,884
Coal		—		10,227,477		—		10,227,477
Commercial Services		—		39,761,324		—		39,761,324
Computers		—		2,398,300		—		2,398,300
Distribution/Wholesale		—		10,873,030		—		10,873,030
Diversified Financial Services		—		30,094,185		—		30,094,185
Electric		—		19,454,708		—		19,454,708
Electrical Components & Equipment		—		573,737		—		573,737
Electronics		—		1,779,610		—		1,779,610
Engineering & Construction		—		5,666,593		—		5,666,593
Entertainment		—		11,262,472		—		11,262,472
Environmental Control		—		1,990,911		—		1,990,911
Food		—		11,182,484		—		11,182,484
Food Service		—		323,764		—		323,764
Forest Products & Paper		—		2,758,720		—		2,758,720
Gas		—		3,747,055		—		3,747,055
Healthcare - Products		—		9,251,493		—		9,251,493
Healthcare - Services		—		24,815,960		—		24,815,960
Holding Companies - Diversified		—		3,896,810		—		3,896,810
Home Builders		—		23,347,415		—		23,347,415
Home Furnishings		—		1,552,136		—		1,552,136
Household Products/Wares		—		8,721,484		—		8,721,484
Insurance		—		5,628,762		—		5,628,762
Internet		—		8,869,366		—		8,869,366
Iron/Steel		—		5,314,863		—		5,314,863
Leisure Time		—		7,183,748		—		7,183,748
Lodging		—		11,650,734		—		11,650,734
Machinery - Construction & Mining		—		566,842		—		566,842
Machinery - Diversified		—		1,408,301		—		1,408,301
Media		—		41,083,672		2,805,000		43,888,672

See accompanying notes to financial statements.

MIST-25

Met Investors Series Trust

BlackRock High Yield Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Fair Value Hierarchy—(Continued)

Description	Level 1		Level 2		Level 3		Total
Metal Fabricate/Hardware	$	—	$	6,931,161	$	—	$	6,931,161
Mining		—		10,985,118		—		10,985,118
Miscellaneous Manufacturing		—		5,572,414		—		5,572,414
Oil & Gas		—		73,395,928		—		73,395,928
Oil & Gas Services		—		5,537,504		—		5,537,504
Packaging & Containers		—		12,886,387		—		12,886,387
Pharmaceuticals		—		13,819,808		—		13,819,808
Pipelines		—		22,762,529		—		22,762,529
Real Estate		—		9,608,225		0		9,608,225
Real Estate Investment Trusts		—		1,751,492		—		1,751,492
Retail		—		18,892,113		—		18,892,113
Semiconductors		—		1,770,187		—		1,770,187
Software		—		21,320,149		—		21,320,149
Storage/Warehousing		—		2,183,888		—		2,183,888
Telecommunications		—		79,956,760		—		79,956,760
Textiles		—		1,125,060		—		1,125,060
Transportation		—		9,984,096		—		9,984,096
Trucking & Leasing		—		541,620		—		541,620
Total Corporate Bonds & Notes		—		668,475,608		4,695,719		673,171,327
Total Floating Rate Loans (Less Unfunded Loan Commitments)*		—		95,642,834		—		95,642,834
Common Stocks
Airlines		412,167		—		—		412,167
Auto Components		13,882,654		—		—		13,882,654
Banks		3,960,168		—		—		3,960,168
Capital Markets		15,003,859		—		—		15,003,859
Chemicals		5,083,430		—		0		5,083,430
Consumer Finance		1,359,140		14,098,158		—		15,457,298
Containers & Packaging		—		11,876		—		11,876
Diversified Telecommunication Services		1,801,702		—		—		1,801,702
Hotels, Restaurants & Leisure		—		1,392,418		—		1,392,418
Household Durables		—		—		658,800		658,800
Insurance		7,184,802		—		—		7,184,802
Media		259,666		1,860,067		—		2,119,733
Metals & Mining		—		189,755		—		189,755
Oil, Gas & Consumable Fuels		—		—		4,862,466		4,862,466
Paper & Forest Products		167,695		1,401,300		—		1,568,995
Trading Companies & Distributors		1,751,095		—		—		1,751,095
Total Common Stocks		50,866,378		18,953,574		5,521,266		75,341,218
Convertible Bonds
Coal		—		1,470,102		—		1,470,102
Diversified Financial Services		—		179,329		—		179,329
Entertainment		—		—		6,547,053		6,547,053
Insurance		—		1,001,354		—		1,001,354
Pharmaceuticals		—		1,009,169		—		1,009,169
Retail		—		525,999		—		525,999
Telecommunications		—		4,819,416		—		4,819,416
Total Convertible Bonds		—		9,005,369		6,547,053		15,552,422
Asset-Backed Securities
Asset-Backed - Other		—		10,490,960		1,290,802		11,781,762
Preferred Stocks
Banks		8,967,995		—		—		8,967,995
Consumer Finance		630,068		—		—		630,068
Diversified Financial Services		2,172,760		—		0		2,172,760
Total Preferred Stocks		11,770,823		—		0		11,770,823
Total Convertible Preferred Stock*		—		1,169,599		—		1,169,599
Total Purchased Option*		335,800		—		—		335,800
Total Warrants*		—		—		6,043		6,043

See accompanying notes to financial statements.

MIST-26

Met Investors Series Trust

BlackRock High Yield Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Fair Value Hierarchy—(Continued)

Description	Level 1			Level 2			Level 3		Total
Short-Term Investments
Mutual Fund	$	118,193,653		$	—		$	—	$	118,193,653
Repurchase Agreement		—			6,668,730			—		6,668,730
Total Short-Term Investments		118,193,653			6,668,730			—		124,862,383
Total Net Investments	$	181,166,654		$	810,406,674		$	18,060,883	$	1,009,634,211
Collateral for securities loaned (Liability)	$	—		$	(118,193,653	)	$	—	$	(118,193,653	)
Forward Contracts
Forward Foreign Currency Exchange Contracts (Unrealized Appreciation)	$	—		$	762,387		$	—	$	762,387
Forward Foreign Currency Exchange Contracts (Unrealized Depreciation)		—			(818,863	)		—		(818,863	)
Total Forward Contracts	$	—		$	(56,476	)	$	—	$	(56,476	)
Futures Contracts
Futures Contracts (Unrealized Depreciation)	$	(158,992	)	$	—		$	—	$	(158,992	)
Written Options at Value		(69,000	)		—			—		(69,000	)
Swap Contracts
Swap Contracts at Value (Assets)	$	—		$	1,444,016		$	—	$	1,444,016
Swap Contracts at Value (Liabilities)		—			(5,025,004	)		—		(5,025,004	)
Total Swap Contracts	$	—		$	(3,580,988	)	$	—	$	(3,580,988	)
Total Reverse Repurchase Agreements (Liability)	$	—		$	(12,806,305	)	$	—	$	(12,806,305	)

* 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		Sales			Transfers out of Level 3			Balance as of June 30, 2014		Change in Unrealized Appreciation/(Depreciation) from Investments Still Held at June 30, 2014
Corporate Bonds & Notes
Aerospace & Defense	$	2,066,353	$	—	$	—	$	(175,634	)(a)	$	—		$	1,890,719	$	0
Media		2,750,000		55,000		—		—			—			2,805,000		55,000
Real Estate		0		—		—		—			—			0		—
Common Stocks
Chemicals		0		—		—		—			—			0		—
Diversified Telecommunications Services		189,005		—		—		—			(189,005	)		—		—
Household Durables		620,550		89,169		—		(50,919	)(b)		—			658,800		89,169
Oil, Gas & Combustable Fuels		1,631,534		—		3,230,932		—			—			4,862,466		—
Convertible Bonds
Entertainment		—		110,982		6,436,071		—			—			6,547,053		110,982
Asset-Backed Securities
Asset-Backed Other		—		—		1,290,802		—			—			1,290,802		—
Preferred Stocks
Diversified Financial Services		0		—		—		—			—			0		—
Warrants
Media		3,222		2,821		—		—			—			6,043		2,821
Total	$	7,260,664	$	257,972	$	10,957,805	$	(226,553	)	$	(189,005	)	$	18,060,883	$	257,972

(a) Sales include principal reductions

(b) Sales include a reduction in cost due to Return of Capital distributions.

Common Stocks in the amount of $189,005 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.

MIST-27

Met Investors Series Trust

BlackRock High Yield Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Fair Value Hierarchy—(Continued)

Following is quantitative information about Level 3 fair value measurements:

	Fair Value at June 30, 2014	Valuation Technique(s)	Unobservable Input	Range						Weighted Average			Relationship Between Fair Value and Input; if input value increases then Fair Value:
Corporate Bonds & Notes
Aerospace & Defense	$1,890,719	Par	Call Price	$	100.00		$	100.00		$	100.00		Increase
Media	2,805,000	Market Comparable Companies	Enterprise Value / LTM EBITDA		9.8x			14.8x			10.8x		Increase
			Internal Rate of Return		9.00	%		11.00	%		9.90	%	Increase
Common Stock
Household Durables	658,800	Market Comparable Companies	Equity / Tangible Book Value		0.7x			2.0x			1.6x		Increase
Oil, Gas & Consumable Fuels	4,862,466	Market Transaction Method	Acquisition Cost	$	18.50		$	18.50		$	18.50		Increase
Asset-Backed Securities
Asset-Backed - Other	1,290,802	Market Transaction Method	Acquisition Cost	$	91.01		$	98.37		$	95.23		Increase
Convertible Bonds
Entertainment	6,547,053	Market Transaction Method	Acquisition Cost	$	100.00		$	100.00		$	100.00		Increase
Warrants
Media	6,043	Black-Scholes Model	Implied Volatility		22.93	%		22.93	%		22.93	%	Increase

See accompanying notes to financial statements.

MIST-28

Met Investors Series Trust

BlackRock High Yield Portfolio

Statement of Assets and Liabilities

June 30, 2014 (Unaudited)

Assets
Investments at value (a) (b)	$	1,009,634,211
Cash		271,934
Cash denominated in foreign currencies (c)		99,261
Cash collateral (d)		4,102,000
OTC swap contracts at market value (e)		1,444,016
Unrealized appreciation on forward foreign currency exchange contracts		762,387
Receivable for:
Investments sold		13,064,352
Fund shares sold		40,554
Principal paydowns		13,905
Interest		13,340,103
Interest on OTC swap contracts		32,446
Total Assets		1,042,805,169
Liabilities
Written options at value (f)		69,000
Reverse repurchase agreements		12,806,305
OTC swap contracts at market value (g)		5,025,004
Unrealized depreciation on forward foreign currency exchange contracts		818,863
Collateral for securities loaned		118,193,653
Payables for:
Investments purchased		54,856,176
Fund shares redeemed		307,490
Interest on reverse repurchase agreements		9,682
Variation margin on futures contracts		2,320
Interest on OTC swap contracts		675
Accrued expenses:
Management fees		418,561
Distribution and service fees		66,011
Deferred trustees’ fees		58,994
Other expenses		156,530
Total Liabilities		192,789,264
Net Assets	$	850,015,905
Net assets consist of:
Paid in surplus	$	773,711,485
Undistributed net investment income		26,051,811
Accumulated net realized gain		5,421,109
Unrealized appreciation on investments, written options, futures contracts, swap contracts and foreign currency transactions		44,831,500
Net Assets	$	850,015,905
Net Assets
Class A	$	528,543,888
Class B		321,472,017
Capital Shares Outstanding*
Class A		62,999,379
Class B		38,672,297
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	8.39
Class B		8.31

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

(a) Identified cost of investments was $963,125,439.

(b) Includes securities loaned at value of $112,883,422.

(c) Identified cost of cash denominated in foreign currencies was $98,657.

(d) Includes collateral of $527,000 for futures contracts and $3,575,000 for OTC swap contracts.

(e) Net premium received on OTC swap contracts was $929,589.

(f) Premiums received on written options were $88,306.

(g) Net premium paid on OTC swap contracts was $3,177,999.

Statement of Operations

Six Months Ended June 30, 2014 (Unaudited)

Investment Income
Dividends	$	1,254,098
Interest		25,729,974
Securities lending income		180,841
Total investment income		27,164,913
Expenses
Management fees		2,538,826
Administration fees		10,063
Custodian and accounting fees		136,792
Distribution and service fees—Class B		393,462
Interest expense		85,868
Audit and tax services		34,943
Legal		15,668
Trustees’ fees and expenses		22,085
Shareholder reporting		35,195
Insurance		2,748
Miscellaneous		5,622
Total expenses		3,281,272
Net Investment Income		23,883,641
Net Realized and Unrealized Gain
Net realized gain (loss) on:
Investments		14,202,498
Futures contracts		(1,870,196	)
Written options		(303,055	)
Swap contracts		164,161
Foreign currency transactions		(3,025,538	)
Net realized gain		9,167,870
Net change in unrealized appreciation (depreciation) on:
Investments		12,972,439
Futures contracts		128,976
Written options		19,306
Swap contracts		(946,730	)
Foreign currency transactions		1,835,968
Net change in unrealized appreciation		14,009,959
Net realized and unrealized gain		23,177,829
Net Increase in Net Assets from Operations	$	47,061,470

See accompanying notes to financial statements.

MIST-29

Met Investors Series Trust

BlackRock High Yield Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2014 (Unaudited)			Year Ended December 31, 2013
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	23,883,641		$	52,896,564
Net realized gain		9,167,870			37,400,619
Net change in unrealized appreciation (depreciation)		14,009,959			(10,492,276	)
Increase in net assets from operations		47,061,470			79,804,907
From Distributions to Shareholders
Net investment income
Class A		(32,850,868	)		(34,767,466	)
Class B		(18,650,271	)		(21,805,323	)
Net realized capital gains
Class A		(24,118,359	)		(13,650,688	)
Class B		(14,259,906	)		(8,859,543	)
Total distributions		(89,879,404	)		(79,083,020	)
Increase (decrease) in net assets from capital share transactions		45,568,076			(68,008,509	)
Total increase (decrease) in net assets		2,750,142			(67,286,622	)
Net Assets
Beginning of period		847,265,763			914,552,385
End of period	$	850,015,905		$	847,265,763
Undistributed net investment income
End of period	$	26,051,811		$	53,669,309

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2014 (Unaudited)						Year Ended December 31, 2013
	Shares			Value			Shares			Value
Class A
Sales		9,425,182		$	78,534,502			19,515,643		$	168,265,167
Reinvestments		6,964,453			56,969,227			5,784,726			48,418,154
Redemptions		(14,111,260	)		(118,067,471	)		(30,621,408	)		(271,693,816	)
Net increase (decrease)		2,278,375		$	17,436,258			(5,321,039	)	$	(55,010,495	)
Class B
Sales		3,714,948		$	32,346,045			10,678,244		$	91,286,248
Reinvestments		4,057,975			32,910,177			3,690,116			30,664,866
Redemptions		(4,288,666	)		(37,124,404	)		(15,888,593	)		(134,949,128	)
Net increase (decrease)		3,484,257		$	28,131,818			(1,520,233	)	$	(12,998,014	)
Increase (decrease) derived from capital shares transactions				$	45,568,076					$	(68,008,509	)

See accompanying notes to financial statements.

MIST-30

Met Investors Series Trust

BlackRock High Yield Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2014 (Unaudited)			Year Ended December 31,
				2013			2012			2011			2010			2009
Net Asset Value, Beginning of Period	$	8.86		$	8.93		$	8.36		$	8.70		$	8.02		$	5.80
Income (Loss) from Investment Operations
Net investment income (a)		0.25			0.54			0.59			0.59			0.63			0.77
Net realized and unrealized gain (loss) on investments		0.24			0.26			0.73			(0.35	)		0.62			1.85
Total from investment operations		0.49			0.80			1.32			0.24			1.25			2.62
Less Distributions
Distributions from net investment income		(0.55	)		(0.62	)		(0.64	)		(0.58	)		(0.57	)		(0.40	)
Distributions from net realized capital gains		(0.41	)		(0.25	)		(0.11	)		0.00			0.00			0.00
Total distributions		(0.96	)		(0.87	)		(0.75	)		(0.58	)		(0.57	)		(0.40	)
Net Asset Value, End of Period	$	8.39		$	8.86		$	8.93		$	8.36		$	8.70		$	8.02
Total Return (%) (b)		5.68	(c)		9.52			16.80	(d)		2.50			16.10			47.20
Ratios/Supplemental Data
Ratio of expenses to average net assets (%)		0.68	(e)		0.69			0.65			0.65			0.65			0.67
Ratio of expenses to average net assets excluding interest expense (%)		0.66	(e)		0.66			0.65			0.65			0.65			0.67
Ratio of net investment income to average net assets (%)		5.74	(e)		6.18			6.90			6.91			7.60			11.24
Portfolio turnover rate (%)		41	(c)		108			85			99			99			92
Net assets, end of period (in millions)	$	528.5		$	538.3		$	589.6		$	518.4		$	679.1		$	563.4
	Class B
	Six Months Ended June 30, 2014 (Unaudited)			Year Ended December 31,
				2013			2012			2011			2010			2009
Net Asset Value, Beginning of Period	$	8.78		$	8.85		$	8.29		$	8.64		$	7.98		$	5.78
Income (Loss) from Investment Operations
Net investment income (a)		0.23			0.51			0.56			0.56			0.60			0.77
Net realized and unrealized gain (loss) on investments		0.24			0.27			0.74			(0.34	)		0.62			1.83
Total from investment operations		0.47			0.78			1.30			0.22			1.22			2.60
Less Distributions
Distributions from net investment income		(0.53	)		(0.60	)		(0.63	)		(0.57	)		(0.56	)		(0.40	)
Distributions from net realized capital gains		(0.41	)		(0.25	)		(0.11	)		0.00			0.00			0.00
Total distributions		(0.94	)		(0.85	)		(0.74	)		(0.57	)		(0.56	)		(0.40	)
Net Asset Value, End of Period	$	8.31		$	8.78		$	8.85		$	8.29		$	8.64		$	7.98
Total Return (%) (b)		5.58	(c)		9.33			16.54	(d)		2.34			15.77			46.65
Ratios/Supplemental Data
Ratio of expenses to average net assets (%)		0.93	(e)		0.94			0.90			0.90			0.90			0.92
Ratio of expenses to average net assets excluding interest expense (%)		0.91	(e)		0.91			0.90			0.90			0.90			0.92
Ratio of net investment income to average net assets (%)		5.48	(e)		5.94			6.65			6.66			7.29			10.88
Portfolio turnover rate (%)		41	(c)		108			85			99			99			92
Net assets, end of period (in millions)	$	321.5		$	309.0		$	324.9		$	270.4		$	238.0		$	109.1

(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) Periods less than one year are not computed on an annualized basis.

(d) In 2012 0.00% and 0.13% of the Portfolio’s total return for Class A and Class B, respectively, consists of a voluntary reimbursement by the subadvisor for a realized loss. Excluding this item, total return would have been 16.80% and 16.41% for Class A and Class B, respectively.

(e) Computed on an annualized basis.

See accompanying notes to financial statements.

MIST-31

Met Investors Series Trust

BlackRock High Yield Portfolio

Notes to Financial Statements—June 30, 2014 (Unaudited)

1. Organization

Met Investors Series Trust (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 currently offers forty-seven series, each of which operates as a distinct investment vehicle of the Trust. The portfolio included in this report is BlackRock High Yield 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 four classes of shares: Class A, B, C and E shares. Class A and B shares are currently offered by the Portfolio. 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 June 30, 2014 through the date the financial statements were issued.

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 (other than short term obligations with a remaining maturity of sixty days or less), 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 MetLife Advisers, LLC (“MetLife Advisers” or the “Adviser”), an affiliate of MetLife, Inc., pursuant to authorization of 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 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.

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Met Investors Series Trust

BlackRock High Yield Portfolio

Notes to Financial Statements—June 30, 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, which 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 and futures contracts that are traded over-the-counter 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. 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 has delegated the determination of the fair value of a security to a 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.

MIST-33

Met Investors Series Trust

BlackRock High Yield Portfolio

Notes to Financial Statements—June 30, 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, swap transactions, contingent payment debt instrument, premium amortization adjustments, convertible preferred stock and distribution redesignations. 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 June 30, 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 Master Repurchase Agreement 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 June 30, 2014, the Portfolio had investments in repurchase agreements with a gross value of $6,668,730, 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 June 30, 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 Master Repurchase Agreement 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 six months ended June 30, 2014, the Portfolio had an outstanding reverse repurchase agreement balance of 181 days. The average amount of borrowings was $41,398,816 and the weighted average interest rate was 0.42% during the 181 day period.

MIST-34

Met Investors Series Trust

BlackRock High Yield Portfolio

Notes to Financial Statements—June 30, 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 June 30, 2014:

Counterparty	Reverse Repurchase Agreements		Collateral Pledged			Net Amount1
Barclays Bank	$	3,228,305	$	(3,228,305	)	$	—
Deutsche Bank Securities, Inc.		9,578,000		(9,578,000	)		—
	$	12,806,305	$	(12,806,305	)	$	—

¹  Collateral with a value of $14,709,163 has been pledged in connection with open reverse repurchase agreements. Excess of collateral pledged from the individual open repurchase agreements is not shown for financial reporting purposes.

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.

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.

Unfunded Loan Commitments - The Portfolio may enter into certain credit agreements, all or a portion of which may be unfunded. The Portfolio is obligated to fund these commitments at the borrower’s discretion. These commitments, if any, are disclosed in the Schedule of Investments. As of June 30, 2014, the Portfolio had open unfunded loan commitments of $1,623,197. At June 30, 2014, the Portfolio had sufficient cash and/or securities to cover these commitments.

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.

MIST-35

Met Investors Series Trust

BlackRock High Yield Portfolio

Notes to Financial Statements—June 30, 2014—(Continued)

The Trust has entered into a Securities Lending Authorization Agreement with the custodian. 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 at least equal to 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 six months ended June 30, 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 June 30, 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 June 30, 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 has agreed to 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. Futures contracts are exchange-traded and 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.

MIST-36

Met Investors Series Trust

BlackRock High Yield Portfolio

Notes to Financial Statements—June 30, 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.

The Portfolio transactions in written options during the six months June 30, 2014:

Put Options	Number of Contracts			Premium Received
Options outstanding December 31, 2013		—			—
Options written		8,200			289,589
Options bought back		(4,500	)		(132,740	)
Options expired		(1,400	)		(68,543	)
Options outstanding June 30, 2014		2,300			88,306

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 over-the-counter 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.

MIST-37

Met Investors Series Trust

BlackRock High Yield Portfolio

Notes to Financial Statements—June 30, 2014—(Continued)

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 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.

MIST-38

Met Investors Series Trust

BlackRock High Yield Portfolio

Notes to Financial Statements—June 30, 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 June 30, 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.

At June 30, 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
Credit	OTC swap contracts at market value (a)	$	1,444,016	OTC swap contracts at market value (a)	$	5,025,004
Equity	Investments at market value (b)(c)		335,800
				Unrealized depreciation on futures contracts* (c)		158,992
				Written options at value (c)		69,000
Foreign Exchange	Unrealized appreciation on forward foreign currency exchange contracts		762,387	Unrealized depreciation on forward foreign currency exchange contracts		818,863
Total		$	2,542,203		$	6,071,859

* 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) Excludes OTC swap interest receivable of $32,446 and OTC swap interest payable of $675.

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

(c) Financial instrument 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.

MIST-39

Met Investors Series Trust

BlackRock High Yield Portfolio

Notes to Financial Statements—June 30, 2014—(Continued)

The following table presents the Portfolio’s derivative assets by counterparty net of amounts available for offset under a master netting agreement (“MNA”), or similar agreement, and net of the related collateral received by the Portfolio as of June 30, 2014.

Counterparty	Derivative Assets subject to a MNA by Counterparty		Financial Instruments available for offset			Collateral Received†		Net Amount*
Bank of America N.A.	$	25,847	$	—		$	—	$	25,847
Barclays Bank plc		713,459		(713,459	)		—		—
BNP Paribas S.A.		67,894		(2,421	)		—		65,473
Credit Suisse International		779,442		—			—		779,442
Deutsche Bank AG		602,549		(602,549	)		—		—
Goldman Sachs & Co.		9,128		(9,128	)		—		—
UBS AG		8,084		(4,584	)		—		3,500
	$	2,206,403	$	(1,332,141	)	$	—	$	874,262

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 June 30, 2014.

Counterparty	Derivative Liabilities subject to a MNA by Counterparty		Financial Instruments available for offset			Collateral Pledged†			Net Amount**
Barclays Bank plc	$	4,433,020	$	(713,459	)	$	(2,975,000	)	$	744,561
BNP Paribas S.A.		2,421		(2,421	)		—			—
Citibank N.A.		21,094		—			—			21,094
Deutsche Bank AG		1,363,364		(602,549	)		(600,000	)		160,815
Goldman Sachs & Co.		10,329		(9,128	)		—			1,201
Toronto Dominion Bank		5,484		—			—			5,484
UBS AG		4,584		(4,584	)		—			—
Westpac Banking Corp.		3,571		—			—			3,571
	$	5,843,867	$	(1,332,141	)	$	(3,575,000	)	$	936,726

* 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 six months ended June 30, 2014 were as follows:

Statement of Operations Location—Net Realized Gain (Loss)	Credit			Equity			Foreign Exchange			Total
Investments (a)	$	—		$	(563,364	)	$	—		$	(563,364	)
Forward foreign currency transactions		—			—			(3,088,893	)		(3,088,893	)
Futures contracts		—			(1,870,196	)		—			(1,870,196	)
Swap contracts		164,161			—			—			164,161
Written options		—			(303,055	)		—			(303,055	)
	$	164,161		$	(2,736,615	)	$	(3,088,893	)	$	(5,661,347	)
Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)	Credit			Equity			Foreign Exchange			Total
Investments (a)	$	—		$	(75,192	)	$	—		$	(75,192	)
Forward foreign currency transactions		—			—			2,023,348			2,023,348
Futures contracts		—			128,976			—			128,976
Swap contracts		(946,730	)		—			—			(946,730	)
Written options		—			19,306			—			19,306
	$	(946,730	)	$	73,090		$	2,023,348		$	1,149,708

MIST-40

Met Investors Series Trust

BlackRock High Yield Portfolio

Notes to Financial Statements—June 30, 2014—(Continued)

For the six months ended June 30, 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)	$	190,000
Forward foreign currency transactions		112,560,518
Futures contracts short		(11,775	)
Swap contracts		21,530,930
Written options		(230,000	)

‡ Averages are based on activity levels during the period.

(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; 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 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 over-the-counter traded derivatives (e.g., forward foreign currency exchange contracts, swap agreements and over-the-counter 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.

MIST-41

Met Investors Series Trust

BlackRock High Yield Portfolio

Notes to Financial Statements—June 30, 2014—(Continued)

Customer Account Agreements and related addendums 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 six months ended June 30, 2014 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	359,432,817	$	0	$	385,345,263

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 six months ended June 30, 2014	% per annum			Average Daily Net Assets
$2,538,826		0.600	%	ALL

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

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 Agreement and Plan - 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 Class B Shares. MIDC is a wholly-owned subsidiary of MetLife Investors Group, Inc., an affiliate of the Adviser. The Class B distribution plan provides that the Trust, on behalf of the Portfolio, may pay annually up to 0.50% of the average daily net assets of the Portfolio attributable to its Class B Shares with respect to activities primarily intended to result in the sale of Class B Shares. However, under the Class B distribution agreement, payments to the Distributor for activities pursuant to the Class B distribution plan are currently limited to payments at an annual rate equal to 0.25% of average daily net assets of the Portfolio attributable to its Class B Shares. Amounts incurred by the Portfolio for the six months ended June 30, 2014 are shown as Distribution and service fees in the Statement of Operations.

Under the terms of the Class B distribution plan and distribution agreement, the Portfolio is authorized to make payments monthly to the Distributor that may be used to pay or reimburse entities providing distribution and shareholder servicing with respect to the Class B Shares for such entities’ fees or expenses incurred.

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 Metropolitan Series Fund, 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.

MIST-42

Met Investors Series Trust

BlackRock High Yield Portfolio

Notes to Financial Statements—June 30, 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, 2013 and 2012 were as follows:

Ordinary Income			Long-Term Capital Gains				Total
2013	2012		2013		2012		2013		2012
$67,414,452	$	61,075,322	$	11,668,568	$	10,962,270	$	79,083,020	$	72,037,592

As of December 31, 2013, 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
$70,571,632	$	18,799,344	$	29,805,261	$	—	$	119,176,237

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, 2013, the Portfolio had no 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 January 1, 2015, and interim periods within those fiscal years. Management is evaluating the impact, if any, of this guidance on the Portfolio’s financial statement disclosures.

MIST-43

Met Investors Series Trust

Clarion Global Real Estate Portfolio

Managed by CBRE Clarion Securities LLC

Portfolio Manager Commentary*

PERFORMANCE

For the six month period ended June 30, 2014, the Class A, B, and E shares of the Clarion Global Real Estate Portfolio returned 11.48%, 11.25%, and 11.32%, respectively. The Portfolio’s benchmark, the FTSE EPRA/NAREIT Developed Index¹, returned 12.21%.

MARKET ENVIRONMENT / CONDITIONS

Global real estate shares finished the first half with a low double-digit total return, outperforming broader market equity and fixed income indices. Performance was positive in all regions with particularly strong results in geographies and property types offering attractive current yield and/or prospects for continued growth, including the U.S., Continental Europe and Australia, all of which generated mid-teens total return, tempered somewhat by modestly negative returns in Japan, which nonetheless rebounded during the second quarter. Real estate stocks have generated favorable returns as the result of lower bond yields, accommodative capital markets, and improving demand for real estate space with limited new supply. In terms of real estate fundamentals, vacancy rates continued to come down in property sectors, most notably in U.S. apartments, in global industrial areas, and in prime central business district office markets, such as those in London, Tokyo, Hong Kong, New York, San Francisco and Los Angeles, as well as lodging in global gateway cities. Landlords are beginning to exercise pricing power by raising rental rates and limiting tenant concessions such as free rent or tenant improvements, thereby increasing net effective rents. In addition to growth from operations, property companies are growing cash flow per share via “external” growth of acquisitions and development. Active balance sheet management is also adding value as the cost of debt for many companies remains low with conservative levels of financial leverage.

Real estate shares are benefitting from a “goldilocks” scenario of improving growth but subdued inflation. The current shape of the yield curve is good for property companies and reflects a low inflationary environment. Treasury yields settled in to a more benign level at the end of June, closing the month at 2.5%. This has arguably been the result of mixed economic data, including a weather-plagued first quarter gross domestic product (GDP) release, which was revised downward to -2.1%, and lackluster housing data. Second quarter data painted a more positive picture, with labor indications supporting a monthly non-farm payroll improving to a 200,000 run rate and consumer confidence inching higher. At period end, we found ourselves with a potentially powerful combination of gradually improving economic growth but scant evidence of inflation, thus providing the framework for potentially sustained outperformance for real estate companies, which provide attractive current yield and steady earnings growth. Outside the U.S., the stage of economic recovery varies, with disparities ranging from the U.K. and Japan, both of which are showing signs of accelerating, to the eurozone which is barely accelerating, to China which is more clearly decelerating.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Portfolio’s performance modestly trailed the benchmark during the period primarily due to asset allocation and modest cash drag. From an asset allocation standpoint, an overweight to the underperforming Japanese market accounted for the relative shortfall during the period. Stock selection decisions in Europe and the Americas added value during the period, but not enough to offset negative asset allocation during the period. Stock selection in Japan also benefited relative performance. In Europe, stock selection in the U.K. was the strongest contributor during the period as positions in Safestore Holdings (U.K.) and Hammerson (U.K.) added the most value. In the Americas, stock selection in the U.S. accounted for most of the outperformance within the region during the period. Favorable stock selection in the U.S. was the result of positioning across a number of property types, including the office and residential sectors, which outperformed in an investment market facing cross-currents of bottom-up strength but top-down softness via sluggish bond yields.

In the Americas region, at period end, we believed U.S. REITs offered an attractive combination of yield and growth in an improving macro-economic environment. Property types which will improve most quickly are those with short lease lengths and/or property types whose shares outperform in anticipation of this improvement, such as the lodging apartment and office companies focused on central business districts (CBD). Our office investments are concentrated in coastal CBD markets with a bias toward the west coast plus mid-town Manhattan, as new supply continued to be muted. West coast markets, including San Francisco, Seattle, San Diego and west Los Angeles, are notably firming, although value can be found in bottoming suburban markets as well, which tend to have higher current yield and lower multiples. Dominant, high-quality regional mall companies also offered value as they continued to generate strong internal growth, despite decelerating retail sales which weighed on the shares. At period end, we remained cautious on healthcare and net lease property types, which generally generate lower organic growth but have been active with acquisitions as consolidation continues in two sizeable property types with highly fragmented ownership.

At period end, our European outlook was predicated on an improving economic framework and a sense of diminished risk in the eurozone. Investments were focused on those with higher growth characteristics, such as London office companies, as well as those with more value via current yield, including many companies in the eurozone, some of which may benefit potentially from increased corporate activity. There was opportunity in bottoming markets in the periphery including Spain, where opportunity funds are increasingly the “flavor of the month,” so disciplined underwriting remains critical.

In the Asia-Pacific region, we remained optimistic about Japanese real estate companies’ outlook and valuation, but remained cautious about China’s slowing growth and policy-driven headwinds. As of June 30, positioning in the Asia-Pacific region continued to tread carefully around decelerating economic growth in mainland China and policy-driven headwinds in the residential sector, where restrictions remained tight in markets, including Hong Kong,

MIST-1

Met Investors Series Trust

Clarion Global Real Estate Portfolio

Managed by CBRE Clarion Securities LLC

Portfolio Manager Commentary*—(Continued)

Singapore and mainland China. We were more positive on Japan within the region, where we remained positive on Tokyo office companies, which have shown improved occupancies and accelerating rental growth after years of stagnation. Land values in Tokyo have improved and office vacancy has tightened. Australian property companies continued to offer an attractive combination of yield and growth, and we were attracted to the residential and industrial sectors but remained somewhat cautious on the sluggish office market.

We continued to believe that global property stocks offer investors an attractive investment option, anchored by current yield via a growing dividend and underpinned by increasing real estate cash flows derived from improving economic and commercial property fundamentals.

T. Ritson Ferguson

Steven D. Burton

Joseph P. Smith

Portfolio Managers

CBRE Clarion Securities 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 and 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 those of the subadvisory firm as of June 30, 2014 and 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 statements) 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 applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable annuity or insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

MIST-2

Met Investors Series Trust

Clarion Global Real Estate Portfolio

A $10,000 INVESTMENT COMPARED TO THE FTSE EPRA /NAREIT DEVELOPED INDEX

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2014

	6 Month		1 Year		5 Year		10 Year
Clarion Global Real Estate Portfolio
Class A		11.48		14.67		16.06		7.84
Class B		11.25		14.34		15.76		7.57
Class E		11.32		14.40		15.88		7.69
FTSE EPRA/NAREIT Developed Index		12.21		14.38		17.41		9.12

¹ The FTSE EPRA/NAREIT Developed Index is designed to track the performance of listed real estate companies and Real Estate Investment Trusts worldwide.

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 JUNE 30, 2014

Top Holdings

	% of Net Assets
Mitsui Fudosan Co., Ltd.		3.8
Simon Property Group, Inc. (REIT)		3.6
Equity Residential (REIT)		2.9
Unibail-Rodamco SE (REIT)		2.8
Host Hotels & Resorts, Inc. (REIT)		2.7
Mitsubishi Estate Co., Ltd.		2.6
Health Care REIT, Inc. (REIT)		2.5
Land Securities Group plc (REIT)		2.5
ProLogis, Inc. (REIT)		2.4
AvalonBay Communities, Inc. (REIT)		2.2

Top Countries

	% of Net Assets
United States		48.4
Japan		14.7
United Kingdom		7.8
Australia		6.9
France		5.8
Hong Kong		5.7
Singapore		3.0
Germany		1.9
Canada		1.7
Netherlands		1.3

MIST-3

Met Investors Series Trust

Clarion Global Real Estate Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

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, January 1, 2014 through June 30, 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.

Clarion Global Real Estate Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2014		Ending Account Value June 30, 2014		Expenses Paid During Period** January 1, 2014 to June 30, 2014
Class A	Actual		0.64	%	$	1,000.00	$	1,114.80	$	3.36
	Hypothetical*		0.64	%	$	1,000.00	$	1,021.62	$	3.21
Class B	Actual		0.89	%	$	1,000.00	$	1,112.50	$	4.66
	Hypothetical*		0.89	%	$	1,000.00	$	1,020.38	$	4.46
Class E	Actual		0.79	%	$	1,000.00	$	1,113.20	$	4.14
	Hypothetical*		0.79	%	$	1,000.00	$	1,020.88	$	3.96

* 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 (181 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

MIST-4

Met Investors Series Trust

Clarion Global Real Estate Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Common Stocks—98.4% of Net Assets

Security Description	Shares		Value
Australia—6.9%
Federation Centres, Ltd. (REIT)		7,022,900	$	16,486,341
Goodman Group (REIT) (a)		5,982,883		28,506,700
Investa Office Fund (REIT)		3,471,907		11,135,775
Mirvac Group (REIT)		18,353,527		30,906,156
Scentre Group (REIT) (b)		4,934,462		14,889,437
Stockland (REIT) (a)		5,762,000		21,088,929
Westfield Corp. (REIT)		2,544,404		17,164,687
				140,178,025
Canada—1.7%
Boardwalk Real Estate Investment Trust (REIT)		165,600		10,127,975
Canadian Real Estate Investment Trust (REIT)		188,200		8,111,446
RioCan Real Estate Investment Trust (REIT)		635,000		16,252,144
				34,491,565
France—5.8%
Fonciere Des Regions (REIT) (a)		75,789		8,213,609
Gecina S.A. (REIT)		69,940		10,200,118
ICADE (REIT) (a)		76,921		8,242,824
Klepierre (REIT)		566,350		28,861,478
Mercialys S.A. (REIT)		257,060		5,990,981
Unibail-Rodamco SE (Euronext Amsterdam) (REIT)		170,562		49,566,817
Unibail-Rodamco SE (Euronext Paris) (REIT)		25,325		7,367,241
				118,443,068
Germany—1.9%
GAGFAH S.A. (b)		883,682		16,088,470
LEG Immobilien AG		331,530		22,333,680
				38,422,150
Hong Kong—5.7%
Hongkong Land Holdings, Ltd.		3,299,645		22,011,338
Link REIT (The) (REIT)		1,893,000		10,185,483
New World Development Co., Ltd.		4,439,000		5,057,619
Sino Land Co., Ltd.		2,508,175		4,121,268
Sun Hung Kai Properties, Ltd.		3,262,600		44,801,092
Swire Properties, Ltd.		5,597,900		16,361,449
Wharf Holdings, Ltd.		2,021,780		14,617,761
				117,156,010
Japan—14.7%
Activia Properties, Inc. (REIT)		960		8,443,751
GLP J-REIT (REIT)		5,485		6,143,150
Hulic Co., Ltd.		465,310		6,152,937
Japan Real Estate Investment Corp. (REIT)		3,979		23,186,707
Japan Retail Fund Investment Corp. (REIT)		11,870		26,705,388
Kenedix Realty Investment Corp. (REIT)		2,031		11,051,236
Mitsubishi Estate Co., Ltd.		2,114,856		52,323,708
Mitsui Fudosan Co., Ltd.		2,313,574		78,237,431
Nippon Prologis REIT, Inc. (REIT)		5,445		12,703,679
Orix JREIT, Inc. (REIT)		4,393		6,161,711
Sumitomo Realty & Development Co., Ltd.		1,013,600		43,613,164
Tokyo Tatemono Co., Ltd.		1,282,300		11,887,521
United Urban Investment Corp. (REIT)		8,367		13,509,033
				300,119,416
Netherlands—1.3%
Corio NV (REIT)		118,810	$	6,068,907
Eurocommercial Properties NV (REIT)		164,257		8,098,931
Nieuwe Steen Investments NV (REIT)		2,031,840		12,797,512
				26,965,350
Singapore—3.0%
CapitaCommercial Trust (REIT) (a)		15,084,500		20,570,666
CapitaLand, Ltd.		1,189,000		3,051,556
Global Logistic Properties, Ltd.		11,528,400		24,964,593
Suntec Real Estate Investment Trust (REIT)		8,297,200		12,042,512
				60,629,327
Sweden—1.0%
Castellum AB		694,330		12,306,245
Fabege AB		135,200		1,912,118
Hufvudstaden AB - A Shares		522,248		7,325,070
				21,543,433
Switzerland—0.5%
PSP Swiss Property AG		121,532		11,438,280
United Kingdom—7.8%
British Land Co. plc (REIT)		2,456,540		29,508,645
Derwent London plc (REIT)		467,940		21,427,697
Great Portland Estates plc (REIT)		1,853,358		20,499,630
Hammerson plc (REIT)		2,598,113		25,765,426
Land Securities Group plc (REIT)		2,825,526		50,042,207
Safestore Holdings plc (REIT)		1,977,700		7,385,572
Unite Group plc		588,637		3,965,719
				158,594,896
United States—48.1%
American Homes 4 Rent (REIT) - Class A		113,600		2,017,536
American Realty Capital Properties, Inc. (REIT)		2,067,700		25,908,281
AvalonBay Communities, Inc. (REIT)		322,880		45,910,307
BioMed Realty Trust, Inc. (REIT)		733,400		16,010,122
Boston Properties, Inc. (REIT)		258,662		30,568,675
Brandywine Realty Trust (REIT)		597,200		9,316,320
Brixmor Property Group, Inc. (REIT) (a)		401,800		9,221,310
DCT Industrial Trust, Inc. (REIT)		1,378,709		11,319,201
DDR Corp. (REIT) (a)		1,409,333		24,846,541
Douglas Emmett, Inc. (REIT)		653,859		18,451,901
Duke Realty Corp. (REIT)		1,209,723		21,968,570
Equity Residential (REIT)		926,050		58,341,150
Essex Property Trust, Inc. (REIT)		199,430		36,876,601
Extended Stay America, Inc. (a)		46,900		1,086,204
Federal Realty Investment Trust (REIT)		50,670		6,127,016
General Growth Properties, Inc. (REIT)		1,703,644		40,137,853
HCP, Inc. (REIT)		146,243		6,051,535
Health Care REIT, Inc. (REIT)		817,557		51,236,297
Healthcare Realty Trust, Inc. (REIT)		567,675		14,430,299
Healthcare Trust of America, Inc. (REIT) - Class A		491,000		5,911,640
Highwoods Properties, Inc. (REIT) (a)		150,878		6,329,332
Hilton Worldwide Holdings, Inc. (b)		707,500		16,484,750

See accompanying notes to financial statements.

MIST-5

Met Investors Series Trust

Clarion Global Real Estate Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
United States—(Continued)
Host Hotels & Resorts, Inc. (REIT)		2,515,577	$	55,367,850
Kilroy Realty Corp. (REIT) (a)		501,700		31,245,876
Kimco Realty Corp. (REIT)		866,800		19,919,064
Lexington Realty Trust (REIT) (a)		986,539		10,861,794
Liberty Property Trust (REIT)		462,285		17,534,470
Macerich Co. (The) (REIT)		368,988		24,629,949
Pebblebrook Hotel Trust (REIT)		215,500		7,964,880
Post Properties, Inc. (REIT)		314,200		16,797,132
ProLogis, Inc. (REIT)		1,175,802		48,313,704
Public Storage (REIT)		142,860		24,479,061
Ramco-Gershenson Properties Trust (REIT)		328,400		5,458,008
Realty Income Corp. (REIT) (a)		45,821		2,035,369
Senior Housing Properties Trust (REIT)		255,929		6,216,515
Simon Property Group, Inc. (REIT)		445,579		74,090,876
SL Green Realty Corp. (REIT)		361,260		39,525,457
Spirit Realty Capital, Inc. (REIT)		1,846,200		20,972,832
Strategic Hotels & Resorts, Inc. (REIT) (b)		691,200		8,093,952
Sunstone Hotel Investors, Inc. (REIT)		679,300		10,141,949
Tanger Factory Outlet Centers, Inc. (REIT) (a)		172,667		6,038,165
Taubman Centers, Inc. (REIT)		189,632		14,376,002
UDR, Inc. (REIT)		1,211,475		34,684,529
Vornado Realty Trust (REIT)		380,952		40,659,007
Washington Prime Group, Inc. (REIT) (b)		222,789		4,175,066
				982,132,948
Total Common Stocks (Cost $1,670,359,757)				2,010,114,468
Warrant—0.0%
Hong Kong—0.0%
Sun Hung Kai Properties, Ltd., Expires 04/22/16 (b) (Cost $0)		168,800		220,409
Short-Term Investments—4.8%
Mutual Fund—4.5%
State Street Navigator Securities Lending MET Portfolio (c)		91,594,760		91,594,760
Security Description	Principal Amount*		Value
Repurchase Agreement—0.3%
Fixed Income Clearing Corp. Repurchase Agreement dated 06/30/14 at 0.000% to be repurchased at $5,456,500 on 07/01/14, collateralized by $5,440,000 U.S. Treasury Note at 2.375% due 02/28/15 with a value of $5,569,200.		5,456,500		5,456,500
Total Short-Term Investments (Cost $97,051,260)				97,051,260
Total Investments—103.2% (Cost $1,767,411,017) (d)				2,107,386,137
Other assets and liabilities (net)—(3.2)%				(64,845,261	)
Net Assets—100.0%			$	2,042,540,876

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

(a) All or a portion of the security was held on loan. As of June 30, 2014, the market value of securities loaned was $95,783,357 and the collateral received consisted of cash in the amount of $91,594,760 and non-cash collateral with a value of $8,047,038. 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 June 30, 2014, the aggregate cost of investments was $1,767,411,017. The aggregate unrealized appreciation and depreciation of investments were $345,268,689 and $(5,293,569), respectively, resulting in net unrealized appreciation of $339,975,120.

(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 June 30, 2014 (Unaudited)	% of Net Assets
Retail REIT’s		22.7
Diversified REIT’s		17.7
Office REIT’s		12.5
Diversified Real Estate Activities		12.4
Residential REIT’s		10.0
Specialized REIT’s		9.7
Real Estate Operating Companies		7.1
Industrial REIT’s		5.2
Hotels, Resorts & Cruise Lines		0.9
Real Estate Development		0.2

See accompanying notes to financial statements.

MIST-6

Met Investors Series Trust

Clarion Global Real Estate Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

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 June 30, 2014:

Description	Level 1		Level 2			Level 3		Total
Common Stocks
Australia	$	14,889,437	$	125,288,588		$	—	$	140,178,025
Canada		34,491,565		—			—		34,491,565
France		7,367,241		111,075,827			—		118,443,068
Germany		—		38,422,150			—		38,422,150
Hong Kong		—		117,156,010			—		117,156,010
Japan		—		300,119,416			—		300,119,416
Netherlands		—		26,965,350			—		26,965,350
Singapore		—		60,629,327			—		60,629,327
Sweden		—		21,543,433			—		21,543,433
Switzerland		—		11,438,280			—		11,438,280
United Kingdom		—		158,594,896			—		158,594,896
United States		982,132,948		—			—		982,132,948
Total Common Stocks		1,038,881,191		971,233,277			—		2,010,114,468
Total Warrant*		220,409		—			—		220,409
Short-Term Investments
Mutual Fund		91,594,760		—			—		91,594,760
Repurchase Agreement		—		5,456,500			—		5,456,500
Total Short-Term Investments		91,594,760		5,456,500			—		97,051,260
Total Investments	$	1,130,696,360	$	976,689,777		$	—	$	2,107,386,137
Collateral for securities loaned (Liability)	$	—	$	(91,594,760	)	$	—	$	(91,594,760	)

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

MIST-7

Met Investors Series Trust

Clarion Global Real Estate Portfolio

Statement of Assets and Liabilities

June 30, 2014 (Unaudited)

Assets
Investments at value (a) (b)	$	2,107,386,137
Cash denominated in foreign currencies (c)		403,157
Receivable for:
Investments sold		23,256,096
Fund shares sold		80,575
Dividends		7,949,872
Prepaid expenses		49
Total Assets		2,139,075,886
Liabilities
Collateral for securities loaned		91,594,760
Payables for:
Investments purchased		1,645,752
Fund shares redeemed		1,771,186
Accrued expenses:
Management fees		992,366
Distribution and service fees		152,750
Deferred trustees’ fees		58,994
Other expenses		319,202
Total Liabilities		96,535,010
Net Assets	$	2,042,540,876
Net assets consist of:
Paid in surplus	$	2,051,166,470
Distributions in excess of net investment income		(20,923,115	)
Accumulated net realized loss		(327,697,957	)
Unrealized appreciation on investments and foreign currency transactions		339,995,478
Net Assets	$	2,042,540,876
Net Assets
Class A	$	1,281,395,670
Class B		715,881,738
Class E		45,263,468
Capital Shares Outstanding*
Class A		105,113,389
Class B		58,950,270
Class E		3,715,471
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	12.19
Class B		12.14
Class E		12.18

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

(a) Identified cost of investments was $1,767,411,017.

(b) Includes securities loaned at value of $95,783,357.

(c) Identified cost of cash denominated in foreign currencies was $402,718.

Statement of Operations

Six Months Ended June 30, 2014 (Unaudited)

Investment Income
Dividends (a)	$	32,531,013
Interest		76
Securities lending income		447,371
Total investment income		32,978,460
Expenses
Management fees		5,551,028
Administration fees		21,671
Custodian and accounting fees		253,700
Distribution and service fees—Class B		734,360
Distribution and service fees—Class E		32,298
Audit and tax services		24,287
Legal		15,668
Trustees’ fees and expenses		22,086
Shareholder reporting		77,858
Insurance		5,564
Miscellaneous		11,773
Total expenses		6,750,293
Less broker commission recapture		(136,078	)
Net expenses		6,614,215
Net Investment Income		26,364,245
Net Realized and Unrealized Gain
Net realized gain (loss) on:
Investments		69,006,376
Foreign currency transactions		(35,364	)
Net realized gain		68,971,012
Net change in unrealized appreciation on:
Investments		112,859,506
Foreign currency transactions		33,272
Net change in unrealized appreciation		112,892,778
Net realized and unrealized gain		181,863,790
Net Increase in Net Assets From Operations	$	208,228,035

(a) Net of foreign withholding taxes of $2,548,589.

See accompanying notes to financial statements.

MIST-8

Met Investors Series Trust

Clarion Global Real Estate Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2014 (Unaudited)			Year Ended December 31, 2013
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	26,364,245		$	35,328,399
Net realized gain		68,971,012			115,426,447
Net change in unrealized appreciation (depreciation)		112,892,778			(90,627,675	)
Increase in net assets from operations		208,228,035			60,127,171
From Distributions to Shareholders
Net investment income
Class A		(23,262,027	)		(80,780,804	)
Class B		(8,533,728	)		(36,595,373	)
Class E		(725,223	)		(2,984,361	)
Total distributions		(32,520,978	)		(120,360,538	)
Increase in net assets from capital share transactions		97,853,496			188,328,915
Total increase in net assets		273,560,553			128,095,548
Net Assets
Beginning of period		1,768,980,323			1,640,884,775
End of period	$	2,042,540,876		$	1,768,980,323
Distributions in excess of net investments income
End of period	$	(20,923,115	)	$	(14,766,382	)

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2014 (Unaudited)						Year Ended December 31, 2013
	Shares			Value			Shares			Value
Class A
Sales		5,773,655		$	65,645,519			13,771,107		$	161,126,875
Reinvestments		2,040,529			23,262,027			6,916,165			80,780,804
Redemptions		(10,378,974	)		(120,549,967	)		(6,954,377	)		(81,838,491	)
Net increase (decrease)		(2,564,790	)	$	(31,642,421	)		13,732,895		$	160,069,188
Class B
Sales		4,444,513		$	50,858,691			6,422,374		$	72,661,651
Fund subscription in kind		11,028,735			126,168,723	(a)		0			0
Reinvestments		751,208			8,533,728			3,143,932			36,595,373
Redemptions		(4,732,911	)		(54,673,518	)		(7,402,764	)		(83,620,087	)
Net increase		11,491,545		$	130,887,624			2,163,542		$	25,636,937
Class E
Sales		154,129		$	1,795,292			584,704		$	6,696,848
Reinvestments		63,616			725,223			255,510			2,984,361
Redemptions		(338,688	)		(3,912,222	)		(619,786	)		(7,058,419	)
Net increase (decrease)		(120,943	)	$	(1,391,707	)		220,428		$	2,622,790
Increase derived from capital shares transactions				$	97,853,496					$	188,328,915

(a) Includes cash and securities amounting to $6,771,829 and $119,396,894, respectively. Securities were valued at market as of April 25, 2014.

See accompanying notes to financial statements.

MIST-9

Met Investors Series Trust

Clarion Global Real Estate Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2014 (Unaudited)			Year Ended December 31,
				2013			2012			2011			2010			2009
Net Asset Value, Beginning of Period	$	11.14		$	11.50		$	9.32		$	10.23		$	9.58		$	7.40
Income (Loss) from Investment Operations
Net investment income (a)		0.16			0.24			0.27			0.23			0.27			0.24
Net realized and unrealized gain (loss) on investments		1.10			0.23			2.15			(0.73	)		1.20			2.21
Total from investment operations		1.26			0.47			2.42			(0.50	)		1.47			2.45
Less Distributions
Distributions from net investment income		(0.21	)		(0.83	)		(0.24	)		(0.41	)		(0.82	)		(0.27	)
Total distributions		(0.21	)		(0.83	)		(0.24	)		(0.41	)		(0.82	)		(0.27	)
Net Asset Value, End of Period	$	12.19		$	11.14		$	11.50		$	9.32		$	10.23		$	9.58
Total Return (%) (b)		11.48	(c)		3.76			26.30			(5.28	)		16.28			35.12
Ratios/Supplemental Data
Ratio of expenses to average net assets (%)		0.64	(d)		0.65			0.66			0.67			0.69			0.73
Ratio of net investment income to average net assets (%)		2.88	(d)		2.12			2.54			2.35			2.86			3.16
Portfolio turnover rate (%)		22	(c)		36			43			31			55			66
Net assets, end of period (in millions)	$	1,281.4		$	1,200.0		$	1,080.7		$	939.0		$	859.6		$	727.0
	Class B
	Six Months Ended June 30, 2014 (Unaudited)			Year Ended December 31,
				2013			2012			2011			2010			2009
Net Asset Value, Beginning of Period	$	11.09		$	11.45		$	9.28		$	10.20		$	9.55		$	7.37
Income (Loss) from Investment Operations
Net investment income (a)		0.16			0.21			0.24			0.21			0.24			0.22
Net realized and unrealized gain (loss) on investments		1.08			0.23			2.14			(0.74	)		1.21			2.21
Total from investment operations		1.24			0.44			2.38			(0.53	)		1.45			2.43
Less Distributions
Distributions from net investment income		(0.19	)		(0.80	)		(0.21	)		(0.39	)		(0.80	)		(0.25	)
Total distributions		(0.19	)		(0.80	)		(0.21	)		(0.39	)		(0.80	)		(0.25	)
Net Asset Value, End of Period	$	12.14		$	11.09		$	11.45		$	9.28		$	10.20		$	9.55
Total Return (%) (b)		11.25	(c)		3.55			25.99			(5.59	)		16.10			34.74
Ratios/Supplemental Data
Ratio of expenses to average net assets (%)		0.89	(d)		0.90			0.91			0.92			0.94			0.98
Ratio of net investment income to average net assets (%)		2.73	(d)		1.86			2.29			2.09			2.60			2.90
Portfolio turnover rate (%)		22	(c)		36			43			31			55			66
Net assets, end of period (in millions)	$	715.9		$	526.2		$	518.7		$	443.6		$	461.3		$	388.6

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

MIST-10

Met Investors Series Trust

Clarion Global Real Estate Portfolio

Financial Highlights

Selected per share data
	Class E
	Six Months Ended June 30, 2014 (Unaudited)			Year Ended December 31,
				2013			2012			2011			2010			2009
Net Asset Value, Beginning of Period	$	11.13		$	11.49		$	9.31		$	10.22		$	9.57		$	7.38
Income (Loss) from Investment Operations
Net investment income (a)		0.16			0.22			0.25			0.22			0.25			0.23
Net realized and unrealized gain (loss) on investments		1.09			0.24			2.15			(0.74	)		1.21			2.22
Total from investment operations		1.25			0.46			2.40			(0.52	)		1.46			2.45
Less Distributions
Distributions from net investment income		(0.20	)		(0.82	)		(0.22	)		(0.39	)		(0.81	)		(0.26	)
Total distributions		(0.20	)		(0.82	)		(0.22	)		(0.39	)		(0.81	)		(0.26	)
Net Asset Value, End of Period	$	12.18		$	11.13		$	11.49		$	9.31		$	10.22		$	9.57
Total Return (%) (b)		11.32	(c)		3.63			26.13			(5.41	)		16.14			34.96
Ratios/Supplemental Data
Ratio of expenses to average net assets (%)		0.79	(d)		0.80			0.81			0.82			0.84			0.88
Ratio of net investment income to average net assets (%)		2.73	(d)		1.96			2.38			2.17			2.68			3.02
Portfolio turnover rate (%)		22	(c)		36			43			31			55			66
Net assets, end of period (in millions)	$	45.3		$	42.7		$	41.5		$	35.3		$	41.9		$	40.1

(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) Periods less than one year are not computed on an annualized basis.

(d) Computed on an annualized basis.

See accompanying notes to financial statements.

MIST-11

Met Investors Series Trust

Clarion Global Real Estate Portfolio

Notes to Financial Statements—June 30, 2014 (Unaudited)

1. Organization

Met Investors Series Trust (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 currently offers forty-seven series, each of which operates as a distinct investment vehicle of the Trust. The portfolio included in this report is Clarion Global Real Estate 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 four classes of shares: Class A, B, C and E shares. Class A, B and E shares are currently offered by the Portfolio. 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 June 30, 2014 through the date the financial statements were issued.

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 (other than short term obligations with a remaining maturity of sixty days or less), 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 MetLife Advisers, LLC (“MetLife Advisers” or the “Adviser”), an affiliate of MetLife, Inc., pursuant to authorization of 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 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.

MIST-12

Met Investors Series Trust

Clarion Global Real Estate Portfolio

Notes to Financial Statements—June 30, 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, which 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 and futures contracts that are traded over-the-counter 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 has delegated the determination of the fair value of a security to a 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

MIST-13

Met Investors Series Trust

Clarion Global Real Estate Portfolio

Notes to Financial Statements—June 30, 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, passive foreign investment companies (PFICs), Real Estate Investment Trusts (REITs), 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 June 30, 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 Master Repurchase Agreement 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 June 30, 2014, the Portfolio had investments in repurchase agreements with a gross value of $5,456,500, 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 June 30, 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. 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 at least equal to 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 six months ended June 30, 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 June 30, 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 June 30, 2014.

MIST-14

Met Investors Series Trust

Clarion Global Real Estate Portfolio

Notes to Financial Statements—June 30, 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 has agreed to 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; 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 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 six months ended June 30, 2014 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	415,537,622	$	0	$	446,967,324

MIST-15

Met Investors Series Trust

Clarion Global Real Estate Portfolio

Notes to Financial Statements—June 30, 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 six months ended June 30, 2014	% per annum			Average Daily Net Assets
$5,551,028		0.700	%	First $200 million
		0.650	%	$200 million to $750 million
		0.550	%	Over $750 million

MetLife Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. CBRE Clarion Securities LLC is compensated by MetLife Advisers to provide subadvisory services for the Portfolio.

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 Agreements and Plans - The Trust has distribution agreements with MetLife Investors Distribution Company (“MIDC” or the “Distributor”) in which MIDC serves as the distributor for the Portfolio’s Class A, Class B and Class E Shares. MIDC is a wholly-owned subsidiary of MetLife Investors Group, Inc., an affiliate of the Adviser. The Class B and Class E distribution plans provide that the Trust, on behalf of the Portfolio, may pay annually up to 0.50% and 0.25%, respectively, of the average daily net assets of the Portfolio attributable to its Class B and Class E Shares with respect to activities primarily intended to result in the sale of Class B and Class E Shares. However, under the Class B and Class E distribution agreements, payments to the Distributor for activities pursuant to the Class B and Class E distribution plans are currently limited to payments at an annual rate equal to 0.25% and 0.15% of average daily net assets of the Portfolio attributable to its Class B and Class E Shares, respectively. Amounts incurred by the Portfolio for the six months ended June 30, 2014 are shown as Distribution and service fees in the Statement of Operations.

Under the terms of the Class B and Class E distribution plans and distribution agreements, the Portfolio is authorized to make payments monthly to the Distributor that may be used to pay or reimburse entities providing distribution and shareholder servicing with respect to the Class B and Class E Shares for such entities’ fees or expenses incurred.

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 Metropolitan Series Fund, 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, 2013 and 2012 were as follows:

Ordinary Income			Long-Term Capital Gains				Total
2013	2012		2013		2012		2013		2012
$120,360,538	$	34,915,015	$	—	$	—	$	120,360,538	$	34,915,015

MIST-16

Met Investors Series Trust

Clarion Global Real Estate Portfolio

Notes to Financial Statements—June 30, 2014—(Continued)

As of December 31, 2013, 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
$32,864,827	$	—	$	166,597,966	$	(383,741,558	)	$	(184,278,765	)

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, 2013, the Portfolio utilized capital loss carryforwards of $72,635,445.

As of December 31, 2013, the Portfolio had no post-enactment accumulated capital losses and the pre-enactment accumulated capital loss carryforwards and expiration dates were as follows:

Expiring 12/31/2016	Expiring 12/31/2017		Expiring 12/31/2018		Total
$64,711,670	$	231,334,681	$	87,695,207	$	383,741,558

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 January 1, 2015, and interim periods within those fiscal years. Management is evaluating the impact, if any, of this guidance on the Portfolio’s financial statement disclosures.

MIST-17

Met Investors Series Trust

ClearBridge Aggressive Growth Portfolio

Managed by ClearBridge Investments, LLC

Portfolio Manager Commentary*

PERFORMANCE

For the six month period ended June 30, 2014, the Class A, B, and E shares of the ClearBridge Aggressive Growth Portfolio returned 14.79%, 14.70%, and 14.71%, respectively. The Portfolio’s benchmark, the Russell 3000 Growth Index¹, returned 5.98%.

MARKET ENVIRONMENT / CONDITIONS

Following on the S&P 500 Index’s 32.39% return in 2013, the market’s resilience so far this year has surprised us. For the first six months of 2014, the S&P 500 Index returned 7.1%. After starting the second quarter with a mild correction, most major stock market averages rallied broadly in May and June to close the six-month period at or near all-time highs. It is notable that the U.S. stock market reached these new highs despite the unrest in Ukraine and a continuation of the March rotation out of momentum stocks that held back returns in April. Solid earnings and strong U.S. economic data drove positive May and June results. The U.S. economy accelerated during the first half of the year, and estimates for second quarter gross domestic product (GDP) growth are about 3%. Despite the robust economic news and the U.S. Federal Reserve’s tapering of its quantitative easing policies, U.S. interest rates remained very low. Additionally, the CBOE Volatility Index, a measure of stock market risk, fell to near record lows during the quarter.

PORTFOLIO REVIEW / PERIOD END POSITIONING

During the six-month period ended June 30, 2014, relative to the benchmark Russell 3000 Growth Index, both overall stock selection and overall sector allocation made positive contributions to the Portfolio’s outperformance. In particular, stock selection in the Health Care, Information Technology (“IT”), Consumer Discretionary, and Energy sectors made significant contributions to relative performance. Overweights to the Energy and Health Care sectors also contributed significantly to relative performance for the period.

Portfolio performance for the six-month period has been driven in large part by companies that have shown the ability to both grow revenues and earnings/cash flows in a challenging economic environment, as well as by companies that have used the benefit of low interest rates to properly allocate capital. Because ours is a concentrated, high-conviction portfolio, we normally do not own stocks in every part of the market. We use a bottom-up approach to building a portfolio and the sectors in which we maintain key exposures, including Health Care, Media, Technology, and Energy, have continued to deliver good fundamental business growth this year, driven in many cases by innovation and/or pricing power. When economic growth is scarce, as the case has been, many of our businesses have been able to use their solid balance sheets and strong free cash flows to make accretive acquisitions, or have found themselves targets of M&A transactions.

Leading individual contributors to relative Portfolio performance during the period included Forest Laboratories, Inc. and Biogen Idec, Inc. in the Health Care sector, Anadarko Petroleum Corp. and Weatherford International plc in the Energy sector, and SanDisk Corp. in the IT sector.

In terms of individual positions, leading detractors from relative Portfolio performance for the period included Cree, Inc. in the IT sector, Core Laboratories NV in the Energy sector, AMC Networks, Inc. and Liberty Media Corp. in the Consumer Discretionary sector and ADT Corp. in the Industrials sector.

During the period, the Portfolio added a new position in Nuance Communications, Inc. in the IT sector. The company provides software and other technologies and systems for voice and speech recognition used in a range of mobile, automotive, telephone, consumer and business applications. NOW, Inc. in the Industrials sector was a new position during the period that was spun off from existing Energy sector holding National Oilwell Varco, Inc.

MIST-1

Met Investors Series Trust

ClearBridge Aggressive Growth Portfolio

Managed by ClearBridge Investments, LLC

Portfolio Manager Commentary*—(Continued)

During the six-month period ended June 30, 2014, the Portfolio’s positioning with regard to sector weightings was largely consistent, with average allocations concentrated in the Health Care (37.44%), Consumer Discretionary (19.56%), IT (17.39%), Energy (15.25%), Industrials (8.90%), and Materials (1.11%) sectors. The Portfolio had no holdings in the Consumer Staples, Financials, Telecommunication, or Utilities sectors. As usual, the Portfolio’s sector allocations were a function of our bottom up stock selection process.

At the close of the period, our outlook remained consistent with our statements in previous commentaries. We continued to believe that economic growth, both in the U.S. and developed world, remained subdued. Both short- and long-term interest rates remained near historical lows. Our focus remained on finding companies that can grow given this backdrop. We continued to expect the relatively easy money borrowing environment to result in continued consolidation in certain sectors of the market.

Richard Freeman

Evan Bauman

Portfolio Managers

ClearBridge Investments, 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 and 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 those of the subadvisory firm as of June 30, 2014 and 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 statements) 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 applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable annuity or insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

MIST-2

Met Investors Series Trust

ClearBridge Aggressive Growth Portfolio

A $10,000 INVESTMENT COMPARED TO THE RUSSELL 3000 GROWTH INDEX

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2014

	6 Month		1 Year		5 Year		10 Year
ClearBridge Aggressive Growth Portfolio
Class A		14.79		36.39		25.60		9.63
Class B		14.70		36.04		25.30		9.37
Class E		14.71		36.18		25.43		9.48
Russell 3000 Growth Index		5.98		26.75		19.34		8.27

¹ The Russell 3000 Growth Index measures the performance of those Russell 3000 Index companies with 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 B 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 JUNE 30, 2014

Top Holdings

	% of Net Assets
Biogen Idec, Inc.		9.9
Anadarko Petroleum Corp.		6.9
UnitedHealth Group, Inc.		6.5
Forest Laboratories, Inc.		6.4
Amgen, Inc.		5.7
Comcast Corp. - Special Class A		5.6
Weatherford International plc		4.6
SanDisk Corp.		4.0
Seagate Technology plc		3.7
Pall Corp.		2.5

Top Sectors

	% of Net Assets
Health Care		36.7
Consumer Discretionary		19.1
Information Technology		18.3
Energy		16.1
Industrials		8.8
Materials		1.1

MIST-3

Met Investors Series Trust

ClearBridge Aggressive Growth Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

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, January 1, 2014 through June 30, 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.

ClearBridge Aggressive Growth Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2014		Ending Account Value June 30, 2014		Expenses Paid During Period** January 1, 2014 to June 30, 2014
Class A(a)	Actual		0.56	%	$	1,000.00	$	1,147.90	$	2.98
	Hypothetical*		0.56	%	$	1,000.00	$	1,022.02	$	2.81
Class B(a)	Actual		0.81	%	$	1,000.00	$	1,147.00	$	4.31
	Hypothetical*		0.81	%	$	1,000.00	$	1,020.78	$	4.06
Class E(a)	Actual		0.71	%	$	1,000.00	$	1,147.10	$	3.78
	Hypothetical*		0.71	%	$	1,000.00	$	1,021.27	$	3.56

* 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 (181 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.

MIST-4

Met Investors Series Trust

ClearBridge Aggressive Growth Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Common Stocks—100.1% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—1.9%
Engility Holdings, Inc. (a)		57,266	$	2,190,997
L-3 Communications Holdings, Inc.		582,900		70,385,175
				72,576,172
Biotechnology—18.6%
Agios Pharmaceuticals, Inc. (a) (b)		30,800		1,411,256
Amgen, Inc.		1,830,100		216,628,937
Biogen Idec, Inc. (a)		1,177,860		371,391,036
ImmunoGen, Inc. (a) (b)		499,700		5,921,445
Isis Pharmaceuticals, Inc. (a) (b)		498,335		17,167,641
Vertex Pharmaceuticals, Inc. (a)		932,672		88,305,385
				700,825,700
Commercial Services & Supplies—2.4%
ADT Corp. (The) (b)		701,612		24,514,323
Tyco International, Ltd.		1,473,125		67,174,500
				91,688,823
Communications Equipment—0.1%
ARRIS Group, Inc. (a)		122,915		3,998,425
Construction & Engineering—1.1%
Fluor Corp.		519,410		39,942,629
Electronic Equipment, Instruments & Components—2.5%
Dolby Laboratories, Inc. - Class A (a) (b)		295,300		12,756,960
TE Connectivity, Ltd.		1,289,625		79,750,410
				92,507,370
Energy Equipment & Services—9.0%
Core Laboratories NV		514,070		85,880,534
Frank’s International NV (b)		30,500		750,300
National Oilwell Varco, Inc.		916,878		75,504,904
Weatherford International plc (a)		7,614,500		175,133,500
				337,269,238
Health Care Equipment & Supplies—2.2%
Covidien plc		901,025		81,254,435
Wright Medical Group, Inc. (a)		56,921		1,787,319
				83,041,754
Health Care Providers & Services—6.5%
UnitedHealth Group, Inc.		3,018,200		246,737,850
Internet & Catalog Retail—1.8%
Liberty Interactive Corp. - Class A (a)		1,867,200		54,820,992
Liberty Ventures - Series A (a)		154,420		11,396,196
				66,217,188
Internet Software & Services—1.0%
Facebook, Inc. - Class A (a)		535,500		36,033,795
Machinery—3.1%
Pall Corp.		1,094,100	$	93,425,199
Pentair plc		339,804		24,506,664
				117,931,863
Media—17.3%
AMC Networks, Inc. - Class A (a)		825,825		50,779,979
Cablevision Systems Corp. - Class A (b)		3,393,100		59,888,215
CBS Corp. - Class B		323,200		20,083,648
Comcast Corp. - Class A		795,200		42,686,336
Comcast Corp. - Special Class A		3,979,400		212,221,402
DIRECTV (a)		929,375		79,006,169
Liberty Global plc - Class A (a)		299,400		13,239,468
Liberty Global plc - Series C (a)		299,400		12,667,614
Liberty Media Corp. - Class A (a)		470,588		64,319,968
Madison Square Garden Co. (The) - Class A (a)		858,150		53,591,467
Starz - Class A (a) (b)		513,888		15,308,724
Viacom, Inc. - Class B		344,700		29,895,831
				653,688,821
Metals & Mining—1.1%
Freeport-McMoRan Copper & Gold, Inc.		770,800		28,134,200
Nucor Corp.		274,700		13,528,975
				41,663,175
Oil, Gas & Consumable Fuels—7.2%
Anadarko Petroleum Corp.		2,389,860		261,617,974
Newfield Exploration Co. (a)		205,400		9,078,680
				270,696,654
Pharmaceuticals—9.3%
Forest Laboratories, Inc. (a)		2,425,500		240,124,500
Mallinckrodt plc (a) (b)		143,915		11,516,078
Teva Pharmaceutical Industries, Ltd. (ADR)		298,100		15,626,402
Valeant Pharmaceuticals International, Inc. (a)		663,070		83,626,389
				350,893,369
Semiconductors & Semiconductor Equipment—4.5%
Broadcom Corp. - Class A		2,035,545		75,559,431
Cree, Inc. (a) (b)		1,087,200		54,305,640
Intel Corp.		1,288,348		39,809,953
				169,675,024
Software—2.6%
Advent Software, Inc.		8,700		283,359
Autodesk, Inc. (a)		944,300		53,239,634
Citrix Systems, Inc. (a)		616,100		38,537,055
Nuance Communications, Inc. (a) (b)		400,000		7,508,000
				99,568,048
Technology Hardware, Storage & Peripherals—7.7%
SanDisk Corp.		1,443,190		150,712,332
Seagate Technology plc (b)		2,448,500		139,123,770
				289,836,102

See accompanying notes to financial statements.

MIST-5

Met Investors Series Trust

ClearBridge Aggressive Growth Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Trading Companies & Distributors—0.2%
NOW, Inc. (a)		229,219	$	8,300,020
Total Common Stocks (Cost $2,424,848,792)				3,773,092,020
Rights—0.0%
Health Care Equipment & Supplies—0.0%
Wright Medical Group, Inc. (a) (Cost $573,350)		229,340		341,716
Short-Term Investment—5.9%
Mutual Fund—5.9%
State Street Navigator Securities Lending MET Portfolio (c)		221,194,869		221,194,869
Total Short-Term Investment (Cost $221,194,869)				221,194,869
Total Investments—106.0% (Cost $2,646,617,011) (d)				3,994,628,605
Other assets and liabilities (net)—(6.0)%				(226,934,210	)
Net Assets—100.0%			$	3,767,694,395

(a) Non-income producing security.

(b) All or a portion of the security was held on loan. As of June 30, 2014, the market value of securities loaned was $221,636,071 and the collateral received consisted of cash in the amount of $221,194,869 and non-cash collateral with a value of $4,294,221. 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 June 30, 2014, the aggregate cost of investments was $2,646,617,011. The aggregate unrealized appreciation and depreciation of investments were $1,350,638,448 and $(2,626,854), respectively, resulting in net unrealized appreciation of $1,348,011,594.

(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 June 30, 2014:

Description	Level 1		Level 2			Level 3		Total
Total Common Stocks*	$	3,773,092,020	$	—		$	—	$	3,773,092,020
Total Rights*		341,716		—			—		341,716
Total Short-Term Investment		221,194,869		—			—		221,194,869
Total Investments	$	3,994,628,605	$	—		$	—	$	3,994,628,605
Collateral for securities loaned (Liability)	$	—	$	(221,194,869	)	$	—	$	(221,194,869	)

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

MIST-6

Met Investors Series Trust

ClearBridge Aggressive Growth Portfolio

Statement of Assets and Liabilities

June 30, 2014 (Unaudited)

Assets
Investments at value (a) (b)	$	3,994,628,605
Receivable for:
Fund shares sold		1,072,314
Dividends		1,673,563
Prepaid expenses		754
Total Assets		3,997,375,236
Liabilities
Due to custodian		2,437,902
Collateral for securities loaned		221,194,869
Payables for:
Fund shares redeemed		3,770,469
Accrued expenses:
Management fees		1,646,840
Distribution and service fees		274,456
Deferred trustees’ fees		127,985
Other expenses		228,320
Total Liabilities		229,680,841
Net Assets	$	3,767,694,395
Net assets consist of:
Paid in surplus	$	3,384,641,821
Undistributed net investment income		6,662,448
Accumulated net realized loss		(971,628,532	)
Unrealized appreciation on investments and foreign currency transactions		1,348,018,658
Net Assets	$	3,767,694,395
Net Assets
Class A	$	2,384,300,021
Class B		1,330,907,719
Class E		52,486,655
Capital Shares Outstanding*
Class A		154,905,941
Class B		88,483,753
Class E		3,458,336
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	15.39
Class B		15.04
Class E		15.18

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

(a) Identified cost of investments was $2,646,617,011.

(b) Includes securities loaned at value of $221,636,071.

Statement of Operations

Six Months Ended June 30, 2014 (Unaudited)

Investment Income
Dividends (a)	$	15,037,499
Securities lending income		172,288
Total investment income		15,209,787
Expenses
Management fees		7,679,065
Administration fees		31,420
Custodian and accounting fees		72,770
Distribution and service fees—Class B		1,160,436
Distribution and service fees—Class E		25,740
Audit and tax services		18,315
Legal		15,800
Trustees’ fees and expenses		23,645
Shareholder reporting		43,723
Insurance		5,850
Miscellaneous		7,778
Total expenses		9,084,542
Less management fee waiver		(255,423	)
Less broker commission recapture		(1,485	)
Net expenses		8,827,634
Net Investment Income		6,382,153
Net Realized and Unrealized Gain
Net realized gain on investments		89,554,996
Net change in unrealized appreciation (depreciation) on:
Investments		338,273,200
Foreign currency transactions		(1,023	)
Net change in unrealized appreciation		338,272,177
Net realized and unrealized gain		427,827,173
Net Increase in Net Assets From Operations	$	434,209,326

(a) Net of foreign withholding taxes of $98,334.

See accompanying notes to financial statements.

MIST-7

Met Investors Series Trust

ClearBridge Aggressive Growth Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2014 (Unaudited)			Year Ended December 31, 2013
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	6,382,153		$	6,270,261
Net realized gain		89,554,996			88,294,221
Net change in unrealized appreciation		338,272,177			576,561,657
Increase in net assets from operations		434,209,326			671,126,139
From Distributions to Shareholders
Net investment income
Class A		(4,659,929	)		(5,041,108	)
Class B		(980,727	)		(1,291,219	)
Class E		(52,111	)		(59,787	)
Total distributions		(5,692,767	)		(6,392,114	)
Increase in net assets from capital share transactions		1,090,774,488			124,107,518
Total increase in net assets		1,519,291,047			788,841,543
Net Assets
Beginning of period		2,248,403,348			1,459,561,805
End of period	$	3,767,694,395		$	2,248,403,348
Undistributed net investment income
End of period	$	6,662,448		$	5,973,062

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2014 (Unaudited)						Year Ended December 31, 2013
	Shares			Value			Shares			Value
Class A
Sales		9,027,746		$	127,555,326			24,795,424		$	296,086,154
Shares issued through acquisition		52,772,184			743,032,347			0			0
Reinvestments		334,045			4,659,929			484,256			5,041,108
Redemptions		(18,460,188	)		(261,936,472	)		(19,304,630	)		(220,349,977	)
Net increase		43,673,787		$	613,311,130			5,975,050		$	80,777,285
Class B
Sales		4,378,952		$	60,710,866			14,022,239		$	159,108,442
Shares issued through acquisition		37,694,063			519,047,253			0			0
Reinvestments		71,901			980,727			126,839			1,291,219
Redemptions		(9,054,502	)		(125,511,513	)		(10,434,473	)		(116,158,981	)
Net increase		33,090,414		$	455,227,333			3,714,605		$	44,240,680
Class E
Sales		237,899		$	3,334,710			449,876		$	5,186,622
Shares issued through acquisition		3,216,498			44,677,162			0			0
Reinvestments		3,787			52,111			5,821			59,787
Redemptions		(1,854,002	)		(25,827,958	)		(543,104	)		(6,156,856	)
Net increase (decrease)		1,604,182		$	22,236,025			(87,407	)	$	(910,447	)
Increase derived from capital shares transactions				$	1,090,774,488					$	124,107,518

See accompanying notes to financial statements.

MIST-8

Met Investors Series Trust

ClearBridge Aggressive Growth Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2014 (Unaudited)			Year Ended December 31,
				2013			2012			2011			2010			2009
Net Asset Value, Beginning of Period	$	13.45		$	9.26		$	7.81		$	7.55		$	6.09		$	4.57
Income (Loss) from Investment Operations
Net investment income (a)		0.04			0.05			0.05			0.02			0.01			0.00	(b)
Net realized and unrealized gain on investments		1.95			4.19			1.42			0.25			1.45			1.53
Total from investment operations		1.99			4.24			1.47			0.27			1.46			1.53
Less Distributions
Distributions from net investment income		(0.05	)		(0.05	)		(0.02	)		(0.01	)		(0.00	) (c)		(0.01	)
Total distributions		(0.05	)		(0.05	)		(0.02	)		(0.01	)		(0.00	) (c)		(0.01	)
Net Asset Value, End of Period	$	15.39		$	13.45		$	9.26		$	7.81		$	7.55		$	6.09
Total Return (%) (d)		14.79	(e)		45.90			18.81			3.55			24.05			33.45
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.58	(f)		0.61			0.64			0.65			0.68			0.67
Net ratio of expenses to average net assets (%) (g)		0.56	(f)		0.61			0.64			0.65			0.68			0.67
Ratio of net investment income to average net assets (%)		0.55	(f)		0.43			0.61			0.27			0.19			0.11
Portfolio turnover rate (%)		0	(e)(h)		7			4			6			1			3
Net assets, end of period (in millions)	$	2,384.3		$	1,496.3		$	974.5		$	657.9		$	585.2		$	493.9
	Class B
	Six Months Ended June 30, 2014 (Unaudited)			Year Ended December 31,
				2013			2012			2011			2010			2009
Net Asset Value, Beginning of Period	$	13.13		$	9.04		$	7.63		$	7.39		$	5.97		$	4.49
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.02			0.02			0.03			0.00	(b)		0.00	(b)		(0.01	)
Net realized and unrealized gain on investments		1.91			4.10			1.38			0.24			1.42			1.49
Total from investment operations		1.93			4.12			1.41			0.24			1.42			1.48
Less Distributions
Distributions from net investment income		(0.02	)		(0.03	)		(0.00	)(c)		0.00			0.00			0.00
Total distributions		(0.02	)		(0.03	)		(0.00	)(c)		0.00			0.00			0.00
Net Asset Value, End of Period	$	15.04		$	13.13		$	9.04		$	7.63		$	7.39		$	5.97
Total Return (%) (d)		14.70	(e)		45.60			18.51			3.25			23.79			32.96
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.83	(f)		0.86			0.89			0.90			0.93			0.92
Net ratio of expenses to average net assets (%) (g)		0.81	(f)		0.86			0.89			0.90			0.93			0.92
Ratio of net investment income (loss) to average net assets (%)		0.31	(f)		0.18			0.31			0.04			(0.06	)		(0.16	)
Portfolio turnover rate (%)		0	(e)(h)		7			4			6			1			3
Net assets, end of period (in millions)	$	1,330.9		$	727.5		$	467.3		$	421.4		$	197.5		$	152.9

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

MIST-9

Met Investors Series Trust

ClearBridge Aggressive Growth Portfolio

Financial Highlights

Selected per share data
	Class E
	Six Months Ended June 30, 2014 (Unaudited)			Year Ended December 31,
				2013			2012			2011		2010			2009
Net Asset Value, Beginning of Period	$	13.26		$	9.12		$	7.70		$	7.44	$	6.01		$	4.51
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.03			0.03			0.03			0.01		0.00	(b)		(0.00	)(b)
Net realized and unrealized gain on investments		1.92			4.14			1.40			0.25		1.43			1.50
Total from investment operations		1.95			4.17			1.43			0.26		1.43			1.50
Less Distributions
Distributions from net investment income		(0.03	)		(0.03	)		(0.01	)		0.00		0.00			0.00
Total distributions		(0.03	)		(0.03	)		(0.01	)		0.00		0.00			0.00
Net Asset Value, End of Period	$	15.18		$	13.26		$	9.12		$	7.70	$	7.44		$	6.01
Total Return (%) (d)		14.71	(e)		45.85			18.57			3.49		23.79			33.26
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.73	(f)		0.76			0.79			0.80		0.83			0.82
Net ratio of expenses to average net assets (%) (g)		0.71	(f)		0.76			0.79			0.80		0.83			0.82
Ratio of net investment income (loss) to average net assets (%)		0.43	(f)		0.28			0.40			0.18		0.00	(i)		(0.06	)
Portfolio turnover rate (%)		0	(e)(h)		7			4			6		1			3
Net assets, end of period (in millions)	$	52.5		$	24.6		$	17.7		$	17.2	$	3.3		$	3.0

(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) Periods less than one year are not computed on an annualized basis.

(f) Computed on an annualized basis.

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

(h) Rounds to less than 1%.

(i) Ratio of net investment income to average net assets was less than 0.01%.

See accompanying notes to financial statements.

MIST-10

Met Investors Series Trust

ClearBridge Aggressive Growth Portfolio

Notes to Financial Statements—June 30, 2014 (Unaudited)

1. Organization

Met Investors Series Trust (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 currently offers forty-seven series, each of which operates as a distinct investment vehicle of the Trust. The portfolio included in this report is ClearBridge Aggressive Growth Portfolio (the “Portfolio”), which is non-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 four classes of shares: Class A, B, C and E shares. Class A, B and E shares are currently offered by the Portfolio. 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 June 30, 2014 through the date the financial statements were issued.

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 (other than short term obligations with a remaining maturity of sixty days or less), 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 MetLife Advisers, LLC (“MetLife Advisers” or the “Adviser”), an affiliate of MetLife, Inc., pursuant to authorization of 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 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.

MIST-11

Met Investors Series Trust

ClearBridge Aggressive Growth Portfolio

Notes to Financial Statements—June 30, 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, which 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 and futures contracts that are traded over-the-counter 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 has delegated the determination of the fair value of a security to a 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

MIST-12

Met Investors Series Trust

ClearBridge Aggressive Growth Portfolio

Notes to Financial Statements—June 30, 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, futures reclass. 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 June 30, 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 Master Repurchase Agreement 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. 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 at least equal to 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 six months ended June 30, 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 June 30, 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 June 30, 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 has agreed to 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

MIST-13

Met Investors Series Trust

ClearBridge Aggressive Growth Portfolio

Notes to Financial Statements—June 30, 2014—(Continued)

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; 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 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 six months ended June 30, 2014 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	3,822,879	$	0	$	163,870,915

With respect to the Portfolio’s merger with ClearBridge Aggressive Growth Portfolio II (see Note 8) on April 25, 2014, the Portfolio acquired long-term securities with a cost of $1,176,671,634 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 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 six months ended June 30, 2014	% per annum			Average Daily Net Assets
$7,679,065		0.650	%	First $500 million
		0.600	%	$500 million to $1 billion
		0.550	%	$1 billion to $2 billion
		0.500	%	Over $2 billion

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

MIST-14

Met Investors Series Trust

ClearBridge Aggressive Growth Portfolio

Notes to Financial Statements—June 30, 2014—(Continued)

Management Fee Waiver - 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%	On amounts in excess of $2.85 billion

The Subadviser had agreed for the period from November 1, 2013 through April 27, 2014, to waive a portion of its subadvisory fees payable by the Adviser to the Subadviser for managing the Portfolio and the ClearBridge Aggressive Growth Portfolio II, another series of the Trust, reflecting the difference, if any, between the aggregate subadvisory fees payable by the Adviser to the Subadviser individually with respect to the Portfolio and the ClearBridge Aggressive Growth Portfolio II and the subadvisory fees that would be payable by the Adviser to the Subadviser if the assets of the Portfolio and the ClearBridge Aggressive Growth Portfolio II were aggregated for purposes of calculating such advisory fees and then apportioning the resulting subadvisory fee based on average daily net assets of the two portfolios. In addition to the above advisory fee agreement, the Adviser has contractually agreed to reduce its Advisory fee for managing the Portfolio by the amount waived (if any) by the Subadviser for the Portfolio pursuant to this voluntary subadvisory fee waiver. Amounts waived for the six months ended June 30, 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 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 Agreements and Plans - The Trust has distribution agreements with MetLife Investors Distribution Company (“MIDC” or the “Distributor”) in which MIDC serves as the distributor for the Portfolio’s Class A, Class B and Class E Shares. MIDC is a wholly-owned subsidiary of MetLife Investors Group, Inc., an affiliate of the Adviser. The Class B and Class E distribution plans provide that the Trust, on behalf of the Portfolio, may pay annually up to 0.50% and 0.25%, respectively, of the average daily net assets of the Portfolio attributable to its Class B and Class E Shares with respect to activities primarily intended to result in the sale of Class B and Class E Shares. However, under the Class B and Class E distribution agreements, payments to the Distributor for activities pursuant to the Class B and Class E distribution plans are currently limited to payments at an annual rate equal to 0.25% and 0.15% of average daily net assets of the Portfolio attributable to its Class B and Class E Shares, respectively. Amounts incurred by the Portfolio for the six months ended June 30, 2014 are shown as Distribution and service fees in the Statement of Operations.

Under the terms of the Class B and Class E distribution plans and distribution agreements, the Portfolio is authorized to make payments monthly to the Distributor that may be used to pay or reimburse entities providing distribution and shareholder servicing with respect to the Class B and Class E Shares for such entities’ fees or expenses incurred.

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 Metropolitan Series Fund, 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, 2013 and 2012 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2013	2012		2013		2012		2013		2012
$6,392,114	$	1,609,859	$	—	$	—	$	6,392,114	$	1,609,859

MIST-15

Met Investors Series Trust

ClearBridge Aggressive Growth Portfolio

Notes to Financial Statements—June 30, 2014—(Continued)

As of December 31, 2013, 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
$6,046,570	$	—	$	885,763,004	$	(1,061,123,067	)	$	(169,313,493	)

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, 2013, the Portfolio utilized capital loss carryforwards of $88,252,913.

As of December 31, 2013, the Portfolio had no post-enactment accumulated capital losses and the pre-enactment accumulated capital loss carryforwards and expiration dates were as follows:

Expiring 12/31/15	Expiring 12/31/16			Expiring 12/31/17		Expiring 12/31/18		Total
$257,079,629	$	659,613,130	*	$	130,530,096	$	13,900,212	$	1,061,123,067

* The Portfolio acquired capital losses in its merger with Legg Mason Value Equity Portfolio on April 29, 2011.

8. Acquisition

At the close of business on April 25, 2014, the Portfolio, with aggregate Class A, Class B and Class E net assets of $1,458,844,544, $750,816,679 and $26,132,387, respectively, acquired all of the assets and liabilities of ClearBridge Aggressive Growth Portfolio II of the Trust (“ClearBridge Aggressive Growth Portfolio II”).

The acquisition was accomplished by a tax-free exchange of 52,772,184 Class A shares of the Portfolio (valued at $743,032,347) for 19,421,836 Class A shares of ClearBridge Aggressive Growth Portfolio II, 37,694,063 Class B shares of the Portfolio (valued at $519,047,253) for 15,292,346 Class B shares of ClearBridge Aggressive Growth Portfolio II and 3,216,498 Class E shares of the Portfolio (valued at $44,677,162) for 1,247,466 Class E shares of ClearBridge Aggressive Growth Portfolio II. Each shareholder of ClearBridge Aggressive Growth Portfolio II 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 ClearBridge Aggressive Growth Portfolio II 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 ClearBridge Aggressive Growth Portfolio II. All other costs associated with the merger were not borne by the shareholders of either portfolio.

ClearBridge Aggressive Growth Portfolio II’s net assets on April 25, 2014, were $743,032,347, $519,047,253 and $44,677,162 for Class A, Class B and Class E shares, respectively, including investments valued at $1,306,129,563 with a cost basis of $1,182,214,634. 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 ClearBridge Aggressive Growth Portfolio II 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 $3,542,550,372, which included $123,923,016 of acquired unrealized appreciation on investments and foreign currency transactions.

Assuming the acquisition had been completed on January 1, 2014, the Portfolio’s pro-forma results of operations for the period ended June 30, 2014 are as follows:

Net Investment income	$	7,347,027	(a)
Net realized and unrealized gain on investments	$	488,461,102	(b)
Net increase in net assets from operations	$	495,808,129

MIST-16

Met Investors Series Trust

ClearBridge Aggressive Growth Portfolio

Notes to Financial Statements—June 30, 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 ClearBridge Aggressive Growth Portfolio II that have been included in the Portfolio’s Statement of Operations since April 25, 2014.

(a) $6,382,153 net investment income as reported, plus $950,528 from ClearBridge Aggressive Growth Portfolio II pre-merger net investment income, minus $23,126 in higher net advisory fees, plus $37,472 of pro-forma eliminated other expenses.

(b) $1,348,018,658 unrealized appreciation as reported, minus $958,055,577 pro-forma December 31, 2013 unrealized depreciation, plus $89,554,996 net realized gain as reported, plus $8,943,025 in net realized gain from ClearBridge Aggressive Growth Portfolio II pre-merger.

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 January 1, 2015, and interim periods within those fiscal years. Management is evaluating the impact, if any, of this guidance on the Portfolio’s financial statement disclosures.

MIST-17

Met Investors Series Trust

Shareholder Votes (Unaudited)

At a Special Meeting of Shareholders, held February 21, 2014, the shareholders of the portfolio voted for the following proposal:

	For		Against		Abstain		Total
To approve an Agreement and Plan of Reorganization providing for the sale of the assets of Aggressive Growth II to, and the assumption of the liabilities of Aggressive Growth II by, the ClearBridge Aggressive Growth Portfolio, (“Aggressive Growth”), a series of the Met Investors Series Trust, in exchange for shares of Aggressive Growth and the distribution of such shares to the shareholders of Aggressive Growth II in complete liquidation of Aggressive Growth II.		11,823,461.567		475,209.272		1,132,108.986		13,430,779.825

MIST-18

Met Investors Series Trust

Goldman Sachs Mid Cap Value Portfolio

Managed by Goldman Sachs Asset Management, L.P.

Portfolio Manager Commentary*

PERFORMANCE

For the six month period ended June 30, 2014, the Class A and B shares of the Goldman Sachs Mid Cap Value Portfolio returned 8.63% and 8.43%, respectively. The Portfolio’s benchmark, the Russell Midcap Value Index¹, returned 11.14%.

MARKET ENVIRONMENT / CONDITIONS

Following weakness in January, U.S. equities rallied sharply in February, and then edged higher in March. The S&P 500 Index finished the first quarter up 1.81%. The S&P 500 Index ended March near a record high made earlier in the first quarter as bullish sentiment prevailed amid mixed economic news. The housing market continued to recover but the labor market disappointed. Additionally, fourth quarter 2013 gross domestic product (“GDP”) was revised downward to 2.6%. The Federal Reserve Board (the “Fed”) continued to reduce asset purchases and suggested a more hawkish stance in March, dropping the threshold of 6.5% unemployment as a condition for raising interest rates while Fed Chair Yellen implied that rates could start to increase six months after the asset purchase program ends. Many U.S. corporate earnings announcements reflected top-line growth, though overall management guidance for 2014 was less optimistic than consensus. Within the Index, continued appetite for mergers and acquisitions and initial public offerings drove strong returns in the Information Technology (“IT”) and Health Care sectors. Only the Consumer Discretionary sector declined during the first quarter.

U.S. equities gained steadily through the second quarter. The S&P 500 Index rose 2.07% in June, finishing the second quarter up 5.23% and lifting year-to-date returns to 7.14%. The Index continued to make fresh highs through June amidst continued low volatility. First quarter GDP was revised down to a contraction of 2.1%, largely due to disruption from severe winter weather. However, other economic data suggested that the economy is improving. U.S. non-farm payrolls added 217,000 jobs in May and the national manufacturing PMI, which rose to 56.4 from 55.4 in April, showed the strongest reading in the past three months. The Energy sector led returns in June as oil prices continued to climb higher through the quarter. IT and Health Care stocks continued to benefit from a robust merger and acquisition market in the second quarter.

PORTFOLIO REVIEW / PERIOD END POSITIONING

For the six months ended June 30, 2014, stock selection within the Consumer Discretionary and Financials sectors detracted from relative returns, while selection in the Consumer Staples and Energy sectors contributed positively.

Within the Consumer Discretionary sector, PVH Corp. detracted from returns. Shares of the clothing company declined after reporting fiscal first quarter earnings that were slightly below consensus expectations and management lowered its full year guidance. While disappointed by the results, we believe the issues PVH Corp. is facing are industry-wide and transient in nature. In particular, most vendors and retailers continue to be negatively impacted by the harsh winter, leading to excess inventories. Specialty retailers and department stores have been cutting prices in order to clear inventories in time for the next season. PVH Corp. remains one of our best positioned companies and we believe 2014 will continue to be a harvest year for the company’s Warnaco acquisition. In addition, we believe that as PVH Corp.’s higher margin brands, Tommy Hilfiger and Calvin Klein, grow faster, the company’s operating profit growth could accelerate meaningfully. At the Portfolio level, our investment in Triumph Group, Inc., a building materials company, was a top detractor from performance. At the beginning of 2014, its shares traded sharply lower after the company reported weaker-than-anticipated fiscal third quarter results and, in our view, conservative forward-looking earnings estimates. Management cited additional charges to the 747-8 program and weakness in military spending behind its forward-looking guidance. Despite the weakness, we remained positive regarding management’s ability to meet expectations, contain the recent production issues and strengthen margins. In May, the company reported positive fiscal fourth quarter results, as earnings exceeded consensus estimates. This was partially due to improved margins and better than expected revenue growth in its aerospace unit. In line with our thesis, the company also revealed that it had repurchased roughly 300,000 shares during the quarter and announced an increase to its share buyback authorization. At period end, we continued to anticipate an improvement in demand in the latter half of 2014. We also believe that recent acquisitions of General Donlee, a precision-machine products manufacturer and Primus Composites, a global composites supplier, can potentially be accretive to the business.

Within the Consumer Staples sector and at the overall Portfolio level, Keurig Green Mountain, Inc. formerly known as Green Mountain Coffee Roasters, was the top contributor to performance. Shares of the leader in specialty coffee and coffeemakers rallied after the announcement that Coca-Cola would purchase a 10% stake in the company, while additionally entering into a 10-year agreement to explore producing Coca-Cola products for use with Green Mountain’s Keurig Cold beverage system. We initiated our position in Green Mountain because we believed that K-Cups, the company’s single-serve beverage pods, could experience significant growth over the next three years, specifically driven by installed base growth. In addition, we were positive on the company’s talented new CEO and management’s increased focus on returns and margin expansion. However, following the stock’s strong recent performance, we exited our position and redeployed capital into names where we saw greater upside potential.

Within the Energy sector, Cimarex Energy Co. was a top contributor to performance. The natural gas and oil exploration and production company posted strong first quarter revenue and earnings which were supported by significant production growth. The company also raised its 2014 production guidance well above consensus estimates. Furthermore, Cimarex Energy announced a purchase and sale

MIST-1

Met Investors Series Trust

Goldman Sachs Mid Cap Value Portfolio

Managed by Goldman Sachs Asset Management, L.P.

Portfolio Manager Commentary*—(Continued)

agreement to acquire oil and gas assets in the Cana-Woodford shale region in Western Oklahoma for roughly $249 million in cash, which was viewed positively. At period end, we remain positive on firms with exposure to the Permian Basin as the area continues to produce strong results. Furthermore, we remained encouraged by Cimarex Energy’s shift in focus from natural gas toward oil production. We also believe technological improvements can lead to increased productivity while also strengthening its capital position.

Regardless of the market direction, our fundamental, bottom-up stock selection continues to drive our process, rather than headlines or sentiment. We maintain high conviction in the companies that we own and believe they have the potential to outperform relative to the broader market regardless of the growth environment. We continue to focus on undervalued companies that we believe are in control of their own destiny, such as innovators with differentiated products, companies with low cost structures, or ones that have been investing in their own businesses and are poised to gain market share. We maintain our discipline in identifying companies with strong or improving balance sheets, led by quality management teams, trading at discounted valuations, and remain focused on the long-term outperformance of the portfolio.

Sean Gallagher

Andrew Braun

Dolores Bamford

Portfolio Managers

Goldman Sachs Asset Management, 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 and 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 those of the subadvisory firm as of June 30, 2014 and 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 statements) 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 applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable annuity or insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

MIST-2

Met Investors Series Trust

Goldman Sachs Mid Cap Value Portfolio

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

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2014

	6 Month		1 Year		5 Year		10 Year
Goldman Sachs Mid Cap Value Portfolio
Class A		8.63		25.12		20.40		10.11
Class B		8.43		24.77		20.08		9.83
Russell Midcap Value Index		11.14		27.76		22.97		10.66

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 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 JUNE 30, 2014

Top Holdings

	% of Net Assets
Cigna Corp.		2.0
Agilent Technologies, Inc.		2.0
Cardinal Health, Inc.		1.9
Principal Financial Group, Inc.		1.9
Lincoln National Corp.		1.7
AvalonBay Communities, Inc.		1.7
M&T Bank Corp.		1.6
Triumph Group, Inc.		1.6
Kroger Co. (The)		1.6
Chesapeake Energy Corp.		1.5

Top Sectors

	% of Net Assets
Financials		27.7
Industrials		13.3
Consumer Discretionary		11.4
Information Technology		11.2
Health Care		9.9
Energy		7.9
Utilities		6.6
Materials		5.8
Consumer Staples		4.4

MIST-3

Met Investors Series Trust

Goldman Sachs Mid Cap Value Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

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, January 1, 2014 through June 30, 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.

Goldman Sachs Mid Cap Value Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2014		Ending Account Value June 30, 2014		Expenses Paid During Period** January 1, 2014 to June 30, 2014
Class A	Actual		0.75	%	$	1,000.00	$	1,086.30	$	3.88
	Hypothetical*		0.75	%	$	1,000.00	$	1,021.08	$	3.76
Class B	Actual		1.00	%	$	1,000.00	$	1,084.30	$	5.17
	Hypothetical*		1.00	%	$	1,000.00	$	1,019.84	$	5.01

* 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 (181 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

MIST-4

Met Investors Series Trust

Goldman Sachs Mid Cap Value Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Common Stocks—98.2% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—2.8%
Textron, Inc.		250,693	$	9,599,035
Triumph Group, Inc. (a)		173,587		12,119,844
				21,718,879
Airlines—0.9%
United Continental Holdings, Inc. (b)		167,209		6,867,274
Banks—5.9%
First Republic Bank		137,706		7,572,453
Huntington Bancshares, Inc.		922,755		8,803,083
KeyCorp		548,926		7,866,109
M&T Bank Corp. (a)		99,419		12,332,927
Signature Bank (b)		64,246		8,106,560
				44,681,132
Beverages—0.5%
Constellation Brands, Inc. - Class A (b)		44,020		3,879,483
Building Products—1.0%
Armstrong World Industries, Inc. (b)		135,306		7,770,624
Capital Markets—2.6%
E*Trade Financial Corp. (b)		4,986		106,002
Invesco, Ltd.		304,955		11,512,051
Raymond James Financial, Inc.		156,454		7,936,912
				19,554,965
Chemicals—2.6%
Celanese Corp. - Series A		162,979		10,476,290
CF Industries Holdings, Inc.		4,257		1,023,936
Valspar Corp. (The)		111,700		8,510,423
				20,010,649
Construction & Engineering—0.4%
KBR, Inc.		123,988		2,957,114
Consumer Finance—2.1%
Navient Corp.		477,361		8,454,063
SLM Corp.		910,112		7,563,031
				16,017,094
Containers & Packaging—1.2%
Packaging Corp. of America		125,446		8,968,134
Diversified Financial Services—2.2%
NASDAQ OMX Group, Inc. (The)		264,896		10,230,283
Voya Financial, Inc.		171,437		6,230,021
				16,460,304
Electric Utilities—3.3%
Edison International		133,626		7,765,007
FirstEnergy Corp.		318,220		11,048,598
Xcel Energy, Inc.		205,915		6,636,641
				25,450,246
Energy Equipment & Services—2.0%
Cameron International Corp. (b)		136,440		9,238,353
Oil States International, Inc. (b)		96,002		6,152,768
				15,391,121
Food & Staples Retailing—1.6%
Kroger Co. (The)		240,829		11,904,177
Food Products—1.5%
ConAgra Foods, Inc.		61,590		1,827,991
Ingredion, Inc.		79,495		5,965,305
Tyson Foods, Inc. - Class A		105,908		3,975,786
				11,769,082
Health Care Equipment & Supplies—2.0%
C.R. Bard, Inc.		48,317		6,909,814
Zimmer Holdings, Inc.		80,253		8,335,077
				15,244,891
Health Care Providers & Services—5.3%
Cardinal Health, Inc.		208,898		14,322,047
Cigna Corp.		167,255		15,382,442
Laboratory Corp. of America Holdings (b)		56,378		5,773,107
Tenet Healthcare Corp. (b)		111,991		5,256,858
				40,734,454
Hotels, Restaurants & Leisure—2.0%
MGM Resorts International (b)		266,901		7,046,187
Starwood Hotels & Resorts Worldwide, Inc.		98,065		7,925,613
				14,971,800
Household Durables—1.0%
Toll Brothers, Inc. (b)		200,738		7,407,232
Household Products—0.7%
Energizer Holdings, Inc.		46,865		5,718,936
Independent Power and Renewable Electricity Producers—0.8%
Calpine Corp. (b)		256,896		6,116,694
Industrial Conglomerates—1.3%
Carlisle Cos., Inc.		79,599		6,894,866
Roper Industries, Inc.		18,324		2,675,487
				9,570,353
Insurance—8.4%
Arthur J. Gallagher & Co.		149,526		6,967,912
Everest Re Group, Ltd.		54,484		8,744,137
Lincoln National Corp.		251,634		12,944,053
Principal Financial Group, Inc.		279,105		14,089,220
Unum Group		154,624		5,374,730
Validus Holdings, Ltd.		149,067		5,700,322
XL Group plc		299,754		9,810,949
				63,631,323

See accompanying notes to financial statements.

MIST-5

Met Investors Series Trust

Goldman Sachs Mid Cap Value Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Internet & Catalog Retail—1.6%
Expedia, Inc.		66,339	$	5,224,860
Liberty Interactive Corp. - Class A (b)		248,434		7,294,022
				12,518,882
Internet Software & Services—0.5%
AOL, Inc. (b)		88,498		3,521,335
IT Services—1.7%
Global Payments, Inc.		71,348		5,197,702
Xerox Corp.		630,292		7,840,832
				13,038,534
Life Sciences Tools & Services—2.0%
Agilent Technologies, Inc.		261,448		15,017,573
Machinery—4.6%
Crane Co.		100,386		7,464,703
ITT Corp.		162,674		7,824,619
Parker Hannifin Corp.		23,865		3,000,547
Terex Corp. (a)		145,233		5,969,076
Timken Co.		154,435		10,476,870
				34,735,815
Media—2.5%
AMC Networks, Inc. - Class A (b)		86,732		5,333,151
Liberty Media Corp. - Class A (b)		61,659		8,427,552
Scripps Networks Interactive, Inc. - Class A		64,333		5,219,979
				18,980,682
Metals & Mining—1.4%
Newmont Mining Corp.		154,054		3,919,134
Reliance Steel & Aluminum Co.		93,192		6,869,182
				10,788,316
Multi-Utilities—2.5%
PG&E Corp.		59,144		2,840,095
SCANA Corp.		102,004		5,488,835
Sempra Energy		102,462		10,728,796
				19,057,726
Oil, Gas & Consumable Fuels—5.9%
Chesapeake Energy Corp.		376,013		11,686,484
Cimarex Energy Co.		80,563		11,557,568
Newfield Exploration Co. (b)		217,870		9,629,854
Range Resources Corp.		48,636		4,228,900
Tesoro Corp.		129,033		7,570,366
				44,673,172
Paper & Forest Products—0.6%
Louisiana-Pacific Corp. (a) (b)		301,652		4,530,813
Pharmaceuticals—0.6%
Endo International plc (b)		66,332		4,644,567
Professional Services—0.5%
Dun & Bradstreet Corp. (The)		37,763		4,161,483
Real Estate Investment Trusts—6.6%
AvalonBay Communities, Inc.		89,095		12,668,418
Brixmor Property Group, Inc.		155,918		3,578,318
Camden Property Trust		85,222		6,063,545
DDR Corp.		375,341		6,617,262
RLJ Lodging Trust		121,831		3,519,698
Starwood Property Trust, Inc. (a)		302,935		7,200,765
Tanger Factory Outlet Centers, Inc.		85,700		2,996,929
Taubman Centers, Inc.		99,894		7,572,964
				50,217,899
Road & Rail—1.8%
Hertz Global Holdings, Inc. (b)		271,950		7,622,759
Kansas City Southern		55,775		5,996,370
				13,619,129
Semiconductors & Semiconductor Equipment—4.9%
Altera Corp.		212,662		7,392,131
Analog Devices, Inc.		129,749		7,015,528
Applied Materials, Inc.		279,758		6,308,543
Atmel Corp. (b)		575,473		5,392,182
Maxim Integrated Products, Inc.		321,055		10,854,870
				36,963,254
Software—3.4%
Check Point Software Technologies, Ltd. (a) (b)		104,263		6,988,749
Citrix Systems, Inc. (a) (b)		155,865		9,749,355
PTC, Inc. (b)		125,571		4,872,155
TIBCO Software, Inc. (b)		220,546		4,448,413
				26,058,672
Specialty Retail—2.7%
Gap, Inc. (The)		230,636		9,587,539
GNC Holdings, Inc. - Class A		132,753		4,526,877
Staples, Inc. (a)		585,256		6,344,175
				20,458,591
Technology Hardware, Storage & Peripherals—0.7%
NetApp, Inc.		157,614		5,756,063
Textiles, Apparel & Luxury Goods—1.6%
Fossil Group, Inc. (b)		42,304		4,421,614
PVH Corp.		65,906		7,684,640
				12,106,254
Total Common Stocks (Cost $653,556,566)				747,644,721
Short-Term Investments—5.5%
Mutual Fund—4.2%
State Street Navigator Securities Lending MET Portfolio (c)		31,664,521		31,664,521

See accompanying notes to financial statements.

MIST-6

Met Investors Series Trust

Goldman Sachs Mid Cap Value Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Short-Term Investments—(Continued)

Security Description	Principal Amount*		Value
Repurchase Agreement—1.3%
Fixed Income Clearing Corp. Repurchase Agreement dated 06/30/14 at 0.000% to be repurchased at $9,638,951 on 07/01/14, collateralized by $9,810,000 U.S. Treasury Note at 0.250% due 02/28/15 with a value of $9,834,525.		9,638,951	$	9,638,951
Total Short-Term Investments (Cost $41,303,472)				41,303,472
Total Investments—103.7% (Cost $694,860,038) (d)				788,948,193
Other assets and liabilities (net)—(3.7)%				(27,979,845	)
Net Assets—100.0%			$	760,968,348

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

(a) All or a portion of the security was held on loan. As of June 30, 2014, the market value of securities loaned was $40,198,694 and the collateral received consisted of cash in the amount of $31,664,521 and non-cash collateral with a value of $9,312,021. 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 June 30, 2014, the aggregate cost of investments was $694,860,038. The aggregate unrealized appreciation and depreciation of investments were $100,563,584 and $(6,475,429), respectively, resulting in net unrealized appreciation of $94,088,155.

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 June 30, 2014:

Description	Level 1		Level 2			Level 3		Total
Total Common Stocks*	$	747,644,721	$	—		$	—	$	747,644,721
Short-Term Investments
Mutual Fund		31,664,521		—			—		31,664,521
Repurchase Agreement		—		9,638,951			—		9,638,951
Total Short-Term Investments		31,664,521		9,638,951			—		41,303,472
Total Investments	$	779,309,242	$	9,638,951		$	—	$	788,948,193
Collateral for securities loaned (Liability)	$	—	$	(31,664,521	)	$	—	$	(31,664,521	)

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

MIST-7

Met Investors Series Trust

Goldman Sachs Mid Cap Value Portfolio

Statement of Assets and Liabilities

June 30, 2014 (Unaudited)

Assets
Investments at value (a) (b)	$	788,948,193
Cash		47,961
Receivable for:
Investments sold		10,089,147
Fund shares sold		329
Dividends		1,078,388
Total Assets		800,164,018
Liabilities
Collateral for securities loaned		31,664,521
Payables for:
Investments purchased		6,187,333
Fund shares redeemed		677,966
Accrued expenses:
Management fees		443,749
Distribution and service fees		45,872
Deferred trustees’ fees		58,994
Other expenses		117,235
Total Liabilities		39,195,670
Net Assets	$	760,968,348
Net assets consist of:
Paid in surplus	$	531,805,412
Undistributed net investment income		5,498,630
Accumulated net realized gain		129,576,151
Unrealized appreciation on investments		94,088,155
Net Assets	$	760,968,348
Net Assets
Class A	$	536,932,942
Class B		224,035,406
Capital Shares Outstanding*
Class A		34,359,531
Class B		14,358,767
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	15.63
Class B		15.60

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

(a) Identified cost of investments was $694,860,038.

(b) Includes securities loaned at value of $40,198,694.

Statement of Operations

Six Months Ended June 30, 2014 (Unaudited)

Investment Income
Dividends	$	9,164,087
Securities lending income		44,667
Total investment income		9,208,754
Expenses
Management fees		3,331,758
Administration fees		11,102
Custodian and accounting fees		54,289
Distribution and service fees—Class B		265,889
Audit and tax services		18,322
Legal		15,667
Trustees’ fees and expenses		22,085
Shareholder reporting		39,942
Insurance		3,169
Miscellaneous		6,225
Total expenses		3,768,448
Less broker commission recapture		(81,637	)
Net expenses		3,686,811
Net Investment Income		5,521,943
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments		131,940,557
Futures contracts		(1,826,641	)
Net realized gain		130,113,916
Net change in unrealized depreciation on investments		(64,955,297	)
Net realized and unrealized gain		65,158,619
Net Increase in Net Assets From Operations	$	70,680,562

See accompanying notes to financial statements.

MIST-8

Met Investors Series Trust

Goldman Sachs Mid Cap Value Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2014 (Unaudited)			Year Ended December 31, 2013
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	5,521,943		$	8,672,619
Net realized gain		130,113,916			189,058,934
Net change in unrealized appreciation (depreciation)		(64,955,297	)		71,562,850
Increase in net assets from operations		70,680,562			269,294,403
From Distributions to Shareholders
Net investment income
Class A		(6,633,773	)		(8,515,979	)
Class B		(1,172,145	)		(1,812,117	)
Net realized capital gains
Class A		(149,603,013	)		(27,403,374	)
Class B		(37,949,648	)		(7,198,478	)
Total distributions		(195,358,579	)		(44,929,948	)
Increase (decrease) in net assets from capital share transactions		(169,769,466	)		11,325,875
Total increase (decrease) in net assets		(294,447,483	)		235,690,330
Net Assets
Beginning of period		1,055,415,831			819,725,501
End of period	$	760,968,348		$	1,055,415,831
Undistributed net investment income
End of period	$	5,498,630		$	7,782,605

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2014 (Unaudited)						Year Ended December 31, 2013
	Shares			Value			Shares			Value
Class A
Sales		708,569		$	11,029,014			6,037,861		$	94,610,806
Reinvestments		10,723,184			156,236,786			2,463,604			35,919,353
Redemptions		(24,383,497	)		(367,338,400	)		(7,012,517	)		(110,997,914	)
Net increase (decrease)		(12,951,744	)	$	(200,072,600	)		1,488,948		$	19,532,245
Class B
Sales		782,438		$	12,400,416			2,075,283		$	32,429,771
Reinvestments		2,688,783			39,121,793			618,859			9,010,595
Redemptions		(1,259,719	)		(21,219,075	)		(3,084,321	)		(49,646,736	)
Net increase (decrease)		2,211,502		$	30,303,134			(390,179	)	$	(8,206,370	)
Increase (decrease) derived from capital shares transactions				$	(169,769,466	)				$	11,325,875

See accompanying notes to financial statements.

MIST-9

Met Investors Series Trust

Goldman Sachs Mid Cap Value Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2014 (Unaudited)			Year Ended December 31,
				2013			2012			2011			2010			2009
Net Asset Value, Beginning of Period	$	17.76		$	14.05		$	11.96		$	12.82		$	10.41		$	7.99
Income (Loss) from Investment Operations
Net investment income (a)		0.10			0.15			0.19			0.13			0.09			0.14
Net realized and unrealized gain (loss) on investments		1.19			4.32			2.01			(0.91	)		2.45			2.42
Total from investment operations		1.29			4.47			2.20			(0.78	)		2.54			2.56
Less Distributions
Distributions from net investment income		(0.15	)		(0.18	)		(0.11	)		(0.08	)		(0.13	)		(0.14	)
Distributions from net realized capital gains		(3.27	)		(0.58	)		0.00			0.00			0.00			0.00
Total distributions		(3.42	)		(0.76	)		(0.11	)		(0.08	)		(0.13	)		(0.14	)
Net Asset Value, End of Period	$	15.63		$	17.76		$	14.05		$	11.96		$	12.82		$	10.41
Total Return (%) (b)		8.63	(c)		32.95			18.46			(6.13	)		24.56			32.67
Ratios/Supplemental Data
Ratio of expenses to average net assets (%)		0.75	(d)		0.74			0.75			0.76			0.77			0.77
Ratio of net investment income to average net assets (%)		1.23	(d)		0.95			1.45			1.05			0.85			1.64
Portfolio turnover rate (%)		43	(c)		112			81			74			98			116
Net assets, end of period (in millions)	$	536.9		$	840.2		$	643.9		$	529.5		$	432.6		$	409.4
	Class B
	Six Months Ended June 30, 2014 (Unaudited)			Year Ended December 31,
				2013			2012			2011			2010			2009
Net Asset Value, Beginning of Period	$	17.72		$	14.02		$	11.94		$	12.80		$	10.40		$	7.97
Income (Loss) from Investment Operations
Net investment income (a)		0.08			0.11			0.16			0.10			0.07			0.12
Net realized and unrealized gain (loss) on investments		1.17			4.31			2.00			(0.90	)		2.44			2.42
Total from investment operations		1.25			4.42			2.16			(0.80	)		2.51			2.54
Less Distributions
Distributions from net investment income		(0.10	)		(0.14	)		(0.08	)		(0.06	)		(0.11	)		(0.11	)
Distributions from net realized capital gains		(3.27	)		(0.58	)		0.00			0.00			0.00			0.00
Total distributions		(3.37	)		(0.72	)		(0.08	)		(0.06	)		(0.11	)		(0.11	)
Net Asset Value, End of Period	$	15.60		$	17.72		$	14.02		$	11.94		$	12.80		$	10.40
Total Return (%) (b)		8.43	(c)		32.65			18.12			(6.29	)		24.23			32.30
Ratios/Supplemental Data
Ratio of expenses to average net assets (%)		1.00	(d)		0.99			1.00			1.01			1.02			1.02
Ratio of net investment income to average net assets (%)		0.99	(d)		0.70			1.18			0.78			0.64			1.37
Portfolio turnover rate (%)		43	(c)		112			81			74			98			116
Net assets, end of period (in millions)	$	224.0		$	215.2		$	175.8		$	164.6		$	147.8		$	109.7

(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) Periods less than one year are not computed on an annualized basis.

(d) Computed on an annualized basis.

See accompanying notes to financial statements.

MIST-10

Met Investors Series Trust

Goldman Sachs Mid Cap Value Portfolio

Notes to Financial Statements—June 30, 2014 (Unaudited)

1. Organization

Met Investors Series Trust (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 currently offers forty-seven series, each of which operates as a distinct investment vehicle of the Trust. The portfolio included in this report is Goldman Sachs 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 four classes of shares: Class A, B, C and E shares. Class A and B shares are currently offered by the Portfolio. 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 June 30, 2014 through the date the financial statements were issued.

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 (other than short term obligations with a remaining maturity of sixty days or less), 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 MetLife Advisers, LLC (“MetLife Advisers” or the “Adviser”), an affiliate of MetLife, Inc., pursuant to authorization of 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 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.

MIST-11

Met Investors Series Trust

Goldman Sachs Mid Cap Value Portfolio

Notes to Financial Statements—June 30, 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, which 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 and futures contracts that are traded over-the-counter 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 has delegated the determination of the fair value of a security to a 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 are primarily due to broker commission recapture and Real Estate Investment Trusts (REITs). 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

MIST-12

Met Investors Series Trust

Goldman Sachs Mid Cap Value Portfolio

Notes to Financial Statements—June 30, 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 June 30, 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 Master Repurchase Agreement 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 June 30, 2014, the Portfolio had investments in repurchase agreements with a gross value of $9,638,951, 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 June 30, 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. 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 at least equal to 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 six months ended June 30, 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 June 30, 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 June 30, 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 has agreed to 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

MIST-13

Met Investors Series Trust

Goldman Sachs Mid Cap Value Portfolio

Notes to Financial Statements—June 30, 2014—(Continued)

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. Futures contracts are exchange-traded and 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 six months ended June 30, 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 $246,589,664 in equity index futures contracts. At June 30, 2014, the Portfolio did not have any open futures contracts. For the six months ended June 30, 2014, the Portfolio had realized losses in the amount of $1,826,641 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; 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 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 addendums 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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Met Investors Series Trust

Goldman Sachs Mid Cap Value Portfolio

Notes to Financial Statements—June 30, 2014—(Continued)

5. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2014 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	387,444,376	$	0	$	753,767,990

During the six months ended June 30, 2014, the Portfolio engaged in security transactions with other affiliated portfolios. These amounted to $62,169,676 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 six months ended June 30, 2014	% per annum			Average Daily Net Assets
$3,331,758		0.750	%	First $200 million
		0.700	%	Over $200 million

MetLife Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. Goldman Sachs Asset Management, L.P. is compensated by MetLife Advisers to provide subadvisory services for the Portfolio.

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 Agreement and Plan - 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 Class B Shares. MIDC is a wholly-owned subsidiary of MetLife Investors Group, Inc., an affiliate of the Adviser. The Class B distribution plan provides that the Trust, on behalf of the Portfolio, may pay annually up to 0.50% of the average daily net assets of the Portfolio attributable to its Class B Shares with respect to activities primarily intended to result in the sale of Class B Shares. However, under the Class B distribution agreement, payments to the Distributor for activities pursuant to the Class B distribution plan are currently limited to payments at an annual rate equal to 0.25% of average daily net assets of the Portfolio attributable to its Class B Shares. Amounts incurred by the Portfolio for the six months ended June 30, 2014 are shown as Distribution and service fees in the Statement of Operations.

Under the terms of the Class B distribution plan and distribution agreement, the Portfolio is authorized to make payments monthly to the Distributor that may be used to pay or reimburse entities providing distribution and shareholder servicing with respect to the Class B Shares for such entities’ fees or expenses incurred.

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 Metropolitan Series Fund, 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.

Affiliated Broker - During the six months ended June 30, 2014 the Portfolio paid brokerage commissions to affiliated brokers/dealers:

Affiliate	Commission
Goldman Sachs & Co.	$	13,766

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Met Investors Series Trust

Goldman Sachs Mid Cap Value Portfolio

Notes to Financial Statements—June 30, 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, 2013 and 2012 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2013	2012		2013		2012		2013		2012
$17,717,033	$	5,986,864	$	27,212,915	$	—	$	44,929,948	$	5,986,864

As of December 31, 2013, 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
$77,671,092	$	117,585,351	$	158,638,398	$	—	$	353,894,841

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, 2013, the Portfolio had no 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 January 1, 2015, and interim periods within those fiscal years. Management is evaluating the impact, if any, of this guidance on the Portfolio’s financial statement disclosures.

MIST-16

Met Investors Series Trust

Harris Oakmark International Portfolio

Managed by Harris Associates L.P.

Portfolio Manager Commentary*

PERFORMANCE

For the six month period ended June 30, 2014, the Class A, B, and E shares of the Harris Oakmark International Portfolio returned 2.18%, 2.03%, and 2.11%, respectively. The Portfolio’s benchmark, the MSCI EAFE Index¹, returned 4.78%.

MARKET ENVIRONMENT / CONDITIONS

Even though we have encountered some macro noise in recent months surrounding the Russia/Ukraine situation as well as the ISIS invasion of Iraq, other than the price of oil spiking, market volatility has remained low since the beginning of the year.

For some time now, the Portfolio had significant exposure to European equities, even though there is nothing about Europe that we especially like or dislike. As bottom up investors, we focus on business fundamentals as opposed to the country or regional location of a company’s corporate headquarters. What really matters to us are the durability, velocity and quality of a particular company’s free cash flow stream over time along with management’s capital allocation decisions because free cash flow that is wasted is of no value to our clients. Many investors, though, are distracted by macro, geopolitical and regulatory events that often impact sentiment or allude to a more “cyclical” impact, even if these issues are not structurally damaging to a company’s future stream of free cash and do not have a long-term fundamental impact on business value. Russia’s annexation of Crimea certainly has unsettled and weakened European markets, but it has not disturbed our view on our holdings of European-based companies.

Market activity in Japan has drawn a great deal of attention this year, as investors are keeping a watchful eye on Prime Minister Abe’s reform efforts. These reforms involve government policy aimed at substantially improving corporate governance and lowering corporate tax rates. We are especially pleased that the government is committed to prompting changes in corporate behavior, including strongly urging companies to utilize better capital allocation strategies as well as rebalancing corporate boards of directors by adding more independent members.

Though equity valuations are not as acutely cheap as we have seen in the past few years, in our view equities are still attractively valued. We believe this situation places us and our investors in the “sweet spot”. That is, we believe we are situated to reap the benefits of holding high-quality investments that are growing per-share value and we are afforded the opportunity of finding new investment candidates that are dramatically undervalued.

PORTFOLIO REVIEW / PERIOD END POSITIONING

During the six months ended June 30, 2014, the Portfolio underperformed its benchmark, the MSCI EAFE Index, mainly due to stock selection. Country weightings also detracted somewhat for the period. Holdings in the United Kingdom, France and the Netherlands supplied the largest negative relative performance for the period. Conversely, holdings in Italy and Germany delivered the best relative returns and a greater-than-benchmark weighting in Switzerland produced the next best performance for the full six months.

The effect of currency hedging on the Portfolio’s return was largely neutral, detracting 0.01% for the period. Currencies hedged in the Portfolio are the Australian Dollar, Swiss Franc and Swedish Krona. At period end, we continued to view these currencies as very overvalued based on purchasing-power parity. Therefore, we held hedged positions to offset the risks associated with owning overvalued foreign currencies. Currency hedges are implemented by way of currency forward contracts.

Honda Motor (Japan) and BNP Paribas (France) had the largest negative impact on performance during the period. Honda Motor’s fiscal full-year 2013 auto volumes fell short of our expectations. Earnings per share, revenues and operating income were also lower than market forecasts. However, net profit increased 56% to ¥574 billion, which management attributed to brisk sales outside of Japan and a weaker yen. Honda’s stock price was further impacted by issues associated with redesigns of its Civic and Accord models that pressured margins, and from announcing a recall of about two million vehicles related to possible faulty air bags (supplied by an outside components maker).

BNP Paribas’ stock price declined during the past few months as a result of litigation brought by the U.S. Department of Justice. BNP agreed to plead guilty to providing U.S. dollar denominated financial services to countries blacklisted from doing business with the U.S. and to pay $8.9 billion in fines, which is a record amount for a bank accused of these charges. While we were surprised by the level of the fine, particularly given the precedent of significantly smaller monetary penalties placed on other financial institutions accused of similar violations, we believe the stock offers attractive upside from current levels. BNP is a globally diversified financial institution that generates roughly $18 billion in pre-provision profit and has excess regulatory capital on its balance sheet. During the reporting period, we met with CEO Jean-Laurent Bonnafe, and we remained impressed with his command of overall strategic measures along with his detailed operational and financial acumen. Since taking on the role of CEO in 2011, Mr. Bonnafe’s focus has been on identifying and building the bank’s core businesses along with reducing costs. For example, his first initiative, the Efficiency & Simplification Plan, has worked to lower expenses in order to reach the company’s 2015 target of roughly €2 billion in savings. He also expressed that the company is also working to expand its corporate and investment banking business, where management sees ample prospects for growth.

Individual holdings AMP (Australia) and Intesa Sanpaolo (Italy) had the largest positive impact on performance during the period. AMP’s fiscal full-year 2013 financial results included growth of assets under management that topped our expectations. Business in the Wealth Protection division was challenged for the period, but actions on

MIST-1

Met Investors Series Trust

Harris Oakmark International Portfolio

Managed by Harris Associates L.P.

Portfolio Manager Commentary*—(Continued)

claims management produced some positive results. AMP’s diligent cost discipline resulted in a reduction in company-wide controllable costs of 2.6% despite cost inflation of 2.5%-3%. During the period, we met with AMP’s new CEO Craig Meller who expressed that along with continued focus on reducing expenses via a cost-out plan, he is working to reinforce customer relationships and boost retention by way of better product targeting and omnichannel distribution.

Intesa Sanpaolo’s fiscal full-year 2013 revenues and costs were well aligned with our estimates. Overall costs were 6.3% lower than costs from the year-ago period and net profit was slightly more than we expected due to a €2.56 billion pretax gain on the revaluation of its stake in the Bank of Italy. In addition, Intesa Sanpaolo issued a detailed, bottom-up 2017 business plan that investors viewed favorably. The plan calls for returning €10 billion to shareholders via dividends over the next four years, which constitutes a cumulative payout ratio in excess of 70%. Even accounting for this return of capital to shareholders, the bank’s Basel III capital requirements are more than covered.

At period end, the Portfolio held 58 securities across a variety of countries and industries. During the first half of 2014, we initiated new positions in Meggitt (U.K.), Prada (Italy) and Safran (France) and eliminated positions in Continental (Germany), FANUC (Japan) and Signet Jewelers (U.K.).

As of June 30, 2014, the Portfolio was most heavily weighted in Switzerland (17%), followed by the U.K. and France (both 16%). The Portfolio had minimal exposure to companies headquartered in emerging market countries (roughly 2%).

As of June 30, 2014, the Portfolio was most heavily weighted in the Financials sector (26%), followed by Consumer Discretionary (25%) and Industrials (18%). Health Care (4%) had the smallest sector weight. The Portfolio had no exposure to Energy, Telecommunication Services or Utilities shares throughout the period.

David G. Herro

Robert A. Taylor

Portfolio Managers

Harris Associates 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 and 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 those of the subadvisory firm as of June 30, 2014 and 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 statements) 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 applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable annuity or insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

MIST-2

Met Investors Series Trust

Harris Oakmark International Portfolio

A $10,000 INVESTMENT COMPARED TO THE MSCI EAFE INDEX

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2014

	6 Month		1 Year		5 Year		10 Year
Harris Oakmark International Portfolio
Class A		2.18		22.10		17.74		10.31
Class B		2.03		21.74		17.44		10.03
Class E		2.11		21.93		17.56		10.14
MSCI EAFE Index		4.78		23.57		11.77		6.93

¹ The MSCI Europe, Australasia and Far East Index (“MSCI EAFE Index”) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the US & Canada.

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 B 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 JUNE 30, 2014

Top Holdings

	% of Net Assets
Credit Suisse Group AG		4.9
Allianz SE		3.5
BNP Paribas S.A.		3.3
Honda Motor Co., Ltd.		3.3
Toyota Motor Corp.		3.2
CNH Industrial NV		3.0
Diageo plc		2.8
Cie Financiere Richemont S.A.		2.8
Daiwa Securities Group, Inc.		2.8
Tesco plc		2.7

Top Countries

	% of Net Assets
Switzerland		16.9
United Kingdom		15.9
France		15.5
Japan		14.3
Germany		10.4
Netherlands		7.7
Sweden		4.6
Australia		4.5
Italy		3.1
Ireland		2.5

MIST-3

Met Investors Series Trust

Harris Oakmark International Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

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, January 1, 2014 through June 30, 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.

Harris Oakmark International Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2014		Ending Account Value June 30, 2014		Expenses Paid During Period** January 1, 2014 to June 30, 2014
Class A(a)	Actual		0.81	%	$	1,000.00	$	1,021.80	$	4.06
	Hypothetical*		0.81	%	$	1,000.00	$	1,020.78	$	4.06
Class B(a)	Actual		1.06	%	$	1,000.00	$	1,020.30	$	5.31
	Hypothetical*		1.06	%	$	1,000.00	$	1,019.54	$	5.31
Class E(a)	Actual		0.96	%	$	1,000.00	$	1,021.10	$	4.81
	Hypothetical*		0.96	%	$	1,000.00	$	1,020.03	$	4.81

* 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 (181 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.

MIST-4

Met Investors Series Trust

Harris Oakmark International Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Common Stocks—98.8% of Net Assets

Security Description	Shares		Value
Australia—4.5%
AMP, Ltd.		15,898,582	$	79,524,242
Orica, Ltd. (a)		4,375,700		80,449,447
				159,973,689
Canada—0.7%
Thomson Reuters Corp. (a)		652,100		23,742,172
France—15.5%
BNP Paribas S.A.		1,749,876		118,727,877
Christian Dior S.A.		179,171		35,621,826
Danone S.A.		1,250,812		92,832,352
Kering		435,800		95,497,457
LVMH Moet Hennessy Louis Vuitton S.A.		339,300		65,359,535
Pernod-Ricard S.A. (a)		606,600		72,847,272
Publicis Groupe S.A. (a)		231,568		19,657,853
Safran S.A.		480,800		31,460,827
Sanofi		215,700		22,942,498
				554,947,497
Germany—10.4%
Allianz SE		757,400		126,232,582
Bayerische Motoren Werke (BMW) AG		771,600		97,872,142
Daimler AG		949,200		88,892,602
SAP AG		736,700		56,901,261
				369,898,587
Ireland—2.5%
Experian plc		5,280,600		89,187,345
Israel—0.6%
Check Point Software Technologies, Ltd. (a) (b)		319,200		21,395,976
Italy—3.1%
Intesa Sanpaolo S.p.A.		27,539,700		84,899,091
Prada S.p.A. (a)		3,674,900		26,124,699
				111,023,790
Japan—14.3%
Canon, Inc. (a)		2,649,800		86,737,198
Daiwa Securities Group, Inc.		11,409,000		99,003,865
Honda Motor Co., Ltd. (a)		3,377,600		118,149,531
Meitec Corp.		305,100		9,531,344
Olympus Corp. (b)		1,567,000		54,116,234
Omron Corp.		329,200		13,908,425
Secom Co., Ltd.		231,500		14,170,150
Toyota Motor Corp.		1,919,600		115,471,921
				511,088,668
Netherlands—7.7%
Akzo Nobel NV (a)		208,386		15,624,186
CNH Industrial NV (a)		10,404,500		106,736,550
Heineken Holding NV (a)		827,469		54,405,904
Koninklijke Ahold NV		830,723		15,587,501
Koninklijke Philips NV (a)		2,580,578		81,805,527
				274,159,668
South Korea—2.1%
Samsung Electronics Co., Ltd.		57,400		75,052,349
Sweden—4.6%
Atlas Copco AB - B Shares		1,329,994		35,491,933
Hennes & Mauritz AB - B Shares (a)		1,456,236		63,583,399
SKF AB - B Shares (a)		2,602,300		66,333,721
				165,409,053
Switzerland—16.9%
Adecco S.A. (b)		458,925		37,738,289
Cie Financiere Richemont S.A.		963,200		101,093,370
Credit Suisse Group AG (b)		6,199,709		176,539,063
Geberit AG		1,231		432,302
Givaudan S.A. (b)		8,922		14,883,751
Holcim, Ltd. (b)		787,100		69,190,696
Kuehne & Nagel International AG (a)		659,300		87,757,362
Nestle S.A.		897,500		69,540,953
Novartis AG		119,200		10,797,394
Schindler Holding AG		163,000		24,764,391
Wolseley plc		231,576		12,679,922
				605,417,493
United Kingdom—15.9%
Diageo plc		3,183,800		101,350,842
GlaxoSmithKline plc		2,007,300		53,638,734
Lloyds Banking Group plc (b)		76,506,600		97,293,191
Meggitt plc		108,234		936,098
Schroders plc		1,266,462		54,238,215
Schroders plc (non-voting shares)		10,427		344,101
Smiths Group plc		2,102,209		46,631,816
Tesco plc (a)		20,157,000		97,913,289
Willis Group Holdings plc		1,908,200		82,625,060
WPP plc		1,586,500		34,545,965
				569,517,311
Total Common Stocks (Cost $3,125,075,339)				3,530,813,598
Short-Term Investments—12.0%
Mutual Fund—11.2%
State Street Navigator Securities Lending MET Portfolio (c)		400,091,298		400,091,298

See accompanying notes to financial statements.

MIST-5

Met Investors Series Trust

Harris Oakmark International Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Short-Term Investments—(Continued)

Security Description	Principal Amount*		Value
Repurchase Agreement—0.8%
Fixed Income Clearing Corp. Repurchase Agreement dated 06/30/14 at 0.000% to be repurchased at $30,138,429 on 07/01/14, collateralized by $30,590,000 U.S. Treasury Note at 0.625% due 08/15/16 with a value of $30,742,950.		30,138,429	$	30,138,429
Total Short-Term Investments (Cost $430,229,727)				430,229,727
Total Investments—110.8% (Cost $3,555,305,066) (d)				3,961,043,325
Other assets and liabilities (net)—(10.8)%				(385,356,560	)
Net Assets—100.0%			$	3,575,686,765

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

(a) All or a portion of the security was held on loan. As of June 30, 2014, the market value of securities loaned was $437,959,643 and the collateral received consisted of cash in the amount of $400,091,298 and non-cash collateral with a value of $56,714,273. 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 June 30, 2014, the aggregate cost of investments was $3,555,305,066. The aggregate unrealized appreciation and depreciation of investments were $450,192,003 and $(44,453,744), respectively, resulting in net unrealized appreciation of $405,738,259.

Ten Largest Industries as of June 30, 2014 (Unaudited)	% of Net Assets
Automobiles		11.8
Capital Markets		9.2
Textiles, Apparel & Luxury Goods		9.1
Banks		8.4
Insurance		8.1
Machinery		6.5
Beverages		6.4
Food Products		4.5
Professional Services		3.8
Industrial Conglomerates		3.6

Forward Foreign Currency Exchange Contracts

Contracts to Deliver		Counterparty	Settlement Date		In Exchange for		Unrealized Appreciation/ (Depreciation)
AUD	66,300,000	State Street Bank and Trust		09/17/14	$	58,350,630	$	(3,827,408	)
AUD	7,671,000	State Street Bank and Trust		09/17/14		7,091,072		(103,011	)
CHF	231,000,000	State Street Bank and Trust		12/17/14		265,364,733		4,469,240
SEK	352,344,000	State Street Bank and Trust		03/18/15		52,480,250		(138,211	)
Net Unrealized Appreciation							$	400,610

(AUD)—Australian Dollar

(CHF)—Swiss Franc

(SEK)—Swedish Krona

See accompanying notes to financial statements.

MIST-6

Met Investors Series Trust

Harris Oakmark International Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

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 June 30, 2014:

Description	Level 1		Level 2			Level 3		Total
Common Stocks
Australia	$	—	$	159,973,689		$	—	$	159,973,689
Canada		23,742,172		—			—		23,742,172
France		—		554,947,497			—		554,947,497
Germany		—		369,898,587			—		369,898,587
Ireland		—		89,187,345			—		89,187,345
Israel		21,395,976		—			—		21,395,976
Italy		—		111,023,790			—		111,023,790
Japan		—		511,088,668			—		511,088,668
Netherlands		—		274,159,668			—		274,159,668
South Korea		—		75,052,349			—		75,052,349
Sweden		—		165,409,053			—		165,409,053
Switzerland		—		605,417,493			—		605,417,493
United Kingdom		82,625,060		486,892,251			—		569,517,311
Total Common Stocks		127,763,208		3,403,050,390			—		3,530,813,598
Short-Term Investments
Mutual Fund		400,091,298		—			—		400,091,298
Repurchase Agreement		—		30,138,429			—		30,138,429
Total Short-Term Investments		400,091,298		30,138,429			—		430,229,727
Total Investments	$	527,854,506	$	3,433,188,819		$	—	$	3,961,043,325
Collateral for securities loaned (Liability)	$	—	$	(400,091,298	)	$	—	$	(400,091,298	)
Forward Contracts
Forward Foreign Currency Exchange Contracts (Unrealized Appreciation)	$	—	$	4,469,240		$	—	$	4,469,240
Forward Foreign Currency Exchange Contracts (Unrealized Depreciation)		—		(4,068,630	)		—		(4,068,630	)
Total Forward Contracts	$	—	$	400,610		$	—	$	400,610

See accompanying notes to financial statements.

MIST-7

Met Investors Series Trust

Harris Oakmark International Portfolio

Statement of Assets and Liabilities

June 30, 2014 (Unaudited)

Assets
Investments at value (a) (b)	$	3,961,043,325
Cash denominated in foreign currencies (c)		258,681
Unrealized appreciation on forward foreign currency exchange contracts		4,469,240
Receivable for:
Investments sold		15,796,703
Fund shares sold		411,110
Dividends		17,086,575
Total Assets		3,999,065,634
Liabilities
Unrealized depreciation on forward foreign currency exchange contracts		4,068,630
Collateral for securities loaned		400,091,298
Payables for:
Investments purchased		14,353,867
Fund shares redeemed		1,679,250
Accrued expenses:
Management fees		2,218,278
Distribution and service fees		307,940
Deferred trustees’ fees		58,994
Other expenses		600,612
Total Liabilities		423,378,869
Net Assets	$	3,575,686,765
Net assets consist of:
Paid in surplus	$	2,912,533,525
Undistributed net investment income		65,456,161
Accumulated net realized gain		191,305,145
Unrealized appreciation on investments and foreign currency transactions		406,391,934
Net Assets	$	3,575,686,765
Net Assets
Class A	$	2,034,223,898
Class B		1,394,060,104
Class E		147,402,763
Capital Shares Outstanding*
Class A		117,966,209
Class B		82,182,167
Class E		8,635,561
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	17.24
Class B		16.96
Class E		17.07

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

(a) Identified cost of investments was $3,555,305,066.

(b) Includes securities loaned at value of $437,959,643.

(c) Identified cost of cash denominated in foreign currencies was $256,683.

Statement of Operations

Six Months Ended June 30, 2014 (Unaudited)

Investment Income
Dividends (a)	$	72,452,081
Securities lending income		2,378,082
Total investment income		74,830,163
Expenses
Management fees		13,867,690
Administration fees		41,714
Custodian and accounting fees		848,838
Distribution and service fees—Class B		1,722,919
Distribution and service fees—Class E		109,422
Audit and tax services		25,306
Legal		15,668
Trustees’ fees and expenses		22,085
Shareholder reporting		86,338
Insurance		10,960
Miscellaneous		16,175
Total expenses		16,767,115
Less management fee waiver		(329,192	)
Net expenses		16,437,923
Net Investment Income		58,392,240
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments		262,723,100
Futures contracts		869,881
Foreign currency transactions		(10,968,609	)
Net realized gain		252,624,372
Net change in unrealized appreciation (depreciation) on:
Investments		(240,660,243	)
Foreign currency transactions		7,997,766
Net change in unrealized depreciation		(232,662,477	)
Net realized and unrealized gain		19,961,895
Net Increase in Net Assets From Operations	$	78,354,135

(a) Net of foreign withholding taxes of $7,174,549.

See accompanying notes to financial statements.

MIST-8

Met Investors Series Trust

Harris Oakmark International Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2014 (Unaudited)			Year Ended December 31, 2013
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	58,392,240		$	57,402,577
Net realized gain		252,624,372			553,954,256
Net change in unrealized appreciation (depreciation)		(232,662,477	)		301,826,281
Increase in net assets from operations		78,354,135			913,183,114
From Distributions to Shareholders
Net investment income
Class A		(54,140,114	)		(55,521,937	)
Class B		(32,348,334	)		(30,390,349	)
Class E		(3,509,332	)		(3,443,670	)
Net realized capital gains
Class A		(199,114,057	)		0
Class B		(130,351,257	)		0
Class E		(13,643,974	)		0
Total distributions		(433,107,068	)		(89,355,956	)
Increase (decrease) in net assets from capital share transactions		225,431,768			(267,313,853	)
Total increase (decrease) in net assets		(129,321,165	)		556,513,305
Net Assets
Beginning of period		3,705,007,930			3,148,494,625
End of period	$	3,575,686,765		$	3,705,007,930
Undistributed net investment income
End of period	$	65,456,161		$	97,061,701

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2014 (Unaudited)						Year Ended December 31, 2013
	Shares			Value			Shares			Value
Class A
Sales		3,183,890		$	57,731,339			11,913,450		$	197,537,987
Reinvestments		15,065,685			253,254,171			3,595,980			55,521,937
Redemptions		(14,037,617	)		(246,591,259	)		(29,878,876	)		(502,723,353	)
Net increase (decrease)		4,211,958		$	64,394,251			(14,369,446	)	$	(249,663,429	)
Class B
Sales		3,739,073		$	67,967,748			8,985,193		$	152,590,784
Reinvestments		9,830,791			162,699,591			1,995,427			30,390,349
Redemptions		(4,612,628	)		(82,215,343	)		(12,075,347	)		(200,888,411	)
Net increase (decrease)		8,957,236		$	148,451,996			(1,094,727	)	$	(17,907,278	)
Class E
Sales		365,074		$	6,628,351			1,252,067		$	21,113,827
Reinvestments		1,030,229			17,153,306			225,077			3,443,670
Redemptions		(618,319	)		(11,196,136	)		(1,433,998	)		(24,300,643	)
Net increase		776,984		$	12,585,521			43,146		$	256,854
Increase (decrease) derived from capital shares transactions				$	225,431,768					$	(267,313,853	)

See accompanying notes to financial statements.

MIST-9

Met Investors Series Trust

Harris Oakmark International Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2014 (Unaudited)			Year Ended December 31,
				2013			2012			2011			2010			2009
Net Asset Value, Beginning of Period	$	19.13		$	15.06		$	11.85		$	13.78		$	12.05		$	8.57
Income (Loss) from Investment Operations
Net investment income (a)		0.30			0.31			0.29			0.24			0.16			0.15
Net realized and unrealized gain (loss) on investments		0.06			4.22			3.16			(2.17	)		1.83			4.17
Total from investment operations		0.36			4.53			3.45			(1.93	)		1.99			4.32
Less Distributions
Distributions from net investment income		(0.48	)		(0.46	)		(0.24	)		(0.00	) (b)		(0.26	)		(0.84	)
Distributions from net realized capital gains		(1.77	)		0.00			0.00			0.00			0.00			0.00
Total distributions		(2.25	)		(0.46	)		(0.24	)		(0.00	) (b)		(0.26	)		(0.84	)
Net Asset Value, End of Period	$	17.24		$	19.13		$	15.06		$	11.85		$	13.78		$	12.05
Total Return (%) (c)		2.18	(d)		30.80			29.47			(13.98	)		16.67			55.46
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.82	(e)		0.83			0.83			0.85			0.85			0.84
Net ratio of expenses to average net assets (%) (f)		0.81	(e)		0.81			0.81			0.83			0.84			0.83
Ratio of net investment income to average net assets (%)		3.29	(e)		1.79			2.26			1.79			1.33			1.58
Portfolio turnover rate (%)		24	(d)		58			41			48			51			54
Net assets, end of period (in millions)	$	2,034.2		$	2,176.6		$	1,929.3		$	1,775.7		$	1,479.3		$	1,082.1
	Class B
	Six Months Ended June 30, 2014 (Unaudited)			Year Ended December 31,
				2013			2012			2011			2010			2009
Net Asset Value, Beginning of Period	$	18.84		$	14.84		$	11.67		$	13.61		$	11.91		$	8.47
Income (Loss) from Investment Operations
Net investment income (a)		0.28			0.25			0.25			0.21			0.13			0.13
Net realized and unrealized gain (loss) on investments		0.05			4.17			3.13			(2.15	)		1.81			4.11
Total from investment operations		0.33			4.42			3.38			(1.94	)		1.94			4.24
Less Distributions
Distributions from net investment income		(0.44	)		(0.42	)		(0.21	)		0.00			(0.24	)		(0.80	)
Distributions from net realized capital gains		(1.77	)		0.00			0.00			0.00			0.00			0.00
Total distributions		(2.21	)		(0.42	)		(0.21	)		0.00			(0.24	)		(0.80	)
Net Asset Value, End of Period	$	16.96		$	18.84		$	14.84		$	11.67		$	13.61		$	11.91
Total Return (%) (c)		2.03	(d)		30.49			29.25			(14.25	)		16.42			55.06
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		1.07	(e)		1.08			1.08			1.10			1.10			1.09
Net ratio of expenses to average net assets (%) (f)		1.06	(e)		1.06			1.06			1.08			1.09			1.08
Ratio of net investment income to average net assets (%)		3.12	(e)		1.50			1.98			1.60			1.07			1.30
Portfolio turnover rate (%)		24	(d)		58			41			48			51			54
Net assets, end of period (in millions)	$	1,394.1		$	1,379.5		$	1,102.6		$	948.2		$	975.9		$	710.5

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

MIST-10

Met Investors Series Trust

Harris Oakmark International Portfolio

Financial Highlights

Selected per share data
	Class E
	Six Months Ended June 30, 2014 (Unaudited)			Year Ended December 31,
				2013			2012			2011			2010			2009
Net Asset Value, Beginning of Period	$	18.95		$	14.92		$	11.74		$	13.67		$	11.96		$	8.50
Income (Loss) from Investment Operations
Net investment income (a)		0.29			0.27			0.27			0.23			0.15			0.13
Net realized and unrealized gain (loss) on investments		0.06			4.20			3.13			(2.16	)		1.80			4.14
Total from investment operations		0.35			4.47			3.40			(1.93	)		1.95			4.27
Less Distributions
Distributions from net investment income		(0.46	)		(0.44	)		(0.22	)		0.00			(0.24	)		(0.81	)
Distributions from net realized capital gains		(1.77	)		0.00			0.00			0.00			0.00			0.00
Total distributions		(2.23	)		(0.44	)		(0.22	)		0.00			(0.24	)		(0.81	)
Net Asset Value, End of Period	$	17.07		$	18.95		$	14.92		$	11.74		$	13.67		$	11.96
Total Return (%) (c)		2.11	(d)		30.65			29.27			(14.12	)		16.50			55.27
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.97	(e)		0.98			0.98			1.00			1.00			0.99
Net ratio of expenses to average net assets (%) (f)		0.96	(e)		0.96			0.96			0.98			0.99			0.98
Ratio of net investment income to average net assets (%)		3.20	(e)		1.60			2.10			1.74			1.22			1.37
Portfolio turnover rate (%)		24	(d)		58			41			48			51			54
Net assets, end of period (in millions)	$	147.4		$	148.9		$	116.6		$	101.9		$	134.9		$	126.0

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

(b) Distributions from net investment income were 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) Periods less than one year are not computed on an annualized basis.

(e) Computed on an annualized basis.

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

See accompanying notes to financial statements.

MIST-11

Met Investors Series Trust

Harris Oakmark International Portfolio

Notes to Financial Statements—June 30, 2014 (Unaudited)

1. Organization

Met Investors Series Trust (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 currently offers forty-seven series, each of which operates as a distinct investment vehicle of the Trust. The portfolio included in this report is Harris Oakmark International 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 four classes of shares: Class A, B, C and E shares. Class A, B and E shares are currently offered by the Portfolio. 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 June 30, 2014 through the date the financial statements were issued.

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 (other than short term obligations with a remaining maturity of sixty days or less), 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 MetLife Advisers, LLC (“MetLife Advisers” or the “Adviser”), an affiliate of MetLife, Inc., pursuant to authorization of 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 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.

MIST-12

Met Investors Series Trust

Harris Oakmark International Portfolio

Notes to Financial Statements—June 30, 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, which 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 and futures contracts that are traded over-the-counter 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 has delegated the determination of the fair value of a security to a 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

MIST-13

Met Investors Series Trust

Harris Oakmark International Portfolio

Notes to Financial Statements—June 30, 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 June 30, 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 Master Repurchase Agreement 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 June 30, 2014, the Portfolio had investments in repurchase agreements with a gross value of $30,138,429, 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 June 30, 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. 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 at least equal to 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 six months ended June 30, 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 June 30, 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 June 30, 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 has agreed to indemnify the Portfolio in the case of default of any securities borrower.

MIST-14

Met Investors Series Trust

Harris Oakmark International Portfolio

Notes to Financial Statements—June 30, 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. Futures contracts are exchange-traded and 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 six months ended June 30, 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 $102,216,216 in equity index futures contracts. At June 30, 2014, the Portfolio did not have any open futures contracts.

At June 30, 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
Foreign Exchange	Unrealized appreciation on forward foreign currency exchange contracts	$	4,469,240	Unrealized depreciation on forward foreign currency exchange contracts	$	4,068,630

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.

MIST-15

Met Investors Series Trust

Harris Oakmark International Portfolio

Notes to Financial Statements—June 30, 2014—(Continued)

The following table presents the Portfolio’s derivative assets by counterparty net of amounts available for offset under a master netting agreement (“MNA”), or similar agreement, and net of the related collateral received by the Portfolio as of June 30, 2014.

Counterparty	Derivative Assets subject to a MNA by Counterparty		Financial Instruments available for offset			Collateral Received†		Net Amount*
State Street Bank and Trust	$	4,469,240	$	(4,068,630	)	$	—	$	400,610

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 June 30, 2014.

Counterparty	Derivative Liabilities subject to a MNA by Counterparty		Financial Instruments available for offset			Collateral Pledged†		Net Amount**
State Street Bank and Trust	$	4,068,630	$	(4,068,630	)	$	—	$	—

* 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 six months ended June 30, 2014 were as follows:

Statement of Operations Location—Net Realized Gain (Loss)	Equity		Foreign Exchange			Total
Forward foreign currency transactions	$	—	$	(10,184,182	)	$	(10,184,182	)
Futures contracts		869,881		—			869,881
	$	869,881	$	(10,184,182	)	$	(9,314,301	)
Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)	Equity		Foreign Exchange			Total
Forward foreign currency transactions	$	—	$	7,905,430		$	7,905,430

For the six months ended June 30, 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	$	383,143,488

‡ Averages are based on activity levels during the period.

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; 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 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

MIST-16

Met Investors Series Trust

Harris Oakmark International Portfolio

Notes to Financial Statements—June 30, 2014—(Continued)

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 over-the-counter traded derivatives (e.g., forward foreign currency exchange contracts, swap agreements and over-the-counter 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 addendums 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 six months ended June 30, 2014 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	858,277,115	$	0	$	953,009,375

During the six months ended June 30, 2014, the Portfolio engaged in security transactions with other affiliated portfolios. These amounted to $33,014,364 in sales of investments, which are included above.

MIST-17

Met Investors Series Trust

Harris Oakmark International Portfolio

Notes to Financial Statements—June 30, 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 six months ended June 30, 2014	% per annum			Average Daily Net Assets
$13,867,690		0.850	%	First $100 million
		0.800	%	$100 million to $1 billion
		0.750	%	Over $1 billion

MetLife Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. Harris Associates L.P. 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 reduction	Average Daily Net Assets
0.025%	Over $	1 billion

An identical agreement was in place for the period April 29, 2013 through April 27, 2014. Amounts waived for the six months ended June 30, 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 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 Agreements and Plans - The Trust has distribution agreements with MetLife Investors Distribution Company (“MIDC” or the “Distributor”) in which MIDC serves as the distributor for the Portfolio’s Class A, Class B and Class E Shares. MIDC is a wholly-owned subsidiary of MetLife Investors Group, Inc., an affiliate of the Adviser. The Class B and Class E distribution plans provide that the Trust, on behalf of the Portfolio, may pay annually up to 0.50% and 0.25%, respectively, of the average daily net assets of the Portfolio attributable to its Class B and Class E Shares with respect to activities primarily intended to result in the sale of Class B and Class E Shares. However, under the Class B and Class E distribution agreements, payments to the Distributor for activities pursuant to the Class B and Class E distribution plans are currently limited to payments at an annual rate equal to 0.25% and 0.15% of average daily net assets of the Portfolio attributable to its Class B and Class E Shares, respectively. Amounts incurred by the Portfolio for the six months ended June 30, 2014 are shown as Distribution and service fees in the Statement of Operations.

Under the terms of the Class B and Class E distribution plans and distribution agreements, the Portfolio is authorized to make payments monthly to the Distributor that may be used to pay or reimburse entities providing distribution and shareholder servicing with respect to the Class B and Class E Shares for such entities’ fees or expenses incurred.

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 Metropolitan Series Fund, 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.

MIST-18

Met Investors Series Trust

Harris Oakmark International Portfolio

Notes to Financial Statements—June 30, 2014—(Continued)

8. Income Tax Information

The tax character of distributions paid for the years ended December 31, 2013 and 2012 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2013	2012		2013		2012		2013		2012
$89,355,956	$	54,800,261	$	—	$	—	$	89,355,956	$	54,800,261

As of December 31, 2013, 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
$89,648,128	$	342,768,470	$	585,543,459	$	—	$	1,017,960,057

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, 2013, the Portfolio utilized capital loss carryforwards of $130,829,687.

As of December 31, 2013, the Portfolio had no 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 January 1, 2015, and interim periods within those fiscal years. Management is evaluating the impact, if any, of this guidance on the Portfolio’s financial statement disclosures.

MIST-19

Met Investors Series Trust

Invesco Balanced-Risk Allocation Portfolio

Managed by Invesco Advisers, Inc.

Portfolio Manager Commentary*

PERFORMANCE

For the six month period ended June 30, 2014, the Class B shares of the Invesco Balanced-Risk Allocation Portfolio returned 6.37%. The Portfolio’s benchmark, the Dow Jones Moderate Index¹, returned 5.77%.

MARKET ENVIRONMENT / CONDITIONS

For the period, global developed equities, global government bonds and commodities produced positive results with the strongest returns coming from government bonds over geopolitical issues.

In the first quarter 2014, capital markets departed from the consensus script. Equities, which had become investors’ preferred asset class, were largely negative through mid-March and only select markets, such as Europe and the U.S., broke into positive territory at the end of the first quarter. Overall, equities were off to their weakest start to the year since 2009. Government bonds–the most loathed asset class coming into the year–have generated attractive gains as investors sought safe havens from equity and commodity volatility and geopolitical issues. Commodities were mixed, with the precious metals and agricultural complexes up strongly, while industrial metals prices languished and energy-related commodities turned-in a mixed performance.

In the second quarter, all three asset classes appreciated. Bond yields fell as geopolitical concerns drove demand for safe-haven assets. Bonds also benefitted from weak economic data as evidenced by the final print of U.S. gross domestic product (“GDP”) coming in below expectations at -2.9%. Equities continued to climb higher after a weak start despite elevated valuations in key markets and lackluster economic data which indicated that investor sentiment was likely the primary driver of returns. Energy and precious metals prices rose on geopolitical fears, while industrial metals prices were largely flat. Agriculture prices fell over the quarter as more favorable weather patterns helped to alleviate concerns over poor crop yields.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Portfolio is a risk parity strategy that seeks to generate returns by investing in equity, bond and commodity markets using a long-only, risk-balanced investment process. Specifically, the team selects the appropriate assets for the strategy, allocates them based on proprietary risk management techniques, and applies an active positioning process to improve expected returns.

Positive absolute performance from the strategic equity, fixed income, and commodity exposures, in addition to a slightly positive impact from active positioning, drove results for the reporting period. Tactical commodity and equity exposures detracted from absolute performance. The Portfolio’s relative outperformance of the benchmark occurred from the strategic and tactical fixed income exposures.

Equities were slightly positive for the six month period, but the weakest asset class for the first quarter, pulling back after impressive gains last year. Japan, which led all developed markets last year, led on the downside during the period as concerns mounted as to whether the stimulus policy in place were indeed having the desired effects. Hong Kong and U.K. equity prices also drifted lower while U.S. Large Caps, Small Caps, and European equities broke into positive territory at period end. Despite beginning the year weak, equities posted strong results in the second quarter as investor sentiment shook off weaker than expected fundamental data and fears of brewing geopolitical issues erupted into wider conflict.

Sovereign government bonds were the primary driver of results for the period. In the first quarter, Government bond markets led results as investors sought to avoid the volatility of equity and commodity markets. European government bond markets posted impressive results while Asian markets generated smaller gains. In the second quarter, bonds saw yields contract as geopolitical concerns out of Russia and the Middle East rekindled demand for safe-haven assets. Negative growth in U.S. GDP and generally weak economic data out of Europe also benefitted the asset class.

Commodities added to performance over the six month period mainly led by price appreciation in precious metals as prices in both gold and silver rebounded from steep losses in 2013. Energy commodities began the year challenged but rebounded as issues in the Middle East drove crude oil prices higher ending the period positive. Industrial metals finished the period slightly off on fears of reduced demand in light of weaker than expected economic data. Agricultural commodities posted gains as early strength gave way to late period weakness as weather turned more favorable, improving estimates for crop yields.

On a monthly basis, tactical adjustments are made through the tactical allocation process. The Portfolio reduced its equity exposure in February but returned to the general trend the following month.

MIST-1

Met Investors Series Trust

Invesco Balanced-Risk Allocation Portfolio

Managed by Invesco Advisers, Inc.

Portfolio Manager Commentary*—(Continued)

Fixed income and commodities remained steady throughout the six month period. The overall exposure of the Portfolio was 167% at the end of the period, 38% was allocated to equity, 100% was allocated to fixed income, and 29% was allocated to commodities. The Portfolio ended overweight all six government bond markets, but those overweights were tempered from the previous month, especially in Australia. All six equity markets represented in the Portfolio carried a positive tactical signal and the overweight to Hong Kong and Japan increased month-over-month. Within commodities, exposure to soybeans and soymeal increased modestly while the underweight to soybean oil was flattened. In the energy complex, the overweight to Brent crude increased while the overweights to WTI crude and unleaded gas softened. Gas oil carried an underweight. In the metals complex, the overweight to copper strengthened while maintaining an underweight to aluminum. Gold moved to neutral from overweight and silver continued with an underweight.

Please note that our strategy is principally implemented with derivative instruments that include futures, commodity-linked notes, and total return swaps. Therefore, all or most of the performance of the strategy, both positive and negative, can be attributed to these instruments. Derivatives can be a more liquid and cost-effective way to gain exposure to asset classes. Additionally, the leverage used in the strategy is inherent in these instruments.

Scott Wolle

Mark Ahnrud

Chris Devine

Scott Hixon

Christian Ulrich

Portfolio Managers

Invesco Advisers, 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 and 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 those of the subadvisory firm as of June 30, 2014 and 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 statements) 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 applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable annuity or insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

MIST-2

Met Investors Series Trust

Invesco Balanced-Risk Allocation Portfolio

A $10,000 INVESTMENT COMPARED TO THE DOW JONES MODERATE INDEX

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2014

	6 Month		1 Year		Since Inception2
Invesco Balanced-Risk Allocation Portfolio
Class B		6.37		12.10		6.69
Dow Jones Moderate Index		5.77		16.21		11.42

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 of that combination will have 60% of the risk of an all equity portfolio.

² Inception date of the Class B shares is 4/23/2012. 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.

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 JUNE 30, 2014

Exposures by Asset Class*

	% of Net Assets
Global Developed Bonds		99.8
Global Developed Equities		37.4
Commodities - Production Weighted		29.9

* The percentages noted above are based on the notional amounts by asset class as a percentage of net assets

MIST-3

Met Investors Series Trust

Invesco Balanced-Risk Allocation Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

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, January 1, 2014 through June 30, 2014.

Actual Expenses

The first line 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 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 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 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.

Invesco Balanced-Risk Allocation Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2014		Ending Account Value June 30, 2014		Expenses Paid During Period** January 1, 2014 to June 30, 2014
Class B(a)	Actual		0.92	%	$	1,000.00	$	1,063.70	$	4.71
	Hypothetical*		0.92	%	$	1,000.00	$	1,020.23	$	4.61

* 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 (181 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 7 of the Notes to Consolidated Financial Statements.

MIST-4

Met Investors Series Trust

Invesco Balanced-Risk Allocation Portfolio

Consolidated§ Schedule of Investments as of June 30, 2014 (Unaudited)

Commodity-Linked Securities—2.2% of Net Assets

Security Description	Principal Amount*/ Shares		Value
Canadian Imperial Bank of Commerce Commodity Linked EMTN, U.S. Federal Funds (Effective) Rate minus 0.040% (linked to Canadian Imperial Bank of Commerce Custom 1 Agriculture Commodity Index multiplied by 2), 01/13/15		3,780,000	$	4,360,608
Canadian Imperial Bank of Commerce Commodity Linked EMTN, U.S. Federal Funds (Effective) Rate minus 0.040% (linked to Canadian Imperial Bank of Commerce Custom 1 Agriculture Commodity Index multiplied by 2), 12/11/14		5,387,855		6,383,531
Cargill, Inc. Commodity Linked Note, one month LIBOR rate minus 0.100% (linked to Monthly Rebalance Commodity Excess Return Index, multiplied by 2), 06/11/15		14,000,000		13,165,635
Cargill, Inc. Commodity Linked Note, one month LIBOR rate minus 0.100% (linked to Monthly Rebalance Commodity Excess Return Index, multiplied by 2), 12/19/14		5,750,000		6,787,414
Total Commodity-Linked Securities (Cost $28,917,855)				30,697,188
Municipals—2.1%
Gainesville & Hall County, GA, Development Authority Revenue 0.130%, 03/01/21 (a)		24,300,000		24,300,000
Minnesota State Office of Higher Education Revenue 0.110%, 08/01/47 (a)		3,942,000		3,942,000
Total Municipals (Cost $28,242,000)				28,242,000
U.S. Treasury & Government Agencies—0.7%
U.S. Treasury—0.7%
U.S. Treasury Notes 0.085%, 01/31/16 (a) (b) (Cost $9,508,652)		9,510,000		9,509,848
Short-Term Investments—92.7%
Mutual Funds—21.7%
Premier Portfolio, Institutional Class 0.016% (c) (d)		51,263,040		51,263,040
STIC (Global Series) plc - U.S. Dollar Liquidity Portfolio, Institutional Class 0.000% (c) (d)		195,271,542		195,271,542
STIT-Liquid Assets Portfolio, Institutional Class 0.052% (c) (d)		51,263,040		51,263,040
				297,797,622
U.S. Treasury—6.6%
U.S. Treasury Bills
0.027%, 12/18/14 (b) (e)		3,130,000		3,129,261
0.028%, 12/18/14 (b) (e)		890,000		889,885
0.044%, 07/03/14 (b) (e) (f)		4,020,000		4,019,985
0.052%, 07/31/14 (b) (e) (f)		13,270,000		13,269,419
0.053%, 07/17/14 (b) (e) (f)		8,660,000		8,659,788
0.055%, 12/04/14 (b) (e)		6,390,000		6,388,477
0.055%, 12/11/14 (e)		8,880,000		8,877,789
0.058%, 07/24/14 (b) (e)		8,660,000		8,659,668
0.064%, 07/10/14 (b) (e)		4,140,000		4,139,928
0.064%, 08/07/14 (b) (e)		13,270,000		13,269,114
0.071%, 08/28/14 (b) (e)		15,546,000		15,544,222
0.098%, 01/08/15 (b) (e) (f)		4,330,000		4,327,760
				91,175,296
Commercial Paper—64.4%
Abbey National North America LLC 0.000%, 08/01/14 (e)		40,000,000		39,995,867
Apple, Inc. 0.069%, 08/01/14 (144A) (e)		19,000,000		18,998,855
Barton Capital Corp. 0.161%, 09/29/14 (144A) (e)		39,000,000		39,000,000
Caisse des Depots et Consignations 0.155%, 09/09/14 (e)		40,000,000		39,987,944
Cancara Asset Securitisation LLC 0.138%, 07/11/14 (144A) (e)		40,000,000		39,998,333
Chevron Corp. 0.062%, 07/08/14 (144A) (e)		33,000,000		32,999,551
Ciesco LLC 0.160%, 09/08/14 (e)		40,000,000		39,987,733
Coca-Cola Co. (The)
0.000%, 10/07/14 (e)		30,000,000		29,991,017
0.190%, 09/03/14 (144A) (e)		10,000,000		9,996,622
Collateralized Commercial Paper II Co. LLC 0.314%, 08/01/14 (e)		10,700,000		10,697,052
Concord Minutemen Capital Co. LLC 0.197%, 08/01/14 (e)		20,000,000		19,996,556
Crown Point Capital LLC 0.152%, 07/16/14 (144A) (e)		41,100,000		41,097,260
DNB Bank ASA 0.152%, 07/11/14 (144A) (e)		39,500,000		39,498,190
Fairway Finance Co. LLC 0.135%, 07/21/14 (144A) (e)		33,000,000		32,997,433
Gotham Funding Corp. 0.142%, 07/08/14 (144A) (e)		40,000,000		39,998,755
ING (U.S.) Funding LLC 0.146%, 07/24/14 (e)		15,000,000		14,998,562
0.147%, 08/01/14 (e)		26,000,000		25,996,642
0.220%, 09/05/14 (e)		5,000,000		4,997,983
Jupiter Securitization Co. LLC 0.220%, 09/10/14 (e)		25,000,000		24,989,153
Macquarie Bank, Ltd. 0.200%, 09/17/14 (144A) (e)		23,500,000		23,489,817
Manhattan Asset Funding Co. LLC 0.138%, 07/08/14 (144A) (e)		16,000,000		15,999,518

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

MIST-5

Met Investors Series Trust

Invesco Balanced-Risk Allocation Portfolio

Consolidated§ Schedule of Investments as of June 30, 2014 (Unaudited)

Short-Term Investments—(Continued)

Security Description	Principal Amount*		Value
Commercial Paper—(Continued)
Mountcliff Funding LLC 0.000%, 07/01/14 (144A) (e)		10,000,000	$	10,000,000
National Australia Funding Delaware, Inc. 0.129%, 08/12/14 (144A) (e)		40,000,000		39,993,933
Old Line Funding LLC 0.220%, 09/16/14 (144A) (e)		22,000,000		21,989,648
Regency Market No. 1 LLC 0.132%, 07/14/14 (144A) (e)		31,000,000		30,998,433
Salisbury Receivables Co. LLC 0.133%, 07/08/14 (144A) (e)		20,000,000		19,999,417
Sheffield Receivables Corp.
0.180%, 09/04/14 (144A) (e)		20,000,000		19,993,500
0.190%, 09/10/14 (144A) (e)		15,000,000		14,994,379
0.190%, 09/15/14 (144A) (e)		3,000,000		2,998,797
Standard Chatered Bank 0.180%, 09/12/14 (e)		15,000,000		15,000,000
Svenska Handelsbanken AB 0.160%, 08/19/14 (e)		40,000,000		40,000,272
Thunder Bay Funding LLC 0.230%, 09/05/14 (144A) (e)		30,000,000		29,987,350
Total Capital Canada, Ltd. 0.066%, 07/14/14 (144A) (e)		28,000,000		27,999,292
Toyota Motor Credit Corp.
0.251%, 09/30/14 (e)		25,000,000		24,984,201
				884,652,065
Total Short-Term Investments (Cost $1,273,625,317)				1,273,624,983
Total Investments—97.7% (Cost $1,340,293,824) (g)				1,342,074,019
Other assets and liabilities (net)—2.3%				32,016,577
Net Assets—100.0%			$	1,374,090,596

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

(a) Variable or floating rate security. The stated rate represents the rate at June 30, 2014. Maturity date shown for callable securities reflects the earliest possible call date.

(b) All or a portion of the security was pledged as collateral against open swap contracts. As of June 30, 2014, the market value of securities pledged was $5,364,355.

(c) Affiliated Issuer. (See Note 8 of the Notes to Consolidated Financial Statements for a summary of transactions in securities of affiliated issuers.)

(d) The rate shown represents the annualized seven-day yield as of June 30, 2014.

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

(f) All or a portion of the security was pledged as collateral against open futures contracts. As of June 30, 2014, the market value of securities pledged was $27,949,869.

(g) As of June 30, 2014, the aggregate cost of investments was $1,340,293,824. The aggregate unrealized appreciation and depreciation of investments were $2,614,894 and $(834,699), respectively, resulting in net unrealized appreciation of $1,780,195.

(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 June 30, 2014, the market value of 144A securities was $553,029,083, which is 40.2% of net assets.

(EMTN)— Euro Medium-Term Note

(LIBOR)— London InterBank Offered Rate

Futures Contracts

Futures Contracts—Long	Expiration Date		Number of Contracts		Notional Amount			Unrealized Appreciation/ (Depreciation)
Australian 10 Year Treasury Bond Futures		09/15/14		2,255		AUD	266,601,449	$	4,774,750
Brent Crude Oil Futures		08/14/14		304		USD	32,789,991		1,279,289
Canada Government Bond 10 Year Futures		09/19/14		2,007		CAD	270,844,292		1,937,649
Euro Stoxx 50 Index Futures		09/19/14		2,225		EUR	72,600,785		(943,153	)
Euro-Bund Futures		09/08/14		1,187		EUR	172,064,075		3,336,704
FTSE 100 Index Futures		09/19/14		830		GBP	55,750,877		(84,846	)
Gas Oil Futures		08/12/14		115		USD	10,771,864		(206,239	)
Gasoline RBOB Futures		07/31/14		239		USD	30,426,697		121,948
Hang Seng Index Futures		07/30/14		471		HKD	536,626,986		964,107
Japanese Government 10 Year Bond Futures		09/10/14		128		JPY	18,584,840,195		576,080
Russell 2000 Mini Index Futures		09/19/14		452		USD	52,450,976		1,350,584
S&P 500 E-Mini Index Futures		09/19/14		672		USD	64,799,781		800,859
Silver Futures		09/26/14		309		USD	32,543,329		(11,809	)
TOPIX Index Futures		09/11/14		650		JPY	8,038,774,306		1,653,183
U.S. Treasury Long Bond Futures		09/19/14		866		USD	118,492,925		311,450
United Kingdom Long Gilt Bond Futures		09/26/14		1,175		GBP	129,132,611		40,027
WTI Light Sweet Crude Oil Futures		09/19/14		286		USD	27,545,761		2,155,339
Net Unrealized Appreciation								$	18,055,922

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

MIST-6

Met Investors Series Trust

Invesco Balanced-Risk Allocation Portfolio

Consolidated§ Schedule of Investments as of June 30, 2014 (Unaudited)

Swap Agreements

Total Return Swap Agreements

Fixed Rate	Maturity Date		Counterparty	Underlying Reference Instrument	Notional Amount			Market Value			Upfront Premium Paid/(Received)		Unrealized Appreciation/ (Depreciation)
0.3300%		05/12/15	Barclays Bank plc	Barclays Commodity Strategy 1452 Excess Return Index		USD	25,596,758	$	1,285,565		$	—	$	1,285,565
0.5300%		10/09/14	Barclays Bank plc	Barclays Commodity Strategy 1635 Excess Return Index		USD	19,149,109		(621,510	)		—		(621,510	)
0.3000%		04/13/15	Canadian Imperial Bank of Commerce	CIBC Dynamic Roll LME Copper Excess Return Index		USD	25,592,362		1,286,133			—		1,286,133
0.000%		09/30/14	Bank of America Corp.	Canada Government Bond 10 Year Futures		CAD	675,400		4,217			—		4,217
0.000%		09/30/14	Goldman Sachs International	EUREX Euro-Bund Futures		EUR	5,221,977		96,376			—		96,376
0.6000%		06/23/15	Goldman Sachs International	Goldman Sachs Alpha Basket B472 Excess Return Strategy		USD	12,300,080		—			—		—
0.000%		07/31/14	Goldman Sachs International	Hang Seng Index Futures		HKD	247,698,173		384,535			—		384,535
0.4900%		06/24/15	JP Morgan Chase Bank N.A.	JP Morgan Bespoke Commodity Index		USD	2,477,534		(102,370	)		—		(102,370	)
0.000%		09/30/14	Goldman Sachs International	LIFFE Long Gilt Futures		GBP	22,401,240		38,404			—		38,404
0.2500%		05/07/15	Bank of America Corp.	MLCX Dynamic Enhanced Copper Excess Return Index		USD	38,557,713		—			—		—
0.1400%		02/24/15	Bank of America Corp.	Merrill Lynch Gold Excess Return Index		USD	24,660,521		—			—		—
0.3800%		10/13/14	Morgan Stanley	S&P GSCI Aluminum Dynamic Roll Excess Returns Index		USD	7,543,707		(46,876	)		—		(46,876	)
0.0900%		04/22/15	JP Morgan Chase Bank N.A.	S&P GSCI gold Index Excess Return		USD	19,684,892		53,747			—		53,747
0.1200%		05/18/15	Cargill, Inc.	Single Commodity Gold Index Excess Return		USD	16,703,171		—			—		0
Totals								$	2,378,221		$	—	$	2,378,221

(AUD)— Australian Dollar

(CAD)— Canadian Dollar

(EUR)— Euro

(GBP)— British Pound

(HKD)— Hong Kong Dollar

(JPY)— Japanese Yen

(USD)— United States Dollar

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

MIST-7

Met Investors Series Trust

Invesco Balanced-Risk Allocation Portfolio

Consolidated§ Schedule of Investments as of June 30, 2014 (Unaudited)

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 Consolidated Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2014:

Description	Level 1			Level 2			Level 3		Total
Total Commodity-Linked Securities	$	—		$	30,697,188		$	—	$	30,697,188
Total Municipals		—			28,242,000			—		28,242,000
Total U.S. Treasury & Government Agencies*		—			9,509,848			—		9,509,848
Short-Term Investments
Mutual Funds		297,797,622			—			—		297,797,622
U.S. Treasury		—			91,175,296			—		91,175,296
Commercial Paper		—			884,652,065			—		884,652,065
Total Short-Term Investments		297,797,622			975,827,361			—		1,273,624,983
Total Investments	$	297,797,622		$	1,044,276,397		$	—	$	1,342,074,019
Futures Contracts
Futures Contracts (Unrealized Appreciation)	$	19,301,969		$	—		$	—	$	19,301,969
Futures Contracts (Unrealized Depreciation)		(1,246,047	)		—			—		(1,246,047	)
Total Futures Contracts	$	18,055,922		$	—		$	—	$	18,055,922
OTC Swap Contracts
OTC Swap Contracts at Value (Assets)	$	—		$	3,148,977		$	—	$	3,148,977
OTC Swap Contracts at Value (Liabilities)		—			(770,756	)		—		(770,756	)
Total OTC Swap Contracts	$	—		$	2,378,221		$	—	$	2,378,221

* See Consolidated Schedule of Investments for additional detailed categorizations.

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

MIST-8

Met Investors Series Trust

Invesco Balanced-Risk Allocation Portfolio

Consolidated§ Statement of Assets and Liabilities

June 30, 2014 (Unaudited)

Assets
Investments at value (a)	$	1,044,276,397
Affiliated investments at value (b)		297,797,622
Cash		339,092
Cash collateral for futures contracts		25,844,500
OTC swap contracts at market value		3,148,977
Receivable for:
Investments sold		2,553,326
Fund shares sold		2,046,831
Interest		61,611
Variation margin on futures contracts		68,165
Total Assets		1,376,136,521
Liabilities
OTC swap contracts at market value		770,756
Payables for:
Fund shares redeemed		113,372
Interest on OTC swap contracts		25,774
Accrued expenses:
Management fees		677,548
Distribution and service fees		279,080
Deferred trustees’ fees		33,725
Other expenses		145,670
Total Liabilities		2,045,925
Net Assets	$	1,374,090,596
Net assets consist of:
Paid in surplus	$	1,283,900,552
Accumulated net investment loss		(5,262,972	)
Accumulated net realized gain		73,172,849
Unrealized appreciation on investments, futures contracts, swap contracts and foreign currency transactions		22,280,167
Net Assets	$	1,374,090,596
Net Assets
Class B	$	1,374,090,596
Capital Shares Outstanding*
Class B		128,191,668
Net Asset Value, Offering Price and Redemption Price Per Share
Class B	$	10.72

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

(a) Identified cost of investments, excluding affiliated investments, was $1,042,496,202.

(b) Identified cost of affiliated investments was $297,797,622.

Consolidated§ Statement of Operations

Six Months Ended June 30, 2014 (Unaudited)

Investment Income
Dividends from affiliated investments	$	40,806
Interest		759,342
Total investment income		800,148
Expenses
Management fees		4,203,531
Administration fees		40,041
Custodian and accounting fees		83,537
Distribution and service fees—Class B		1,648,161
Interest expense		137,957
Audit and tax services		37,027
Legal		18,666
Trustees’ fees and expenses		21,142
Shareholder reporting		33,042
Insurance		4,360
Miscellaneous		4,513
Total expenses		6,231,977
Less management fee waiver		(194,203	)
Net expenses		6,037,774
Net Investment Loss		(5,237,626	)
Net Realized and Unrealized Gain
Net realized gain (loss) on:
Investments		4,774,552
Futures contracts		70,717,762
Swap contracts		3,647,949
Foreign currency transactions		(141,289	)
Net realized gain		78,998,974
Net change in unrealized appreciation on:
Investments		79,819
Futures contracts		6,224,898
Swap contracts		1,958,621
Foreign currency transactions		215,483
Net change in unrealized appreciation		8,478,821
Net realized and unrealized gain		87,477,795
Net Increase in Net Assets From Operations	$	82,240,169

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

MIST-9

Met Investors Series Trust

Invesco Balanced-Risk Allocation Portfolio

Consolidated§ Statement of Changes in Net Assets

	Six Months Ended June 30, 2014 (Unaudited)			Year Ended December 31, 2013
Increase (Decrease) in Net Assets:
From Operations
Net investment loss	$	(5,237,626	)	$	(9,928,766	)
Net realized gain		78,998,974			19,880,065
Net change in unrealized appreciation		8,478,821			11,341,937
Increase in net assets from operations		82,240,169			21,293,236
From Distributions to Shareholders
Net realized capital gains
Class B		(62,513,812	)		(12,689,759	)
Total distributions		(62,513,812	)		(12,689,759	)
Increase in net assets from capital share transactions		13,898,556			358,775,383
Total increase in net assets		33,624,913			367,378,860
Net Assets
Beginning of period		1,340,465,683			973,086,823
End of period	$	1,374,090,596		$	1,340,465,683
Accumulated net investment loss
End of period	$	(5,262,972	)	$	(25,346	)

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2014 (Unaudited)						Year Ended December 31, 2013
	Shares			Value			Shares			Value
Class B
Sales		4,097,117		$	43,356,579			53,328,028		$	563,181,207
Reinvestments		6,087,032			62,513,812			1,213,170			12,689,759
Redemptions		(8,667,185	)		(91,971,835	)		(20,645,200	)		(217,095,583	)
Net increase		1,516,964		$	13,898,556			33,895,998		$	358,775,383
Increase derived from capital shares transactions				$	13,898,556					$	358,775,383

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

MIST-10

Met Investors Series Trust

Invesco Balanced-Risk Allocation Portfolio

Consolidated§ Financial Highlights

Selected per share data
	Class B
	Six Months Ended June 30, 2014 (Unaudited)			Year Ended December 31,
				2013			2012(a)
Net Asset Value, Beginning of Period	$	10.58		$	10.49		$	10.00
Income (Loss) from Investment Operations
Net investment loss (b)		(0.04	)		(0.08	)		(0.06	)
Net realized and unrealized gain on investments		0.69			0.27			0.69
Total from investment operations		0.65			0.19			0.63
Less Distributions
Distributions from net investment income		0.00			0.00			(0.03	)
Distributions from net realized capital gains		(0.51	)		(0.10	)		(0.11	)
Total distributions		(0.51	)		(0.10	)		(0.14	)
Net Asset Value, End of Period	$	10.72		$	10.58		$	10.49
Total Return (%) (c)		6.37	(d)		1.86			6.34	(d)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.95	(e)		0.93			1.03	(e)
Gross ratio of expenses to average net assets excluding interest expense (%)		0.92	(e)		0.91			1.03	(e)
Net ratio of expenses to average net assets (%) (f)		0.92	(e)		0.90			0.90	(e)
Net ratio of expenses to average net assets excluding interest expense (%) (f)		0.89	(e)		0.88			0.90	(e)
Ratio of net investment loss to average net assets (%)		(0.79	) (e)		(0.76	)		(0.80	) (e)
Portfolio turnover rate (%)		29	(d)		34			0	(g)
Net assets, end of period (in millions)	$	1,374.1		$	1,340.5		$	973.1

(a) Commencement of operations was April 23, 2012.

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

(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) Periods less than one year are not computed on an annualized basis.

(e) Computed on an annualized basis.

(f) Includes the effects of management fee waivers (see Note 7 of the Notes to Consolidated Financial Statements).

(g) There were no long term sale transactions during the period ended December 31, 2012.

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

MIST-11

Met Investors Series Trust

Invesco Balanced-Risk Allocation Portfolio

Notes to Consolidated Financial Statements—June 30, 2014 (Unaudited)

1. Organization

Met Investors Series Trust (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 currently offers forty-seven series, each of which operates as a distinct investment vehicle of the Trust. The portfolio included in this report is Invesco Balanced-Risk Allocation Portfolio (the “Portfolio”), which is non-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 one class of shares: Class B shares. Class B shares are currently offered by the Portfolio.

2. Consolidation of Subsidiary - Invesco Balanced-Risk Allocation Portfolio, Ltd.

The Portfolio may invest up to 25% of its total assets in the Invesco Balanced-Risk Allocation Portfolio, Ltd., which is a wholly-owned and controlled subsidiary of the Portfolio that is organized under the laws of the Cayman Islands as an exempted company (the “Subsidiary”). The Portfolio invests in the Subsidiary in order to gain exposure to the commodities market within the limitations of the federal tax laws, rules and regulations that apply to regulated investment companies.

The Portfolio has obtained an opinion from legal counsel to the effect that the annual net profit, if any, realized by the Subsidiary and imputed for income tax purposes to the Portfolio should constitute “qualifying income” for purposes of the Portfolio remaining qualified as a regulated investment company for U.S federal income tax purposes. It is possible that the Internal Revenue Service or a court could disagree with the legal opinion obtained by the Portfolio.

The Subsidiary invests primarily in commodity derivatives, exchange traded notes, cash and cash equivalents, including money market funds affiliated with Invesco Advisers, Inc. (the “Subadviser”). Unlike the Portfolio, the Subsidiary may invest without limitation in commodity-linked derivatives; however, the Subsidiary complies with the same 1940 Act asset coverage requirements with respect to its investments in commodity-linked derivatives that are applicable to the Portfolio’s transactions in derivatives. In addition, to the extent applicable to the investment activities of the Subsidiary, the Subsidiary is subject to the same fundamental investment restrictions and follows the same compliance policies and procedures as the Portfolio.

By investing in the Subsidiary, the Portfolio is indirectly exposed to the risks associated with the Subsidiary’s investments. The commodity-related instruments held by the Subsidiary are subject to commodities risk. There can be no assurance that the investment objective of the Subsidiary will be achieved. The Subsidiary is not registered under the 1940 Act and is not subject to all the investor protections of the 1940 Act. The Portfolio, however, wholly owns and controls the Subsidiary, and the Portfolio and Subsidiary are both managed by the Subadviser, making it unlikely that the Subsidiary will take action contrary to the interests of the Portfolio and its shareholders. Changes in the laws of the United States and/or Cayman Islands could result in the inability of the Portfolio and/or the Subsidiary to operate as described in the Portfolio’s prospectus and could adversely affect the Portfolio. For example, the Cayman Islands does not currently impose any income, corporate or capital gains tax, estate duty, inheritance tax, gift tax or withholding tax on the Subsidiary. If Cayman Islands law changes such that the Subsidiary must pay Cayman Islands taxes, Portfolio shareholders would likely suffer decreased investment returns.

The consolidated Schedule of Investments, Statement of Assets and Liabilities, Statement of Operations, Statement of Changes in Net Assets and the Financial Highlights of the Portfolio include the accounts of the Subsidiary. All inter-company accounts and transactions have been eliminated in consolidation for the Portfolio. The Subsidiary has a fiscal year end of December 31st for financial statement consolidation purposes and a nonconforming tax year end of November 30th.

A summary of the Portfolio’s investment in the Subsidiary is as follows:

	Inception Date of Subsidiary	Subsidiary Net Assets at June 30, 2014	% of Total Assets at June 30, 2014
Invesco Balanced-Risk Allocation Portfolio, Ltd.	4/23/2012	$303,594,201	22.1%

3. Significant Accounting Policies

The preparation of consolidated 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 consolidated 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 consolidated financial statements, management has evaluated events and transactions subsequent to June 30, 2014 through the date the consolidated financial statements were issued.

MIST-12

Met Investors Series Trust

Invesco Balanced-Risk Allocation Portfolio

Notes to Consolidated Financial Statements—June 30, 2014—(Continued)

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

Investment Valuation and Fair Value Measurements - Debt securities (other than short term obligations with a remaining maturity of sixty days or less), 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 MetLife Advisers, LLC (“MetLife Advisers” or the “Adviser”), an affiliate of MetLife, Inc., pursuant to authorization of 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 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.

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, which 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 and futures contracts that are traded over-the-counter 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. 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

MIST-13

Met Investors Series Trust

Invesco Balanced-Risk Allocation Portfolio

Notes to Consolidated Financial Statements—June 30, 2014—(Continued)

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 has delegated the determination of the fair value of a security to a 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.

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 futures transactions, foreign currency transactions, swap transactions, distribution redesignations, foreign currency tax expense reclass, distribution and service fees and controlled foreign corporations. These adjustments have no impact on net assets or the results of operations.

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Met Investors Series Trust

Invesco Balanced-Risk Allocation Portfolio

Notes to Consolidated Financial Statements—June 30, 2014—(Continued)

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 remain subject to examination by the Internal Revenue Service for three fiscal years after the returns are filed. As of June 30, 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 Master Repurchase Agreement 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.

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.

4. 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 Consolidated 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 Consolidated Statement of Assets and Liabilities and as a component of net change in unrealized appreciation/depreciation on the Consolidated 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. Futures contracts are exchange-traded and 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.

Commodity Futures Contracts and Swaps on Commodity Futures Contracts - The Subsidiary will invest primarily in commodity futures and swaps on commodity futures. Exposure to the commodities markets may subject the Portfolio to greater volatility than investments in traditional securities. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or sectors affecting a particular industry or commodity.

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 over-the-counter 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

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Met Investors Series Trust

Invesco Balanced-Risk Allocation Portfolio

Notes to Consolidated Financial Statements—June 30, 2014—(Continued)

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 Consolidated Schedule of Investments and restricted cash, if any, is reflected on the Consolidated 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 Consolidated 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 Consolidated 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 Consolidated Statement of Assets and Liabilities and as a component of unrealized appreciation/depreciation on the Consolidated 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 Consolidated Statement of Operations. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss on the Consolidated Statement of Operations. Net periodic payments received or paid by the Portfolio are included as part of realized gains or losses on the Consolidated 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 Consolidated 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.

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.

Equity Swaps: Equity swaps are two-party contracts that generally obligate one party to pay the positive return and the other party to pay the negative return on a specified reference security, basket of securities, security index or index component during the period of the swap. Equity swap contracts are marked to market daily based on the value of the underlying security and the change, if any, is recorded as an unrealized gain or loss. Equity swaps normally do not involve the delivery of securities or other underlying assets. If the other party to an equity swap defaults, a Portfolio’s risk of loss consists of the net amount of payments that such Portfolio is contractually entitled to receive, if any. Equity swaps are derivatives and their value can be very volatile.

Total Return Swaps: The Portfolio may enter into total return swap agreements to obtain exposure to a security or market without owning such security or investing directly in that market or to transfer the risk/return of one market (e.g., fixed income) to another market (e.g., equity) (equity risk and/or interest rate risk). Total return swaps are agreements in which one party agrees to make periodic payments to another party based on the change in market value of the assets underlying the contract, which may include a specified security, basket of securities or securities indices during the specific period, in return for periodic payments based on a fixed or floating rate or the total return from other underlying assets. When a Portfolio pays interest in exchange for the total return of an underlying asset and the value of the underlying asset decreases, the Portfolio may be required to pay the change in value to the

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Met Investors Series Trust

Invesco Balanced-Risk Allocation Portfolio

Notes to Consolidated Financial Statements—June 30, 2014—(Continued)

counterparty in addition to the interest payment; conversely, when a Portfolio receives interest in exchange for the total return of an underlying asset and the value of the underlying asset decreases, the Portfolio may receive the change in value in addition to the interest payment. To the extent the total return of the instrument or index underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the Portfolio will receive a payment from or make a payment to the counterparty. Total return swaps can also be structured without an interest payment, so that one party pays the other party if the value of the underlying asset increases and receives payment from the other party if the value of the underlying asset decreases.

At June 30, 2014, the Portfolio had the following derivatives, categorized by risk exposure:

	Asset Derivatives			Liability Derivatives
Risk Exposure	Consolidated Statement of Assets & Liabilities Location	Fair Value		Consolidated Statement of Assets & Liabilities Location	Fair Value
Interest Rate	OTC swap contracts at market value (a)	$	138,997
	Unrealized appreciation on futures contracts* (b)		10,976,660
Equity	OTC swap contracts at market value (a)		384,535
	Unrealized appreciation on futures contracts* (b)		4,768,733	Unrealized depreciation on futures contracts* (b)	$	1,027,999
Commodity	OTC swap contracts at market value (a)		2,625,445	OTC swap contracts at market value (a)		770,756
	Unrealized appreciation on futures contracts* (b)		3,556,576	Unrealized depreciation on futures contracts* (b)		218,048
Total		$	22,450,946		$	2,016,803

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

(a) Excludes OTC swap interest payable of $25,774.

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

The Portfolio is required to disclose the impact of offsetting assets and liabilities represented in the Consolidated 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”), or similar agreement, and net of the related collateral received by the Portfolio as of June 30, 2014.

Counterparty	Derivative Assets subject to a MNA by Counterparty		Financial Instruments available for offset			Collateral Received†		Net Amount*
Bank of America Corp.	$	4,217	$	—		$	—	$	4,217
Barclays Bank plc		1,285,565		(621,510	)		—		664,055
Canadian Imperial Bank of Commerce		1,286,133		—			—		1,286,133
Goldman Sachs International		519,315		—			—		519,315
JP Morgan Chase Bank N.A.		53,747		(53,747	)		—		—
	$	3,148,977	$	(675,257	)	$	—	$	2,473,720

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 June 30, 2014.

Counterparty	Derivative Liabilities subject to a MNA by Counterparty		Financial Instruments available for offset			Collateral Pledged†		Net Amount**
Barclays Bank plc	$	621,510	$	(621,510	)	$	—	$	—
JP Morgan Chase Bank N.A.		102,370		(53,747	)		—		48,623
Morgan Stanley		46,876		—			—		46,876
	$	770,756	$	(675,257	)	$	—	$	95,499

* 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.

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Met Investors Series Trust

Invesco Balanced-Risk Allocation Portfolio

Notes to Consolidated Financial Statements—June 30, 2014—(Continued)

Transactions in derivative instruments during the six months ended June 30, 2014 were as follows:

Consolidated Statement of Operations Location—Net Realized Gain (Loss)	Interest Rate		Equity			Commodity		Total
Futures contracts	$	43,310,372	$	23,881,173		$	3,526,217	$	70,717,762
Swap contracts		1,077,925		(1,034,681	)		3,604,705		3,647,949
	$	44,388,297	$	22,846,492		$	7,130,922	$	74,365,711
Consolidated Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)	Interest Rate		Equity			Commodity		Total
Futures contracts	$	21,443,747	$	(18,499,594	)	$	3,280,745	$	6,224,898
Swap contracts		138,996		384,535			1,435,090		1,958,621
	$	21,582,743	$	(18,115,059	)	$	4,715,835	$	8,183,519

For the six months ended June 30, 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	$	931,848,789
Swap contracts		1,154,277

‡ Averages are based on activity levels during the period.

5. 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; currency, interest rate, and price fluctuations.

Commodities Risk: Exposure to the commodities markets may subject the Portfolio to greater volatility than investments in traditional securities. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity.

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 consolidated 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 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 over-the-counter traded derivatives (e.g., forward foreign currency exchange contracts, swap agreements and over-the-counter 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

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Met Investors Series Trust

Invesco Balanced-Risk Allocation Portfolio

Notes to Consolidated Financial Statements—June 30, 2014—(Continued)

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 Consolidated 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 Consolidated Statement of Assets and Liabilities. Securities pledged as collateral, if any, for the same purpose are noted in the Consolidated 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 addendums 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.

6. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2014 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$9,508,407	$	14,000,000	$	0	$	20,283,538

7. 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 six months ended June 30, 2014	% per annum			Average Daily Net Assets
$4,203,531		0.675	%	First $250 million
		0.650	%	$250 million to $750 million
		0.625	%	$750 million to $1 billion
		0.600	%	Over $1 billion

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

Management Fee Waiver - The Subadviser agreed to waive the subadvisory fee it receives in an amount equal to any advisory fee it also receives due to the Portfolio’s investment in any investment company, unit investment trust or other collective investment fund, registered or nonregistered, for which the Subadviser or any of its affiliates serves as investment adviser. The Adviser agreed to waive a portion of the management fee related to the Subadviser’s waiving of its subadvisory fee on funds where the Subadviser or any of its affiliates serves as investment adviser. Amounts waived for the six months ended June 30, 2014 are shown as a management fee waiver in the Consolidated 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.

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Met Investors Series Trust

Invesco Balanced-Risk Allocation Portfolio

Notes to Consolidated Financial Statements—June 30, 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 Agreement and Plan - 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 B Shares. MIDC is a wholly-owned subsidiary of MetLife Investors Group, Inc., an affiliate of the Adviser. The Class B distribution plan provides that the Trust, on behalf of the Portfolio, may pay annually up to 0.50% of the average daily net assets of the Portfolio attributable to its Class B Shares with respect to activities primarily intended to result in the sale of Class B Shares. However, under the Class B distribution agreement, payments to the Distributor for activities pursuant to the Class B distribution plan are currently limited to payments at an annual rate equal to 0.25% of average daily net assets of the Portfolio attributable to its Class B Shares. Amounts incurred by the Portfolio for the six months ended June 30, 2014 are shown as Distribution and service fees in the Consolidated Statement of Operations.

Under the terms of the Class B distribution plan and distribution agreement, the Portfolio is authorized to make payments monthly to the Distributor that may be used to pay or reimburse entities providing distribution and shareholder servicing with respect to the Class B Shares for such entities’ fees or expenses incurred.

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 Metropolitan Series Fund, 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 Consolidated Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Consolidated Statement of Assets and Liabilities.

8. Transactions in Securities of Affiliated Issuers

A summary of the Portfolio’s transactions in the securities of affiliated issuers during the six months ended June 30, 2014 is as follows:

Underlying Portfolio	Number of shares held at December 31, 2013		Shares purchased		Shares sold			Number of shares held at June 30, 2014
Premier Portfolio, Institutional Class		18,281,408		191,530,476		(158,548,844	)		51,263,040
STIC (Global Series) plc - U.S. Dollar Liquidity Portfolio, Institutional Class		187,352,201		90,282,039		(82,362,698	)		195,271,542
STIT-Liquid Assets Portfolio, Institutional Class		18,281,407		191,530,476		(158,548,843	)		51,263,040
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 June 30, 2014
Premier Portfolio, Institutional Class	$	—	$	—	$	3,593		$	51,263,040
STIC (Global Series) plc - U.S. Dollar Liquidity Portfolio, Institutional Class		—		—		26,367			195,271,542
STIT-Liquid Assets Portfolio, Institutional Class		—		—		10,846			51,263,040
	$	—	$	—	$	40,806		$	297,797,622

9. 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.

10. Income Tax Information

The tax character of distributions paid for the years ended December 31, 2013 and 2012 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2013	2012		2013		2012		2013		2012
$9,883,370	$	10,672,798	$	2,806,389	$	2,313,398	$	12,689,759	$	12,986,196

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Met Investors Series Trust

Invesco Balanced-Risk Allocation Portfolio

Notes to Consolidated Financial Statements—June 30, 2014—(Continued)

As of December 31, 2013, 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
$39,092,065	$	23,161,949	$	8,235,019	$	—	$	70,489,033

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.

As of December 31, 2013, the Portfolio had no capital loss carryforwards.

11. 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 January 1, 2015, 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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Met Investors Series Trust

Invesco Comstock Portfolio

Managed by Invesco Advisers, Inc.

Portfolio Manager Commentary*

PERFORMANCE

For the six month period ended June 30, 2014, the Class A and B shares of the Invesco Comstock Portfolio returned 6.68% and 6.53%. The Portfolio’s benchmark, the Russell 1000 Value Index¹, returned 8.28%.

MARKET ENVIRONMENT / CONDITIONS

After a very strong 2013, volatility returned to the equity markets with the new year, as concerns about the pace of global economic growth, turmoil in Eastern Europe, and Federal Reserve (the “Fed”) policy weighed on investors. During the period, the currencies in many emerging markets suffered wild swings as investors worried about tighter monetary policy in the U.S., as well as geopolitical instability and prospects for growth globally. Central banks aggressively moved to stem the currencies’ decline, but many of the underlying fears remained unresolved, particularly China’s future growth. In the U.S., despite a material contraction in first quarter gross domestic product growth, economic data improved in the second quarter. Consumer confidence hit an all-time high in May, and unemployment claims were reported at the lowest levels in seven years. In June, the Fed provided investors with mixed signals, hinting at a slightly faster pace of interest rate hikes starting next year, based on a recovering economy, while at the same time reducing its forecast for U.S. economic growth for 2014. The Fed also continued to unwind its quantitative easing program by reducing monthly asset purchases from $45 billion to $35 billion a month. Ongoing tensions in Eastern Europe and insurgent fighting in Iraq weighed on investors in June, but the major U.S. indexes still finished the period in positive territory.

In general, U.S. stocks outperformed international and global indices, although all major equity indices posted positive performance. Within the U.S., value outperformed growth within small, mid and large caps, with mid value being the best performing asset class and small growth being the worst performing asset class.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Portfolio produced positive returns, but underperformed the Russell 1000 Value Index for the six month period ending June 30, 2014. All sectors within the Russell 1000 Value Index posted positive returns for the period.

On the positive side of sector performance, stock selection in the Energy sector contributed to Portfolio performance. Within Oil & Gas Equipment & Services, Weatherford International and Halliburton were two of the Portfolio’s top performers, both posting strong returns and outperforming the sector and the Russell 1000 Value Index. Halliburton announced stock buybacks and dividend increases early in the reporting period and reported a large jump in profits. Weatherford International was upgraded by analysts in the later part of the reporting period, after the company announced the sale of non-core business assets to help reduce debt.

Select stocks within Materials also contributed to relative performance. Alcoa, Inc. was a substantial contributor within the sector during the reporting period. The company benefited from upgrades tied to a tighter aluminum market and reduced smelting costs. Favorable stock selection in the Consumer Staples sector also helped Portfolio performance. Not owning Procter & Gamble, along with exposure to Tyson Foods, boosted performance for the reporting period. Tyson Foods was sold from the Portfolio during the reporting period, after reaching what the team deemed fair value.

Conversely, weak stock selection in Consumer Discretionary and an overweight in Media stocks hurt relative performance during the period. Auto maker General Motors Co. hurt relative and absolute performance when the company announced a recall on ignition switches after a 10-year delay. Also, Media companies Twenty-First Century Fox, Inc. and Viacom, Inc. both posted flat returns. Stock selection within Financials, specifically among Banks, was another large detractor from relative performance. Citigroup, Inc. was the largest detractor within the sector as the Fed failed to pass Citigroup’s plan for returning capital to shareholders and also declined to raise the company’s dividend. Also, not having exposure to Real Estate Investment Trusts hurt performance, as the industry was one of the highest returning industries in the benchmark. Stock selection in Health Care, mainly within Pharmaceuticals, also detracted from relative performance. Bristol-Myers Squibb Co. detracted as the stock posted negative returns for the period, as the stock fell in response to concerns about the development rate for the company’s new combination of cancer treatment drugs. Also, not owning Johnson & Johnson was disadvantageous as the stock performed well for the period. Having a material underweight to Utilities also dampened relative performance, as that was the highest performing sector for the period.

MIST-1

Met Investors Series Trust

Invesco Comstock Portfolio

Managed by Invesco Advisers, Inc.

Portfolio Manager Commentary*—(Continued)

Trading activity for the Portfolio was muted during the reporting period. Toward the end of the period, we increased the Portfolio’s positions in Health Care, Energy, and Consumer Staples companies. Conversely, we continued to trim select Insurance and Technology stocks and in the Consumer Discretionary sector, we continued to reduce Media and select Retailing companies that have performed well.

Kevin C. Holt

Devin E. Armstrong

Matt Seinsheimer

James Warwick

Portfolio Managers

Invesco Adviser, 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 and 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 those of the subadvisory firm as of June 30, 2014 and 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 statements) 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 applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable annuity or insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

MIST-2

Met Investors Series Trust

Invesco Comstock Portfolio

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

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2014

	6 Month		1 Year		5 Year		Since Inception2
Invesco Comstock Portfolio
Class A		6.68		23.45		19.44		7.36
Class B		6.53		23.16		19.15		7.11
Russell 1000 Value Index		8.28		23.81		19.23		7.65

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 date of the Class A and Class B shares is 5/2/2005. 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 JUNE 30, 2014

Top Holdings

	% of Net Assets
Citigroup, Inc.		3.9
Weatherford International plc		3.4
JPMorgan Chase & Co.		3.1
Wells Fargo & Co.		2.4
Suncor Energy, Inc.		2.4
Merck & Co., Inc.		2.3
Royal Dutch Shell plc(ADR)		2.3
Viacom, Inc. - Class B		2.3
Bank of New York Mellon Corp. (The)		2.1
General Electric Co.		2.1

Top Sectors

	% of Net Assets
Financials		23.1
Energy		17.7
Consumer Discretionary		14.6
Health Care		14.1
Information Technology		11.5
Industrials		6.7
Consumer Staples		4.6
Utilities		2.5
Materials		2.2
Telecommunication Services		1.8

MIST-3

Met Investors Series Trust

Invesco Comstock Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

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, January 1, 2014 through June 30, 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.

Invesco Comstock Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2014		Ending Account Value June 30, 2014		Expenses Paid During Period** January 1, 2014 to June 30, 2014
Class A(a)	Actual		0.56	%	$	1,000.00	$	1,066.80	$	2.87
	Hypothetical*		0.56	%	$	1,000.00	$	1,022.02	$	2.81
Class B(a)	Actual		0.81	%	$	1,000.00	$	1,065.30	$	4.15
	Hypothetical*		0.81	%	$	1,000.00	$	1,020.78	$	4.06

* 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 (181 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.

MIST-4

Met Investors Series Trust

Invesco Comstock Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Common Stocks—98.8% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—2.0%
Honeywell International, Inc.		252,082	$	23,431,022
Textron, Inc.		914,191		35,004,373
				58,435,395
Auto Components—1.3%
Johnson Controls, Inc.		749,807		37,437,863
Automobiles—2.0%
General Motors Co.		1,638,999		59,495,664
Banks—14.4%
Bank of America Corp.		3,086,156		47,434,218
Citigroup, Inc.		2,441,661		115,002,233
Fifth Third Bancorp		1,552,587		33,147,733
JPMorgan Chase & Co.		1,599,523		92,164,515
PNC Financial Services Group, Inc. (The)		577,386		51,416,223
U.S. Bancorp		276,869		11,993,965
Wells Fargo & Co.		1,370,444		72,030,537
				423,189,424
Capital Markets—5.8%
Bank of New York Mellon Corp. (The)		1,682,084		63,044,508
Goldman Sachs Group, Inc. (The)		171,890		28,781,262
Morgan Stanley		1,431,256		46,272,507
State Street Corp.		500,863		33,688,045
				171,786,322
Communications Equipment—1.8%
Cisco Systems, Inc.		2,146,896		53,350,366
Diversified Telecommunication Services—1.8%
AT&T, Inc.		306,966		10,854,318
Verizon Communications, Inc.		622,054		30,437,102
Vivendi S.A. (a)		474,299		11,599,496
				52,890,916
Electric Utilities—1.8%
FirstEnergy Corp.		436,494		15,155,072
PPL Corp.		1,051,937		37,375,321
				52,530,393
Electrical Equipment—1.2%
Emerson Electric Co.		512,480		34,008,173
Electronic Equipment, Instruments & Components—1.0%
Corning, Inc.		1,342,570		29,469,411
Energy Equipment & Services—5.6%
Halliburton Co.		769,206		54,621,318
Noble Corp. plc		325,112		10,910,759
Weatherford International plc (a)		4,350,361		100,058,303
				165,590,380
Food & Staples Retailing—1.5%
CVS Caremark Corp.		598,619		45,117,914
Food Products—3.1%
ConAgra Foods, Inc.		1,434,179		42,566,433
Mondelez International, Inc. - Class A		602,613		22,664,275
Unilever NV (b)		575,241		25,172,546
				90,403,254
Health Care Providers & Services—4.4%
Cardinal Health, Inc.		200,586		13,752,176
Express Scripts Holding Co. (a)		297,711		20,640,304
UnitedHealth Group, Inc.		757,145		61,896,604
WellPoint, Inc.		309,922		33,350,706
				129,639,790
Hotels, Restaurants & Leisure—1.7%
Carnival Corp.		1,312,206		49,404,556
Household Durables—0.6%
Newell Rubbermaid, Inc.		573,952		17,786,772
Industrial Conglomerates—2.1%
General Electric Co.		2,395,177		62,945,252
Insurance—2.9%
Aflac, Inc.		292,297		18,195,488
Allstate Corp. (The)		983,320		57,740,551
Travelers Cos., Inc. (The)		109,501		10,300,759
				86,236,798
Internet Software & Services—2.0%
eBay, Inc. (a)		835,779		41,839,097
Yahoo!, Inc. (a)		481,399		16,911,547
				58,750,644
Machinery—1.4%
Ingersoll-Rand plc		648,054		40,509,856
Media—7.2%
Comcast Corp. - Class A		797,154		42,791,227
Time Warner Cable, Inc.		272,498		40,138,955
Time Warner, Inc.		301,340		21,169,135
Time, Inc. (a)		37,668		912,307
Twenty-First Century Fox, Inc. - Class B		1,171,835		40,111,912
Viacom, Inc. - Class B		771,808		66,938,908
				212,062,444
Metals & Mining—1.1%
Alcoa, Inc.		2,231,707		33,230,117
Multi-Utilities—0.7%
PG&E Corp.		453,982		21,800,216

See accompanying notes to financial statements.

MIST-5

Met Investors Series Trust

Invesco Comstock Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Multiline Retail—1.8%
Kohl’s Corp. (b)		595,610	$	31,376,735
Target Corp.		379,612		21,998,515
				53,375,250
Oil, Gas & Consumable Fuels—12.1%
BP plc (ADR)		1,177,866		62,132,431
Chevron Corp.		300,359		39,211,867
Murphy Oil Corp.		619,796		41,204,038
Occidental Petroleum Corp.		365,128		37,473,087
QEP Resources, Inc.		1,080,532		37,278,354
Royal Dutch Shell plc (ADR)		823,348		67,819,175
Suncor Energy, Inc.		1,673,797		71,353,966
				356,472,918
Paper & Forest Products—1.1%
International Paper Co.		614,867		31,032,337
Pharmaceuticals—9.7%
Bristol-Myers Squibb Co.		668,122		32,410,598
GlaxoSmithKline plc (ADR) (b)		272,142		14,554,154
Merck & Co., Inc.		1,176,172		68,041,550
Novartis AG		550,792		49,891,933
Pfizer, Inc.		1,548,494		45,959,302
Roche Holding AG (ADR)		774,408		28,885,418
Sanofi (ADR)		854,976		45,459,074
				285,202,029
Semiconductors & Semiconductor Equipment—1.1%
Intel Corp.		1,030,420		31,839,978
Software—3.8%
Autodesk, Inc. (a)		315,317		17,777,572
Citrix Systems, Inc. (a)		472,572		29,559,379
Microsoft Corp.		1,246,363		51,973,337
Symantec Corp.		608,500		13,934,650
				113,244,938
Technology Hardware, Storage & Peripherals—1.8%
Hewlett-Packard Co.		1,533,961		51,663,806
Total Common Stocks (Cost $2,135,141,934)				2,908,903,176
Short-Term Investments—3.1%
Security Description	Shares/ Principal Amount*		Value
Mutual Fund—1.6%
State Street Navigator Securities Lending MET Portfolio (c)		47,378,809		47,378,809
Repurchase Agreement—1.5%
Fixed Income Clearing Corp. Repurchase Agreement dated 06/30/14 at 0.000% to be repurchased at $44,276,010 on 07/01/14, collateralized by $44,885,000 U.S. Treasury Note at 0.625% due 07/15/16 with a value of $45,165,531.		44,276,010		44,276,010
Total Short-Term Investments (Cost $91,654,819)				91,654,819
Total Investments—101.9% (Cost $2,226,796,753) (d)				3,000,557,995
Other assets and liabilities (net)—(1.9)%				(55,065,992	)
Net Assets—100.0%			$	2,945,492,003

* 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 June 30, 2014, the market value of securities loaned was $45,893,733 and the collateral received consisted of cash in the amount of $47,378,809. The cash collateral is invested in a money market fund managed by an affiliate of the custodian.

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

(d) As of June 30, 2014, the aggregate cost of investments was $2,226,796,753. The aggregate unrealized appreciation and depreciation of investments were $778,213,330 and $(4,452,088), respectively, resulting in net unrealized appreciation of $773,761,242.

(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.

Forward Foreign Currency Exchange Contracts

Contracts to Deliver		Counterparty	Settlement Date		In Exchange for		Unrealized Depreciation
CAD	16,647,897	Barclays Bank plc		07/18/14	$	15,314,960	$	(280,784	)
CAD	16,708,364	Canadian Imperial Bank of Commerce		07/18/14		15,367,687		(284,702	)
CAD	16,647,897	Deutsche Bank AG		07/18/14		15,319,681		(276,063	)
CAD	16,647,897	Goldman Sachs International		07/18/14		15,305,596		(290,148	)
CHF	14,993,783	Barclays Bank plc		07/18/14		16,657,778		(252,180	)
CHF	14,993,782	Canadian Imperial Bank of Commerce		07/18/14		16,663,090		(246,867	)

See accompanying notes to financial statements.

MIST-6

Met Investors Series Trust

Invesco Comstock Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Forward Foreign Currency Exchange Contracts—(Continued)

Contracts to Deliver		Counterparty	Settlement Date		In Exchange for		Unrealized Depreciation
CHF	14,993,783	Deutsche Bank AG		07/18/14	$	16,666,981	$	(242,977	)
CHF	14,995,586	Goldman Sachs International		07/18/14		16,663,429		(248,562	)
EUR	18,792,053	Barclays Bank plc		07/18/14		25,445,661		(287,851	)
EUR	18,792,053	Canadian Imperial Bank of Commerce		07/18/14		25,457,030		(276,482	)
EUR	18,807,387	Deutsche Bank AG		07/18/14		25,471,220		(283,290	)
EUR	18,792,052	Goldman Sachs International		07/18/14		25,449,324		(284,187	)
EUR	18,792,052	Royal Bank of Canada		07/18/14		25,444,683		(288,828	)
GBP	9,476,620	Barclays Bank plc		07/18/14		16,067,742		(148,522	)
GBP	9,476,373	Canadian Imperial Bank of Commerce		07/18/14		16,077,899		(137,942	)
GBP	9,476,374	Deutsche Bank AG		07/18/14		16,075,058		(140,785	)
GBP	9,476,374	Goldman Sachs International		07/18/14		16,066,339		(149,504	)
Net Unrealized Depreciation							$	(4,119,674	)

(CAD)— Canadian Dollar

(CHF)— Swiss Franc

(EUR)— Euro

(GBP)— British Pound

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 June 30, 2014:

Description	Level 1		Level 2		Level 3		Total
Common Stocks
Aerospace & Defense	$	58,435,395	$	—	$	—	$	58,435,395
Auto Components		37,437,863		—		—		37,437,863
Automobiles		59,495,664		—		—		59,495,664
Banks		423,189,424		—		—		423,189,424
Capital Markets		171,786,322		—		—		171,786,322
Communications Equipment		53,350,366		—		—		53,350,366
Diversified Telecommunication Services		41,291,420		11,599,496		—		52,890,916
Electric Utilities		52,530,393		—		—		52,530,393
Electrical Equipment		34,008,173		—		—		34,008,173
Electronic Equipment, Instruments & Components		29,469,411		—		—		29,469,411
Energy Equipment & Services		165,590,380		—		—		165,590,380
Food & Staples Retailing		45,117,914		—		—		45,117,914
Food Products		90,403,254		—		—		90,403,254
Health Care Providers & Services		129,639,790		—		—		129,639,790

See accompanying notes to financial statements.

MIST-7

Met Investors Series Trust

Invesco Comstock Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Fair Value Hierarchy—(Continued)

Description	Level 1		Level 2			Level 3		Total
Hotels, Restaurants & Leisure	$	49,404,556	$	—		$	—	$	49,404,556
Household Durables		17,786,772		—			—		17,786,772
Industrial Conglomerates		62,945,252		—			—		62,945,252
Insurance		86,236,798		—			—		86,236,798
Internet Software & Services		58,750,644		—			—		58,750,644
Machinery		40,509,856		—			—		40,509,856
Media		212,062,444		—			—		212,062,444
Metals & Mining		33,230,117		—			—		33,230,117
Multi-Utilities		21,800,216		—			—		21,800,216
Multiline Retail		53,375,250		—			—		53,375,250
Oil, Gas & Consumable Fuels		356,472,918		—			—		356,472,918
Paper & Forest Products		31,032,337		—			—		31,032,337
Pharmaceuticals		235,310,096		49,891,933			—		285,202,029
Semiconductors & Semiconductor Equipment		31,839,978		—			—		31,839,978
Software		113,244,938		—			—		113,244,938
Technology Hardware, Storage & Peripherals		51,663,806		—			—		51,663,806
Total Common Stocks		2,847,411,747		61,491,429			—		2,908,903,176
Short-Term Investments
Mutual Fund		47,378,809		—			—		47,378,809
Repurchase Agreement		—		44,276,010			—		44,276,010
Total Short-Term Investments		47,378,809		44,276,010			—		91,654,819
Total Investments	$	2,894,790,556	$	105,767,439		$	—	$	3,000,557,995
Collateral for securities loaned (Liability)	$	—	$	(47,378,809	)	$	—	$	(47,378,809	)
Forward Contracts
Forward Foreign Currency Exchange Contracts (Unrealized Depreciation)	$	—	$	(4,119,674	)	$	—	$	(4,119,674	)

See accompanying notes to financial statements.

MIST-8

Met Investors Series Trust

Invesco Comstock Portfolio

Statement of Assets and Liabilities

June 30, 2014 (Unaudited)

Assets
Investments at value (a) (b)	$	3,000,557,995
Cash denominated in foreign currencies (c)		38
Receivable for:
Investments sold		1,307,762
Fund shares sold		177,964
Dividends		5,541,332
Prepaid expenses		49
Total Assets		3,007,585,140
Liabilities
Unrealized depreciation on forward foreign currency exchange contracts		4,119,674
Collateral for securities loaned		47,378,809
Payables for:
Investments purchased		6,129,620
Fund shares redeemed		2,696,913
Accrued expenses:
Management fees		1,295,825
Distribution and service fees		256,878
Deferred trustees’ fees		58,994
Other expenses		156,424
Total Liabilities		62,093,137
Net Assets	$	2,945,492,003
Net assets consist of:
Paid in surplus	$	2,259,184,159
Undistributed net investment income		32,224,383
Accumulated net realized loss		(115,571,536	)
Unrealized appreciation on investments and foreign currency transactions		769,654,997
Net Assets	$	2,945,492,003
Net Assets
Class A	$	1,694,135,770
Class B		1,251,356,233
Capital Shares Outstanding*
Class A		110,196,973
Class B		81,664,773
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	15.37
Class B		15.32

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

(a) Identified cost of investments was $2,226,796,753.

(b) Includes securities loaned at value of $45,893,733.

(c) Identified cost of cash denominated in foreign currencies was $38.

Statement of Operations

Six Months Ended June 30, 2014 (Unaudited)

Investment Income
Dividends (a)	$	40,175,999
Securities lending income		263,957
Total investment income		40,439,956
Expenses
Management fees		7,571,190
Administration fees		31,125
Custodian and accounting fees		106,250
Distribution and service fees—Class B		1,137,781
Audit and tax services		18,322
Legal		15,667
Trustees’ fees and expenses		22,085
Shareholder reporting		44,041
Insurance		8,074
Miscellaneous		9,983
Total expenses		8,964,518
Less management fee waiver		(301,920	)
Net expenses		8,662,598
Net Investment Income		31,777,358
Net Realized and Unrealized Gain
Net realized gain on:
Investments		145,800,234
Futures contracts		851,256
Foreign currency transactions		106,159
Net realized gain		146,757,649
Net change in unrealized appreciation (depreciation) on:
Investments		9,323,088
Foreign currency transactions		(3,374,800	)
Net change in unrealized appreciation		5,948,288
Net realized and unrealized gain		152,705,937
Net Increase in Net Assets From Operations	$	184,483,295

(a) Net of foreign withholding taxes of $925,188.

See accompanying notes to financial statements.

MIST-9

Met Investors Series Trust

Invesco Comstock Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2014 (Unaudited)			Year Ended December 31, 2013
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	31,777,358		$	36,913,205
Net realized gain		146,757,649			178,565,397
Net change in unrealized appreciation		5,948,288			517,725,167
Increase in net assets from operations		184,483,295			733,203,769
From Distributions to Shareholders
Net investment income
Class A		(21,749,261	)		(23,547,092	)
Class B		(7,092,034	)		(7,435,457	)
Total distributions		(28,841,295	)		(30,982,549	)
Increase (decrease) in net assets from capital share transactions		129,453,154			(173,198,654	)
Total increase in net assets		285,095,154			529,022,566
Net Assets
Beginning of period		2,660,396,849			2,131,374,283
End of period	$	2,945,492,003		$	2,660,396,849
Undistributed net investment income
End of period	$	32,224,383		$	29,288,320

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2014 (Unaudited)						Year Ended December 31, 2013
	Shares			Value			Shares			Value
Class A
Sales		1,502,672		$	21,962,807			9,589,741		$	117,901,033
Fund subscription in kind		559,403			8,195,260	(a)		0			0
Reinvestments		1,510,365			21,749,261			1,987,096			23,547,092
Redemptions		(23,518,076	)		(347,421,870	)		(21,265,646	)		(272,140,082	)
Net decrease		(19,945,636	)	$	(295,514,542	)		(9,688,809	)	$	(130,691,957	)
Class B
Sales		2,888,270		$	42,039,243			5,728,174		$	73,699,924
Fund subscription in kind		31,042,508			453,531,039	(a)		0			0
Reinvestments		493,875			7,092,034			629,057			7,435,457
Redemptions		(5,306,510	)		(77,694,620	)		(9,746,396	)		(123,642,078	)
Net increase (decrease)		29,118,143		$	424,967,696			(3,389,165	)	$	(42,506,697	)
Increase (decrease) derived from capital shares transactions				$	129,453,154					$	(173,198,654	)

(a) Includes cash and securities amounting to $139,245 and $8,056,015 for Class A, respectively and $7,705,906 and $445,825,133 for Class B, respectively. Securities were valued at market as of April 25, 2014.

See accompanying notes to financial statements.

MIST-10

Met Investors Series Trust

Invesco Comstock Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2014 (Unaudited)			Year Ended December 31,
				2013			2012			2011			2010			2009
Net Asset Value, Beginning of Period	$	14.58		$	10.90		$	9.32		$	9.55		$	8.43		$	6.85
Income (Loss) from Investment Operations
Net investment income (a)		0.18			0.20			0.19			0.17			0.13			0.13
Net realized and unrealized gain (loss) on investments		0.78			3.65			1.55			(0.27	)		1.14			1.64
Total from investment operations		0.96			3.85			1.74			(0.10	)		1.27			1.77
Less Distributions
Distributions from net investment income		(0.17	)		(0.17	)		(0.16	)		(0.13	)		(0.15	)		(0.19	)
Total distributions		(0.17	)		(0.17	)		(0.16	)		(0.13	)		(0.15	)		(0.19	)
Net Asset Value, End of Period	$	15.37		$	14.58		$	10.90		$	9.32		$	9.55		$	8.43
Total Return (%) (b)		6.68	(c)		35.64			18.76			(1.17	)		15.12			26.89
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.58	(d)		0.59			0.60			0.61			0.64			0.64
Net ratio of expenses to average net assets (%) (e)		0.56	(d)		0.57			0.58			0.61			0.64			0.64
Ratio of net investment income to average net assets (%)		2.46	(d)		1.59			1.90			1.81			1.51			1.95
Portfolio turnover rate (%)		12	(c)		14			17			25			29			44
Net assets, end of period (in millions)	$	1,694.1		$	1,897.6		$	1,524.2		$	1,406.5		$	828.0		$	782.7
	Class B
	Six Months Ended June 30, 2014 (Unaudited)			Year Ended December 31,
				2013			2012			2011			2010			2009
Net Asset Value, Beginning of Period	$	14.52		$	10.85		$	9.28		$	9.52		$	8.41		$	6.83
Income (Loss) from Investment Operations
Net investment income (a)		0.16			0.17			0.17			0.14			0.11			0.10
Net realized and unrealized gain (loss) on investments		0.78			3.64			1.53			(0.27	)		1.13			1.65
Total from investment operations		0.94			3.81			1.70			(0.13	)		1.24			1.75
Less Distributions
Distributions from net investment income		(0.14	)		(0.14	)		(0.13	)		(0.11	)		(0.13	)		(0.17	)
Total distributions		(0.14	)		(0.14	)		(0.13	)		(0.11	)		(0.13	)		(0.17	)
Net Asset Value, End of Period	$	15.32		$	14.52		$	10.85		$	9.28		$	9.52		$	8.41
Total Return (%) (b)		6.53	(c)		35.39			18.43			(1.48	)		14.85			26.57
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.83	(d)		0.84			0.85			0.86			0.89			0.89
Net ratio of expenses to average net assets (%) (e)		0.81	(d)		0.82			0.83			0.86			0.89			0.89
Ratio of net investment income to average net assets (%)		2.16	(d)		1.33			1.65			1.50			1.28			1.39
Portfolio turnover rate (%)		12	(c)		14			17			25			29			44
Net assets, end of period (in millions)	$	1,251.4		$	762.8		$	607.1		$	555.3		$	582.6		$	505.8

(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) Periods less than one year are not computed on an annualized basis.

(d) Computed on an annualized basis.

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

See accompanying notes to financial statements.

MIST-11

Met Investors Series Trust

Invesco Comstock Portfolio

Notes to Financial Statements—June 30, 2014 (Unaudited)

1. Organization

Met Investors Series Trust (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 currently offers forty-seven series, each of which operates as a distinct investment vehicle of the Trust. The portfolio included in this report is Invesco Comstock 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 four classes of shares: Class A, B, C and E shares. Class A and B shares are currently offered by the Portfolio. 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 June 30, 2014 through the date the financial statements were issued.

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 (other than short term obligations with a remaining maturity of sixty days or less), 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 MetLife Advisers, LLC (“MetLife Advisers” or the “Adviser”), an affiliate of MetLife, Inc., pursuant to authorization of 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 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.

MIST-12

Met Investors Series Trust

Invesco Comstock Portfolio

Notes to Financial Statements—June 30, 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, which 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 and futures contracts that are traded over-the-counter 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 has delegated the determination of the fair value of a security to a 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

MIST-13

Met Investors Series Trust

Invesco Comstock Portfolio

Notes to Financial Statements—June 30, 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 adjustment. 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 June 30, 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 Master Repurchase Agreement 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 June 30, 2014, the Portfolio had investments in repurchase agreements with a gross value of $44,276,010, 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 June 30, 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. 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 at least equal to 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 six months ended June 30, 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 June 30, 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 June 30, 2014.

MIST-14

Met Investors Series Trust

Invesco Comstock Portfolio

Notes to Financial Statements—June 30, 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 has agreed to 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. Futures contracts are exchange-traded and 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.

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.

At June 30, 2014, the Portfolio had the following derivatives, categorized by risk exposure:

	Liability Derivatives
Risk Exposure	Statement of Assets & Liabilities Location	Fair Value
Foreign Exchange	Unrealized depreciation on forward foreign currency exchange contracts	$	4,119,674
Total		$	4,119,674

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.

MIST-15

Met Investors Series Trust

Invesco Comstock Portfolio

Notes to Financial Statements—June 30, 2014—(Continued)

The following table presents the Portfolio’s derivative liabilities by counterparty net of amounts available for offset under a master netting agreement (“MNA”), or similar agreement, and net of the related collateral pledged by the Portfolio as of June 30, 2014.

Counterparty	Derivative Liabilities subject to a MNA by Counterparty		Financial Instruments available for offset		Collateral Pledged†		Net Amount*
Barclays Bank plc	$	969,337	$	—	$	—	$	969,337
Canadian Imperial Bank of Commerce		945,993		—		—		945,993
Deutsche Bank AG		943,115		—		—		943,115
Goldman Sachs International		972,401		—		—		972,401
Royal Bank of Canada		288,828		—		—		288,828
	$	4,119,674	$	—	$	—	$	4,119,674

* 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 six months ended June 30, 2014 were as follows:

Statement of Operations Location—Net Realized Gain (Loss)	Equity		Foreign Exchange			Total
Forward foreign currency transactions	$	—	$	470,204		$	470,204
Futures contracts		851,256		—			851,256
	$	851,256	$	470,204		$	1,321,460
Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)	Equity		Foreign Exchange			Total
Forward foreign currency transactions	$	—	$	(3,380,247	)	$	(3,380,247	)

For the six months ended June 30, 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		$	286,395,515

‡ Averages are based on activity levels during the period.

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; 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 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

MIST-16

Met Investors Series Trust

Invesco Comstock Portfolio

Notes to Financial Statements—June 30, 2014—(Continued)

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 over-the-counter traded derivatives (e.g., forward foreign currency exchange contracts, swap agreements and over-the-counter 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.

Customer Account Agreements and related addendums 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.

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 six months ended June 30, 2014 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	335,209,237	$	0	$	622,012,606

During the six months ended June 30, 2014, the Portfolio engaged in security transactions with other affiliated portfolios. These amounted to $18,393,454 in purchases of investments and $35,295,252 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 six months ended June 30, 2014	% per annum			Average Daily Net Assets
$7,571,190		0.650	%	First $500 million
		0.600	%	$500 million to $1 billion
		0.525	%	Over $1 billion

MIST-17

Met Investors Series Trust

Invesco Comstock Portfolio

Notes to Financial Statements—June 30, 2014—(Continued)

MetLife Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. Invesco Advisers, Inc. 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 reduction	Average Daily Net Assets
0.025%	$1 billion to $2 billion
0.050%	Over $2 billion

An identical agreement was in place for the period April 29, 2013 through April 27, 2014. Amounts waived for the six months ended June 30, 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 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 Agreement and Plan - 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 Class B Shares. MIDC is a wholly-owned subsidiary of MetLife Investors Group, Inc., an affiliate of the Adviser. The Class B distribution plan provides that the Trust, on behalf of the Portfolio, may pay annually up to 0.50% of the average daily net assets of the Portfolio attributable to its Class B Shares with respect to activities primarily intended to result in the sale of Class B Shares. However, under the Class B distribution agreement, payments to the Distributor for activities pursuant to the Class B distribution plan are currently limited to payments at an annual rate equal to 0.25% of average daily net assets of the Portfolio attributable to its Class B Shares. Amounts incurred by the Portfolio for the six months ended June 30, 2014 are shown as Distribution and service fees in the Statement of Operations.

Under the terms of the Class B distribution plan and distribution agreement, the Portfolio is authorized to make payments monthly to the Distributor that may be used to pay or reimburse entities providing distribution and shareholder servicing with respect to the Class B Shares for such entities’ fees or expenses incurred.

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 Metropolitan Series Fund, 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, 2013 and 2012 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2013	2012		2013		2012		2013		2012
$30,982,549	$	30,736,598	$	—	$	—	$	30,982,549	$	30,736,598

As of December 31, 2013, 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
$28,602,778	$	—	$	750,640,480	$	(248,523,529	)	$	530,719,729

MIST-18

Met Investors Series Trust

Invesco Comstock Portfolio

Notes to Financial Statements—June 30, 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.

During the year ended December 31, 2013, the Portfolio utilized capital loss carryforwards of $183,279,887.

As of December 31, 2013, the Portfolio had no post-enactment accumulated capital losses and the pre-enactment accumulated capital loss carryforwards expiring on December 31, 2017 were $248,523,529.

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 January 1, 2015, and interim periods within those fiscal years. Management is evaluating the impact, if any, of this guidance on the Portfolio’s financial statement disclosures.

MIST-19

Met Investors Series Trust

Invesco Mid Cap Value Portfolio

Managed by Invesco Advisers, Inc.

Portfolio Manager Commentary*

PERFORMANCE

For the six month period ended June 30, 2014, the Class A, B, and E shares of the Invesco Mid Cap Value Portfolio returned 7.91%, 7.73%, and 7.78% respectively. The Portfolio’s benchmark, the Russell Midcap Value Index¹, returned 11.14%.

MARKET ENVIRONMENT / CONDITIONS

After a very strong 2013, volatility returned to the equity markets with the New Year, as concerns about the pace of global economic growth, turmoil in Eastern Europe, and Federal Reserve (“the Fed”) policy weighed on investors. During the period, the currencies in many emerging markets suffered wild swings as investors worried about tighter monetary policy in the U.S., as well as geopolitical instability and prospects for growth globally. Central banks aggressively moved to stem the currencies’ slide, but many of the underlying fears remained unresolved, particularly China’s future growth. In the U.S., despite a material contraction in first quarter Gross Domestic Product growth, economic data improved in the second quarter. Consumer confidence hit an all-time high in May, and unemployment claims were reported at the lowest levels in seven years. In June, the Fed provided investors with mixed signals, hinting at a slightly faster pace of interest rate hikes starting next year, based on a recovering economy, while at the same time reducing its forecast for U.S. economic growth for 2014. The Fed also continued to unwind its quantitative easing program by reducing monthly asset purchases from $45 billion to $35 billion a month. Ongoing tensions in Eastern Europe and insurgent fighting in Iraq weighed on investors in June, but the major U.S. indexes still finished the period in positive territory. However, intensifying unrest in the region is likely to be a source of volatility going into the second half of the year.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Portfolio underperformed the Russell Midcap Value Index for the reporting period. All sectors within the Portfolio posted positive absolute returns for the period, except for the Consumer Discretionary and Consumer Staples sectors.

Despite a positive return during the period, the Financials sector detracted from returns on a relative basis. However, underperformance was due to the companies that the Portfolio did not own. The Portfolio holds a significant underweight in Real Estate Investment Trusts (“REITs”) when compared to the benchmark, and this was a major detractor from relative returns. Similarly, the Portfolio’s underweight to the Utilities sector also detracted from relative returns, as the sector was the top performing sector within the benchmark for the period. The Portfolio’s Consumer Staples holdings also detracted from results relative to the benchmark. Within the sector, ConAgra Foods sold off when the company reduced its earnings guidance for 2014, citing weakness in its private label business and consumer brands. A relatively small position in Avon Products also detracted from relative returns. The company’s shares have been under pressure since late last year when the company missed its earnings estimates and warned investors that a larger than expected fine to settle a bribery probe could materially impact its business. The Portfolio’s overweight and stock selection in the Consumer Discretionary sector also detracted from relative performance. Within the sector, retailers including Ascena Retail Group and Express were the largest detractors on a relative basis, as severe winter weather in early 2014 reduced store traffic resulting in weak sales.

Strong stock selection in the Energy sector was the largest contributor to the Portfolio’s relative return, and Newfield Exploration was the top individual contributor. The company’s quarterly earnings came in above analyst’s expectations, and management reported a better than expected production outlook for 2014. Another strong contributor was Williams Cos. During the period, the company announced that it was acquiring a partial stake in a shale focused master limited partnership, Access Midstream Partners. The deal would expand Williams’ presence in major shale areas, and it would be immediately accretive to the company. Williams’s also announced plans to raise its dividend by 32% following completion of the deal in the third quarter, and this news was received enthusiastically by investors. The Telecommunications Services sector also made a positive contribution to relative returns, and the only

MIST-1

Met Investors Series Trust

Invesco Mid Cap Value Portfolio

Managed by Invesco Advisers, Inc.

Portfolio Manager Commentary*—(Continued)

holding within the sector, tw telecom, was a top individual contributor during the period. After much speculation, Level 3 Communications entered into a definitive agreement to acquire tw telecom in June. In addition, Level 3 paid a premium for the acquisition, and as such, tw telecom’s stock rose sharply following the announcement. Holdings in the Health Care sector contributed to relative returns, and Brookdale Senior Living and Universal Health Services, Inc. were key drivers.

During the period, the team increased the Portfolio’s exposure to the Information Technology, Financials, and Health Care sectors, and trimmed exposure to the Energy sector. However, the Portfolio’s overall positioning was largely unchanged, with the largest absolute sector concentrations remaining in Financials, Industrials, and Consumer Discretionary. At the end of the period, the Portfolio’s largest sector overweights relative to the Russell Midcap Value Index were in Industrials, Consumer Discretionary, and Telecommunications Services, while the largest underweights were in Utilities, Financials (specifically REITs), and Materials.

Thomas Copper

Sergio Marcheli

John Mazanec

Portfolio Managers

Invesco Advisers, 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 and 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 those of the subadvisory firm as of June 30, 2014 and 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 statements) 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 applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable annuity or insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

MIST-2

Met Investors Series Trust

Invesco Mid Cap Value Portfolio

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

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2014

	6 Month		1 Year		5 Year		10 Year		Since Inception2
Invesco Mid Cap Value Portfolio
Class A		7.91		23.13		19.89		7.92		—
Class B		7.73		22.79		19.58		7.65		—
Class E		7.78		22.91		—		—		20.16
Russell Midcap Value Index		11.14		27.76		22.97		10.66		—

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 higher forecasted growth values.

² Inception dates of the Class A, Class B and Class E shares are 8/20/1997, 4/3/2001 and 4/25/2012, 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 JUNE 30, 2014

Top Holdings

	% of Net Assets
ConAgra Foods, Inc.		3.2
tw telecom, Inc.		3.1
Snap-on, Inc.		3.1
Johnson Controls, Inc.		3.0
Citrix Systems, Inc.		2.9
Cadence Design Systems, Inc.		2.9
Newfield Exploration Co.		2.8
Forest City Enterprises, Inc. - Class A		2.7
ACE, Ltd.		2.7
Comerica, Inc.		2.7

Top Sectors

	% of Net Assets
Financials		25.7
Industrials		15.8
Consumer Discretionary		12.6
Information Technology		10.9
Health Care		10.6
Materials		6.0
Energy		5.8
Consumer Staples		3.8
Utilities		3.2
Telecommunication Services		3.1

MIST-3

Met Investors Series Trust

Invesco Mid Cap Value Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

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, January 1, 2014 through June 30, 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.

Invesco Mid Cap Value Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2014		Ending Account Value June 30, 2014		Expenses Paid During Period** January 1, 2014 to June 30, 2014
Class A(a)	Actual		0.66	%	$	1,000.00	$	1,079.10	$	3.40
	Hypothetical*		0.66	%	$	1,000.00	$	1,021.52	$	3.31
Class B(a)	Actual		0.91	%	$	1,000.00	$	1,077.30	$	4.69
	Hypothetical*		0.91	%	$	1,000.00	$	1,020.28	$	4.56
Class E(a)	Actual		0.81	%	$	1,000.00	$	1,077.80	$	4.17
	Hypothetical*		0.81	%	$	1,000.00	$	1,020.78	$	4.06

* 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 (181 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.

MIST-4

Met Investors Series Trust

Invesco Mid Cap Value Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Common Stocks—97.5% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—2.0%
Textron, Inc.		724,127	$	27,726,823
Air Freight & Logistics—1.1%
UTi Worldwide, Inc. (a)		1,539,409		15,917,489
Auto Components—5.2%
Dana Holding Corp. (a)		1,252,151		30,577,527
Johnson Controls, Inc.		829,089		41,396,414
				71,973,941
Banks—8.6%
BB&T Corp.		853,924		33,670,223
Comerica, Inc. (a)		736,633		36,949,511
Wintrust Financial Corp. (a)		654,784		30,120,064
Zions Bancorporation		649,812		19,149,960
				119,889,758
Building Products—1.9%
Owens Corning		667,974		25,837,234
Capital Markets—5.2%
American Capital, Ltd. (b)		613,558		9,381,302
Northern Trust Corp.		474,884		30,492,302
Stifel Financial Corp. (a) (b)		673,876		31,908,028
				71,781,632
Chemicals—4.5%
Eastman Chemical Co.		399,905		34,931,702
WR Grace & Co. (b)		298,552		28,222,120
				63,153,822
Communications Equipment—2.0%
Ciena Corp. (a) (b)		1,293,258		28,011,968
Construction & Engineering—0.7%
Foster Wheeler AG		282,082		9,610,534
Containers & Packaging—1.4%
Sealed Air Corp.		589,172		20,132,007
Diversified Telecommunication Services—3.1%
tw telecom, Inc. (b)		1,060,803		42,760,969
Electric Utilities—2.3%
Edison International		538,140		31,271,315
Electrical Equipment—2.1%
Babcock & Wilcox Co. (The) (a)		917,529		29,782,991
Food Products—3.2%
ConAgra Foods, Inc.		1,518,075		45,056,466
Health Care Equipment & Supplies—2.1%
CareFusion Corp. (b)		651,967		28,914,737
Health Care Providers & Services—6.8%
Brookdale Senior Living, Inc. (b)		910,626		30,360,271
HealthSouth Corp. (a)		839,370		30,108,202
Universal Health Services, Inc. - Class B		355,899		34,080,888
				94,549,361
Insurance—9.2%
ACE, Ltd.		367,297		38,088,699
Arthur J. Gallagher & Co.		294,545		13,725,797
Fidelity National Financial, Inc. - Class A (a)		786,139		25,753,914
Marsh & McLennan Cos., Inc.		534,760		27,711,263
Willis Group Holdings plc		514,697		22,286,380
				127,566,053
IT Services—2.4%
Teradata Corp. (a) (b)		838,764		33,718,313
Life Sciences Tools & Services—1.7%
PerkinElmer, Inc.		508,004		23,794,907
Machinery—5.4%
Ingersoll-Rand plc		527,066		32,946,896
Snap-on, Inc.		359,767		42,639,585
				75,586,481
Multi-Utilities—1.0%
CenterPoint Energy, Inc.		540,723		13,810,065
Multiline Retail—1.4%
Family Dollar Stores, Inc.		295,506		19,544,767
Oil, Gas & Consumable Fuels—5.8%
Newfield Exploration Co. (b)		867,727		38,353,533
ONEOK, Inc.		188,345		12,822,528
Williams Cos., Inc. (The)		510,873		29,737,917
				80,913,978
Personal Products—0.6%
Avon Products, Inc.		527,619		7,708,514
Professional Services—2.5%
Robert Half International, Inc.		731,488		34,921,237
Real Estate Management & Development—2.7%
Forest City Enterprises, Inc. - Class A (b)		1,917,158		38,093,930
Software—5.8%
Cadence Design Systems, Inc. (a) (b)		2,294,711		40,134,496
Citrix Systems, Inc. (a) (b)		654,813		40,958,553
				81,093,049
Specialty Retail—6.1%
Advance Auto Parts, Inc.		210,859		28,449,096
Ascena Retail Group, Inc. (a) (b)		2,131,189		36,443,332
Express, Inc. (b)		1,156,789		19,700,117
				84,592,545

See accompanying notes to financial statements.

MIST-5

Met Investors Series Trust

Invesco Mid Cap Value Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares/ Principal Amount*		Value
Technology Hardware, Storage & Peripherals—0.7%
Diebold, Inc. (a)		234,434	$	9,417,214
Total Common Stocks (Cost $1,201,131,026)				1,357,132,100
Short-Term Investments—11.8%
Mutual Fund—9.2%
State Street Navigator Securities Lending MET Portfolio (c)		128,684,134		128,684,134
Repurchase Agreement—2.6%
Fixed Income Clearing Corp. Repurchase Agreement dated 06/30/14 at 0.000% to be repurchased at $35,508,176 on 07/01/14, collateralized by $36,175,000 U.S. Treasury Note at 0.500% due 06/15/16 with a value of $36,220,219.		35,508,176		35,508,176
Total Short-Term Investments (Cost $164,192,310)				164,192,310
Total Investments—109.3% (Cost $1,365,323,336) (d)				1,521,324,410
Other assets and liabilities (net)—(9.3)%				(129,730,761	)
Net Assets—100.0%			$	1,391,593,649

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

(a) All or a portion of the security was held on loan. As of June 30, 2014, the market value of securities loaned was $126,055,058 and the collateral received consisted of cash in the amount of $128,684,134. 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.

(d) As of June 30, 2014, the aggregate cost of investments was $1,365,323,336. The aggregate unrealized appreciation and depreciation of investments were $174,333,608 and $(18,332,534), respectively, resulting in net unrealized appreciation of $156,001,074.

See accompanying notes to financial statements.

MIST-6

Met Investors Series Trust

Invesco Mid Cap Value Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

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 June 30, 2014:

Description	Level 1		Level 2			Level 3		Total
Total Common Stocks*	$	1,357,132,100	$	—		$	—	$	1,357,132,100
Short-Term Investments
Mutual Fund		128,684,134		—			—		128,684,134
Repurchase Agreement		—		35,508,176			—		35,508,176
Total Short-Term Investments		128,684,134		35,508,176			—		164,192,310
Total Investments	$	1,485,816,234	$	35,508,176		$	—	$	1,521,324,410
Collateral for securities loaned (Liability)	$	—	$	(128,684,134	)	$	—	$	(128,684,134	)

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

MIST-7

Met Investors Series Trust

Invesco Mid Cap Value Portfolio

Statement of Assets and Liabilities

June 30, 2014 (Unaudited)

Assets
Investments at value (a) (b)	$	1,521,324,410
Receivable for:
Investments sold		2,200,114
Fund shares sold		128,774
Dividends		1,270,452
Prepaid expenses		23
Total Assets		1,524,923,773
Liabilities
Collateral for securities loaned		128,684,134
Payables for:
Investments purchased		2,282,882
Fund shares redeemed		1,171,620
Accrued expenses:
Management fees		708,742
Distribution and service fees		190,359
Deferred trustees’ fees		77,501
Other expenses		214,886
Total Liabilities		133,330,124
Net Assets	$	1,391,593,649
Net assets consist of:
Paid in surplus	$	1,206,128,250
Undistributed net investment income		2,880,741
Accumulated net realized gain		26,583,584
Unrealized appreciation on investments		156,001,074
Net Assets	$	1,391,593,649
Net Assets
Class A	$	441,097,593
Class B		910,089,835
Class E		40,406,221
Capital Shares Outstanding*
Class A		22,080,112
Class B		46,268,723
Class E		2,037,704
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	19.98
Class B		19.67
Class E		19.83

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

(a) Identified cost of investments was $1,365,323,336.

(b) Includes securities loaned at value of $126,055,058.

Statement of Operations

Six Months Ended June 30, 2014 (Unaudited)

Investment Income
Dividends	$	8,055,782
Securities lending income		69,943
Total investment income		8,125,725
Expenses
Management fees		3,936,860
Administration fees		14,365
Custodian and accounting fees		48,136
Distribution and service fees—Class B		1,014,159
Distribution and service fees—Class E		29,429
Audit and tax services		18,322
Legal		35,040
Trustees’ fees and expenses		23,993
Shareholder reporting		84,248
Insurance		3,691
Miscellaneous		7,755
Total expenses		5,215,998
Less management fee waiver		(111,583	)
Less broker commission recapture		(47,208	)
Net expenses		5,057,207
Net Investment Income		3,068,518
Net Realized and Unrealized Gain
Net realized gain (loss) on:
Investments		26,793,018
Futures contracts		(71,583	)
Net realized gain		26,721,435
Net change in unrealized appreciation on investments		70,956,377
Net realized and unrealized gain		97,677,812
Net Increase in Net Assets From Operations	$	100,746,330

See accompanying notes to financial statements.

MIST-8

Met Investors Series Trust

Invesco Mid Cap Value Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2014 (Unaudited)			Year Ended December 31, 2013
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	3,068,518		$	6,865,899
Net realized gain		26,721,435			315,240,416
Net change in unrealized appreciation (depreciation)		70,956,377			(22,332,558	)
Increase in net assets from operations		100,746,330			299,773,757
From Distributions to Shareholders
Net investment income
Class A		(2,478,244	)		(3,052,538	)
Class B		(3,703,019	)		(5,619,674	)
Class E		(221,390	)		(326,720	)
Net realized capital gains
Class A		(61,004,092	)		0
Class B		(138,417,488	)		0
Class E		(6,928,303	)		0
Total distributions		(212,752,536	)		(8,998,932	)
Increase (decrease) in net assets from capital share transactions		307,135,903			(141,989,467	)
Total increase in net assets		195,129,697			148,785,358
Net Assets
Beginning of period		1,196,463,952			1,047,678,594
End of period	$	1,391,593,649		$	1,196,463,952
Undistributed net investment income
End of period	$	2,880,741		$	6,214,876

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2014 (Unaudited)						Year Ended December 31, 2013
	Shares			Value			Shares			Value
Class A
Sales		4,631,797		$	86,684,304			842,899		$	16,987,156
Reinvestments		3,438,913			63,482,336			162,110			3,052,538
Redemptions		(1,629,475	)		(33,160,219	)		(2,705,253	)		(54,794,205	)
Net increase (decrease)		6,441,235		$	117,006,421			(1,700,244	)	$	(34,754,511	)
Class B
Sales		602,321		$	12,358,511			2,000,605		$	39,927,530
Fund subscription in kind		5,324,859			97,604,659	(a)		0			0
Reinvestments		7,813,112			142,120,507			302,133			5,619,674
Redemptions		(3,158,723	)		(65,654,890	)		(7,302,722	)		(145,890,608	)
Net increase (decrease)		10,581,569		$	186,428,787			(4,999,984	)	$	(100,343,404	)
Class E
Sales		11,070		$	232,111			69,965		$	1,409,481
Reinvestments		390,054			7,149,693			17,453			326,720
Redemptions		(174,281	)		(3,681,109	)		(431,778	)		(8,627,753	)
Net increase (decrease)		226,843		$	3,700,695			(344,360	)	$	(6,891,552	)
Increase (decrease) derived from capital shares transactions				$	307,135,903					$	(141,989,467	)

(a) Includes cash and securities amounting to $5,931,767 and $91,672,892, respectively. Securities were valued at market as of April 25, 2014.

See accompanying notes to financial statements.

MIST-9

Met Investors Series Trust

Invesco Mid Cap Value Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2014 (Unaudited)			Year Ended December 31,
				2013			2012			2011			2010			2009
Net Asset Value, Beginning of Period	$	22.73		$	17.57		$	15.38		$	16.04		$	12.84		$	10.40
Income (Loss) from Investment Operations
Net investment income (a)		0.07			0.16			0.23			0.10			0.12			0.11
Net realized and unrealized gain (loss) on investments		1.38			5.18			2.07			(0.64	)		3.19			2.60
Total from investment operations		1.45			5.34			2.30			(0.54	)		3.31			2.71
Less Distributions
Distributions from net investment income		(0.16	)		(0.18	)		(0.11	)		(0.12	)		(0.11	)		(0.27	)
Distributions from net realized capital gains		(4.04	)		0.00			0.00			0.00			0.00			0.00
Total distributions		(4.20	)		(0.18	)		(0.11	)		(0.12	)		(0.11	)		(0.27	)
Net Asset Value, End of Period	$	19.98		$	22.73		$	17.57		$	15.38		$	16.04		$	12.84
Total Return (%) (b)		7.91	(c)		30.63			15.00			(3.46	)		25.84			26.86
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.68	(d)		0.70			0.69			0.73			0.75			0.76
Net ratio of expenses to average net assets (%) (e)		0.66	(d)		0.69			0.69			0.73			0.75			0.76
Ratio of net investment income to average net assets (%)		0.67	(d)		0.78			1.37			0.65			0.86			1.04
Portfolio turnover rate (%)		24	(c)		144			66			47			77			113
Net assets, end of period (in millions)	$	441.1		$	355.5		$	304.7		$	35.6		$	42.5		$	38.2
	Class B
	Six Months Ended June 30, 2014 (Unaudited)			Year Ended December 31,
				2013			2012			2011			2010			2009
Net Asset Value, Beginning of Period	$	22.42		$	17.34		$	15.18		$	15.84		$	12.69		$	10.27
Income (Loss) from Investment Operations
Net investment income (a)		0.04			0.11			0.16			0.06			0.08			0.08
Net realized and unrealized gain (loss) on investments		1.36			5.12			2.07			(0.64	)		3.15			2.57
Total from investment operations		1.40			5.23			2.23			(0.58	)		3.23			2.65
Less Distributions
Distributions from net investment income		(0.11	)		(0.15	)		(0.07	)		(0.08	)		(0.08	)		(0.23	)
Distributions from net realized capital gains		(4.04	)		0.00			0.00			0.00			0.00			0.00
Total distributions		(4.15	)		(0.15	)		(0.07	)		(0.08	)		(0.08	)		(0.23	)
Net Asset Value, End of Period	$	19.67		$	22.42		$	17.34		$	15.18		$	15.84		$	12.69
Total Return (%) (b)		7.73	(c)		30.30			14.70			(3.70	)		25.53			26.53
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.93	(d)		0.95			0.94			0.98			1.00			1.01
Net ratio of expenses to average net assets (%) (e)		0.91	(d)		0.94			0.94			0.98			1.00			1.01
Ratio of net investment income to average net assets (%)		0.42	(d)		0.53			1.00			0.41			0.62			0.76
Portfolio turnover rate (%)		24	(c)		144			66			47			77			113
Net assets, end of period (in millions)	$	910.1		$	800.0		$	705.4		$	357.1		$	382.3		$	307.1

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

MIST-10

Met Investors Series Trust

Invesco Mid Cap Value Portfolio

Financial Highlights

Selected per share data
	Class E
	Six Months Ended June 30, 2014 (Unaudited)			Year Ended December 31,
				2013			2012(f)
Net Asset Value, Beginning of Period	$	22.58		$	17.46		$	16.44
Income (Loss) from Investment Operations
Net investment income (a)		0.05			0.13			0.14
Net realized and unrealized gain on investments		1.37			5.15			0.88
Total from investment operations		1.42			5.28			1.02
Less Distributions
Distributions from net investment income		(0.13	)		(0.16	)		0.00
Distributions from net realized capital gains		(4.04	)		0.00			0.00
Total distributions		(4.17	)		(0.16	)		0.00
Net Asset Value, End of Period	$	19.83		$	22.58		$	17.46
Total Return (%) (b)		7.78	(c)		30.46			6.20	(c)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.83	(d)		0.85			0.84	(d)
Net ratio of expenses to average net assets (%) (e)		0.81	(d)		0.84			0.84	(d)
Ratio of net investment income to average net assets (%)		0.51	(d)		0.62			1.26	(d)
Portfolio turnover rate (%)		24	(c)		144			66
Net assets, end of period (in millions)	$	40.4		$	40.9		$	37.6

(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) Periods less than one year are not computed on an annualized basis.

(d) Computed on an annualized basis.

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

(f) Commencement of operations was April 25, 2012.

See accompanying notes to financial statements.

MIST-11

Met Investors Series Trust

Invesco Mid Cap Value Portfolio

Notes to Financial Statements—June 30, 2014 (Unaudited)

1. Organization

Met Investors Series Trust (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 currently offers forty-seven series, each of which operates as a distinct investment vehicle of the Trust. The portfolio included in this report is Invesco 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 four classes of shares: Class A, B, C and E shares. Class A, B and E shares are currently offered by the Portfolio. 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 June 30, 2014 through the date the financial statements were issued.

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 (other than short term obligations with a remaining maturity of sixty days or less), 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 MetLife Advisers, LLC (“MetLife Advisers” or the “Adviser”), an affiliate of MetLife, Inc., pursuant to authorization of 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 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.

MIST-12

Met Investors Series Trust

Invesco Mid Cap Value Portfolio

Notes to Financial Statements—June 30, 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, which 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 and futures contracts that are traded over-the-counter 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 has delegated the determination of the fair value of a security to a 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.

MIST-13

Met Investors Series Trust

Invesco Mid Cap Value Portfolio

Notes to Financial Statements—June 30, 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 broker commission recapture, merger related adjustments and Real Estate Investment Trust (REITs). 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 June 30, 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 Master Repurchase Agreement 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 June 30, 2014, the Portfolio had investments in repurchase agreements with a gross value of $35,508,176, 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 June 30, 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. 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 at least equal to 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 six months ended June 30, 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 June 30, 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 June 30, 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 has agreed to indemnify the Portfolio in the case of default of any securities borrower.

MIST-14

Met Investors Series Trust

Invesco Mid Cap Value Portfolio

Notes to Financial Statements—June 30, 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. Futures contracts are exchange-traded and 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 six months ended June 30, 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 $40,681,847 in equity index futures contracts. At June 30, 2014, the Portfolio did not have any open futures contracts. For the six months ended June 30, 2014, the Portfolio had realized losses in the amount of $71,583 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; 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 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 addendums 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

MIST-15

Met Investors Series Trust

Invesco Mid Cap Value Portfolio

Notes to Financial Statements—June 30, 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 six months ended June 30, 2014 were as follows:

Purchases				Sales
U.S. Government		Non U.S. Government		U.S. Government		Non U.S. Government
$	0	$	414,499,429	$	0	$	291,757,414

The Portfolio engaged in security transactions with other accounts managed by Invesco Advisers, Inc. that amounted to $1,017,539 in purchases of investments, which are included above.

During the six months ended June 30, 2014, the Portfolio engaged in security transactions with other affiliated portfolios. These amounted to $27,568,397 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 annual rates:

Management Fees earned by MetLife Advisers for the six months ended June 30, 2014	% per annum			Average Daily Net Assets
$3,936,860		0.700	%	First $200 million
		0.650	%	$200 million to $500 million
		0.625	%	Over $500 million

MetLife Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. Invesco Advisers, Inc. 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:

If average daily net assets are between $750 million and $1.4 billion:

% per annum reduction	Average Daily Net Assets
0.075%	First $200 million
0.025%	$200 million to $500 million

If average daily net assets are less than $750 million or above $1.4 billion:

% per annum reduction	Average Daily Net Assets
0.025%	Over $500 million

An identical agreement was in place for the period October 1, 2013, through April 27, 2014. Amounts waived for the six months ended June 30, 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 the Adviser; however, such officers and trustees receive no compensation from the Trust.

MIST-16

Met Investors Series Trust

Invesco Mid Cap Value Portfolio

Notes to Financial Statements—June 30, 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 Agreements and Plans - The Trust has distribution agreements with MetLife Investors Distribution Company (“MIDC” or the “Distributor”) in which MIDC serves as the distributor for the Portfolio’s Class A, Class B and Class E Shares. MIDC is a wholly-owned subsidiary of MetLife Investors Group, Inc., an affiliate of the Adviser. The Class B and Class E distribution plans provide that the Trust, on behalf of the Portfolio, may pay annually up to 0.50% and 0.25%, respectively, of the average daily net assets of the Portfolio attributable to its Class B and Class E Shares with respect to activities primarily intended to result in the sale of Class B and Class E Shares. However, under the Class B and Class E distribution agreements, payments to the Distributor for activities pursuant to the Class B and Class E distribution plans are currently limited to payments at an annual rate equal to 0.25% and 0.15% of average daily net assets of the Portfolio attributable to its Class B and Class E Shares, respectively. Amounts incurred by the Portfolio for the six months ended June 30, 2014 are shown as Distribution and service fees in the Statement of Operations.

Under the terms of the Class B and Class E distribution plans and distribution agreements, the Portfolio is authorized to make payments monthly to the Distributor that may be used to pay or reimburse entities providing distribution and shareholder servicing with respect to the Class B and Class E Shares for such entities’ fees or expenses incurred.

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 Metropolitan Series Fund, 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, 2013 and 2012 were as follows:

Ordinary Income				Long-Term Capital Gain				Total
2013		2012		2013		2012		2013		2012
$	8,998,932	$	1,772,835	$	—	$	—	$	8,998,932	$	1,772,835

As of December 31, 2013, 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
$	6,291,702	$	206,221,708	$	85,035,018	$	—	$	297,548,428

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, 2013, the Portfolio utilized capital loss carryforwards of $107,638,472.

As of December 31, 2013, the Portfolio had no capital loss carryforwards.

MIST-17

Met Investors Series Trust

Invesco Mid Cap Value Portfolio

Notes to Financial Statements—June 30, 2014—(Continued)

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 January 1, 2015, and interim periods within those fiscal years. Management is evaluating the impact, if any, of this guidance on the Portfolio’s financial statement disclosures.

MIST-18

Met Investors Series Trust

Invesco Small Cap Growth Portfolio

Managed by Invesco Advisers, Inc.

Portfolio Manager Commentary*

PERFORMANCE

For the six month period ended June 30, 2014, the Class A, B, and E shares of the Invesco Small Cap Growth Portfolio returned 4.98%, 4.83%, and 4.90%, respectively. The Portfolio’s benchmark, the Russell 2000 Growth Index¹, returned 2.22%.

MARKET ENVIRONMENT / CONDITIONS

Global equity markets posted solid gains throughout the first half of 2014, with U.S. equity markets hitting all-time highs during the period. After a dismal January, global equities were on an upswing in late February but retreated in early March, as political upheaval in Ukraine and economic sluggishness in the U.S. and China shook investor confidence. In March, the Federal Reserve (the “Fed”) continued the reduction of its Quantitative Easing (“QE”) purchases and also signaled a possible 2015 hike in the federal funds rate, from its current target of 0%. After a relatively quiet April, consumer confidence hit an all-time high in May and unemployment claims were reported at the lowest levels in seven years. In June, the Fed provided investors mixed signals as they hinted at a slightly faster pace of interest rate increases based on a recovering economy, while reducing the forecast for U.S. economic growth for 2014. The Fed also continued to unwind QE. Despite these actions by the Fed and turmoil overseas, markets rose late in the period and posted all-time highs.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Portfolio had positive returns for the period and outperformed the Russell 2000 Growth Index. Stock selection in most sectors was positive with the Health Care sector representing the leading contributor to relative outperformance. Stock selection in the Industrials, Consumer Discretionary and Materials sectors also aided results while the Portfolio underperformed in the Consumer Staples and Financials sectors.

The Portfolio outperformed by the widest margin in the Health Care sector due primarily to stock selection. Intermune Pharmaceuticals, Inc., a biotechnology company focused on treatment for lung disease was the leading individual contributor to relative performance for the period. The company’s stock price soared in late February after they announced positive phase III results for a new drug treatment for idiopathic pulmonary fibrosis. Salix Pharmaceuticals Ltd. was another top contributor to Portfolio performance during the period. The gastrointestinal drug maker was helped during the period by a favorable Food and Drug Administration decision.

The Portfolio also outperformed in the Industrials sector due to positive stock selection. Pitney Bowes, Inc., a shipping solutions company headquartered in Connecticut, was the leading individual contributor in the sector. The company received a strong boost after they announced stronger than expected earnings. Another contributor to relative performance in the sector was Kirby Corp., the leading inland tank-barge company in the U.S. They continue to report strong volumes and pricing. As natural gas production has increased domestically, it has become a cheap feedstock for chemical producers domestically, with the resulting boom in domestic chemical products driving shipping volume growth.

The Portfolio underperformed by the widest margin in the Consumer Staples sector due to stock selection primarily within the Food, Beverage and Tobacco industries. Annies, Inc., an organic food producer, was a detractor for the period as the company was impacted by rising wheat and dairy costs. Relative performance was also hindered by several strong performing Consumer Staples names not held in the Portfolio. Notably, not owning drug store chain Rite Aid Corp. dampened relative performance as the company experienced substantial double-digit returns during the period.

The Portfolio also underperformed in the Financials sector, driven by stock selection and an underweight allocation to strong performing Real Estate Investment Trusts. Portfolio holdings Affiliated Managers Group and Gaming and Leisure Properties, Inc. were the largest detractors from relative results in the sector.

Portfolio positioning is based primarily on our bottom-up stock selection process, and our long term investment horizon has historically contributed to low turnover. Our risk-controlled portfolio construction ensures that the Portfolio represents the small cap growth

MIST-1

Met Investors Series Trust

Invesco Small Cap Growth Portfolio

Managed by Invesco Advisers, Inc.

Portfolio Manager Commentary*—(Continued)

asset class, maintaining relative industry group weights within a modest range. During the period, changes were relatively minor within this framework, however the most significant shifts included an increase in the Energy sector and a decrease in Consumer Discretionary exposure.

Juliet Ellis

Juan Hartsfield

Clay Manley

Portfolio Managers

Invesco Advisers, 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 and 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 those of the subadvisory firm as of June 30, 2014 and 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 statements) 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 applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable annuity or insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

MIST-2

Met Investors Series Trust

Invesco Small Cap Growth Portfolio

A $10,000 INVESTMENT COMPARED TO THE RUSSELL 2000 GROWTH INDEX

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2014

	6 Month		1 Year		5 Year		10 Year
Invesco Small Cap Growth Portfolio
Class A		4.98		28.06		21.30		9.88
Class B		4.83		27.81		20.99		9.65
Class E		4.90		27.89		21.10		9.76
Russell 2000 Growth Index		2.22		24.73		20.50		9.04

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 B 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 JUNE 30, 2014

Top Holdings

	% of Net Assets
Manhattan Associates, Inc.		2.0
SBA Communications Corp. - Class A		1.3
CoStar Group, Inc.		1.3
Wabtec Corp.		1.3
Jack in the Box, Inc.		1.2
ITT Corp.		1.2
InterMune, Inc.		1.1
ARRIS Group, Inc.		1.1
Kirby Corp.		1.1
Pitney Bowes, Inc.		1.1

Top Sectors

	% of Net Assets
Information Technology		25.3
Health Care		17.8
Industrials		17.0
Consumer Discretionary		12.2
Financials		10.5
Energy		7.4
Materials		4.0
Consumer Staples		2.2
Telecommunication Services		1.3
Utilities		0.8

MIST-3

Met Investors Series Trust

Invesco Small Cap Growth Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

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, January 1, 2014 through June 30, 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.

Invesco Small Cap Growth Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2014		Ending Account Value June 30, 2014		Expenses Paid During Period** January 1, 2014 to June 30, 2014
Class A(a)	Actual		0.85	%	$	1,000.00	$	1,049.80	$	4.32
	Hypothetical*		0.85	%	$	1,000.00	$	1,020.58	$	4.26
Class B(a)	Actual		1.10	%	$	1,000.00	$	1,048.30	$	5.59
	Hypothetical*		1.10	%	$	1,000.00	$	1,019.34	$	5.51
Class E(a)	Actual		1.00	%	$	1,000.00	$	1,049.00	$	5.08
	Hypothetical*		1.00	%	$	1,000.00	$	1,019.84	$	5.01

* 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 (181 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.

MIST-4

Met Investors Series Trust

Invesco Small Cap Growth Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Common Stocks—98.5% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—1.4%
Hexcel Corp. (a)		263,715	$	10,785,943
TransDigm Group, Inc. (b)		62,404		10,437,693
				21,223,636
Air Freight & Logistics—0.8%
Forward Air Corp.		267,858		12,817,005
Auto Components—0.9%
Tenneco, Inc. (a)		203,919		13,397,478
Banks—4.0%
Hancock Holding Co.		298,960		10,559,267
Home BancShares, Inc.		378,954		12,437,271
Prosperity Bancshares, Inc.		191,648		11,997,165
SVB Financial Group (a)		123,902		14,449,451
UMB Financial Corp. (b)		194,367		12,320,924
				61,764,078
Biotechnology—4.9%
Acorda Therapeutics, Inc. (a)		119,884		4,041,289
Alnylam Pharmaceuticals, Inc. (a) (b)		129,794		8,199,087
Exact Sciences Corp. (a) (b)		746,136		12,706,696
Incyte Corp., Ltd. (a) (b)		243,672		13,752,848
InterMune, Inc. (a) (b)		397,942		17,569,139
NPS Pharmaceuticals, Inc. (a) (b)		285,233		9,426,951
Seattle Genetics, Inc. (a) (b)		261,383		9,997,900
				75,693,910
Building Products—1.1%
AO Smith Corp.		330,359		16,379,199
Capital Markets—3.2%
Affiliated Managers Group, Inc. (a)		56,087		11,520,270
Greenhill & Co., Inc. (b)		151,503		7,461,523
Janus Capital Group, Inc. (b)		894,850		11,167,728
SEI Investments Co.		131,578		4,311,811
Stifel Financial Corp. (a)		332,230		15,731,090
				50,192,422
Chemicals—1.8%
PolyOne Corp.		381,873		16,092,128
Rockwood Holdings, Inc.		148,396		11,276,612
				27,368,740
Commercial Services & Supplies—2.4%
Pitney Bowes, Inc.		602,242		16,633,924
Steelcase, Inc. - Class A		731,176		11,062,693
Tetra Tech, Inc.		369,166		10,152,065
				37,848,682
Communications Equipment—1.7%
ARRIS Group, Inc. (a)		534,382		17,383,446
Finisar Corp. (a) (b)		424,440		8,382,690
				25,766,136
Construction & Engineering—0.7%
MasTec, Inc. (a) (b)		334,813		10,318,937
Construction Materials—0.8%
Martin Marietta Materials, Inc. (b)		93,012		12,282,235
Containers & Packaging—0.8%
Berry Plastics Group, Inc. (a)		491,647		12,684,493
Distributors—0.7%
Pool Corp.		202,554		11,456,454
Electric Utilities—0.8%
ITC Holdings Corp.		345,116		12,589,832
Electrical Equipment—1.0%
Acuity Brands, Inc. (b)		115,764		16,004,373
Electronic Equipment, Instruments & Components—4.2%
Cognex Corp. (a)		399,641		15,346,215
IPG Photonics Corp. (a) (b)		134,379		9,245,275
Littelfuse, Inc.		150,235		13,964,343
National Instruments Corp.		310,284		10,050,099
SYNNEX Corp. (a)		222,753		16,227,556
				64,833,488
Energy Equipment & Services—3.2%
Atwood Oceanics, Inc. (a)		175,662		9,218,742
Dresser-Rand Group, Inc. (a)		171,341		10,919,562
Dril-Quip, Inc. (a)		127,678		13,947,545
Patterson-UTI Energy, Inc.		455,573		15,917,720
				50,003,569
Food Products—2.2%
Annie’s, Inc. (a) (b)		332,875		11,257,832
B&G Foods, Inc.		307,646		10,056,948
Lancaster Colony Corp.		139,716		13,295,375
				34,610,155
Health Care Equipment & Supplies—3.7%
Insulet Corp. (a) (b)		276,151		10,954,910
Masimo Corp. (a) (b)		7,918		186,865
NuVasive, Inc. (a)		321,710		11,443,225
Sirona Dental Systems, Inc. (a) (b)		150,070		12,374,772
STERIS Corp.		251,104		13,429,042
Thoratec Corp. (a)		239,911		8,363,297
				56,752,111
Health Care Providers & Services—5.0%
Chemed Corp. (b)		147,960		13,866,811
Community Health Systems, Inc. (a)		287,428		13,040,609
HealthSouth Corp.		331,390		11,886,959
MEDNAX, Inc. (a)		211,963		12,325,649
Select Medical Holdings Corp.		810,127		12,637,981
VCA, Inc. (a)		397,746		13,956,907
				77,714,916

See accompanying notes to financial statements.

MIST-5

Met Investors Series Trust

Invesco Small Cap Growth Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Health Care Technology—0.3%
HMS Holdings Corp. (a) (b)		230,249	$	4,699,382
Hotels, Restaurants & Leisure—3.2%
Cheesecake Factory, Inc. (The) (b)		228,283		10,596,897
Choice Hotels International, Inc. (b)		194,809		9,177,452
Domino’s Pizza, Inc.		159,923		11,688,772
Jack in the Box, Inc.		309,348		18,511,384
				49,974,505
Household Durables—1.0%
Ethan Allen Interiors, Inc. (b)		159,228		3,939,301
Standard Pacific Corp. (a) (b)		1,386,701		11,925,628
				15,864,929
Insurance—1.8%
American Equity Investment Life Holding Co. (b)		497,630		12,241,698
Protective Life Corp.		227,737		15,789,006
				28,030,704
Internet & Catalog Retail—0.7%
HomeAway, Inc. (a) (b)		326,880		11,381,962
Internet Software & Services—4.0%
Conversant, Inc. (a) (b)		564,796		14,345,818
CoStar Group, Inc. (a)		127,911		20,231,683
Dealertrack Technologies, Inc. (a)		280,402		12,713,427
OpenTable, Inc. (a) (b)		139,560		14,458,416
				61,749,344
IT Services—0.9%
EPAM Systems, Inc. (a)		324,440		14,194,250
Leisure Products—0.7%
Brunswick Corp.		243,820		10,272,137
Life Sciences Tools & Services—2.3%
PAREXEL International Corp. (a) (b)		237,660		12,557,955
PerkinElmer, Inc.		250,185		11,718,665
Techne Corp.		128,374		11,883,581
				36,160,201
Machinery—5.2%
Crane Co.		174,548		12,979,389
ITT Corp.		375,149		18,044,667
Lincoln Electric Holdings, Inc.		216,320		15,116,442
WABCO Holdings, Inc. (a)		138,427		14,786,772
Wabtec Corp.		241,826		19,972,409
				80,899,679
Marine—1.1%
Kirby Corp. (a)		144,226		16,894,634
Media—0.8%
Sinclair Broadcast Group, Inc. - Class A (b)		359,361		12,487,795
Metals & Mining—0.7%
Carpenter Technology Corp.		163,067		10,313,988
Oil, Gas & Consumable Fuels—4.2%
Energen Corp.		166,703		14,816,563
Laredo Petroleum, Inc. (a) (b)		399,371		12,372,513
Oasis Petroleum, Inc. (a)		297,341		16,618,388
Resolute Energy Corp. (a) (b)		583,089		5,037,889
Ultra Petroleum Corp. (a) (b)		528,711		15,697,430
				64,542,783
Pharmaceuticals—1.6%
Jazz Pharmaceuticals plc (a)		71,834		10,560,317
Salix Pharmaceuticals, Ltd. (a)		117,175		14,453,536
				25,013,853
Real Estate Investment Trusts—1.5%
Corrections Corp. of America (b)		370,093		12,157,555
Gaming and Leisure Properties, Inc. (b)		306,696		10,418,463
				22,576,018
Road & Rail—1.7%
Knight Transportation, Inc. (b)		527,874		12,547,565
Swift Transportation Co. (a)		568,194		14,335,535
				26,883,100
Semiconductors & Semiconductor Equipment—3.7%
Cavium, Inc. (a) (b)		229,182		11,381,178
MKS Instruments, Inc.		298,391		9,321,735
Power Integrations, Inc.		238,709		13,735,316
Silicon Laboratories, Inc. (a)		238,093		11,726,080
Teradyne, Inc. (b)		606,260		11,882,696
				58,047,005
Software—10.1%
Aspen Technology, Inc. (a)		324,216		15,043,622
Cadence Design Systems, Inc. (a)		678,148		11,860,808
CommVault Systems, Inc. (a)		141,236		6,944,574
Informatica Corp. (a)		182,255		6,497,391
Interactive Intelligence Group, Inc. (a) (b)		216,359		12,144,231
Manhattan Associates, Inc. (a)		916,557		31,557,057
Mentor Graphics Corp.		572,522		12,349,299
MicroStrategy, Inc. - Class A (a)		83,688		11,768,207
NetScout Systems, Inc. (a)		365,512		16,206,802
QLIK Technologies, Inc. (a)		301,414		6,817,985
Qualys, Inc. (a) (b)		351,422		9,021,003
SolarWinds, Inc. (a)		203,986		7,886,099
Ultimate Software Group, Inc. (The) (a)		58,953		8,145,536
				156,242,614
Specialty Retail—2.5%
DSW, Inc. - Class A		318,933		8,910,988
Group 1 Automotive, Inc. (b)		154,352		13,013,417
Monro Muffler Brake, Inc. (b)		198,981		10,583,799
Vitamin Shoppe, Inc. (a) (b)		143,692		6,181,630
				38,689,834

See accompanying notes to financial statements.

MIST-6

Met Investors Series Trust

Invesco Small Cap Growth Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Technology Hardware, Storage & Peripherals—0.7%
Cray, Inc. (a) (b)		438,862	$	11,673,729
Textiles, Apparel & Luxury Goods—1.6%
G-III Apparel Group, Ltd. (a)		162,311		13,254,316
Steven Madden, Ltd. (a)		357,216		12,252,509
				25,506,825
Trading Companies & Distributors—1.6%
Watsco, Inc.		123,582		12,699,286
WESCO International, Inc. (a) (b)		144,437		12,476,468
				25,175,754
Wireless Telecommunication Services—1.3%
SBA Communications Corp. - Class A (a)		202,394		20,704,906
Total Common Stocks (Cost $1,003,688,909)				1,529,681,780
Rights—0.0%
Health Care Providers & Services—0.0%
Community Health Systems, Inc., Expires 01/04/16 (a) (Cost $50,585)		778,232		52,064
Short-Term Investments—22.3%
Mutual Fund—21.7%
State Street Navigator Securities Lending MET Portfolio (c)		337,633,661		337,633,661
Security Description	Principal Amount*		Value
Repurchase Agreement—0.6%
Fixed Income Clearing Corp. Repurchase Agreement dated 06/30/14 at 0.000% to be repurchased at $9,703,792 on 07/01/14, collateralized by $9,850,000 U.S. Treasury Note at 0.625% due 08/15/16 with a value of $9,899,250.		9,703,792		9,703,792
Total Short-Term Investments (Cost $347,337,453)				347,337,453
Total Investments—120.8% (Cost $1,351,076,947) (d)				1,877,071,297
Other assets and liabilities (net)—(20.8)%				(323,568,568	)
Net Assets—100.0%			$	1,553,502,729

* 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 June 30, 2014, the market value of securities loaned was $331,372,272 and the collateral received consisted of cash in the amount of $337,633,661 and non-cash collateral with a value of $120,510. 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 June 30, 2014, the aggregate cost of investments was $1,351,076,947. The aggregate unrealized appreciation and depreciation of investments were $542,973,620 and $(16,979,270), respectively, resulting in net unrealized appreciation of $525,994,350.

See accompanying notes to financial statements.

MIST-7

Met Investors Series Trust

Invesco Small Cap Growth Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

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 June 30, 2014:

Description	Level 1		Level 2			Level 3		Total
Total Common Stocks*	$	1,529,681,780	$	—		$	—	$	1,529,681,780
Total Rights*		52,064		—			—		52,064
Short-Term Investments
Mutual Fund		337,633,661		—			—		337,633,661
Repurchase Agreement		—		9,703,792			—		9,703,792
Total Short-Term Investments		337,633,661		9,703,792			—		347,337,453
Total Investments	$	1,867,367,505	$	9,703,792		$	—	$	1,877,071,297
Collateral for securities loaned (Liability)	$	—	$	(337,633,661	)	$	—	$	(337,633,661	)

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

MIST-8

Met Investors Series Trust

Invesco Small Cap Growth Portfolio

Statement of Assets and Liabilities

June 30, 2014 (Unaudited)

Assets
Investments at value (a) (b)	$	1,877,071,297
Receivable for:
Investments sold		22,733,644
Fund shares sold		115,844
Dividends		601,419
Total Assets		1,900,522,204
Liabilities
Collateral for securities loaned		337,633,661
Payables for:
Investments purchased		6,737,184
Fund shares redeemed		1,324,226
Accrued expenses:
Management fees		1,045,771
Distribution and service fees		88,110
Deferred trustees’ fees		58,994
Other expenses		131,529
Total Liabilities		347,019,475
Net Assets	$	1,553,502,729
Net assets consist of:
Paid in surplus	$	791,706,756
Undistributed net investment income		3,926,458
Accumulated net realized gain		231,875,165
Unrealized appreciation on investments		525,994,350
Net Assets	$	1,553,502,729
Net Assets
Class A	$	1,111,443,955
Class B		425,817,525
Class E		16,241,249
Capital Shares Outstanding*
Class A		58,368,725
Class B		23,189,489
Class E		867,024
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	19.04
Class B		18.36
Class E		18.73

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

(a) Identified cost of investments was $1,351,076,947.

(b) Includes securities loaned at value of $331,372,272.

Statement of Operations

Six Months Ended June 30, 2014 (Unaudited)

Investment Income
Dividends	$	10,740,942
Securities lending income		808,796
Total investment income		11,549,738
Expenses
Management fees		6,988,230
Administration fees		19,258
Custodian and accounting fees		69,246
Distribution and service fees—Class B		525,469
Distribution and service fees—Class E		12,294
Audit and tax services		18,322
Legal		15,668
Trustees’ fees and expenses		22,086
Shareholder reporting		39,376
Insurance		5,213
Miscellaneous		8,283
Total expenses		7,723,445
Less management fee waiver		(123,972	)
Less broker commission recapture		(30,078	)
Net expenses		7,569,395
Net Investment Income		3,980,343
Net Realized and Unrealized Gain
Net realized gain (loss) on:
Investments		234,402,303
Futures contracts		(1,927,002	)
Net realized gain		232,475,301
Net change in unrealized depreciation on investments		(165,898,340	)
Net realized and unrealized gain		66,576,961
Net Increase in Net Assets From Operations	$	70,557,304

See accompanying notes to financial statements.

MIST-9

Met Investors Series Trust

Invesco Small Cap Growth Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2014 (Unaudited)			Year Ended December 31, 2013
Increase (Decrease) in Net Assets:
From Operations
Net investment income (loss)	$	3,980,343		$	(1,315,951	)
Net realized gain		232,475,301			197,052,575
Net change in unrealized appreciation (depreciation)		(165,898,340	)		369,422,662
Increase in net assets from operations		70,557,304			565,159,286
From Distributions to Shareholders
Net investment income
Class A		0			(5,352,864	)
Class B		0			(813,978	)
Class E		0			(43,094	)
Net realized capital gains
Class A		(144,739,748	)		(72,744,049	)
Class B		(49,457,582	)		(22,123,511	)
Class E		(1,902,860	)		(815,717	)
Total distributions		(196,100,190	)		(101,893,213	)
Decrease in net assets from capital share transactions		(106,427,695	)		(282,344,958	)
Total increase (decrease) in net assets		(231,970,581	)		180,921,115
Net Assets
Beginning of period		1,785,473,310			1,604,552,195
End of period	$	1,553,502,729		$	1,785,473,310
Undistributed net investment income (loss)
End of period	$	3,926,458		$	(53,885	)

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2014 (Unaudited)						Year Ended December 31, 2013
	Shares			Value			Shares			Value
Class A
Sales		4,478,614		$	80,450,470			4,330,920		$	75,103,898
Reinvestments		8,154,352			144,739,748			4,987,031			78,096,913
Redemptions		(19,295,505	)		(354,122,467	)		(24,900,559	)		(436,591,837	)
Net decrease		(6,662,539	)	$	(128,932,249	)		(15,582,608	)	$	(283,391,026	)
Class B
Sales		1,118,649		$	21,373,914			3,494,132		$	60,318,809
Reinvestments		2,887,191			49,457,582			1,508,053			22,937,489
Redemptions		(2,601,229	)		(49,129,161	)		(4,887,653	)		(83,787,241	)
Net increase (decrease)		1,404,611		$	21,702,335			114,532		$	(530,943	)
Class E
Sales		78,604		$	1,557,300			245,077		$	4,210,462
Reinvestments		108,922			1,902,860			55,515			858,811
Redemptions		(138,527	)		(2,657,941	)		(200,172	)		(3,492,262	)
Net increase		48,999		$	802,219			100,420		$	1,577,011
Decrease derived from capital shares transactions				$	(106,427,695	)				$	(282,344,958	)

See accompanying notes to financial statements.

MIST-10

Met Investors Series Trust

Invesco Small Cap Growth Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2014 (Unaudited)			Year Ended December 31,
				2013			2012			2011			2010			2009
Net Asset Value, Beginning of Period	$	20.53		$	15.67		$	14.07		$	14.19		$	11.22		$	8.36
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.05			(0.00	)(b)		0.07			(0.03	)		(0.03	)		(0.00	)(b)
Net realized and unrealized gain (loss) on investments		0.80			6.00			2.48			(0.09	)		3.00			2.86
Total from investment operations		0.85			6.00			2.55			(0.12	)		2.97			2.86
Less Distributions
Distributions from net investment income		0.00			(0.08	)		0.00			0.00			0.00			0.00
Distributions from net realized capital gains		(2.34	)		(1.06	)		(0.95	)		0.00			0.00			0.00
Total distributions		(2.34	)		(1.14	)		(0.95	)		0.00			0.00			0.00
Net Asset Value, End of Period	$	19.04		$	20.53		$	15.67		$	14.07		$	14.19		$	11.22
Total Return (%) (c)		4.98	(d)		40.54			18.51			(0.85	)		26.47			34.21
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.87	(e)		0.87			0.87			0.88			0.89			0.90
Net ratio of expenses to average net assets (%) (f)		0.85	(e)		0.85			0.86			0.87			0.87			0.90
Ratio of net investment income (loss) to average net assets (%)		0.54	(e)		(0.02	)		0.48			(0.21	)		(0.22	)		0.03
Portfolio turnover rate (%)		16	(d)		18			28			40			36			31
Net assets, end of period (in millions)	$	1,111.4		$	1,335.2		$	1,263.5		$	1,111.8		$	1,074.4		$	719.1
	Class B
	Six Months Ended June 30, 2014 (Unaudited)			Year Ended December 31,
				2013			2012			2011			2010			2009
Net Asset Value, Beginning of Period	$	19.91		$	15.23		$	13.73		$	13.88		$	11.00		$	8.22
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.03			(0.05	)		0.03			(0.07	)		(0.06	)		(0.02	)
Net realized and unrealized gain (loss) on investments		0.76			5.83			2.42			(0.08	)		2.94			2.80
Total from investment operations		0.79			5.78			2.45			(0.15	)		2.88			2.78
Less Distributions
Distributions from net investment income		0.00			(0.04	)		0.00			0.00			0.00			0.00
Distributions from net realized capital gains		(2.34	)		(1.06	)		(0.95	)		0.00			0.00			0.00
Total distributions		(2.34	)		(1.10	)		(0.95	)		0.00			0.00			0.00
Net Asset Value, End of Period	$	18.36		$	19.91		$	15.23		$	13.73		$	13.88		$	11.00
Total Return (%) (c)		4.83	(d)		40.17			18.23			(1.08	)		26.18			33.82
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		1.12	(e)		1.12			1.12			1.13			1.14			1.15
Net ratio of expenses to average net assets (%) (f)		1.10	(e)		1.10			1.11			1.12			1.12			1.15
Ratio of net investment income (loss) to average net assets (%)		0.30	(e)		(0.27	)		0.22			(0.46	)		(0.47	)		(0.23	)
Portfolio turnover rate (%)		16	(d)		18			28			40			36			31
Net assets, end of period (in millions)	$	425.8		$	433.7		$	330.0		$	299.4		$	282.4		$	221.8

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

MIST-11

Met Investors Series Trust

Invesco Small Cap Growth Portfolio

Financial Highlights

Selected per share data
	Class E
	Six Months Ended June 30, 2014 (Unaudited)			Year Ended December 31,
				2013			2012			2011			2010			2009
Net Asset Value, Beginning of Period	$	20.25		$	15.47		$	13.92		$	14.06		$	11.13		$	8.31
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.04			(0.03	)		0.04			(0.05	)		(0.05	)		(0.01	)
Net realized and unrealized gain (loss) on investments		0.78			5.93			2.46			(0.09	)		2.98			2.83
Total from investment operations		0.82			5.90			2.50			(0.14	)		2.93			2.82
Less Distributions
Distributions from net investment income		0.00			(0.06	)		0.00			0.00			0.00			0.00
Distributions from net realized capital gains		(2.34	)		(1.06	)		(0.95	)		0.00			0.00			0.00
Total distributions		(2.34	)		(1.12	)		(0.95	)		0.00			0.00			0.00
Net Asset Value, End of Period	$	18.73		$	20.25		$	15.47		$	13.92		$	14.06		$	11.13
Total Return (%) (c)		4.90	(d)		40.34			18.34			(1.00	)		26.33			33.94
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		1.02	(e)		1.02			1.02			1.03			1.04			1.05
Net ratio of expenses to average net assets (%) (f)		1.00	(e)		1.00			1.01			1.02			1.02			1.05
Ratio of net investment income (loss) to average net assets (%)		0.39	(e)		(0.16	)		0.30			(0.36	)		(0.38	)		(0.13	)
Portfolio turnover rate (%)		16	(d)		18			28			40			36			31
Net assets, end of period (in millions)	$	16.2		$	16.6		$	11.1		$	11.2		$	11.5		$	11.3

(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) Periods less than one year are not computed on an annualized basis.

(e) Computed on an annualized basis.

(f) Includes the effects of management fee waivers and expenses reimbursed by the Adviser (see Note 6 of the Notes to Financial Statements).

See accompanying notes to financial statements.

MIST-12

Met Investors Series Trust

Invesco Small Cap Growth Portfolio

Notes to Financial Statements—June 30, 2014 (Unaudited)

1. Organization

Met Investors Series Trust (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 currently offers forty-seven series, each of which operates as a distinct investment vehicle of the Trust. The portfolio included in this report is Invesco 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 four classes of shares: Class A, B, C and E shares. Class A, B and E shares are currently offered by the Portfolio. 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 June 30, 2014 through the date the financial statements were issued.

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 (other than short term obligations with a remaining maturity of sixty days or less), 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 MetLife Advisers, LLC (“MetLife Advisers” or the “Adviser”), an affiliate of MetLife, Inc., pursuant to authorization of 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 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.

MIST-13

Met Investors Series Trust

Invesco Small Cap Growth Portfolio

Notes to Financial Statements—June 30, 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, which 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 and futures contracts that are traded over-the-counter 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 has delegated the determination of the fair value of a security to a 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

MIST-14

Met Investors Series Trust

Invesco Small Cap Growth Portfolio

Notes to Financial Statements—June 30, 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 gains and losses, return of capital adjustments, passive foreign investment companies (PFICs) and Real Estate Investment Trusts (REITs). 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 June 30, 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 Master Repurchase Agreement 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 June 30, 2014, the Portfolio had investments in repurchase agreements with a gross value of $9,703,792, 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 June 30, 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. 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 at least equal to 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 six months ended June 30, 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 June 30, 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 June 30, 2014.

MIST-15

Met Investors Series Trust

Invesco Small Cap Growth Portfolio

Notes to Financial Statements—June 30, 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 has agreed to 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 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. Futures contracts are exchange-traded and 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 six months ended June 30, 2014, the Portfolio entered into equity index futures contracts which were subject to equity price risk. During the period April 21, 2014 through April 29, 2014, the Portfolio had bought and sold $108,141,181 in equity index futures contracts. At June 30, 2014, the Portfolio did not have any open futures contracts. For the six months ended June 30, 2014, the Portfolio had realized losses in the amount of $1,927,002 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; 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 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.

MIST-16

Met Investors Series Trust

Invesco Small Cap Growth Portfolio

Notes to Financial Statements—June 30, 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.

Customer Account Agreements and related addendums 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 six months ended June 30, 2014 were as follows:

Purchases				Sales
U.S. Government		Non U.S. Government		U.S. Government		Non U.S. Government
$	0	$	258,682,901	$	0	$	540,900,995

The Portfolio engaged in security transactions with other accounts managed by Invesco Advisers, Inc. that amounted to $44,203,047 in sales of investments, which are included above.

During the six months ended June 30, 2014, the Portfolio engaged in security transactions with other affiliated portfolios. These amounted to $52,509,892 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 six months ended June 30, 2014		% per annum			Average Daily Net Assets
$	6,988,230		0.880	%	First $500 million
			0.830	%	Over $500 million

MetLife Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. Invesco Advisers, Inc. 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 reduction	Average Daily Net Assets
0.050%	First $500 million

An identical agreement was in place for the period April 29, 2013 through April 27, 2014. Amounts waived for the six months ended June 30, 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 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.

MIST-17

Met Investors Series Trust

Invesco Small Cap Growth Portfolio

Notes to Financial Statements—June 30, 2014—(Continued)

Distribution Agreements and Plans - The Trust has distribution agreements with MetLife Investors Distribution Company (“MIDC” or the “Distributor”) in which MIDC serves as the distributor for the Portfolio’s Class A, Class B and Class E Shares. MIDC is a wholly-owned subsidiary of MetLife Investors Group, Inc., an affiliate of the Adviser. The Class B and Class E distribution plans provide that the Trust, on behalf of the Portfolio, may pay annually up to 0.50% and 0.25%, respectively, of the average daily net assets of the Portfolio attributable to its Class B and Class E Shares with respect to activities primarily intended to result in the sale of Class B and Class E Shares. However, under the Class B and Class E distribution agreements, payments to the Distributor for activities pursuant to the Class B and Class E distribution plans are currently limited to payments at an annual rate equal to 0.25% and 0.15% of average daily net assets of the Portfolio attributable to its Class B and Class E Shares, respectively. Amounts incurred by the Portfolio for the six months ended June 30, 2014 are shown as Distribution and service fees in the Statement of Operations.

Under the terms of the Class B and Class E distribution plans and distribution agreements, the Portfolio is authorized to make payments monthly to the Distributor that may be used to pay or reimburse entities providing distribution and shareholder servicing with respect to the Class B and Class E Shares for such entities’ fees or expenses incurred.

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 Metropolitan Series Fund, 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, 2013 and 2012 were as follows:

Ordinary Income				Long-Term Capital Gain				Total
2013		2012		2013		2012		2013		2012
$	22,458,040	$	—	$	79,435,173	$	95,703,467	$	101,893,213	$	95,703,467

As of December 31, 2013, 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
$	24,296,397	$	171,497,817	$	691,598,526	$	—	$	887,392,740

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, 2013, the Portfolio had no 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 January 1, 2015, and interim periods within those fiscal years. Management is evaluating the impact, if any, of this guidance on the Portfolio’s financial statement disclosures.

MIST-18

Met Investors Series Trust

JPMorgan Core Bond Portfolio

Managed By J.P. Morgan Investment Management Inc.

Portfolio Manager Commentary*

PERFORMANCE

For the six month period ended June 30, 2014, the Class A and B shares of the JPMorgan Core Bond Portfolio returned 3.55% and 3.38%, respectively. The Portfolio’s benchmark, the Barclays U.S. Aggregate Bond Index¹, returned 3.93%.

MARKET ENVIRONMENT / CONDITIONS

The first six months of 2014 witnessed the continued ‘risk on’ trade as spread sectors grinded tighter, led by the Corporate sector returning to levels not seen since mid 2007. In the first quarter, concerns about an uneven U.S. economy, a slowdown in the emerging markets, and turmoil in Ukraine benefited U.S. Treasuries during most of the quarter, while emerging market equities and bonds suffered. The Federal Reserve’s initiation of its gradual retreat from quantitative easing led to a “liquidity squeeze” in those emerging market countries with weaker current account balances that had relied on the influx of global liquidity over the last few years and a flight to quality in U.S Treasuries. The Federal Open Market Committee (the “FOMC”) met twice in the second quarter, and largely confirmed market expectations, reducing asset purchases by $10 billion at each meeting to $35 billion beginning in July. The FOMC also revised their economic and rate expectations, downgrading 2014 gross domestic product (“GDP”) projections after a poor first quarter, shifting their unemployment rate forecast lower and marginally raising their inflation projections. Data released in the second quarter was stronger than the first quarter, an indication that the -2.1% drop in GDP growth was an aberration and not the beginning of a trend. Labor markets continued to show steady improvement, inflation appeared to have bottomed, and housing data rebounded after a soft six months.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Portfolio underperformed the Barclays U.S. Aggregate Bond Index during the first six months of the year.

Over the first six months of the year, the Portfolio’s duration (sensitivity to interest rate movement) and yield curve positioning was a net negative from performance, as the Portfolio remained overweight the belly of the curve (5-10 years), underweight the 20+ year bucket, and held a shorter duration posture versus the index. The ten-year Treasury moved from a high of 3.01% to start the year to a low of 2.44% at the end of May before settling at 2.53% at the end of the six month time period.

The Portfolio’s underweight in U.S. Treasury debt was a detractor to performance, as the ten-year Treasury moved lower during the first half of the year (as prices move lower, yields move higher). Within Treasuries, the 30-year bellwether was the best performer, posting performance of 13.77% during the first six months of the year in a near complete reversal of the negative performance experienced during all of 2013. The Portfolio maintained a shorter duration posture throughout the time period, which was a detractor to excess returns as rates fell across the longer end of the Treasury curve.

Driven by the market’s appetite for additional yield in this low rate environment, credit spreads continued to tighten throughout the quarter. Option Adjusted Spreads (OAS) on Corporate bonds tightened from 114 basis points at the end of 2013 to 99 basis points, a level not seen since mid 2007. The Portfolio’s underweight to Credit relative to the benchmark detracted from performance during the six month time period, especially in the lower-rated segment of Investment Grade Credit, despite strong security selection within the sector. Strong performance in the mortgage segment of the Portfolio helped to offset some of the negative relative performance from the Credit allocation. While both Non-Agency and Agency Collateralized Mortgage Obligations (“CMOs”) lagged the pass-through portion of the mortgage market, security selection within pass-through mortgages was strong and contributed to performance relative to the benchmark. Less than expected supply in the Agency mortgage market pushed spreads tighter for TBA (To Be Announced) mortgages and pass-through mortgages. The Portfolio’s allocation to both Asset-Backed Securities (“ABS”) and Commercial Mortgage-Backed Securities (“CMBS”) were positive contributors, as these sectors continued to see strong interest from market participants and the overweight relative to the benchmark worked in the Portfolio’s favor as spreads grinded tighter.

Portfolio activities during the reporting period were reflective of opportunities available in the marketplace. While the pace of corporate new issuance has slowed from the fevered pitch of 2013, there were still new opportunities in the marketplace during the quarter. New purchases were spread amongst the various sectors of the market but focused upon Government (40.5% of new purchases) and MBS (26.8%), with smaller allocations to Credit (12.4%), ABS (10.2%) and CMBS (10.0%). Government purchases were a blend

MIST-1

Met Investors Series Trust

JPMorgan Core Bond Portfolio

Managed By J.P. Morgan Investment Management Inc.

Portfolio Manager Commentary*—(Continued)

of Treasury strips and bonds, as well as some foreign government / sovereign debt (Mexico, Quebec, Petrobras). MBS purchases during the quarter were focused upon Agency CMOs, as well as pass-through securities, while ABS and CMBS purchases were mostly new issue bonds and select seasoned securities. Allocations at the end of the period were: Treasury 25.7%, Agency 2.1%, MBS 37.9%, ABS 6.2%, CMBS 5.4%, Credit 17.7%, and cash 5.0%.

Douglas Swanson

Peter Simons

Henry Song

Portfolio Managers

J.P. Morgan Investment Management 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 and 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 those of the subadvisory firm as of June 30, 2014 and 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 statements) 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 applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable annuity or insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

MIST-2

Met Investors Series Trust

JPMorgan Core Bond Portfolio

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

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2014

	6 Month		1 Year		5 Year		Since Inception2
JPMorgan Core Bond Portfolio
Class A		3.55		3.55		—		0.56
Class B		3.38		3.18		4.60		2.94
Barclays U.S. Aggregate Bond Index		3.93		4.37		4.85		4.90

¹ The 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 mortgagebacked securities.

² Inception dates of the Class A and Class B shares are 2/28/2013 and 4/28/2008, respectively. Class C shares were converted to Class B shares effective 1/7/2013. Index since inception return is based on the Class B 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 B 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 JUNE 30, 2014

Top Sectors

	% of Net Assets
U.S. Treasury & Government Agencies		62.7
Corporate Bonds & Notes		17.4
Asset-Backed Securities		7.2
Mortgage-Backed Securities		6.6
Foreign Government		0.6

MIST-3

Met Investors Series Trust

JPMorgan Core Bond Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

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, January 1, 2014 through June 30, 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.

JPMorgan Core Bond Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2014		Ending Account Value June 30, 2014		Expenses Paid During Period** January 1, 2014 to June 30, 2014
Class A(a)	Actual		0.44	%	$	1,000.00	$	1,035.50	$	2.22
	Hypothetical*		0.44	%	$	1,000.00	$	1,022.61	$	2.21
Class B(a)	Actual		0.69	%	$	1,000.00	$	1,033.80	$	3.48
	Hypothetical*		0.69	%	$	1,000.00	$	1,021.37	$	3.46

* 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 (181 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.

MIST-4

Met Investors Series Trust

JPMorgan Core Bond Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

U.S. Treasury & Government Agencies—62.7% of Net Assets

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage - Backed—35.6%
Fannie Mae 10 Yr. Pool 2.240%, 12/01/22		2,000,000	$	1,943,133
2.330%, 11/01/22		17,810,000		17,414,198
2.350%, 05/01/23		4,897,921		4,765,964
2.360%, 05/01/23		9,487,503		9,229,880
2.420%, 05/01/23		5,900,514		5,761,407
2.420%, 06/01/23		4,913,800		4,797,853
2.450%, 11/01/22		3,000,000		2,958,750
2.460%, 02/01/23		1,456,919		1,434,903
2.500%, 04/01/23		2,000,000		1,951,503
2.510%, 06/01/23		3,928,028		3,862,038
2.520%, 05/01/23		25,000,000		24,188,965
2.530%, 05/01/23		4,283,321		4,219,210
2.540%, 05/01/23		5,000,000		4,929,068
2.640%, 04/01/23		1,967,593		1,958,344
2.640%, 05/01/23		2,361,592		2,349,545
2.700%, 05/01/23		5,000,000		4,896,823
2.720%, 03/01/23		3,236,899		3,244,288
2.740%, 06/01/23		3,000,000		3,005,158
2.900%, 06/01/22		7,714,432		7,884,469
2.980%, 07/01/22		2,000,000		2,053,396
3.000%, 05/01/22		3,500,000		3,601,639
3.200%, 11/01/20		10,820,827		11,359,604
3.440%, 11/01/21		4,106,751		4,340,828
3.490%, 09/01/23		4,000,000		4,206,452
3.670%, 07/01/23		2,500,000		2,652,861
3.730%, 07/01/22		5,970,881		6,418,166
3.760%, 10/01/23		1,500,000		1,604,671
3.760%, 11/01/23		1,100,000		1,176,558
4.260%, 12/01/19		2,810,211		3,106,318
4.500%, 07/01/21		1,315,943		1,398,207
4.770%, 06/01/19		3,623,478		4,062,797
Fannie Mae 15 Yr. Pool 3.500%, 08/01/26		1,136,713		1,195,336
Fannie Mae 20 Yr. Pool 3.500%, 02/01/33		6,173,543		6,429,435
3.500%, 05/01/33		7,429,194		7,736,426
4.000%, 02/01/31		3,411,058		3,669,498
4.000%, 10/01/32		2,397,639		2,561,497
4.500%, 10/01/30		885,437		968,541
5.000%, 11/01/29		2,091,921		2,329,481
6.000%, 02/01/28		514,948		581,995
6.000%, 07/01/28		707,494		800,281
Fannie Mae 30 Yr. Pool 3.000%, 01/01/43		5,826,439		5,729,878
3.500%, 07/01/42		2,923,167		3,013,740
3.500%, 08/01/42		1,870,502		1,928,459
3.500%, 12/01/42		8,057,123		8,236,721
3.500%, 01/01/43		3,793,147		3,910,676
3.500%, 03/01/43		19,083,743		19,592,534
3.500%, 05/01/43		31,553,516		32,257,048
3.500%, 06/01/43		7,741,773		7,912,416
3.500%, 07/01/43		4,554,856		4,655,319
3.500%, 08/01/43		10,194,511		10,419,417
4.000%, 12/01/40		1,119,243		1,190,051
4.000%, 07/01/42		4,525,760		4,781,353
Agency Sponsored Mortgage - Backed—(Continued)
Fannie Mae 30 Yr. Pool 4.500%, 02/01/40		1,011,070		1,105,024
5.000%, 09/01/35		2,592,021		2,884,298
6.000%, 12/01/39		1,067,719		1,202,995
Fannie Mae ARM Pool 0.430%, 06/25/24 (a)		5,000,000		5,009,375
0.481%, 05/01/23 (a)		20,842,268		21,033,124
0.520%, 05/01/24 (a)		2,733,000		2,733,277
0.531%, 02/01/23 (a)		5,000,000		4,997,448
0.611%, 11/01/23 (a)		4,946,209		4,987,462
0.631%, 08/01/23 (a)		5,000,000		5,040,285
0.851%, 01/01/21 (a)		971,587		983,476
Fannie Mae Benchmark REMIC (CMO) 5.500%, 06/25/37		2,065,073		2,350,974
Fannie Mae Interest Strip (CMO) 4.500%, 11/25/20 (b)		1,243,868		89,619
Fannie Mae Pool 1.735%, 05/01/20		15,000,000		14,653,751
1.750%, 06/01/20		7,408,786		7,267,340
1.800%, 02/01/20		3,061,729		3,021,421
1.810%, 01/01/20		4,385,523		4,335,395
2.010%, 07/01/19		3,000,000		3,026,987
2.010%, 06/01/20		12,541,000		12,552,885
2.680%, 04/01/19		997,165		1,037,133
2.703%, 04/01/23		2,456,807		2,465,523
3.050%, 04/01/22		3,473,174		3,573,214
3.430%, 10/01/23		12,133,000		12,690,098
3.558%, 01/01/21		12,909,991		13,835,508
3.560%, 03/01/24		7,400,000		7,797,026
3.743%, 06/01/18		1,911,925		2,068,437
3.770%, 12/01/20		2,368,972		2,560,915
3.804%, 05/01/22		9,427,895		10,119,578
3.970%, 07/01/21		4,818,907		5,268,386
3.990%, 12/01/20		2,791,113		2,999,216
4.330%, 04/01/20		3,950,821		4,387,583
4.380%, 04/01/21		3,222,593		3,600,283
5.936%, 10/01/17		4,175,078		4,675,382
Fannie Mae REMICS (CMO)
Zero Coupon, 09/25/43 (c)		2,882,743		2,184,869
Zero Coupon, 10/25/43 (c)		1,434,080		1,116,159
Zero Coupon, 12/25/43 (c)		3,386,422		2,553,431
0.502%, 03/25/43 (a)		2,728,532		2,693,132
0.630%, 03/25/27 (a)		957,784		944,134
0.652%, 05/25/35 (a)		5,265,089		5,238,785
0.652%, 10/25/42 (a)		1,805,443		1,799,163
0.752%, 10/25/43 (a)		3,272,766		3,288,397
0.752%, 12/25/43 (a)		4,039,108		4,055,963
1.052%, 03/25/38 (a)		1,094,058		1,107,052
1.152%, 08/25/32 (a)		1,723,612		1,773,226
3.000%, 05/25/26		5,908,549		5,873,742
3.500%, 07/25/24		3,038,744		3,183,823
3.500%, 02/25/43		9,151,337		9,336,158
3.500%, 03/25/43		5,528,016		5,764,991
4.500%, 07/25/38		521,018		538,159
5.000%, 03/25/40		13,200,000		14,359,184
6.000%, 01/25/36		1,247,144		1,286,963
6.378%, 01/25/41 (a) (b)		8,940,515		1,881,536
6.500%, 07/18/28		341,026		388,772

See accompanying notes to financial statements.

MIST-5

Met Investors Series Trust

JPMorgan Core Bond Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

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

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage - Backed—(Continued)
Fannie Mae-ACES 0.442%, 12/25/17 (a)		1,687,000	$	1,686,555
0.502%, 01/25/17 (a)		1,691,799		1,694,476
2.034%, 03/25/19		9,091,000		9,221,874
2.207%, 01/25/22		10,000,000		9,733,830
2.280%, 12/27/22		9,391,000		9,075,237
2.389%, 01/25/23 (a)		3,000,000		2,919,573
3.346%, 03/25/24 (a)		2,500,000		2,594,085
3.501%, 01/25/24 (a)		2,500,000		2,626,390
Freddie Mac 15 Yr. Gold Pool 3.500%, 05/01/26		1,302,359		1,378,126
Freddie Mac 20 Yr. Gold Pool 3.500%, 03/01/32		2,521,625		2,636,800
Freddie Mac 30 Yr. Gold Pool 3.500%, 08/01/42		5,927,589		6,100,759
3.500%, 10/01/42		5,284,257		5,438,633
3.500%, 11/01/42		6,987,958		7,192,107
3.500%, 04/01/43		3,045,850		3,134,833
4.000%, 08/01/42		9,697,104		10,286,916
4.000%, 05/01/43		1,343,310		1,425,045
4.000%, 06/01/43		1,297,722		1,377,322
4.000%, 08/01/43		8,901,197		9,446,321
5.000%, 08/01/39		2,598,907		2,909,449
6.000%, 12/01/39		1,388,777		1,560,692
Freddie Mac ARM Non-Gold Pool 4.006%, 07/01/40 (a)		6,173,259		6,578,426
Freddie Mac Gold Pool 3.500%, 12/01/32		8,007,566		8,326,608
3.500%, 01/01/33		11,210,996		11,657,160
3.500%, 02/01/33		14,775,081		15,364,291
3.500%, 03/01/33		10,346,246		10,758,610
3.500%, 04/01/33		13,069,456		13,590,724
3.500%, 05/01/33		4,853,533		5,047,267
3.500%, 06/01/43		4,757,478		4,856,049
4.000%, 09/01/32		2,462,831		2,641,263
4.000%, 11/01/32		5,892,045		6,304,376
4.000%, 12/01/32		2,931,013		3,136,141
4.000%, 01/01/33		1,335,431		1,428,758
4.000%, 02/01/33		1,216,662		1,301,687
5.000%, 02/01/34		889,238		970,565
Freddie Mac Multifamily Structured Pass-Through Certificates 2.522%, 01/25/23		2,085,000		2,060,795
2.615%, 01/25/23		2,775,000		2,734,643
3.320%, 02/25/23 (a)		4,346,000		4,534,490
3.389%, 03/25/24		5,714,000		5,960,742
Freddie Mac REMICS (CMO) 0.502%, 02/15/43 (a)		2,717,110		2,664,211
0.602%, 01/15/41 (a)		748,980		753,280
0.602%, 08/15/42 (a)		8,612,946		8,598,666
0.652%, 08/15/43 (a)		8,356,205		8,396,816
0.852%, 03/15/24 (a)		1,181,670		1,199,316
1.502%, 03/15/38 (a)		600,000		623,207
3.000%, 02/15/26		1,915,000		1,931,249
3.500%, 12/15/25		1,000,000		1,021,867
3.500%, 12/15/29		1,432,591		1,490,672
Agency Sponsored Mortgage - Backed—(Continued)
Freddie Mac REMICS (CMO) 3.500%, 08/15/39		4,717,312		4,901,651
3.500%, 01/15/42		235,889		237,060
3.500%, 06/15/48		10,205,413		10,569,481
4.500%, 03/15/40		1,000,000		1,070,850
5.000%, 05/15/22		13,709,872		14,178,845
5.000%, 10/15/34		2,612,732		2,712,450
5.000%, 08/15/35		1,650,000		1,822,267
5.500%, 08/15/39		5,060,139		5,601,579
5.750%, 06/15/35		11,458,858		12,308,191
6.000%, 07/15/35		11,379,630		12,589,433
6.000%, 03/15/36		2,457,714		2,985,385
6.218%, 10/15/37 (a) (b)		8,584,525		1,376,952
6.248%, 11/15/36 (a) (b)		5,605,429		810,478
6.500%, 05/15/28		879,963		1,003,115
6.500%, 03/15/37		1,583,585		1,796,975
Freddie Mac Strips (CMO) Zero Coupon, 09/15/43 (c)		1,455,985		1,073,145
0.602%, 09/15/42 (a)		9,396,240		9,376,830
0.652%, 08/15/42 (a)		5,441,523		5,442,943
0.652%, 10/15/42 (a)		1,358,188		1,357,533
3.000%, 01/15/43		9,243,069		9,183,281
3.000%, 01/15/44		10,821,755		10,735,932
Ginnie Mae II ARM Pool 3.500%, 04/20/41 (a)		1,646,806		1,730,837
Ginnie Mae II Pool 4.375%, 06/20/63		10,182,795		11,218,171
4.433%, 05/20/63		15,819,156		17,463,319
4.462%, 05/20/63		10,228,429		11,299,622
4.479%, 04/20/63		5,146,901		5,687,357
Government National Mortgage Association (CMO) 0.452%, 08/20/60 (a)		1,185,864		1,184,263
0.452%, 11/20/62 (a)		766,345		765,233
0.492%, 12/20/62 (a)		3,097,075		3,066,293
0.552%, 02/20/62 (a)		9,748,660		9,733,510
0.562%, 03/20/63 (a)		953,113		945,445
0.572%, 02/20/63 (a)		2,479,591		2,456,268
0.602%, 02/20/63 (a)		9,141,265		9,087,149
0.622%, 03/20/63 (a)		4,608,250		4,585,407
0.632%, 04/20/63 (a)		9,526,957		9,483,610
0.649%, 06/20/64 (a)		7,000,000		6,965,000
0.652%, 01/20/63 (a)		4,528,192		4,528,151
0.652%, 04/20/63 (a)		9,254,148		9,208,460
0.653%, 09/20/37 (a)		594,139		597,236
0.702%, 04/20/62 (a)		972,142		973,485
0.752%, 04/20/64 (a)		17,494,677		17,510,574
0.752%, 05/20/64 (a)		11,979,487		11,950,162
0.802%, 07/20/63 (a)		7,809,500		7,835,724
0.802%, 01/20/64 (a)		1,783,000		1,789,952
0.802%, 02/20/64 (a)		6,072,636		6,096,106
0.802%, 03/20/64 (a)		2,412,712		2,420,606
0.842%, 02/20/64 (a)		2,995,311		3,014,322
0.852%, 09/20/63 (a)		4,930,328		4,960,067
0.902%, 09/20/63 (a)		5,031,886		5,074,476
1.650%, 02/20/63		17,098,901		16,995,966

See accompanying notes to financial statements.

MIST-6

Met Investors Series Trust

JPMorgan Core Bond Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

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

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage - Backed—(Continued)
Government National Mortgage Association (CMO) 1.650%, 04/20/63		9,909,816	$	9,839,774
1.750%, 03/20/63		2,485,316		2,477,928
2.000%, 06/20/62		3,711,990		3,766,107
3.500%, 05/20/35		430,130		441,111
4.000%, 03/16/25		1,279,972		1,356,456
4.000%, 02/20/37		434,278		448,831
4.500%, 01/16/25		1,068,733		1,195,938
4.500%, 08/20/33		957,552		979,650
4.500%, 08/20/34		357,272		360,297
4.500%, 06/20/36		568,076		590,595
4.521%, 04/20/43 (a)		3,096,846		3,330,394
4.714%, 11/20/42 (a)		13,448,263		14,581,696
5.000%, 12/20/33		2,000,000		2,185,176
5.000%, 09/20/38		5,741,715		6,302,449
5.000%, 06/16/39		1,471,385		1,639,097
5.000%, 07/20/39		5,112,134		5,664,807
5.000%, 10/20/39		3,454,852		3,802,828
5.234%, 06/20/40 (a)		6,653,093		7,265,930
5.500%, 02/20/33		411,528		437,180
5.500%, 07/16/33 (b)		1,820,419		354,448
5.500%, 06/20/36		561,484		580,371
				1,124,131,267
Federal Agencies—1.5%
Residual Funding Corp. Principal Strip Zero Coupon, 07/15/20		42,209,000		36,991,461
Tennessee Valley Authority 1.750%, 10/15/18		850,000		856,852
5.250%, 09/15/39		600,000		728,123
5.880%, 04/01/36		1,000,000		1,293,560
6.235%, 07/15/45		4,250,000		4,871,154
Tennessee Valley Authority Principal Strip Zero Coupon, 11/01/25		1,000,000		672,148
Zero Coupon, 06/15/35		750,000		315,362
				45,728,660
U.S. Treasury—25.6%
U.S. Treasury Bonds 4.250%, 05/15/39		200,000		234,844
4.375%, 02/15/38		18,100,000		21,609,699
4.500%, 05/15/38		1,000,000		1,215,938
4.750%, 02/15/37		2,000,000		2,514,062
5.000%, 05/15/37		21,550,000		27,974,594
5.250%, 11/15/28		13,000,000		16,652,194
5.250%, 02/15/29		500,000		640,938
5.375%, 02/15/31		13,000,000		17,068,597
5.500%, 08/15/28		3,000,000		3,924,375
6.125%, 08/15/29		5,000,000		6,978,905
U.S. Treasury Coupon Strips Zero Coupon, 02/15/18		5,000,000		4,784,805
Zero Coupon, 05/15/18		6,000,000		5,705,382
Zero Coupon, 08/15/19		16,000,000		14,629,632
Zero Coupon, 05/15/20		2,475,000		2,205,742
U.S. Treasury—(Continued)
U.S. Treasury Coupon Strips Zero Coupon, 02/15/21		25,050,000		21,741,972
Zero Coupon, 05/15/21		15,000,000		12,897,135
Zero Coupon, 08/15/21		2,500,000		2,129,758
Zero Coupon, 11/15/21		22,000,000		18,545,450
Zero Coupon, 02/15/22		3,975,000		3,320,162
Zero Coupon, 05/15/22		7,000,000		5,794,866
Zero Coupon, 08/15/22		1,000,000		820,109
Zero Coupon, 02/15/23		7,300,000		5,865,762
Zero Coupon, 05/15/23		54,400,000		43,325,792
Zero Coupon, 08/15/27		400,000		268,444
Zero Coupon, 11/15/27		600,000		398,225
Zero Coupon, 02/15/30		800,000		482,946
Zero Coupon, 05/15/30		700,000		418,160
Zero Coupon, 11/15/30		2,400,000		1,404,374
Zero Coupon, 02/15/31		2,800,000		1,623,252
Zero Coupon, 05/15/31		10,500,000		6,024,375
Zero Coupon, 11/15/31		3,000,000		1,687,512
Zero Coupon, 02/15/32		9,900,000		5,512,459
Zero Coupon, 05/15/32		10,700,000		5,902,280
Zero Coupon, 08/15/32		900,000		491,298
Zero Coupon, 11/15/33		9,000,000		4,683,771
Zero Coupon, 05/15/35		4,000,000		1,963,444
U.S. Treasury Notes 0.250%, 01/15/15		10,500,000		10,509,849
0.375%, 04/30/16		18,000,000		17,994,384
0.750%, 12/31/17		10,000,000		9,873,440
0.750%, 02/28/18		13,000,000		12,795,861
0.875%, 11/30/16		20,000,000		20,123,440
0.875%, 01/31/18		15,000,000		14,855,865
1.000%, 08/31/19		25,000,000		24,148,450
1.250%, 10/31/18		3,000,000		2,976,798
1.250%, 02/29/20		11,000,000		10,666,568
1.375%, 11/30/18		10,000,000		9,971,880
1.375%, 01/31/20		8,000,000		7,822,496
1.500%, 08/31/18		33,000,000		33,172,722
1.750%, 05/15/22		2,500,000		2,406,445
2.000%, 11/30/20		28,000,000		27,984,684
2.125%, 08/31/20		38,500,000		38,897,012
2.125%, 01/31/21		2,000,000		2,009,844
2.125%, 08/15/21		41,000,000		40,974,375
2.375%, 10/31/14		9,000,000		9,068,202
2.500%, 04/30/15		6,000,000		6,119,766
2.625%, 01/31/18		14,000,000		14,732,816
2.625%, 08/15/20		13,000,000		13,528,125
2.625%, 11/15/20		19,000,000		19,736,250
3.125%, 04/30/17		10,000,000		10,646,880
3.125%, 05/15/21		27,000,000		28,824,606
3.250%, 05/31/16		8,000,000		8,433,752
3.500%, 02/15/18		20,000,000		21,664,060
3.625%, 02/15/21		44,000,000		48,427,500
4.500%, 02/15/16		23,000,000		24,562,390
5.125%, 05/15/16		40,000,000		43,521,880
				807,891,593
Total U.S. Treasury & Government Agencies (Cost $2,015,585,709)				1,977,751,520

See accompanying notes to financial statements.

MIST-7

Met Investors Series Trust

JPMorgan Core Bond Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Corporate Bonds & Notes—17.4%

Security Description	Principal Amount*		Value
Aerospace/Defense—0.1%
BAE Systems plc 4.750%, 10/11/21 (144A)		1,000,000	$	1,085,881
EADS Finance B.V. 2.700%, 04/17/23 (144A)		249,000		239,780
Northrop Grumman Corp. 1.750%, 06/01/18		418,000		415,962
Northrop Grumman Systems Corp. 7.750%, 02/15/31		350,000		482,096
United Technologies Corp. 7.500%, 09/15/29		1,568,000		2,231,719
				4,455,438
Agriculture—0.1%
Bunge N.A. Finance L.P. 5.900%, 04/01/17		247,000		274,088
Bunge, Ltd. Finance Corp. 8.500%, 06/15/19		1,084,000		1,362,179
Cargill, Inc. 7.350%, 03/06/19 (144A)		1,055,000		1,271,244
				2,907,511
Airlines—0.1%
Air Canada Pass-Through Trust 4.125%, 05/15/25 (144A)		378,747		383,481
American Airlines Pass-Through Trust 4.950%, 01/15/13 (144A)		1,252,787		1,356,142
United Airlines Pass-Through Trust
4.300%, 08/15/25		534,000		550,020
				2,289,643
Auto Manufacturers—0.2%
Daimler Finance North America LLC 1.875%, 01/11/18 (144A)		328,000		330,970
2.250%, 07/31/19 (144A)		2,300,000		2,318,770
2.375%, 08/01/18 (144A)		378,000		387,193
2.875%, 03/10/21 (144A)		500,000		504,209
Nissan Motor Acceptance Corp. 1.800%, 03/15/18 (144A)		789,000		789,283
2.650%, 09/26/18 (144A)		300,000		307,877
PACCAR Financial Corp. 0.800%, 02/08/16		117,000		117,513
Toyota Motor Credit Corp. 2.000%, 10/24/18		1,046,000		1,057,688
				5,813,503
Auto Parts & Equipment—0.0%
Johnson Controls, Inc. 3.625%, 07/02/24		277,000		278,220
4.950%, 07/02/64		87,000		88,132
5.000%, 03/30/20		635,000		706,857
				1,073,209
Banks—4.7%
ABN AMRO Bank NV 2.500%, 10/30/18 (144A)		1,160,000		1,177,017
American Express Bank FSB 6.000%, 09/13/17		1,800,000		2,057,044
American Express Centurion Bank 5.950%, 06/12/17		250,000		283,353
Bank of America Corp. 2.000%, 01/11/18		2,450,000		2,465,810
2.600%, 01/15/19		1,010,000		1,021,881
2.650%, 04/01/19		1,300,000		1,317,680
3.300%, 01/11/23		971,000		957,072
4.125%, 01/22/24		1,780,000		1,835,168
5.625%, 07/01/20		2,320,000		2,669,007
5.875%, 01/05/21		2,500,000		2,924,895
6.000%, 09/01/17		360,000		406,705
6.050%, 05/16/16		2,494,000		2,712,641
6.400%, 08/28/17		1,276,000		1,457,548
6.500%, 07/15/18		997,000		1,160,662
Bank of Montreal 2.375%, 01/25/19		797,000		809,982
2.550%, 11/06/22		500,000		483,998
Bank of New York Mellon Corp. (The) 2.100%, 01/15/19		1,052,000		1,058,269
2.200%, 05/15/19		354,000		355,929
4.150%, 02/01/21		670,000		731,769
5.450%, 05/15/19		278,000		320,334
Bank of Nova Scotia 2.550%, 01/12/17		300,000		311,324
4.375%, 01/13/21		500,000		554,359
Bank of Tokyo-Mitsubishi UFJ, Ltd. (The) 2.700%, 09/09/18 (144A)		2,000,000		2,061,170
4.100%, 09/09/23 (144A)		1,114,000		1,188,071
Banque Federative du Credit Mutuel S.A. 1.700%, 01/20/17 (144A)		1,600,000		1,613,274
Barclays Bank plc 2.250%, 05/10/17 (144A)		1,000,000		1,030,790
3.750%, 05/15/24		324,000		325,158
5.125%, 01/08/20		1,080,000		1,220,719
BB&T Corp. 2.050%, 06/19/18		833,000		842,168
2.150%, 03/22/17		485,000		496,390
2.250%, 02/01/19		300,000		303,734
6.850%, 04/30/19		525,000		637,828
BNZ International Funding, Ltd. 2.350%, 03/04/19 (144A)		842,000		845,343
Canadian Imperial Bank of Commerce 1.550%, 01/23/18		330,000		329,974
Capital One Financial Corp. 2.450%, 04/24/19		176,000		177,651
4.750%, 07/15/21		907,000		1,009,030
5.250%, 02/21/17		170,000		187,086
Capital One N.A. 1.500%, 03/22/18		500,000		495,338
Citigroup, Inc. 1.250%, 01/15/16		3,000,000		3,018,069
2.550%, 04/08/19		1,350,000		1,360,557

See accompanying notes to financial statements.

MIST-8

Met Investors Series Trust

JPMorgan Core Bond Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Banks—(Continued)
Citigroup, Inc. 3.375%, 03/01/23		231,000	$	230,116
3.500%, 05/15/23		1,100,000		1,070,791
3.750%, 06/16/24		629,000		630,756
5.375%, 08/09/20		350,000		401,079
5.500%, 09/13/25		692,000		771,905
6.125%, 05/15/18		1,000,000		1,152,121
8.500%, 05/22/19		4,138,000		5,289,154
Credit Suisse 4.375%, 08/05/20		1,000,000		1,092,917
5.300%, 08/13/19		300,000		343,185
Deutsche Bank AG 2.500%, 02/13/19		900,000		917,524
3.700%, 05/30/24		667,000		667,203
6.000%, 09/01/17		200,000		227,332
Discover Bank 4.200%, 08/08/23		493,000		520,226
Fifth Third Bancorp 8.250%, 03/01/38		500,000		735,831
Fifth Third Bank 1.450%, 02/28/18		500,000		498,321
2.375%, 04/25/19		650,000		658,441
Goldman Sachs Group, Inc. (The) 1.600%, 11/23/15		420,000		424,358
2.625%, 01/31/19		764,000		774,384
3.625%, 01/22/23		300,000		301,290
3.850%, 07/08/24		1,447,000		1,445,090
4.000%, 03/03/24		412,000		419,399
5.375%, 03/15/20		1,650,000		1,869,082
5.750%, 01/24/22		1,000,000		1,157,184
5.950%, 01/18/18		1,425,000		1,618,871
5.950%, 01/15/27		1,000,000		1,139,172
6.250%, 09/01/17		1,475,000		1,679,223
7.500%, 02/15/19		3,000,000		3,661,068
HSBC Bank plc 1.500%, 05/15/18 (144A)		1,821,000		1,806,752
3.500%, 06/28/15 (144A)		1,550,000		1,596,993
4.125%, 08/12/20 (144A)		2,002,000		2,166,927
4.750%, 01/19/21 (144A)		800,000		891,874
HSBC USA, Inc. 1.625%, 01/16/18		500,000		501,120
ING Bank NV 1.375%, 03/07/16 (144A)		500,000		505,927
3.750%, 03/07/17 (144A)		1,000,000		1,063,670
KeyCorp 5.100%, 03/24/21		896,000		1,015,261
Macquarie Bank, Ltd. 2.000%, 08/15/16 (144A)		1,008,000		1,026,307
2.600%, 06/24/19 (144A)		699,000		703,418
5.000%, 02/22/17 (144A)		1,500,000		1,634,700
Manufacturers & Traders Trust Co. 6.625%, 12/04/17		970,000		1,128,676
Morgan Stanley 1.750%, 02/25/16		107,000		108,520
5.000%, 11/24/25		1,269,000		1,353,475
5.500%, 01/26/20		2,930,000		3,353,584
Banks—(Continued)
Morgan Stanley 5.625%, 09/23/19		3,030,000		3,485,133
5.750%, 10/18/16		2,757,000		3,040,373
5.750%, 01/25/21		2,500,000		2,904,062
Nordea Bank AB 1.625%, 05/15/18 (144A)		1,400,000		1,392,968
4.875%, 01/27/20 (144A)		1,000,000		1,125,691
Northern Trust Corp. 3.375%, 08/23/21		887,000		930,561
PNC Funding Corp. 5.125%, 02/08/20		800,000		913,818
6.700%, 06/10/19		1,300,000		1,572,533
Rabobank Nederland 3.375%, 01/19/17		1,230,000		1,302,518
3.875%, 02/08/22		700,000		741,515
3.950%, 11/09/22		872,000		886,500
Royal Bank of Canada 1.200%, 09/19/17		1,000,000		997,437
2.000%, 10/01/18		2,092,000		2,119,654
2.200%, 07/27/18		705,000		719,926
2.300%, 07/20/16		275,000		283,857
Skandinaviska Enskilda Banken AB 1.750%, 03/19/18 (144A)		402,000		401,558
Stadshypotek AB 1.875%, 10/02/19 (144A)		1,500,000		1,481,986
Standard Chartered Bank 6.400%, 09/26/17 (144A)		1,100,000		1,245,490
Standard Chartered plc 5.200%, 01/26/24 (144A)		1,000,000		1,066,508
State Street Corp. 3.100%, 05/15/23		407,000		399,670
3.700%, 11/20/23		1,608,000		1,667,906
SunTrust Banks, Inc. 2.750%, 05/01/23		2,000,000		1,919,868
3.500%, 01/20/17		310,000		328,222
Toronto-Dominion Bank (The) 1.400%, 04/30/18		1,450,000		1,437,939
2.500%, 07/14/16		300,000		310,703
U.S. Bancorp 1.950%, 11/15/18		940,000		946,189
2.200%, 04/25/19		600,000		605,519
4.125%, 05/24/21		635,000		690,337
UBS AG 5.750%, 04/25/18		917,000		1,051,378
5.875%, 12/20/17		900,000		1,027,942
Wachovia Corp. 5.750%, 02/01/18		2,800,000		3,205,426
Wells Fargo & Co. 2.150%, 01/15/19		179,000		180,623
3.000%, 01/22/21		1,900,000		1,938,471
4.100%, 06/03/26		1,291,000		1,307,265
4.600%, 04/01/21		3,970,000		4,417,610
5.375%, 11/02/43		1,005,000		1,105,539
Wells Fargo Bank N.A. 6.000%, 11/15/17		2,491,000		2,853,946

See accompanying notes to financial statements.

MIST-9

Met Investors Series Trust

JPMorgan Core Bond Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Banks—(Continued)
Westpac Banking Corp. 1.375%, 05/30/18 (144A)		2,000,000	$	1,981,208
				146,755,873
Beverages—0.2%
Anheuser-Busch InBev Finance, Inc. 1.250%, 01/17/18		310,000		307,764
3.700%, 02/01/24		1,000,000		1,026,305
Anheuser-Busch InBev Worldwide, Inc. 2.500%, 07/15/22		950,000		910,324
Beam Suntory, Inc. 3.250%, 05/15/22		760,000		751,341
Coca-Cola Co. (The) 1.150%, 04/01/18		182,000		180,214
Heineken NV 3.400%, 04/01/22 (144A)		1,339,000		1,352,974
PepsiCo, Inc. 0.437%, 02/26/16 (a)		182,000		182,186
SABMiller Holdings, Inc. 3.750%, 01/15/22 (144A)		1,700,000		1,760,290
				6,471,398
Biotechnology—0.2%
Amgen, Inc. 3.625%, 05/22/24		873,000		880,721
4.500%, 03/15/20		100,000		108,352
5.700%, 02/01/19		100,000		115,691
6.375%, 06/01/37		2,116,000		2,620,245
Celgene Corp. 3.250%, 08/15/22		250,000		249,446
3.625%, 05/15/24		455,000		456,063
3.950%, 10/15/20		500,000		527,314
Gilead Sciences, Inc. 3.700%, 04/01/24		600,000		615,661
4.400%, 12/01/21		630,000		691,744
				6,265,237
Building Materials—0.0%
CRH America, Inc. 6.000%, 09/30/16		404,000		448,243
Chemicals—0.4%
Dow Chemical Co. (The) 4.250%, 11/15/20		212,000		230,463
7.375%, 11/01/29		1,000,000		1,332,267
8.850%, 09/15/21		640,000		833,582
Ecolab, Inc. 4.350%, 12/08/21		700,000		767,593
EI du Pont de Nemours & Co. 4.150%, 02/15/43		107,000		104,373
Monsanto Co. 2.750%, 07/15/21		647,000		646,748
3.375%, 07/15/24		500,000		503,305
4.200%, 07/15/34		159,000		160,475
4.700%, 07/15/64		133,000		133,514
Chemicals—(Continued)
Mosaic Co. (The) 3.750%, 11/15/21		1,520,000		1,580,920
4.250%, 11/15/23		460,000		485,602
5.450%, 11/15/33		1,163,000		1,303,183
Potash Corp. of Saskatchewan, Inc. 3.250%, 12/01/17		100,000		105,545
PPG Industries, Inc. 7.400%, 08/15/19		1,220,000		1,488,504
7.700%, 03/15/38		220,000		312,509
Praxair, Inc. 1.250%, 11/07/18		900,000		880,693
Rohm & Haas Co. 6.000%, 09/15/17		68,000		76,859
7.850%, 07/15/29		418,000		577,291
				11,523,426
Commercial Services—0.1%
ADT Corp. (The) 4.125%, 06/15/23		625,000		576,563
4.875%, 07/15/42		420,000		350,700
ERAC USA Finance LLC 3.850%, 11/15/24 (144A)		925,000		931,851
4.500%, 08/16/21 (144A)		1,740,000		1,893,097
7.000%, 10/15/37 (144A)		500,000		655,175
				4,407,386
Computers—0.4%
Apple, Inc. 0.473%, 05/03/18 (a)		1,100,000		1,100,033
2.400%, 05/03/23		1,679,000		1,586,133
2.850%, 05/06/21		1,569,000		1,582,517
EMC Corp. 2.650%, 06/01/20		1,939,000		1,954,867
3.375%, 06/01/23		510,000		516,090
Hewlett-Packard Co. 4.375%, 09/15/21		605,000		648,717
HP Enterprise Services LLC 7.450%, 10/15/29		700,000		859,053
International Business Machines Corp. 1.625%, 05/15/20		3,420,000		3,295,789
3.375%, 08/01/23		650,000		657,558
				12,200,757
Distribution/Wholesale—0.0%
Arrow Electronics, Inc. 3.000%, 03/01/18		49,000		50,661
6.000%, 04/01/20		536,000		600,453
6.875%, 06/01/18		300,000		347,307
7.500%, 01/15/27		300,000		370,294
				1,368,715
Diversified Financial Services—1.5%
American Express Co. 1.550%, 05/22/18		700,000		697,772

See accompanying notes to financial statements.

MIST-10

Met Investors Series Trust

JPMorgan Core Bond Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Diversified Financial Services—(Continued)
American Express Credit Corp. 2.125%, 07/27/18		231,000	$	234,709
American Honda Finance Corp. 1.600%, 02/16/18 (144A)		219,000		219,694
2.125%, 02/28/17 (144A)		1,300,000		1,333,649
2.125%, 10/10/18		377,000		382,981
Ameriprise Financial, Inc. 4.000%, 10/15/23		1,380,000		1,454,839
Blackstone Holdings Finance Co. LLC 6.625%, 08/15/19 (144A)		1,200,000		1,432,620
Capital One Bank USA N.A. 3.375%, 02/15/23		600,000		595,947
8.800%, 07/15/19		300,000		388,749
Caterpillar Financial Services Corp. 1.300%, 03/01/18		500,000		494,158
CDP Financial, Inc. 4.400%, 11/25/19 (144A)		600,000		667,327
Ford Motor Credit Co. LLC 1.474%, 05/09/16 (a)		840,000		852,381
1.500%, 01/17/17		678,000		681,686
2.375%, 03/12/19		1,250,000		1,256,068
2.875%, 10/01/18		719,000		744,195
3.000%, 06/12/17		400,000		417,300
4.250%, 02/03/17		1,200,000		1,288,723
4.375%, 08/06/23		900,000		961,136
General Electric Capital Corp. 1.500%, 07/12/16		1,050,000		1,065,085
4.375%, 09/16/20		3,500,000		3,865,480
5.400%, 02/15/17		2,000,000		2,220,292
5.500%, 01/08/20		2,150,000		2,492,297
5.625%, 09/15/17		1,000,000		1,132,026
6.000%, 08/07/19		2,350,000		2,783,688
6.750%, 03/15/32		1,800,000		2,374,486
IntercontinentalExchange Group, Inc. 2.500%, 10/15/18		931,000		952,342
4.000%, 10/15/23		716,000		754,829
Invesco Finance plc 4.000%, 01/30/24		500,000		522,407
Jefferies Group LLC 5.125%, 01/20/23		300,000		321,620
6.875%, 04/15/21		475,000		555,337
John Deere Capital Corp. 1.050%, 10/11/16		663,000		666,213
Macquarie Group, Ltd. 6.000%, 01/14/20 (144A)		1,572,000		1,780,821
MassMutual Global Funding II 2.100%, 08/02/18 (144A)		764,000		770,882
5.250%, 07/31/18 (144A)		880,000		981,945
Murray Street Investment Trust I 4.647%, 03/09/17 (d)		1,600,000		1,729,251
Private Export Funding Corp. 2.800%, 05/15/22		1,000,000		1,019,205
3.550%, 01/15/24		7,383,000		7,739,267
Toyota Motor Credit Corp. 1.375%, 01/10/18		700,000		700,848
Diversified Financial Services—(Continued)
Toyota Motor Credit Corp. 1.750%, 05/22/17		500,000		509,613
				49,041,868
Electric—1.4%
Alabama Power Co. 3.550%, 12/01/23		461,000		477,583
Arizona Public Service Co. 3.350%, 06/15/24		696,000		701,517
4.500%, 04/01/42		200,000		208,767
Baltimore Gas & Electric Co. 5.200%, 06/15/33		1,510,000		1,678,688
Berkshire Hathaway Energy Co. 1.100%, 05/15/17		460,000		458,124
3.750%, 11/15/23		1,736,000		1,788,417
CenterPoint Energy Houston Electric LLC 2.250%, 08/01/22		950,000		912,717
Cleveland Electric Illuminating Co. (The) 7.880%, 11/01/17		1,118,000		1,340,156
CMS Energy Corp. 8.750%, 06/15/19		885,000		1,140,925
Commonwealth Edison Co. 5.950%, 08/15/16		200,000		220,733
Consumers Energy Co. 5.650%, 04/15/20		200,000		233,621
DTE Electric Co. 3.900%, 06/01/21		1,000,000		1,079,366
5.700%, 10/01/37		300,000		367,380
DTE Energy Co. 3.500%, 06/01/24		449,000		452,881
3.850%, 12/01/23		225,000		234,547
Duke Energy Carolinas LLC 4.300%, 06/15/20		619,000		683,884
6.000%, 01/15/38		600,000		765,754
Duke Energy Ohio, Inc. 3.800%, 09/01/23		815,000		860,436
Duke Energy Progress, Inc. 4.100%, 03/15/43		200,000		197,339
4.375%, 03/30/44		247,000		257,733
5.300%, 01/15/19		200,000		228,766
5.700%, 04/01/35		360,000		428,705
Electricite de France 6.000%, 01/22/2114 (144A)		1,100,000		1,242,187
Electricite de France S.A. 2.150%, 01/22/19 (144A)		704,000		707,971
Entergy Arkansas, Inc. 3.050%, 06/01/23		765,000		755,799
Florida Power & Light Co. 3.250%, 06/01/24		370,000		372,926
5.625%, 04/01/34		1,250,000		1,529,333
Hydro-Quebec 8.050%, 07/07/24		1,100,000		1,519,349
9.400%, 02/01/21		845,000		1,152,734
Indiana Michigan Power Co. 3.200%, 03/15/23		330,000		327,610

See accompanying notes to financial statements.

MIST-11

Met Investors Series Trust

JPMorgan Core Bond Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Electric—(Continued)
Kansas City Power & Light Co. 3.150%, 03/15/23		604,000	$	602,113
5.300%, 10/01/41		315,000		351,673
MidAmerican Energy Co. 3.700%, 09/15/23		1,100,000		1,151,901
Nevada Power Co. 6.650%, 04/01/36		360,000		484,305
7.125%, 03/15/19		200,000		244,775
NextEra Energy Capital Holdings, Inc. 1.339%, 09/01/15		133,000		133,976
3.625%, 06/15/23		410,000		413,400
Nisource Finance Corp. 4.800%, 02/15/44		162,000		163,782
5.400%, 07/15/14		500,000		500,900
6.125%, 03/01/22		1,875,000		2,216,130
Northern States Power Co. 6.500%, 03/01/28		628,000		795,321
Ohio Power Co. 5.375%, 10/01/21		305,000		356,029
6.600%, 02/15/33		258,000		332,713
Pacific Gas & Electric Co. 3.500%, 10/01/20		782,000		824,184
6.050%, 03/01/34		1,200,000		1,484,054
PacifiCorp 3.600%, 04/01/24		315,000		326,638
5.500%, 01/15/19		500,000		575,766
PPL Electric Utilities Corp. 2.500%, 09/01/22		300,000		293,125
4.125%, 06/15/44		208,000		206,058
PSEG Power LLC 4.300%, 11/15/23		201,000		210,044
5.320%, 09/15/16		568,000		621,000
5.500%, 12/01/15		1,070,000		1,141,428
Public Service Co. of Colorado 2.500%, 03/15/23		800,000		767,412
3.200%, 11/15/20		375,000		387,461
Public Service Co. of New Hampshire 3.500%, 11/01/23		272,000		280,390
Public Service Co. of Oklahoma 5.150%, 12/01/19		1,010,000		1,139,280
Public Service Electric & Gas Co. 3.800%, 01/01/43		700,000		664,924
Sierra Pacific Power Co. 3.375%, 08/15/23		556,000		568,226
South Carolina Electric & Gas Co. 4.500%, 06/01/64		173,000		175,079
State Grid Overseas Investment 2013, Ltd. 1.750%, 05/22/18 (144A)		499,000		490,747
Virginia Electric and Power Co. 2.750%, 03/15/23		400,000		390,402
2.950%, 01/15/22		489,000		494,412
3.450%, 02/15/24		102,000		104,340
6.000%, 05/15/37		685,000		867,433
Wisconsin Electric Power Co. 1.700%, 06/15/18		840,000		842,090
4.250%, 12/15/19		618,000		682,435
Electric—(Continued)
Xcel Energy, Inc. 0.750%, 05/09/16		290,000		290,296
				43,900,190
Electronics—0.1%
Koninklijke Philips NV 3.750%, 03/15/22		1,680,000		1,766,473
Thermo Fisher Scientific, Inc. 1.300%, 02/01/17		551,000		551,812
4.150%, 02/01/24		1,030,000		1,077,124
				3,395,409
Environmental Control—0.1%
Republic Services, Inc. 5.500%, 09/15/19		650,000		745,933
6.086%, 03/15/35		500,000		591,062
Waste Management, Inc. 7.100%, 08/01/26		400,000		526,612
7.375%, 03/11/19		512,000		625,643
				2,489,250
Food—0.2%
ConAgra Foods, Inc. 1.300%, 01/25/16		104,000		104,864
Kraft Foods Group, Inc. 6.125%, 08/23/18		700,000		812,467
6.875%, 01/26/39		600,000		784,747
Kroger Co. (The) 4.000%, 02/01/24		229,000		237,567
7.500%, 04/01/31		1,140,000		1,502,347
8.000%, 09/15/29		610,000		809,695
Mondelez International, Inc. 4.000%, 02/01/24		1,800,000		1,864,427
				6,116,114
Gas—0.2%
AGL Capital Corp. 3.500%, 09/15/21		1,000,000		1,039,691
4.400%, 06/01/43		375,000		382,984
6.000%, 10/01/34		1,000,000		1,231,321
Atmos Energy Corp. 4.150%, 01/15/43		460,000		456,969
8.500%, 03/15/19		200,000		255,787
CenterPoint Energy, Inc. 6.500%, 05/01/18		706,000		825,706
Sempra Energy 2.875%, 10/01/22		1,625,000		1,593,192
3.550%, 06/15/24		709,000		713,964
4.050%, 12/01/23		1,054,000		1,113,457
				7,613,071
Healthcare-Products—0.0%
Baxter International, Inc. 1.850%, 06/15/18		431,000		431,659

See accompanying notes to financial statements.

MIST-12

Met Investors Series Trust

JPMorgan Core Bond Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Healthcare-Services—0.1%
Aetna, Inc. 6.625%, 06/15/36		297,000	$	386,425
Quest Diagnostics, Inc. 4.750%, 01/30/20		400,000		432,714
UnitedHealth Group, Inc. 2.875%, 03/15/23		250,000		245,246
5.800%, 03/15/36		375,000		451,452
WellPoint, Inc. 2.300%, 07/15/18		751,000		765,102
5.950%, 12/15/34		272,000		326,414
				2,607,353
Holding Companies-Diversified—0.0%
Hutchison Whampoa International 11, Ltd. 4.625%, 01/13/22 (144A)		1,100,000		1,186,302
Household Products/Wares—0.0%
Kimberly-Clark Corp. 2.400%, 06/01/23		600,000		569,716
Insurance—0.8%
ACE INA Holdings, Inc. 2.700%, 03/13/23		400,000		387,677
3.350%, 05/15/24		435,000		438,788
AIG SunAmerica Global Financing X 6.900%, 03/15/32 (144A)		1,000,000		1,332,745
Allstate Corp. (The) 3.150%, 06/15/23		407,000		408,385
American International Group, Inc. 4.125%, 02/15/24		622,000		654,739
5.850%, 01/16/18		600,000		684,949
6.400%, 12/15/20		500,000		603,623
8.250%, 08/15/18		600,000		745,445
Berkshire Hathaway Finance Corp. 2.900%, 10/15/20		800,000		823,918
3.000%, 05/15/22		1,000,000		1,005,495
4.300%, 05/15/43		831,000		825,560
CNA Financial Corp. 6.950%, 01/15/18		550,000		635,569
7.350%, 11/15/19		500,000		616,764
Liberty Mutual Group, Inc. 5.000%, 06/01/21 (144A)		700,000		769,985
Liberty Mutual Insurance Co. 7.875%, 10/15/26 (144A)		500,000		642,683
Lincoln National Corp. 6.250%, 02/15/20		800,000		949,895
8.750%, 07/01/19		350,000		453,794
Massachusetts Mutual Life Insurance Co. 5.625%, 05/15/33 (144A)		720,000		829,233
Nationwide Mutual Insurance Co. 8.250%, 12/01/31 (144A)		1,000,000		1,328,571
New York Life Global Funding 0.800%, 02/12/16 (144A)		600,000		601,685
1.125%, 03/01/17 (144A)		317,000		317,566
1.650%, 05/15/17 (144A)		956,000		967,769
Insurance—(Continued)
New York Life Global Funding 2.150%, 06/18/19 (144A)		746,000		749,862
Pacific Life Insurance Co. 9.250%, 06/15/39 (144A)		650,000		999,914
Pricoa Global Funding I 1.600%, 05/29/18 (144A)		1,678,000		1,644,829
Principal Financial Group, Inc. 8.875%, 05/15/19		690,000		890,838
Principal Life Global Funding II 2.250%, 10/15/18 (144A)		2,151,000		2,172,099
Prudential Insurance Co. of America (The) 8.300%, 07/01/25 (144A)		2,150,000		2,932,196
XLIT, Ltd. 6.375%, 11/15/24		921,000		1,113,271
				26,527,847
Internet—0.1%
eBay, Inc. 2.600%, 07/15/22		540,000		517,352
3.250%, 10/15/20		400,000		414,218
4.000%, 07/15/42		700,000		625,613
				1,557,183
Iron/Steel—0.0%
Nucor Corp. 4.000%, 08/01/23		1,049,000		1,086,851
Machinery-Construction & Mining—0.1%
Caterpillar Financial Services Corp. 3.750%, 11/24/23		769,000		801,406
7.150%, 02/15/19		1,000,000		1,231,120
				2,032,526
Machinery-Diversified—0.1%
Deere & Co. 8.100%, 05/15/30		600,000		886,005
John Deere Capital Corp. 1.125%, 06/12/17		700,000		701,484
1.300%, 03/12/18		400,000		395,856
				1,983,345
Media—1.0%
21st Century Fox America, Inc. 3.000%, 09/15/22		700,000		689,157
6.550%, 03/15/33		370,000		460,890
6.900%, 03/01/19		900,000		1,086,061
CBS Corp. 4.300%, 02/15/21		515,000		554,382
5.500%, 05/15/33		255,000		279,657
5.900%, 10/15/40		125,000		142,751
7.875%, 09/01/23		400,000		510,238
7.875%, 07/30/30		140,000		188,129
Comcast Corp. 3.125%, 07/15/22		1,600,000		1,623,784

See accompanying notes to financial statements.

MIST-13

Met Investors Series Trust

JPMorgan Core Bond Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Media—(Continued)
Comcast Corp. 4.250%, 01/15/33		1,880,000	$	1,931,202
5.700%, 07/01/19		1,000,000		1,171,249
COX Communications, Inc. 2.950%, 06/30/23 (144A)		690,000		654,990
3.250%, 12/15/22 (144A)		1,010,000		989,046
DIRECTV Holdings LLC / DIRECTV Financing Co., Inc. 3.800%, 03/15/22		982,000		1,014,029
5.000%, 03/01/21		1,400,000		1,562,849
6.350%, 03/15/40		530,000		639,848
6.375%, 03/01/41		300,000		362,901
Discovery Communications LLC 3.300%, 05/15/22		625,000		622,153
4.375%, 06/15/21		1,240,000		1,342,224
Historic TW, Inc. 6.625%, 05/15/29		300,000		382,286
NBCUniversal Media LLC 4.375%, 04/01/21		1,000,000		1,103,522
TCI Communications, Inc. 7.125%, 02/15/28		801,000		1,064,201
Thomson Reuters Corp. 3.950%, 09/30/21		2,252,000		2,357,941
5.850%, 04/15/40		100,000		111,769
Time Warner Cable, Inc. 8.250%, 04/01/19		1,300,000		1,647,269
Time Warner, Inc. 3.550%, 06/01/24		3,050,000		3,028,250
4.000%, 01/15/22		1,570,000		1,655,518
4.700%, 01/15/21		450,000		498,285
4.750%, 03/29/21		300,000		332,654
7.625%, 04/15/31		826,000		1,134,931
Viacom, Inc. 3.250%, 03/15/23		222,000		219,157
3.875%, 12/15/21		380,000		398,008
4.250%, 09/01/23		420,000		440,618
6.875%, 04/30/36		348,000		440,030
Walt Disney Co. (The) 1.850%, 05/30/19		750,000		745,630
				31,385,609
Mining—0.3%
BHP Billiton Finance USA, Ltd. 2.050%, 09/30/18		437,000		442,243
2.875%, 02/24/22		200,000		199,710
3.850%, 09/30/23		1,000,000		1,048,669
5.000%, 09/30/43		414,000		457,547
Freeport-McMoRan Copper & Gold, Inc. 3.550%, 03/01/22		650,000		643,695
3.875%, 03/15/23		1,043,000		1,039,825
5.450%, 03/15/43		62,000		64,324
Placer Dome, Inc. 6.450%, 10/15/35		700,000		748,035
Rio Tinto Finance USA plc 3.500%, 03/22/22		1,800,000		1,847,041
Mining—(Continued)
Teck Resources, Ltd. 4.500%, 01/15/21		680,000		715,907
4.750%, 01/15/22		600,000		629,569
				7,836,565
Miscellaneous Manufacturing—0.2%
Eaton Corp. 6.950%, 03/20/19		282,000		333,499
General Electric Co. 3.375%, 03/11/24		393,000		400,454
5.250%, 12/06/17		1,250,000		1,410,306
Illinois Tool Works, Inc. 1.950%, 03/01/19		252,000		252,281
Ingersoll-Rand Global Holding Co., Ltd. 2.875%, 01/15/19		400,000		410,031
Siemens Financieringsmaatschappij NV 5.750%, 10/17/16 (144A)		820,000		908,822
6.125%, 08/17/26 (144A)		800,000		994,232
Tyco International Finance S.A. 8.500%, 01/15/19		734,000		905,422
Tyco International, Ltd. / Tyco International Finance S.A. 7.000%, 12/15/19		160,000		190,730
				5,805,777
Multi-National—0.1%
African Development Bank 8.800%, 09/01/19		1,275,000		1,636,125
Office/Business Equipment—0.0%
Xerox Corp. 6.750%, 02/01/17		800,000		907,654
Oil & Gas—1.4%
Anadarko Finance Co. 7.500%, 05/01/31		805,000		1,095,949
Anadarko Holding Co. 7.150%, 05/15/28		949,000		1,218,141
Anadarko Petroleum Corp. 8.700%, 03/15/19		1,600,000		2,061,338
Apache Corp. 3.625%, 02/01/21		870,000		923,800
5.100%, 09/01/40		150,000		165,103
BP Capital Markets plc 1.375%, 11/06/17		500,000		500,705
1.375%, 05/10/18		518,000		513,179
2.241%, 09/26/18		1,020,000		1,038,258
3.245%, 05/06/22		800,000		809,893
3.814%, 02/10/24		650,000		671,549
4.500%, 10/01/20		675,000		746,861
Canadian Natural Resources, Ltd. 6.250%, 03/15/38		200,000		248,991
Cenovus Energy, Inc. 3.000%, 08/15/22		310,000		304,590
6.750%, 11/15/39		600,000		780,077

See accompanying notes to financial statements.

MIST-14

Met Investors Series Trust

JPMorgan Core Bond Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Oil & Gas—(Continued)
Chevron Corp. 2.355%, 12/05/22		690,000	$	663,272
3.191%, 06/24/23		425,000		431,656
CNOOC Finance 2013, Ltd. 1.125%, 05/09/16		400,000		400,882
3.000%, 05/09/23		848,000		800,696
ConocoPhillips Holding Co. 6.950%, 04/15/29		700,000		958,565
Devon Energy Corp. 4.000%, 07/15/21		300,000		318,750
Devon Financing Corp. LLC 7.875%, 09/30/31		886,000		1,244,585
EOG Resources, Inc. 4.100%, 02/01/21		880,000		958,431
Marathon Oil Corp. 6.600%, 10/01/37		200,000		257,752
Nabors Industries, Inc. 4.625%, 09/15/21		1,670,000		1,808,921
5.000%, 09/15/20		605,000		678,828
Noble Holding International, Ltd. 5.250%, 03/15/42		600,000		621,422
Occidental Petroleum Corp. 4.100%, 02/01/21		1,120,000		1,221,237
Petro-Canada 5.950%, 05/15/35		210,000		250,926
9.250%, 10/15/21		243,000		335,984
Petrobras Global Finance B.V. 3.250%, 03/17/17		1,000,000		1,025,290
4.375%, 05/20/23		873,000		840,743
6.250%, 03/17/24		1,532,000		1,630,661
Petrobras International Finance Co. 5.375%, 01/27/21		1,000,000		1,042,230
6.750%, 01/27/41		150,000		154,500
7.875%, 03/15/19		500,000		582,920
Petroleos Mexicanos 4.875%, 01/18/24 (144A)		317,000		339,983
6.375%, 01/23/45 (144A)		918,000		1,066,027
Pride International, Inc. 8.500%, 06/15/19		450,000		573,355
Shell International Finance B.V. 3.400%, 08/12/23		420,000		428,716
4.300%, 09/22/19		800,000		889,125
6.375%, 12/15/38		600,000		790,519
Sinopec Group Overseas Development 2013, Ltd. 4.375%, 10/17/23 (144A)		1,246,000		1,300,975
Statoil ASA 1.150%, 05/15/18		389,000		383,251
2.650%, 01/15/24		393,000		377,678
2.900%, 11/08/20		196,000		201,507
6.700%, 01/15/18		180,000		211,168
7.250%, 09/23/27		1,040,000		1,421,127
Suncor Energy, Inc. 5.950%, 12/01/34		268,000		321,546
6.100%, 06/01/18		1,070,000		1,241,805
Oil & Gas—(Continued)
Talisman Energy, Inc. 7.750%, 06/01/19		800,000		990,975
Tosco Corp. 7.800%, 01/01/27		700,000		977,662
Total Capital Canada, Ltd. 0.607%, 01/15/16 (a)		154,000		154,710
Total Capital International S.A. 2.750%, 06/19/21		1,800,000		1,803,933
2.875%, 02/17/22		815,000		813,544
3.700%, 01/15/24		654,000		677,085
Transocean, Inc. 2.500%, 10/15/17		700,000		714,834
6.375%, 12/15/21		500,000		578,421
6.500%, 11/15/20		480,000		555,148
				44,119,779
Oil & Gas Services—0.2%
Cameron International Corp. 4.000%, 12/15/23		203,000		210,346
Halliburton Co. 6.750%, 02/01/27		650,000		817,491
7.450%, 09/15/39		200,000		289,560
8.750%, 02/15/21		350,000		454,230
Schlumberger Investment S.A. 3.300%, 09/14/21 (144A)		650,000		674,216
3.650%, 12/01/23		614,000		638,517
Schlumberger Oilfield UK plc 4.200%, 01/15/21 (144A)		600,000		656,732
Weatherford International, Ltd. 9.625%, 03/01/19		1,298,000		1,703,359
				5,444,451
Pharmaceuticals—0.2%
Actavis Funding SCS 3.850%, 06/15/24 (144A)		564,000		570,121
Actavis, Inc. 3.250%, 10/01/22		172,000		168,986
Express Scripts Holding Co. 3.500%, 06/15/24		300,000		296,857
3.900%, 02/15/22		500,000		523,272
4.750%, 11/15/21		400,000		442,713
Medco Health Solutions, Inc. 4.125%, 09/15/20		800,000		858,547
Merck & Co., Inc. 2.800%, 05/18/23		625,000		610,727
Novartis Capital Corp. 3.400%, 05/06/24		863,000		874,094
Pfizer, Inc. 3.000%, 06/15/23		1,100,000		1,098,617
Sanofi 1.250%, 04/10/18		157,000		154,940
Zoetis, Inc. 1.875%, 02/01/18		93,000		93,209
4.700%, 02/01/43		26,000		26,408
				5,718,491

See accompanying notes to financial statements.

MIST-15

Met Investors Series Trust

JPMorgan Core Bond Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Pipelines—0.4%
ANR Pipeline Co. 7.375%, 02/15/24		226,000	$	281,951
CenterPoint Energy Resources Corp. 4.500%, 01/15/21		429,000		471,296
Enterprise Products Operating LLC 3.900%, 02/15/24		662,000		684,812
5.100%, 02/15/45		379,000		404,565
Magellan Midstream Partners L.P. 4.250%, 02/01/21		492,000		535,936
5.150%, 10/15/43		401,000		439,386
6.400%, 07/15/18		1,420,000		1,667,145
Plains All American Pipeline L.P. / PAA Finance Corp. 2.850%, 01/31/23		975,000		939,193
Spectra Energy Capital LLC 3.300%, 03/15/23		308,000		294,772
5.650%, 03/01/20		2,200,000		2,481,992
6.750%, 07/15/18		218,000		250,199
8.000%, 10/01/19		1,000,000		1,261,691
TransCanada PipeLines, Ltd. 0.750%, 01/15/16		350,000		350,885
2.500%, 08/01/22		760,000		733,653
3.750%, 10/16/23		500,000		515,990
7.125%, 01/15/19		490,000		596,482
7.250%, 08/15/38		200,000		279,315
				12,189,263
Real Estate—0.1%
WCI Finance LLC / WEA Finance LLC 5.700%, 10/01/16 (144A)		1,060,000		1,194,629
WEA Finance, LLC 6.750%, 09/02/19 (144A)		390,000		486,073
				1,680,702
Real Estate Investment Trusts—0.4%
American Tower Corp. 3.500%, 01/31/23		790,000		774,706
Boston Properties L.P. 3.700%, 11/15/18		800,000		854,027
5.875%, 10/15/19		500,000		583,871
CommonWealth REIT 5.875%, 09/15/20		100,000		108,887
6.250%, 06/15/17		840,000		901,705
Duke Realty L.P. 3.875%, 02/15/21		1,128,000		1,171,725
6.750%, 03/15/20		584,000		695,961
8.250%, 08/15/19		170,000		213,806
ERP Operating L.P. 2.375%, 07/01/19		538,000		540,122
4.625%, 12/15/21		250,000		275,184
4.750%, 07/15/20		578,000		645,312
HCP, Inc. 2.625%, 02/01/20		1,100,000		1,100,571
4.250%, 11/15/23		346,000		359,633
5.375%, 02/01/21		1,240,000		1,410,443
Real Estate Investment Trusts—(Continued)
Health Care REIT, Inc. 4.500%, 01/15/24		1,024,000		1,078,956
5.250%, 01/15/22		600,000		672,962
ProLogis L.P. 4.250%, 08/15/23		114,000		119,001
6.875%, 03/15/20		325,000		390,485
Simon Property Group L.P. 2.750%, 02/01/23		200,000		193,205
5.650%, 02/01/20		1,185,000		1,384,418
Ventas Realty L.P. 3.750%, 05/01/24		147,000		146,800
Ventas Realty L.P. / Ventas Capital Corp. 4.750%, 06/01/21		500,000		548,178
				14,169,958
Retail—0.3%
Advance Auto Parts, Inc. 4.500%, 01/15/22		1,001,000		1,067,145
CVS Caremark Corp. 4.000%, 12/05/23		929,000		972,167
5.300%, 12/05/43		303,000		342,531
CVS Pass-Through Trust 6.204%, 10/10/25 (144A)		861,397		988,216
Home Depot, Inc. (The) 3.750%, 02/15/24		586,000		612,584
4.400%, 04/01/21		700,000		784,545
4.400%, 03/15/45		143,000		145,174
Lowe’s Cos., Inc. 3.120%, 04/15/22		900,000		913,552
Macy’s Retail Holdings, Inc. 3.625%, 06/01/24		700,000		696,456
4.375%, 09/01/23		154,000		163,197
6.375%, 03/15/37		300,000		373,052
Target Corp. 3.500%, 07/01/24		484,000		489,461
Wal-Mart Stores, Inc. 1.125%, 04/11/18		541,000		533,781
3.300%, 04/22/24		575,000		581,068
				8,662,929
Software—0.3%
Intuit, Inc. 5.750%, 03/15/17		267,000		298,108
Microsoft Corp. 2.375%, 05/01/23		540,000		516,989
3.000%, 10/01/20		750,000		783,251
3.625%, 12/15/23		711,000		743,242
Oracle Corp. 2.375%, 01/15/19		455,000		462,655
2.500%, 10/15/22		3,410,000		3,262,425
2.800%, 07/08/21		750,000		748,913
4.300%, 07/08/34		857,000		856,657
5.750%, 04/15/18		400,000		459,661
6.500%, 04/15/38		300,000		386,792
				8,518,693

See accompanying notes to financial statements.

MIST-16

Met Investors Series Trust

JPMorgan Core Bond Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Telecommunications—1.0%
America Movil S.A.B. de C.V. 1.230%, 09/12/16 (a)		1,700,000	$	1,720,373
3.125%, 07/16/22		600,000		590,400
5.000%, 03/30/20		1,000,000		1,108,670
AT&T, Inc. 3.000%, 02/15/22		2,000,000		1,991,052
4.450%, 05/15/21		700,000		768,648
5.625%, 06/15/16		388,000		423,927
6.300%, 01/15/38		200,000		242,035
6.450%, 06/15/34		500,000		610,275
BellSouth Corp. 5.200%, 12/15/16		200,000		221,980
British Telecommunications plc 1.625%, 06/28/16		308,000		312,243
2.350%, 02/14/19		228,000		229,895
Cisco Systems, Inc. 2.900%, 03/04/21		886,000		899,599
3.625%, 03/04/24		700,000		719,498
5.900%, 02/15/39		900,000		1,098,620
Crown Castle Towers LLC 6.113%, 01/15/20 (144A)		1,000,000		1,177,026
Deutsche Telekom International Finance B.V. 2.250%, 03/06/17 (144A)		400,000		410,364
8.750%, 06/15/30		500,000		731,247
Embarq Corp. 7.082%, 06/01/16		747,000		831,166
Orange S.A. 9.000%, 03/01/31		400,000		602,019
Qwest Corp. 6.875%, 09/15/33		690,000		694,129
Rogers Communications, Inc. 4.100%, 10/01/23		736,000		767,277
5.450%, 10/01/43		482,000		532,572
8.750%, 05/01/32		940,000		1,320,553
Telefonica Emisiones S.A.U. 3.192%, 04/27/18		210,000		219,466
5.877%, 07/15/19		540,000		626,070
6.421%, 06/20/16		500,000		550,446
Verizon Communications, Inc. 1.350%, 06/09/17		889,000		888,703
2.500%, 09/15/16		255,000		262,839
3.450%, 03/15/21		677,000		699,615
4.500%, 09/15/20		1,068,000		1,174,791
4.600%, 04/01/21		1,500,000		1,654,551
5.050%, 03/15/34		1,124,000		1,199,607
6.400%, 09/15/33		1,082,000		1,325,383
7.750%, 12/01/30		800,000		1,097,134
Verizon New England, Inc. 7.875%, 11/15/29		1,000,000		1,274,905
Verizon Pennsylvania LLC 6.000%, 12/01/28		260,000		282,940
8.750%, 08/15/31		1,300,000		1,741,814
Vodafone Group plc 1.500%, 02/19/18		300,000		298,003
6.150%, 02/27/37		500,000		594,131
				31,893,966
Transportation—0.3%
Burlington Northern Santa Fe LLC 3.000%, 03/15/23		240,000		236,086
3.050%, 09/01/22		300,000		299,218
3.850%, 09/01/23		700,000		729,181
7.950%, 08/15/30		1,185,000		1,661,839
Burlington Northern, Inc. 8.750%, 02/25/22		812,000		1,072,246
Canadian Pacific Railway Co. 6.500%, 05/15/18		680,000		794,490
7.125%, 10/15/31		872,000		1,152,414
CSX Corp. 6.000%, 10/01/36		300,000		368,136
7.900%, 05/01/17		1,000,000		1,163,188
Norfolk Southern Corp. 3.850%, 01/15/24		1,079,000		1,122,978
Ryder System, Inc. 2.450%, 09/03/19		555,000		557,120
3.500%, 06/01/17		485,000		513,049
Union Pacific Corp. 3.750%, 03/15/24		650,000		681,033
				10,350,978
Trucking & Leasing—0.0%
Penske Truck Leasing Co. L.P. / PTL Finance Corp. 2.500%, 06/15/19 (144A)		175,000		175,323
2.875%, 07/17/18 (144A)		80,000		81,891
4.250%, 01/17/23 (144A)		718,000		743,164
				1,000,378
Water—0.0%
American Water Capital Corp. 3.850%, 03/01/24		1,130,000		1,166,420
Total Corporate Bonds & Notes (Cost $534,421,549)				549,006,761
Asset-Backed Securities—7.2%
Asset-Backed - Automobile—3.1%
Ally Auto Receivables Trust 0.630%, 05/15/17		1,318,182		1,320,549
0.720%, 05/20/16		2,500,000		2,502,760
0.790%, 01/15/18		1,435,000		1,439,054
1.240%, 11/15/18		405,000		406,560
American Credit Acceptance Receivables Trust 0.990%, 10/10/17 (144A)		4,581,052		4,580,809
1.140%, 03/12/18 (144A)		331,277		331,636
1.320%, 02/15/17 (144A)		790,423		791,434
1.450%, 04/16/18 (144A)		1,101,329		1,105,646
2.260%, 03/10/20 (144A)		1,182,000		1,181,848
AmeriCredit Automobile Receivables Trust 0.490%, 06/08/16		192,151		192,169
0.610%, 10/10/17		185,000		185,150
0.740%, 11/08/16		4,214,984		4,219,599

See accompanying notes to financial statements.

MIST-17

Met Investors Series Trust

JPMorgan Core Bond Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Asset-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Asset-Backed - Automobile—(Continued)
AmeriCredit Automobile Receivables Trust 0.900%, 09/10/18		393,220	$	394,051
1.170%, 05/09/16		42,998		43,005
BMW Vehicle Lease Trust 0.400%, 01/20/15		131,994		131,994
0.540%, 09/21/15		381,000		381,333
BMW Vehicle Owner Trust 0.670%, 11/27/17		678,000		678,822
Capital Auto Receivables Asset Trust 0.583%, 11/20/15 (a)		2,500,000		2,501,692
0.620%, 07/20/16		970,142		970,601
Carfinance Capital Auto Trust 1.460%, 12/17/18 (144A)		1,175,289		1,175,495
1.650%, 07/17/17 (144A)		659,985		662,073
1.750%, 11/15/17 (144A)		462,514		464,082
2.720%, 04/15/20 (144A)		375,000		376,079
2.750%, 11/15/18 (144A)		667,000		674,805
CarMax Auto Owner Trust 0.600%, 10/16/17		453,000		453,559
0.800%, 07/16/18		615,000		614,760
0.980%, 01/15/19		5,472,000		5,475,885
1.280%, 05/15/19		275,000		274,836
CarNow Auto Receivables Trust 1.160%, 10/16/17 (144A)		806,741		807,199
1.970%, 11/15/17 (144A)		668,000		669,019
CPS Auto Receivables Trust 1.110%, 11/15/18 (144A)		5,301,000		5,287,854
1.310%, 06/15/20 (144A)		1,088,163		1,089,419
1.540%, 07/16/18 (144A)		2,570,482		2,583,427
1.640%, 04/16/18 (144A)		2,062,378		2,073,218
1.820%, 09/15/20 (144A)		1,595,933		1,602,713
CPS Auto Trust 1.210%, 08/15/18 (144A)		872,542		873,596
DT Auto Owner Trust 1.780%, 06/15/17 (144A)		1,625,000		1,637,174
Exeter Automobile Receivables Trust 1.060%, 08/15/18 (144A)		1,920,000		1,919,775
1.290%, 10/16/17 (144A)		970,546		972,450
1.290%, 05/15/18 (144A)		1,499,987		1,503,175
1.490%, 11/15/17 (144A)		1,269,861		1,275,041
3.260%, 12/16/19 (144A)		335,000		336,983
Fifth Third Auto Trust 0.450%, 01/15/16		747,104		747,009
0.880%, 10/16/17		1,745,000		1,753,887
First Investors Auto Owner Trust 0.900%, 10/15/18 (144A)		255,901		256,456
Flagship Credit Auto Trust
1.210%, 04/15/19 (144A)		1,450,460		1,450,425
1.320%, 04/16/18 (144A)		2,067,172		2,070,835
1.940%, 01/15/19 (144A)		1,854,732		1,861,318
2.550%, 02/18/20 (144A)		245,000		245,546
Ford Credit Auto Lease Trust 0.500%, 10/15/16		397,000		397,208
0.760%, 09/15/16		1,007,000		1,009,258
0.960%, 10/15/16		500,000		501,856
Asset-Backed - Automobile—(Continued)
Ford Credit Auto Owner Trust 0.900%, 10/15/18		890,000		890,012
Harley Davidson Motorcycle Trust 0.650%, 07/16/18		1,427,000		1,429,751
Honda Auto Receivables Owner Trust 0.350%, 06/22/15		114,498		114,497
0.370%, 10/16/15		1,506,712		1,506,893
0.530%, 02/16/17		1,404,000		1,405,662
0.690%, 09/18/17		1,527,000		1,529,770
0.770%, 03/19/18		2,171,000		2,170,121
1.040%, 02/18/20		700,000		701,204
Hyundai Auto Receivables Trust 0.400%, 12/15/15		174,405		174,440
0.560%, 07/17/17		423,000		423,478
0.750%, 09/17/18		600,000		598,893
0.900%, 12/17/18		5,612,000		5,614,615
Mercedes-Benz Auto Lease Trust 0.490%, 06/15/15		1,508,530		1,508,775
Nissan Auto Lease Trust 0.750%, 06/15/16		508,784		510,550
0.800%, 02/15/17		582,000		582,900
Nissan Auto Receivables Owner Trust 0.370%, 09/15/15		122,401		122,402
0.420%, 11/15/16		863,000		863,233
Santander Drive Auto Receivables Trust 0.550%, 09/15/16		1,050,795		1,051,124
2.350%, 11/16/15		27,029		27,047
3.010%, 04/16/18		2,000,000		2,050,784
SNAAC Auto Receivables Trust 1.030%, 09/17/18 (144A)		872,455		872,594
1.140%, 07/16/18 (144A)		430,684		431,160
Tidewater Auto Receivables Trust 1.400%, 07/15/18 (144A)		2,047,000		2,047,958
1.850%, 12/15/18 (144A)		2,406,000		2,405,553
Toyota Auto Receivables Owner Trust 0.550%, 01/17/17		732,000		733,107
USAA Auto Owner Trust 0.380%, 10/17/16		577,000		577,073
World Omni Auto Receivables Trust 0.830%, 08/15/18		873,000		873,390
1.320%, 01/15/20		476,000		476,698
				98,148,811
Asset-Backed - Credit Card—0.0%
Discover Card Execution Note Trust 1.040%, 04/15/19		1,080,000		1,083,634
Asset-Backed - Home Equity—0.0%
Asset Backed Securities Corp. Home Equity Loan Trust 0.902%, 02/25/35 (a)		530,000		498,541
Asset-Backed - Other—4.0%
Axis Equipment Finance Receivables II LLC 1.750%, 03/20/17 (144A)		1,381,230		1,381,691

See accompanying notes to financial statements.

MIST-18

Met Investors Series Trust

JPMorgan Core Bond Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Asset-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Asset-Backed - Other—(Continued)
Bayview Opportunity Master Fund IIa Trust 3.228%, 03/28/33 (144A) (a)		897,302	$	899,680
Carlyle Global Market Strategies Commodities Funding, Ltd. 2.176%, 10/15/21 (144A) (a)		2,686,667		2,686,667
Conix Mortgage Asset Trust 4.704%, 12/25/47 (144A) (a) (e)		1,099,825		1,136,256
Ford Credit Floorplan Master Owner Trust 0.532%, 01/15/18 (a)		725,000		726,381
Fortress Opportunities Residential Transaction 3.960%, 10/25/33 (144A) (e)		822,198		828,666
4.210%, 10/25/18 (144A) (e)		430,512		430,925
GMAT Trust 3.721%, 02/25/44 (144A)		995,235		999,441
3.967%, 11/25/43 (144A)		1,632,707		1,635,781
HLSS Servicer Advance Receivables Backed Notes 1.147%, 05/16/44 (144A)		2,995,000		2,995,599
1.183%, 08/15/44 (144A)		2,148,000		2,148,644
1.287%, 09/15/44 (144A)		2,000,000		2,001,000
1.843%, 05/16/44 (144A)		2,000,000		2,002,800
1.981%, 11/15/46 (144A)		1,783,000		1,786,388
HLSS Servicer Advance Receivables Trust 1.244%, 01/17/45 (144A)		897,000		897,718
1.495%, 01/16/46 (144A)		748,000		748,374
1.744%, 01/16/46 (144A)		174,000		173,600
2.217%, 01/15/47 (144A)		1,385,000		1,393,449
John Deere Owner Trust 0.410%, 09/15/15		700,765		700,857
0.600%, 03/15/17		2,000,000		2,004,560
Kondaur Mortgage Asset Trust LLC 4.458%, 08/25/52 (144A) (a)		829,821		834,564
LV Tower 52 Issuer LLC 5.500%, 06/15/18 (144A) (e)		1,945,022		1,949,169
7.500%, 06/15/18 (144A) (e)		912,986		912,986
Nationstar Agency Advance Funding Trust 0.997%, 02/15/45 (144A)		1,253,000		1,251,020
1.892%, 02/18/48 (144A)		115,000		112,468
Navitas Equipment Receivables LLC 1.950%, 11/15/16 (144A)		696,919		697,165
New Residential Advance Receivables Trust Advance Receivables Backed 1.274%, 03/15/45 (144A)		3,223,000		3,226,545
Normandy Mortgage Loan Co. LLC 4.949%, 09/16/43 (144A)		5,780,721		5,772,050
NYMT Residential LLC 4.850%, 09/25/18 (144A) (e)		2,429,000		2,429,000
OnDeck Asset Securitization Trust 3.150%, 05/17/18 (144A)		2,602,000		2,602,895
OneMain Financial Issuance Trust 2.430%, 06/18/24 (144A)		2,744,000		2,743,945
3.240%, 06/18/24 (144A)		321,000		323,408
PFS Tax Lien Trust 1.440%, 05/15/29 (144A)		942,788		947,214
Progreso Receivables Funding I LLC 3.500%, 07/08/19 (144A)		3,000,000		3,000,000
Asset-Backed - Other—(Continued)
Progreso Receivables Funding I LLC 4.000%, 07/09/18 (144A)		2,650,000		2,669,875
RBSHD Trust 4.685%, 10/25/47 (144A) (e)		2,886,114		2,927,098
Real Estate Asset Trust 3.230%, 05/25/52 (144A) (a) (e)		782,405		782,405
Selene Non-Performing Loans LLC 2.981%, 05/25/54 (144A)		1,425,000		1,425,071
SpringCastle America Funding LLC 3.750%, 04/03/21 (144A)		2,327,399		2,347,545
4.000%, 12/03/24 (144A)		6,941,271		6,932,861
Springleaf Funding Trust 2.410%, 12/15/22 (144A)		5,066,000		5,074,942
2.580%, 09/15/21 (144A)		5,650,000		5,691,403
3.450%, 12/15/22 (144A)		496,000		496,740
3.920%, 01/16/23 (144A)		2,500,000		2,574,150
4.820%, 01/16/23 (144A)		2,000,000		2,082,300
Stanwich Mortgage Loan Co. LLC 3.228%, 04/16/59 (144A)		2,259,202		2,264,127
Stanwich Mortgage Loan Trust 2.981%, 02/16/43 (144A)		332,167		332,998
U.S. Residential Opportunity Fund Trust 3.466%, 03/25/34 (144A)		1,419,813		1,431,242
Vericrest Opportunity Loan Transferee 3.125%, 04/27/54 (144A)		9,000,000		9,045,900
3.250%, 11/25/53 (144A)		6,068,271		6,082,968
3.250%, 05/26/54 (144A)		3,430,332		3,447,827
3.625%, 10/27/53 (144A)		2,232,851		2,251,830
3.625%, 11/25/53 (144A)		4,754,766		4,785,936
3.625%, 03/25/54 (144A)		3,040,504		3,059,507
3.625%, 04/25/55 (144A)		2,006,989		2,015,769
3.960%, 11/25/53 (144A)		664,301		668,245
4.250%, 04/25/53 (144A)		1,501,392		1,510,237
Westgate Resorts LLC 2.250%, 08/20/25 (144A)		1,316,718		1,318,430
				125,600,312
Asset-Backed - Student Loan—0.1%
Academic Loan Funding Trust 0.952%, 12/26/44 (144A) (a)		2,245,779		2,249,199
Total Asset-Backed Securities (Cost $226,799,773)				227,580,497
Mortgage-Backed Securities—6.6%
Collateralized Mortgage Obligations—3.0%
AJAX Mortgage Loan Trust 3.500%, 02/25/51 (144A) (a) (e)		419,330		414,613
3.750%, 03/25/52 (144A) (a) (e)		2,546,086		2,570,925
4.500%, 03/25/35 (144A) (e)		1,438,611		1,450,198
American Tower Trust I 1.551%, 03/15/43 (144A)		695,000		692,172
Banc of America Funding Trust 2.585%, 05/20/34 (a)		2,458,647		2,506,480

See accompanying notes to financial statements.

MIST-19

Met Investors Series Trust

JPMorgan Core Bond Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Mortgage-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Collateralized Mortgage Obligations—(Continued)
Bear Stearns ALT-A Trust 0.792%, 07/25/34 (a)		4,002,908	$	3,838,253
CAM Mortgage Trust 2.600%, 05/15/48 (144A)		2,132,000		2,131,858
3.352%, 12/15/53 (144A)		331,382		331,786
Countrywide Alternative Loan Trust 0.830%, 08/25/34 (a)		2,173,851		2,157,325
FDIC Trust 4.500%, 10/25/18 (144A)		367,389		372,521
Global Mortgage Securitization, Ltd. 0.472%, 11/25/32 (144A) (a)		2,107,466		2,040,556
GS Mortgage Securities Trust 5.474%, 08/10/44 (144A) (a)		500,000		517,407
HarborView Mortgage Loan Trust 2.587%, 05/19/34 (a)		2,257,129		2,257,801
Homeowner Assistance Program Reverse Mortgage Loan Trust 4.000%, 05/26/53 (144A) (e)		3,794,755		3,715,444
JP Morgan Mortgage Trust 2.574%, 08/25/34 (a)		511,423		511,320
MASTR Asset Securitization Trust 5.500%, 12/25/33		1,662,525		1,764,829
Merrill Lynch Mortgage Investors Trust 0.612%, 04/25/29 (a)		1,288,390		1,242,826
0.652%, 05/25/29 (a)		2,499,708		2,489,629
0.772%, 10/25/28 (a)		1,494,506		1,482,982
0.792%, 10/25/28 (a)		2,364,110		2,359,868
1.002%, 01/25/29 (a)		1,681,250		1,696,536
Sequoia Mortgage Trust 0.453%, 12/20/34 (a)		3,180,028		3,038,419
0.493%, 10/20/34 (a)		3,421,368		3,273,295
0.793%, 01/20/34 (a)		1,576,342		1,518,133
0.813%, 07/20/33 (a)		1,927,150		1,899,393
0.913%, 04/20/33 (a)		1,844,073		1,852,867
Springleaf Mortgage Loan Trust 1.270%, 06/25/58 (144A) (a)		2,498,049		2,489,109
1.780%, 12/25/65 (144A) (a)		4,987,353		4,978,864
1.870%, 09/25/57 (144A) (a)		1,629,629		1,629,363
2.310%, 06/25/58 (144A) (a)		1,240,000		1,210,565
3.140%, 06/25/58 (144A) (a)		792,000		786,694
3.520%, 12/25/65 (144A) (a)		2,177,000		2,223,335
3.790%, 09/25/57 (144A) (a)		1,274,000		1,283,546
3.790%, 06/25/58 (144A) (a)		603,000		607,879
4.480%, 12/25/65 (144A) (a)		3,000,000		3,090,999
6.000%, 10/25/57 (144A) (a)		350,000		366,387
Station Place Securitization Trust 1.870%, 02/25/15 (a)		1,000,000		1,000,000
Structured Adjustable Rate Mortgage Loan Trust 2.387%, 06/25/34 (a)		1,536,663		1,558,554
Structured Asset Mortgage Investments II Trust 0.855%, 01/19/34 (a)		2,622,043		2,554,166
0.855%, 03/19/34 (a)		2,998,902		2,950,536
Structured Asset Mortgage Investments Trust 1.055%, 05/19/33 (a)		2,730,772		2,685,509
Collateralized Mortgage Obligations—(Continued)
Structured Asset Securities Corp. Mortgage Loan Trust 0.752%, 10/25/27 (a)		713,734		701,694
Structured Asset Securities Corp. Mortgage Pass-Through Certificates 2.468%, 11/25/33 (a)		1,742,171		1,731,671
Thornburg Mortgage Securities Trust 2.018%, 12/25/44 (a)		2,413,996		2,424,431
2.237%, 04/25/45 (a)		5,312,023		5,390,423
Wells Fargo Mortgage Backed Securities Trust 2.620%, 03/25/35 (a)		3,461,997		3,520,311
Wells Fargo Mortgage Loan Trust 2.847%, 08/27/37 (144A) (a)		1,641,159		1,651,104
				92,962,576
Commercial Mortgage-Backed Securities—3.6%
A10 Securitization LLC 2.400%, 11/15/25 (144A)		1,285,357		1,291,041
A10 Term Asset Financing LLC 1.720%, 04/15/33 (144A)		1,719,000		1,718,884
2.620%, 11/15/27 (144A)		2,861,000		2,863,429
3.020%, 04/15/33 (144A)		1,807,000		1,806,749
4.380%, 11/15/27 (144A)		425,000		426,314
Banc of America Commercial Mortgage Trust 5.492%, 02/10/51		2,250,000		2,453,591
5.791%, 04/10/49 (a)		1,000,000		1,105,493
5.889%, 07/10/44 (a)		1,631,835		1,759,883
Banc of America Merrill Lynch Commercial Mortgage, Inc. 5.115%, 10/10/45 (a)		5,737,700		5,971,781
BB-UBS Trust 2.892%, 06/05/30 (144A)		1,250,000		1,227,741
3.430%, 11/05/36 (144A)		2,950,000		2,924,698
Bear Stearns Commercial Mortgage Securities Trust 0.842%, 06/11/50 (144A) (a)		1,500,000		1,472,345
4.674%, 06/11/41		3,639,564		3,732,227
CGBAM Commercial Mortgage Trust 0.952%, 02/15/31 (144A) (a)		1,300,000		1,300,468
Citigroup Commercial Mortgage Trust 2.110%, 01/12/30 (144A)		569,515		579,262
Commercial Mortgage Pass-Through Certificates 0.251%, 07/10/45 (144A) (a) (b)		120,000,000		2,080,836
1.002%, 02/13/32 (144A) (a)		2,005,000		2,007,681
1.054%, 06/11/27 (144A) (a)		4,937,000		4,940,857
2.365%, 02/10/29 (144A)		2,789,132		2,868,299
3.612%, 06/10/46 (a)		2,934,000		3,035,886
3.977%, 05/10/47		3,000,000		3,163,083
4.353%, 08/10/30 (144A)		3,000,000		3,246,903
Commercial Mortgage Trust 2.987%, 04/12/35 (144A)		1,871,000		1,846,604
COOF Securitization Trust, Ltd. 3.172%, 06/15/40 (144A) (a) (b)		3,480,923		492,899

See accompanying notes to financial statements.

MIST-20

Met Investors Series Trust

JPMorgan Core Bond Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Mortgage-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Commercial Mortgage-Backed Securities—(Continued)
Credit Suisse First Boston Mortgage Securities Corp. 5.100%, 08/15/38 (a)		2,040,291	$	2,099,833
Credit Suisse Mortgage Capital Certificates 1.050%, 04/15/27 (144A) (a)		3,363,000		3,365,606
DBRR Trust 0.853%, 02/25/45 (144A) (a)		881,698		879,590
1.636%, 12/18/49 (144A) (a)		2,676,653		2,696,728
GE Capital Commercial Mortgage Corp. 4.974%, 07/10/45 (a)		3,015,000		3,120,899
GE Capital Commercial Mortgage Corp. Trust 5.456%, 03/10/44 (a)		1,229,825		1,296,797
GS Mortgage Securities Corp. II 2.318%, 01/10/30 (144A)		733,000		740,824
2.706%, 12/10/27 (144A)		292,924		296,958
GS Mortgage Securities Corp. Trust 3.551%, 04/10/34 (144A)		3,500,000		3,625,934
JP Morgan Chase Commercial Mortgage Securities Trust 0.932%, 04/15/30 (144A) (a)		2,600,000		2,601,180
5.716%, 02/15/51		3,000,000		3,303,489
KGS-Alpha SBA COOF Trust 0.625%, 05/25/39 (144A) (a) (b)		12,245,958		298,495
0.859%, 08/25/38 (b)		15,680,280		600,261
1.796%, 03/25/39 (b)		10,654,425		615,959
Ladder Capital Commercial Mortgage Trust 3.985%, 02/15/36 (144A)		768,000		779,493
LB-UBS Commercial Mortgage Trust 5.430%, 02/15/40		1,232,825		1,352,142
Merrill Lynch Mortgage Trust 5.457%, 11/12/37 (a)		1,721,779		1,793,390
Morgan Stanley Bank of America Merrill Lynch Trust 3.669%, 02/15/47		3,000,000		3,152,241
Morgan Stanley Re-REMIC Trust 0.250%, 07/27/49 (144A)		1,500,000		1,297,500
2.000%, 07/27/49 (144A)		1,596,787		1,605,761
N-Star Real Estate CDO, Ltd. 2.002%, 08/25/29 (144A) (a)		3,032,055		3,033,192
5.152%, 08/25/29 (144A) (a)		880,000		874,225
NCUA Guaranteed Notes Trust 2.650%, 10/29/20		3,444,992		3,536,201
2.900%, 10/29/20		5,000,000		5,189,120
ORES NPL LLC 3.081%, 09/25/25 (144A)		2,007,961		2,008,063
RBS Commercial Funding, Inc. Trust 3.260%, 03/11/31 (144A)		531,000		517,219
UBS-BAMLL Trust 3.663%, 06/10/30 (144A)		578,000		583,540
UBS-Barclays Commercial Mortgage Trust 3.244%, 04/10/46		2,228,000		2,233,187
VNO Mortgage Trust 2.996%, 11/15/30 (144A)		1,400,000		1,390,539
3.808%, 12/13/29 (144A)		2,500,000		2,656,500
Wachovia Bank Commercial Mortgage Trust 5.118%, 07/15/42 (a)		1,827,295		1,888,092
Commercial Mortgage-Backed Securities—(Continued)
Wells Fargo Commercial Mortgage Trust 2.800%, 03/18/28 (144A) (a)		1,000,000		1,003,054
				114,752,966
Total Mortgage-Backed Securities (Cost $206,125,926)				207,715,542
Foreign Government—0.6%
Provincial—0.0%
Province of Ontario 1.650%, 09/27/19		1,000,000		984,511
Province of Quebec Canada 7.125%, 02/09/24		200,000		260,248
				1,244,759
Sovereign—0.6%
Brazilian Government International Bond 4.250%, 01/07/25		601,000		609,114
Israel Government AID Bonds Zero Coupon, 08/15/20		1,500,000		1,299,201
Zero Coupon, 02/15/22		3,000,000		2,439,327
Zero Coupon, 11/01/22		8,000,000		6,297,832
Mexico Government International Bonds 3.500%, 01/21/21		2,948,000		3,061,498
4.000%, 10/02/23		1,374,000		1,444,074
5.550%, 01/21/45		737,000		838,337
5.750%, 10/12/10		500,000		530,500
Poland Government International Bond 4.000%, 01/22/24		930,000		964,875
South Africa Government International Bond 5.875%, 09/16/25		384,000		426,816
Turkey Government International Bonds 5.750%, 03/22/24		500,000		546,250
6.625%, 02/17/45		214,000		247,705
				18,705,529
Total Foreign Government (Cost $20,077,302)				19,950,288
Short-Term Investment—5.7%
Repurchase Agreement—5.7%
Fixed Income Clearing Corp. Repurchase Agreement dated 06/30/14 at 0.000% to be repurchased at $177,914,806 on 07/01/14, collateralized by $179,115,000 U.S. Government Agency obligations with 0.075% - 5.000%, maturity dates ranging from 01/13/16 - 03/15/16 with a value of $181,473,388.		177,914,806		177,914,806
Total Short-Term Investment (Cost $177,914,806)				177,914,806
Total Investments—100.2% (Cost $3,180,925,065) (f)				3,159,919,414
Other assets and liabilities (net)—(0.2)%				(6,680,810	)
Net Assets—100.0%			$	3,153,238,604

See accompanying notes to financial statements.

MIST-21

Met Investors Series Trust

JPMorgan Core Bond Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

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

(a) Variable or floating rate security. The stated rate represents the rate at June 30, 2014. Maturity date shown for callable securities reflects the earliest possible call date.

(b) Interest only security.

(c) Principal only security.

(d) Security is a “step-down” bond where the coupon decreases or steps down at a predetermined date. Rate shown is current coupon rate.

(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 June 30, 2014, the market value of restricted securities was $19,547,685, which is 0.6% of net assets. See details shown in the Restricted Securities table that follows.

(f) As of June 30, 2014, the aggregate cost of investments was $3,180,925,065. The aggregate unrealized appreciation and depreciation of investments were $33,434,170 and $(54,439,821), respectively, resulting in net unrealized depreciation of $(21,005,651).

(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 June 30, 2014, the market value of 144A securities was $351,030,215, which is 11.1% of net assets.

(ACES)— Alternative Credit Enhancement Securities.

(ARM)— Adjustable-Rate Mortgage

(CDO)— Collateralized Debt Obligation

(CMO)— Collateralized Mortgage Obligation

(REMIC)— Real Estate Mortgage Investment Conduit

Restricted Securities	Acquisition Date	Principal Amount		Cost		Value
AJAX Mortgage Loan Trust	03/20/13	$	2,546,086	$	2,537,927	$	2,570,925
AJAX Mortgage Loan Trust	11/15/13		1,438,611		1,432,783		1,450,198
AJAX Mortgage Loan Trust	01/28/13		419,330		416,535		414,613
Conix Mortgage Asset Trust	05/16/13		1,099,825		1,099,825		1,136,256
Fortress Opportunities Residential Transaction	11/08/13		822,198		822,115		828,666
Fortress Opportunities Residential Transaction	11/08/13		430,512		430,485		430,925
Homeowner Assistance Program Reverse Mortgage Loan Trust	05/03/13		3,794,755		3,740,848		3,715,444
LV Tower 52 Issuer LLC	06/19/13		1,945,022		1,945,022		1,949,169
LV Tower 52 Issuer LLC	10/08/13		912,986		912,038		912,986
NYMT Residential LLC	09/18/13		2,429,000		2,429,000		2,429,000
RBSHD Trust	09/27/13		2,886,114		2,886,114		2,927,098
Real Estate Asset Trust	04/01/13		782,405		782,405		782,405
							19,547,685

See accompanying notes to financial statements.

MIST-22

Met Investors Series Trust

JPMorgan Core Bond Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

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 June 30, 2014:

Description	Level 1		Level 2		Level 3		Total
Total U.S. Treasury & Government Agencies*	$	—	$	1,977,751,520	$	—	$	1,977,751,520
Total Corporate Bonds & Notes*		—		549,006,761		—		549,006,761
Total Asset-Backed Securities*		—		227,580,497		—		227,580,497
Total Mortgage-Backed Securities*		—		207,715,542		—		207,715,542
Total Foreign Government*		—		19,950,288		—		19,950,288
Total Short-Term Investment*		—		177,914,806		—		177,914,806
Total Investments	$	—	$	3,159,919,414	$	—	$	3,159,919,414

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

MIST-23

Met Investors Series Trust

JPMorgan Core Bond Portfolio

Statement of Assets and Liabilities

June 30, 2014 (Unaudited)

Assets
Investments at value (a)	$	3,159,919,414
Receivable for:
Investments sold		2,185,373
Fund shares sold		214,687
Principal paydowns		96,544
Interest		14,038,744
Prepaid expenses		291
Total Assets		3,176,455,053
Liabilities
Due to custodian		4,975,902
Payables for:
Investments purchased		16,636,335
Fund shares redeemed		232,632
Accrued expenses:
Management fees		1,082,156
Distribution and service fees		91,917
Deferred trustees’ fees		58,994
Other expenses		138,513
Total Liabilities		23,216,449
Net Assets	$	3,153,238,604
Net assets consist of:
Paid in surplus	$	3,160,695,352
Undistributed net investment income		23,521,800
Accumulated net realized loss		(9,972,897	)
Unrealized depreciation on investments		(21,005,651	)
Net Assets	$	3,153,238,604
Net Assets
Class A	$	2,703,975,309
Class B		449,263,295
Capital Shares Outstanding*
Class A		262,761,390
Class B		43,686,386
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	10.29
Class B		10.28

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

(a) Identified cost of investments was $3,180,925,065.

Statement of Operations

Six Months Ended June 30, 2014 (Unaudited)

Investment Income
Interest	$	30,227,150
Total investment income		30,227,150
Expenses
Management fees		7,267,375
Administration fees		30,529
Custodian and accounting fees		124,113
Distribution and service fees—Class B		552,462
Audit and tax services		32,304
Legal		24,579
Trustees' fees and expenses		22,087
Shareholder reporting		59,154
Insurance		7,186
Miscellaneous		4,821
Total expenses		8,124,610
Less management fee waiver		(1,717,743	)
Net expenses		6,406,867
Net Investment Income		23,820,283
Net Realized and Unrealized Gain (Loss)
Net realized loss on investments		(30,730	)
Net change in unrealized appreciation on investments		70,199,413
Net realized and unrealized gain		70,168,683
Net Increase in Net Assets from Operations	$	93,988,966

See accompanying notes to financial statements.

MIST-24

Met Investors Series Trust

JPMorgan Core Bond Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2014 (Unaudited)			Year Ended December 31, 2013
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	23,820,283		$	27,756,572
Net realized gain (loss)		(30,730	)		17,340,160
Net change in unrealized appreciation (depreciation)		70,199,413			(113,960,132	)
Increase (decrease) in net assets from operations		93,988,966			(68,863,400	)
From Distributions to Shareholders
Net investment income
Class A		(34,600,639	)		(9,092,406	)
Class B		(6,562,590	)		(1,276,261	)
Net realized capital gains
Class A		(11,149,095	)		(7,273,925	)
Class B		(2,487,779	)		(2,005,553	)
Total distributions		(54,800,103	)		(19,648,145	)
Increase in net assets from capital share transactions		731,855,774			1,989,814,811
Total increase in net assets		771,044,637			1,901,303,266
Net Assets
Beginning of period		2,382,193,967			480,890,701
End of period	$	3,153,238,604		$	2,382,193,967
Undistributed net investment income
End of period	$	23,521,800		$	40,864,746

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2014 (Unaudited)						Year Ended December 31, 2013
	Shares			Value			Shares			Value
Class A (a)
Sales		70,824,134		$	719,956,539			191,161,299		$	2,013,338,110
Reinvestments		4,494,080			45,749,734			1,551,311			16,366,331
Redemptions		(3,645,277	)		(37,390,507	)		(1,624,157	)		(16,628,530	)
Net increase		71,672,937		$	728,315,766			191,088,453		$	2,013,075,911
Class B (b)
Sales		2,056,960		$	21,072,294			5,575,652		$	57,544,307
Shares converted from Class C		0			0			45,595,758			479,416,762
Reinvestments		889,908			9,050,369			311,073			3,281,814
Redemptions		(2,589,568	)		(26,582,655	)		(8,153,397	)		(83,938,129	)
Net increase		357,300		$	3,540,008			43,329,086		$	456,304,754
Class C (b)
Sales		0		$	0			44,995		$	473,335
Shares converted into Class B		0			0			(45,595,758	)		(479,416,762	)
Redemptions		0			0			(59,186	)		(622,427	)
Net increase (decrease)		0		$	0			(45,609,949	)	$	(479,565,854	)
Increase derived from capital shares transactions				$	731,855,774					$	1,989,814,811

(a) Commencement of operations was February 28, 2013.

(b) On January 7, 2013, Class C shares were converted into Class B shares.

See accompanying notes to financial statements.

MIST-25

Met Investors Series Trust

JPMorgan Core Bond Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2014 (Unaudited)			Year Ended December 31, 2013(a)
Net Asset Value, Beginning of Period	$	10.17		$	10.56
Income (Loss) from Investment Operations
Net investment income (b)		0.09			0.12
Net realized and unrealized gain (loss) on investments		0.27			(0.41	)
Total from investment operations		0.36			(0.29	)
Less Distributions
Distributions from net investment income		(0.18	)		(0.06	)
Distributions from net realized capital gains		(0.06	)		(0.04	)
Total distributions		(0.24	)		(0.10	)
Net Asset Value, End of Period	$	10.29		$	10.17
Total Return (%) (c)		3.55	(d)		(2.70	)(d)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.57	(e)		0.57	(e)
Net ratio of expenses to average net assets (%) (f)		0.44	(e)		0.44	(e)
Ratio of net investment income to average net assets (%)		1.84	(e)		1.62	(e)
Portfolio turnover rate (%)		4	(d)		68
Net assets, end of period (in millions)	$	2,704.0		$	1,942.6

	Class B
	Six Months Ended June 30, 2014 (Unaudited)			Year Ended December 31,
				2013(g)			2012			2011			2010			2009
Net Asset Value, Beginning of Period	$	10.15		$	10.54		$	10.36		$	10.01		$	9.62		$	8.58
Income (Loss) from Investment Operations
Net investment income (b)		0.08			0.12			0.22			0.29			0.33			0.41
Net realized and unrealized gain (loss) on investments		0.26			(0.44	)		0.28			0.28			0.25			0.63
Total from investment operations		0.34			(0.32	)		0.50			0.57			0.58			1.04
Less Distributions
Distributions from net investment income		(0.15	)		(0.03	)		(0.27	)		(0.22	)		(0.19	)		(0.00	)(h)
Distributions from net realized capital gains		(0.06	)		(0.04	)		(0.05	)		(0.00	)(i)		0.00			0.00
Total distributions		(0.21	)		(0.07	)		(0.32	)		(0.22	)		(0.19	)		(0.00	)
Net Asset Value, End of Period	$	10.28		$	10.15		$	10.54		$	10.36		$	10.01		$	9.62
Total Return (%) (c)		3.38	(d)		(3.04	)		4.92			5.79			6.10			12.12
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.82	(e)		0.82			0.59			0.59			0.65			0.69
Net ratio of expenses to average net assets (%) (f)		0.69	(e)		0.69			0.59			0.59			0.65			0.65
Ratio of net investment income to average net assets (%)		1.61	(e)		1.21			2.09			2.81			3.34			4.42
Portfolio turnover rate (%)		4	(d)		68			11			8			2			1
Net assets, end of period (in millions)	$	449.3		$	439.6		$	480.9		$	472.1		$	373.7		$	191.4

(a) Commencement of operations was February 28, 2013.

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

(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) Periods less than one year are not computed on an annualized basis.

(e) Computed on an annualized basis.

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

(g) On January 7, 2013, Class C shares were converted into Class B shares. The financial information of Class B includes the financial information of Class C prior to the conversion.

(h) Distributions from net investment income were less than $0.01.

(i) Distributions from net realized capital gains were less than $0.01.

See accompanying notes to financial statements.

MIST-26

Met Investors Series Trust

JPMorgan Core Bond Portfolio

Notes to Financial Statements—June 30, 2014 (Unaudited)

1. Organization

Met Investors Series Trust (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 currently offers forty-seven series, each of which operates as a distinct investment vehicle of the Trust. The portfolio included in this report is JPMorgan Core Bond 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 four classes of shares: Class A, B, C and E shares. Class A and B shares are currently offered by the Portfolio. 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 June 30, 2014 through the date the financial statements were issued.

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 (other than short term obligations with a remaining maturity of sixty days or less), 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 MetLife Advisers, LLC (“MetLife Advisers” or the “Adviser”), an affiliate of MetLife, Inc., pursuant to authorization of 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 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.

MIST-27

Met Investors Series Trust

JPMorgan Core Bond Portfolio

Notes to Financial Statements—June 30, 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, which 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 and futures contracts that are traded over-the-counter 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. 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 has delegated the determination of the fair value of a security to a 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.

MIST-28

Met Investors Series Trust

JPMorgan Core Bond Portfolio

Notes to Financial Statements—June 30, 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. The Portfolio has no permanent book-tax differences at December 31, 2013.

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 June 30, 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 Master Repurchase Agreement 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 June 30, 2014, the Portfolio had investments in repurchase agreements with a gross value of $177,914,806, 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 June 30, 2014.

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.

MIST-29

Met Investors Series Trust

JPMorgan Core Bond Portfolio

Notes to Financial Statements—June 30, 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 sales 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.

Stripped Securities - The Portfolio may invest in “stripped securities,” a term used collectively for certain structured fixed income securities. Stripped securities can be principal only securities (“POs”), which are debt obligations that have been stripped of unmatured interest coupons or interest only securities (“IOs”), which are unmatured interest coupons that have been stripped from debt obligations. Stripped securities do not make periodic payments of interest prior to maturity. As is the case with all securities, the market value of stripped securities will fluctuate in response to changes in economic conditions, interest rates and the market’s perception of the securities. However, fluctuations in response to interest rates may be greater in stripped securities than for debt obligations of comparable maturities that currently pay interest. The amount of fluctuation increases with a longer period of maturity.

The yield to maturity on IOs is sensitive to the rate of principal repayments (including prepayments) on the related underlying debt obligation and principal payments may have a material effect on yield to maturity. If the underlying debt obligation experiences greater than anticipated prepayments of principal, the Portfolio may not fully recoup the initial investment in IOs.

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; 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 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 over-the-counter traded derivatives (e.g., forward foreign currency exchange contracts, swap agreements and over-the-counter options).

MIST-30

Met Investors Series Trust

JPMorgan Core Bond Portfolio

Notes to Financial Statements—June 30, 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, 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, excluding short-term securities, for the six months ended June 30, 2014 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$319,862,559	$	443,802,635	$	25,107,420	$	76,132,398

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 six months ended June 30, 2014	% per annum			Average Daily Net Assets
$7,267,375		0.550	%	ALL

MetLife Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. J.P. Morgan Investment Management Inc. 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 reduction	Average Daily Net Assets
0.130%		ALL

MIST-31

Met Investors Series Trust

JPMorgan Core Bond Portfolio

Notes to Financial Statements—June 30, 2014—(Continued)

An identical agreement was in place for the period April 29, 2013 to April 27, 2014. Amounts waived, for the six months ended June 30, 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 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 Agreement and Plan - 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 Class B Shares. MIDC is a wholly-owned subsidiary of MetLife Investors Group, Inc., an affiliate of the Adviser. The Class B distribution plan provides that the Trust, on behalf of the Portfolio, may pay annually up to 0.50% of the average daily net assets of the Portfolio attributable to its Class B Shares with respect to activities primarily intended to result in the sale of Class B Shares. However, under the Class B distribution agreement, payments to the Distributor for activities pursuant to the Class B distribution plan are currently limited to payments at an annual rate equal to 0.25% of average daily net assets of the Portfolio attributable to its Class B Shares. Amounts incurred by the Portfolio for the six months ended June 30, 2014 are shown as Distribution and service fees in the Statement of Operations.

Under the terms of the Class B distribution plan and distribution agreement, the Portfolio is authorized to make payments monthly to the Distributor that may be used to pay or reimburse entities providing distribution and shareholder servicing with respect to the Class B Shares for such entities’ fees or expenses incurred.

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 Metropolitan Series Fund, 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, 2013 and 2012 were as follows:

Ordinary Income			Long-Term Capital Gains				Total
2013	2012		2013		2012		2013		2012
$10,368,667	$	12,499,181	$	9,279,478	$	2,428,856	$	19,648,145	$	14,928,037

As of December 31, 2013, 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		Total
$40,918,631	$	13,327,955	$	(100,838,314	)	$	—	$	(46,591,728	)

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, 2013, the Portfolio had no capital loss carryforwards.

MIST-32

Met Investors Series Trust

JPMorgan Core Bond Portfolio

Notes to Financial Statements—June 30, 2014—(Continued)

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 January 1, 2015, and interim periods within those fiscal years. Management is evaluating the impact, if any, of this guidance on the Portfolio’s financial statement disclosures.

MIST-33

Met Investors Series Trust

JPMorgan Global Active Allocation Portfolio

Managed by J.P. Morgan Investment Management Inc.

Portfolio Manager Commentary*

PERFORMANCE

For the six month period ended June 30, 2014, the Class B shares of the JPMorgan Global Active Allocation Portfolio returned 6.70%. The Portfolio’s benchmark, the Dow Jones Moderate Index¹, returned 5.77%.

MARKET ENVIRONMENT / CONDITIONS

Monetary support continued to be a key theme in the first half of 2014. With monetary accommodation being pursued by the largest central banks in the developed world, equities performed strongly with some differentiation seen across regions. The MSCI World Index was up 6.5% during the six month period. In the U.S., Large Cap stocks, as represented by the S&P 500 Index, advanced 7.1%, while Small Cap stocks, as represented by the Russell 2000 Index, underperformed Large Cap but were still up 3.2%. The emerging markets equity as represented by the MSCI Emerging Markets Index posted a strong start to the year, advancing 6.1% during the period. The Barclays U.S. Aggregate Bond Index, a measure of fixed income performance, rose 3.9% over the six months. Commodities also experienced a positive first half of 2014, as represented by the Bloomberg Commodities Index, formerly known as the Dow Jones/UBS Commodities Index, advancing 7.1%.

The beginning of 2014 brought with it some challenges, as investors were confronted with uncertainty in emerging markets, a brutally harsh winter in the U.S., a Russian occupation of Ukraine, and signals from the Federal Reserve (the “Fed”) that interest rates could rise sooner than expected. Market volatility was caused by skepticism of central banks’ ability to sustainably fight inflation and fund deteriorating current account deficits in select emerging markets. The currencies of Argentina and Turkey were initially impacted due to these concerns. In an emergency meeting, the Central Bank of the Republic of Turkey aggressively raised a key interest rate in efforts to defend the Turkish lira. The central banks of Brazil, India, and South Africa also raised interest rates in January. In the U.S., most economic releases in the beginning of the year were shrugged off by investors as a result of the extremely cold weather. In fact, several regional manufacturing surveys in addition to many companies reporting first quarter earnings cited the weather as negatively impacting business activity.

As the calendar turned towards March, uncertainty returned to the markets as Russia sent troops into the Crimea region of Ukraine; shortly thereafter Crimean citizens voted to become part of Russia. While the outcome of the Federal Open Market Committee March meeting came with few surprises, remarks made during Fed Chair Janet Yellen’s press conference, temporarily spooked markets. It has been perceived that these comments may have started the vicious rotation in the market as stocks with higher growth expectations sold off significantly in favor of more economically sensitive names as well as stocks that provide above average yields such as Real Estate Investment Trusts and Utilities.

Markets remained range bound as the second quarter began. Investors were quite perplexed when after an April employment report that significantly exceeded expectations bond yields continued to fall. Geopolitical tensions in the Ukraine and unrest in Iraq were cited for much of the strength in the bond market. Concerns over growth were also cited, particularly after the poor showing of first quarter U.S. gross domestic product in which the final estimate showed a 2.9% contraction. That can be refuted as economic data began to point towards an economy recovering nicely from the weakness experienced earlier in the year.

The preliminary read for the Markit Flash U.S. Manufacturing Purchasing Managers’ Index surveys improved to 57.5 in June, up from May’s 56.4 driven by strong growth in both output and new orders. This generally improving trend in manufacturing activity was also seen in other developed market economies. The U.S. housing market was also a positive, as both existing and new home sales for May exceeded economists’ forecasts. Investors also applauded monetary policy developments from both the Fed and the European Central Bank (the “ECB”). The Fed continued to reinforce continued low levels of interest rates while the ECB launched a new loan facility designed to encourage bank lending. The loans will be structured so that the more banks lend to companies, the more cheaply they will be able to borrow funds from the ECB.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The foundation of the JPMorgan Global Active Allocation Portfolio is a diversified, growth-oriented asset allocation that reduces exposure to extreme market events, specifically those associated with significant sustained drawdowns. The Portfolio’s long-term Strategic Asset Allocation has exposure of 50% to global equities, 25% to investment grade fixed income, 20% to convertible debt securities, and 5% to commodities. The strategy seeks to generate consistent capital appreciation over time with better protection against volatility through asset allocation, both strategic and tactical, as well as through employing a de-risking framework, Systematic Exposure Management (“SEM”). SEM is a proprietary quantitative de-risking framework that aims to reduce the Portfolio’s exposure to asset classes exhibiting negative returns or elevated volatility. By systematically reducing exposure to assets that are likely to experience subpar returns, J.P. Morgan aims to deliver higher risk-adjusted returns and lower volatility relative to both the Dow Jones Moderate Index and a traditional portfolio invested 60% in equity and 40% in fixed income markets.

Portfolio allocations are not only adjusted based on SEM but also based on our tactical asset allocation views. These views are informed by quantitative and qualitative inputs and seek to improve upon the Strategic Asset Allocation. These tactical asset allocation views aim to add additional returns within the Portfolio. Derivatives may be used in the Portfolio as a way to implement tactical decisions. Further, derivative usage is also permissible for purposes such as hedging, cash

MIST-1

Met Investors Series Trust

JPMorgan Global Active Allocation Portfolio

Managed by J.P. Morgan Investment Management Inc.

Portfolio Manager Commentary*—(Continued)

management, as a substitute for purchasing or selling securities, and to manage Portfolio characteristics. As a final element to the Portfolio’s construction, an extended duration exposure is achieved through a 10-year interest rate swap. This extended duration profile provides further balancing of Portfolio risk and additional diversification benefits.

The Portfolio began the year with SEM, the primary risk management model, suggesting de-risking in commodities as well as fixed income / duration. In addition to this, the portfolio managers were expressing various tactical over/underweights. Allocations to U.S. equities, international developed equities, and cash were above their respective Strategic Asset Allocation. The overweight equity positions were driven by numerous positive economic data points towards the end of 2013, particularly coming out of the U.S. The Portfolio also held a tactical underweight to commodities relative to the Strategic Asset Allocation that reduced the allocation further than what SEM suggested.

In the first quarter, momentum in commodities strengthened and SEM fully re-risked the asset class. Over this period, the asset class had very strong absolute and relative performance, as exhibited by the Blomberg Commodity Index returning near 7.0%. The fixed income / duration signal from SEM also strengthened as 10-year U.S. Treasury rates decreased almost 30 basis points, though it still ended the first quarter in slight de-risking mode. The emerging market equity signal was volatile over the period as the asset class experienced a very weak January followed by a strong February and March. SEM de-risked emerging market equities during January but re-risked after mometum improved later in the quarter. Overall, SEM slightly detracted from performance over the quarter, mostly due to the underweight to fixed income / duration in January when U.S. Treasury rates decreased significantly. In addition to the SEM activity, the portfolio managers maintained tactical overweights to U.S. and international developed equities as well as an underweight to commodities throughout the quarter.

Over the course of the second quarter, SEM fully re-risked fixed income / duration, which was the only asset class in de-risking mode. Mometum in the asset class improved on the back of the 20 basis points decrease in the 10-year U.S. Treasury rate. Again, SEM slightly detracted from overall performance due to the underweight to fixed income / duration for a portion of the quarter. Tactically, the Portfolio remained underweight commodities as well as overweight developed equities.

For the six-month period, the main drivers of performance versus the Dow Jones Moderate Index included the allocation to commodities as well as the duration overlay. In addition to these drivers, the tactical overweight to U.S. equities also contributed to performance. SEM detracted minimally for the period, almost entirely due to the underweight to fixed income / duration. Overall security selection also slightly detracted; this was mostly due to the international developed equity active allocations as well as the convertibles allocation. In the case of international developed equity, both strategies were overweight sectors of Japanese equities that detracted from performance, particularly in the first quarter. The convertibles allocation detracted for two reasons: lower equity sensitivity throughout much of the period as well as security selection versus the representative index. The remaining allocations contributed positively from a security selection standpoint, particularly the emerging markets equity strategy. An overweight in India was the primary contributor as investor sentiment toward the country improved.

At the end of June, the Portfolio continued to favor pro-risk assets with a tilt to U.S. equities. The Portfolio also maintained a tactical underweight to commodities and fixed income / duration. SEM was not indicating de-risking for any asset class.

Michael Feser

Anne Lester

Jeffrey Geller

Nicole Goldberger

Grace Koo

Jonathan Cummings

Portfolio Managers

J.P. Morgan Investment Management 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 and 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 those of the subadvisory firm as of June 30, 2014 and 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 statements) 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 applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable annuity or insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

MIST-2

Met Investors Series Trust

JPMorgan Global Active Allocation Portfolio

A $10,000 INVESTMENT COMPARED TO THE DOW JONES MODERATE INDEX

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2014

	6 Month		1 Year		Since Inception2
JPMorgan Global Active Allocation Portfolio
Class B		6.70		16.24		10.96
Dow Jones Moderate Index		5.77		16.21		11.42

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 of that combination will have 60% of the risk of an all equity portfolio.

² Inception date of the Class B shares is 4/23/2012. 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.

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 JUNE 30, 2014

Top Equity Sectors

	% of Net Assets
Financials		8.3
Consumer Discretionary		4.7
Health Care		4.5
Consumer Staples		3.4
Energy		3.4

Top Fixed Income Sectors

	% of Net Assets
Corporate Bonds & Notes		23.3
Cash & Cash Equivalents		18.6
Convertible Bonds		16.5
U.S. Treasury & Government Agencies		2.5
Foreign Government		0.1

Top Equity Holdings

	% of Net Assets
Royal Dutch Shell plc		0.7
Novartis AG		0.7
Roche Holding AG		0.7
Shire plc		0.6
Wells Fargo & Co., Series L		0.5

Top Fixed Income Issuers

	% of Net Assets
U.S. Treasury Notes		2.4
Gilead Sciences, Inc.		0.8
WellPoint, Inc.		0.8
Mylan, Inc.		0.8
Ford Motor Co.		0.7

MIST-3

Met Investors Series Trust

JPMorgan Global Active Allocation Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

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, January 1, 2014 through June 30, 2014.

Actual Expenses

The first line 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 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 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 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.

JPMorgan Global Active Allocation Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2014		Ending Account Value June 30, 2014		Expenses Paid During Period** January 1, 2014 to June 30, 2014
Class B(a)	Actual		1.00	%	$	1,000.00	$	1,067.00	$	5.13
	Hypothetical*		1.00	%	$	1,000.00	$	1,019.84	$	5.01

* 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 (181 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 7 of the Notes to Consolidated Financial Statements.

MIST-4

Met Investors Series Trust

JPMorgan Global Active Allocation Portfolio

Consolidated§ Schedule of Investments as of June 30, 2014 (Unaudited)

Common Stocks—33.3% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—0.5%
Airbus Group NV		20,666	$	1,387,060
Honeywell International, Inc.		18,193		1,691,039
L-3 Communications Holdings, Inc.		4,481		541,081
Thales S.A.		25,203		1,523,126
United Technologies Corp.		18,833		2,174,270
				7,316,576
Air Freight & Logistics—0.2%
Deutsche Post AG		24,318		879,532
Yamato Holdings Co., Ltd.		77,000		1,594,847
				2,474,379
Airlines—0.1%
Delta Air Lines, Inc.		9,328		361,180
Japan Airlines Co., Ltd.		26,600		1,472,164
United Continental Holdings, Inc. (a)		12,349		507,174
				2,340,518
Auto Components—0.4%
Bridgestone Corp.		60,500		2,120,311
Continental AG		6,205		1,437,408
GKN plc		130,893		812,265
TRW Automotive Holdings Corp. (a)		5,730		512,950
Valeo S.A.		14,329		1,921,542
				6,804,476
Automobiles—1.1%
Astra International Tbk PT		1,880,200		1,154,867
Bayerische Motoren Werke (BMW) AG		10,756		1,364,324
Daimler AG		49,159		4,603,742
Geely Automobile Holdings, Ltd.		720,000		253,660
General Motors Co.		28,412		1,031,356
Hyundai Motor Co.		12,930		2,932,223
Mahindra & Mahindra, Ltd. (GDR)		97,070		1,869,568
Renault S.A.		22,383		2,027,638
Toyota Motor Corp.		38,300		2,303,904
				17,541,282
Banks—3.4%
Australia & New Zealand Banking Group, Ltd.		87,921		2,766,048
Banco Santander Chile (ADR)		29,910		791,119
Bank Central Asia Tbk PT		609,200		565,475
Bank of America Corp.		145,393		2,234,690
BB&T Corp.		4,800		189,264
BNP Paribas S.A.		27,898		1,892,860
Capitec Bank Holdings, Ltd.		19,690		411,966
Citigroup, Inc.		39,724		1,871,000
Credicorp, Ltd.		7,580		1,178,463
Cullen/Frost Bankers, Inc.		996		79,102
Danske Bank A/S		80,197		2,267,855
Grupo Financiero Banorte S.A.B. de C.V. - Class O		109,430		782,589
HDFC Bank, Ltd. (ADR)		117,150		5,484,963
HSBC Holdings plc		397,824		4,038,747
Banks—(Continued)
Itau Unibanco Holding S.A. (ADR)		101,904		1,465,380
Lloyds Banking Group plc (a)		363,108		461,763
Mitsubishi UFJ Financial Group, Inc.		1,020,500		6,268,906
Mizuho Financial Group, Inc.		1,227,700		2,523,693
Nordea Bank AB		100,478		1,416,562
PNC Financial Services Group, Inc. (The)		8,837		786,935
PT Bank Rakyat Indonesia Persero Tbk		1,303,000		1,135,479
Public Bank Bhd		99,800		608,511
Sberbank of Russia (ADR)		145,520		1,479,938
Siam Commercial Bank Public Co., Ltd.		154,100		800,057
Standard Chartered plc		67,940		1,388,409
Sumitomo Mitsui Financial Group, Inc.		114,600		4,812,076
Sumitomo Mitsui Trust Holdings, Inc.		329,000		1,506,653
SunTrust Banks, Inc.		3,900		156,234
SVB Financial Group (a)		1,398		163,035
Turkiye Garanti Bankasi A/S		201,905		790,130
U.S. Bancorp		1,769		76,633
Wells Fargo & Co.		71,820		3,774,859
				54,169,394
Beverages—0.8%
Ambev S.A. (ADR)		292,390		2,058,426
Coca-Cola Co. (The)		39,859		1,688,427
Constellation Brands, Inc. - Class A (a)		7,044		620,788
Dr Pepper Snapple Group, Inc.		9,433		552,585
Molson Coors Brewing Co. - Class B		2,900		215,064
PepsiCo, Inc.		8,732		780,117
SABMiller plc		84,872		4,917,268
Tsingtao Brewery Co., Ltd. - Class H		204,000		1,597,025
				12,429,700
Biotechnology—0.3%
Alexion Pharmaceuticals, Inc. (a)		2,548		398,125
Biogen Idec, Inc. (a)		5,106		1,609,973
Celgene Corp. (a)		20,160		1,731,341
Gilead Sciences, Inc. (a)		5,244		434,780
Vertex Pharmaceuticals, Inc. (a)		4,132		391,218
				4,565,437
Building Products—0.3%
Cie de St-Gobain		20,357		1,146,832
Daikin Industries, Ltd.		36,400		2,302,366
Masco Corp.		24,872		552,158
				4,001,356
Capital Markets—0.6%
Charles Schwab Corp. (The)		27,096		729,695
Goldman Sachs Group, Inc. (The)		2,680		448,739
Henderson Group plc		200,213		826,010
Invesco, Ltd.		22,639		854,622
Jupiter Fund Management plc		234,203		1,601,576
Morgan Stanley		35,399		1,144,450
Nomura Holdings, Inc.		181,900		1,285,584
State Street Corp.		8,796		591,619
UBS AG (a)		123,001		2,253,882
				9,736,177

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

MIST-5

Met Investors Series Trust

JPMorgan Global Active Allocation Portfolio

Consolidated§ Schedule of Investments as of June 30, 2014 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Chemicals—0.4%
Axiall Corp.		5,074	$	239,848
BASF SE		16,595		1,932,287
Dow Chemical Co. (The)		11,847		609,647
Mexichem S.A.B. de C.V.		106,530		441,278
Monsanto Co.		7,106		886,402
Mosaic Co. (The)		6,785		335,518
Solvay S.A.		13,731		2,367,166
				6,812,146
Commercial Services & Supplies—0.0%
Tyco International, Ltd.		3,420		155,952
Communications Equipment—0.2%
Cisco Systems, Inc.		77,877		1,935,243
QUALCOMM, Inc.		20,789		1,646,489
				3,581,732
Construction & Engineering—0.1%
Fluor Corp.		18,501		1,422,727
Larsen & Toubro, Ltd. (GDR)		22,560		633,259
Quanta Services, Inc. (a)		1,800		62,244
				2,118,230
Construction Materials—0.1%
Martin Marietta Materials, Inc.		1,823		240,727
Siam Cement PCL (The) (NVDR)		57,200		797,277
				1,038,004
Consumer Finance—0.0%
American Express Co.		1,655		157,010
Capital One Financial Corp.		6,410		529,466
Navient Corp.		2,235		39,582
				726,058
Containers & Packaging—0.2%
Ball Corp.		1,200		75,216
Crown Holdings, Inc. (a)		6,494		323,141
Sealed Air Corp.		1,700		58,089
Smurfit Kappa Group plc		106,350		2,429,714
				2,886,160
Distributors—0.0%
Imperial Holdings, Ltd.		18,920		355,792
Diversified Financial Services—0.7%
Berkshire Hathaway, Inc. - Class B (a)		12,184		1,542,007
CME Group, Inc.		2,692		190,998
FirstRand, Ltd.		374,610		1,435,338
ING Groep NV (a)		334,273		4,690,225
Intercontinental Exchange, Inc.		2,987		564,244
ORIX Corp.		119,000		1,970,907
Remgro, Ltd.		60,981		1,318,773
				11,712,492
Diversified Telecommunication Services—0.8%
AT&T, Inc.		5,390		190,590
BT Group plc		582,250		3,830,563
Koninklijke KPN NV (a)		450,450		1,640,246
Nippon Telegraph & Telephone Corp.		78,400		4,896,545
Verizon Communications, Inc.		47,724		2,335,135
				12,893,079
Electric Utilities—0.2%
American Electric Power Co., Inc.		10,868		606,108
Edison International		8,406		488,473
Entergy Corp.		7,634		626,675
Exelon Corp.		18,713		682,650
NextEra Energy, Inc.		10,487		1,074,708
				3,478,614
Electrical Equipment—0.4%
Eaton Corp. plc		15,339		1,183,864
Emerson Electric Co.		17,141		1,137,477
Schneider Electric SE		28,478		2,685,880
Sumitomo Electric Industries, Ltd.		69,700		982,929
				5,990,150
Electronic Equipment, Instruments & Components—0.4%
Corning, Inc.		11,181		245,423
Delta Electronics, Inc.		211,000		1,538,235
Hitachi, Ltd.		274,000		2,010,797
Keyence Corp.		3,800		1,662,157
TE Connectivity, Ltd.		4,534		280,383
				5,736,995
Energy Equipment & Services—0.3%
Ensco plc - Class A		12,970		720,743
FMC Technologies, Inc. (a)		2,100		128,247
Halliburton Co.		10,850		770,458
Noble Corp. plc		6,321		212,133
Petrofac, Ltd.		33,254		683,438
Schlumberger, Ltd.		20,323		2,397,098
				4,912,117
Food & Staples Retailing—0.8%
Casino Guichard Perrachon S.A.		7,127		944,389
Costco Wholesale Corp.		6,321		727,926
CVS Caremark Corp.		21,130		1,592,568
Delhaize Group S.A.		23,622		1,597,145
Kroger Co. (The)		4,329		213,983
Magnit OJSC (GDR)		25,040		1,477,360
Massmart Holdings, Ltd.		7,705		95,669
President Chain Store Corp.		144,000		1,152,512
Seven & I Holdings Co., Ltd.		24,400		1,029,686
Shoprite Holdings, Ltd.		93,410		1,350,882
Sun Art Retail Group, Ltd.		753,000		857,910
Wal-Mart de Mexico S.A.B. de C.V.		271,500		727,851
Wal-Mart Stores, Inc.		4,568		342,920
				12,110,801

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

MIST-6

Met Investors Series Trust

JPMorgan Global Active Allocation Portfolio

Consolidated§ Schedule of Investments as of June 30, 2014 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Food Products—0.9%
Archer-Daniels-Midland Co.		20,830	$	918,811
General Mills, Inc.		12,270		644,666
Grieg Seafood ASA (a)		114,388		536,808
Kellogg Co.		3,407		223,840
Marine Harvest ASA		270,768		3,702,058
Mondelez International, Inc. - Class A		36,297		1,365,130
Nutreco NV		18,996		838,825
Salmar ASA		104,920		1,828,699
Tiger Brands, Ltd.		18,980		547,233
Tingyi Cayman Islands Holding Corp.		306,000		856,789
Unilever NV		76,534		3,347,709
				14,810,568
Gas Utilities—0.0%
Questar Corp.		9,599		238,055
Health Care Equipment & Supplies—0.2%
Abbott Laboratories		26,543		1,085,609
Baxter International, Inc.		4,727		341,762
Boston Scientific Corp. (a)		59,589		760,952
Covidien plc		4,602		415,008
Stryker Corp.		11,484		968,331
				3,571,662
Health Care Providers & Services—0.2%
Aetna, Inc.		7,076		573,722
Humana, Inc.		8,047		1,027,763
McKesson Corp.		2,811		523,436
UnitedHealth Group, Inc.		9,997		817,255
				2,942,176
Health Care Technology—0.0%
athenahealth, Inc. (a)		394		49,301
Cerner Corp. (a)		4,314		222,516
				271,817
Hotels, Restaurants & Leisure—0.6%
InterContinental Hotels Group plc		56,375		2,332,582
McDonald’s Corp.		1,024		103,158
Royal Caribbean Cruises, Ltd.		10,502		583,911
Sands China, Ltd.		334,400		2,534,649
Sodexo		24,007		2,583,720
Starbucks Corp.		10,295		796,627
Wynn Macau, Ltd.		254,400		1,001,288
Yum! Brands, Inc.		6,008		487,850
				10,423,785
Household Durables—0.6%
Barratt Developments plc		111,074		709,152
Berkeley Group Holdings plc		89,763		3,730,328
Electrolux AB - Series B		54,857		1,386,084
Harman International Industries, Inc.		3,427		368,163
NVR, Inc. (a)		100		115,060
Persimmon plc (a)		103,859		2,258,584
PulteGroup, Inc.		19,623		395,600
Whirlpool Corp.		500		69,610
				9,032,581
Household Products—0.2%
Kimberly-Clark Corp.		3,745		416,519
Procter & Gamble Co. (The)		29,265		2,299,936
Unilever Indonesia Tbk PT		142,000		350,849
				3,067,304
Industrial Conglomerates—0.3%
Bidvest Group, Ltd.		56,740		1,507,905
General Electric Co.		45,690		1,200,733
Jardine Matheson Holdings, Ltd.		26,400		1,566,158
KOC Holding AS		243,680		1,196,314
				5,471,110
Insurance—2.0%
ACE, Ltd.		16,319		1,692,280
Aegon NV		164,290		1,434,045
Ageas		35,843		1,430,081
AIA Group, Ltd.		486,600		2,451,817
Allianz SE		8,871		1,478,491
AXA S.A.		207,217		4,945,189
Axis Capital Holdings, Ltd.		4,844		214,492
Hartford Financial Services Group, Inc. (The)		10,978		393,122
Marsh & McLennan Cos., Inc.		12,392		642,153
Muenchener Rueckversicherungs AG		12,608		2,794,977
Prudential Financial, Inc.		13,523		1,200,437
Prudential plc		205,708		4,718,692
Swiss Re AG (a)		56,647		5,041,455
XL Group plc		10,324		337,905
Zurich Insurance Group AG (a)		12,215		3,682,702
				32,457,838
Internet & Catalog Retail—0.1%
Amazon.com, Inc. (a)		3,733		1,212,404
Priceline Group, Inc. (The) (a)		494		594,282
				1,806,686
Internet Software & Services—0.5%
Baidu, Inc. (ADR) (a)		6,520		1,218,001
eBay, Inc. (a)		13,180		659,791
Facebook, Inc. - Class A (a)		9,886		665,229
Google, Inc. - Class A (a)		3,177		1,857,497
Google, Inc. - Class C (a)		3,177		1,827,664
Tencent Holdings, Ltd.		71,000		1,088,460
				7,316,642
IT Services—0.6%
Accenture plc - Class A		13,787		1,114,541
Alliance Data Systems Corp. (a)		947		266,344
Cap Gemini S.A.		12,010		857,754
Cielo S.A.		71,400		1,470,333
Cognizant Technology Solutions Corp. - Class A (a)		15,569		761,480
Infosys, Ltd. (ADR)		40,920		2,200,268
International Business Machines Corp.		3,663		663,992
Nomura Research Institute, Ltd.		30,900		974,783
Visa, Inc. - Class A		8,054		1,697,058

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

MIST-7

Met Investors Series Trust

JPMorgan Global Active Allocation Portfolio

Consolidated§ Schedule of Investments as of June 30, 2014 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
IT Services—(Continued)
Xerox Corp.		5,258	$	65,410
				10,071,963
Machinery—0.3%
Caterpillar, Inc.		438		47,597
Deere & Co.		3,961		358,669
DMG Mori Seiki Co., Ltd.		92,300		1,342,346
Kawasaki Heavy Industries, Ltd.		272,000		1,038,249
PACCAR, Inc.		19,982		1,255,469
Snap-on, Inc.		500		59,260
SPX Corp.		1,787		193,371
WEG S.A.		62,361		798,458
				5,093,419
Marine—0.0%
AP Moeller - Maersk A/S - Class B		261		648,950
Media—0.9%
CBS Corp. - Class B		1,964		122,043
Comcast Corp. - Class A		39,677		2,129,861
Dentsu, Inc.		39,700		1,620,246
DIRECTV (a)		858		72,939
DISH Network Corp. - Class A (a)		4,940		321,495
ITV plc		259,275		789,577
Publicis Groupe S.A.		24,209		2,055,107
Time Warner Cable, Inc.		4,788		705,272
Time Warner, Inc.		27,424		1,926,536
Time, Inc. (a)		3,428		83,026
Twenty-First Century Fox, Inc. - Class A		15,699		551,820
Walt Disney Co. (The)		10,902		934,737
Wolters Kluwer NV		35,071		1,037,446
WPP plc		62,251		1,355,513
				13,705,618
Metals & Mining—0.6%
Alcoa, Inc.		51,886		772,582
Anglo American plc		30,240		738,750
First Quantum Minerals, Ltd.		88,667		1,896,238
Freeport-McMoRan Copper & Gold, Inc.		8,970		327,405
Norsk Hydro ASA		208,641		1,115,343
Rio Tinto plc		48,246		2,603,289
United States Steel Corp.		15,697		408,750
Vale S.A. (ADR)		89,940		1,070,286
				8,932,643
Multi-Utilities—0.6%
CenterPoint Energy, Inc.		12,079		308,498
CMS Energy Corp.		14,589		454,447
Dominion Resources, Inc.		7,524		538,117
GDF Suez		224,403		6,169,975
NiSource, Inc.		12,955		509,650
Public Service Enterprise Group, Inc.		756		30,837
Sempra Energy		2,106		220,519
Suez Environnement Co.		55,270		1,059,362
				9,291,405
Multiline Retail—0.3%
Dollar General Corp. (a)		2,525		144,834
Dollar Tree, Inc. (a)		1,707		92,963
Lojas Renner S.A.		23,540		754,303
Macy’s, Inc.		6,966		404,167
Next plc		35,520		3,933,548
				5,329,815
Oil, Gas & Consumable Fuels—3.1%
Anadarko Petroleum Corp.		6,049		662,184
BG Group plc		141,015		2,981,241
BP plc		682,646		6,010,837
Cheniere Energy, Inc. (a)		3,874		277,766
Chevron Corp.		20,137		2,628,885
CNOOC, Ltd.		1,009,000		1,816,085
ENI S.p.A.		121,885		3,331,617
EOG Resources, Inc.		7,104		830,174
EQT Corp.		3,230		345,287
Exxon Mobil Corp.		33,393		3,362,007
Hess Corp.		5,545		548,345
Lukoil OAO (ADR)		28,090		1,680,344
Marathon Oil Corp.		25,616		1,022,591
Marathon Petroleum Corp.		4,307		336,248
Occidental Petroleum Corp.		9,153		939,372
Oil Search, Ltd.		44,000		401,388
Phillips 66		830		66,757
Pioneer Natural Resources Co.		405		93,073
Premier Oil plc		262,920		1,500,886
QEP Resources, Inc.		5,061		174,605
Royal Dutch Shell plc - A Shares		103,410		4,277,828
Royal Dutch Shell plc - A Shares		109,476		4,530,690
Royal Dutch Shell plc - B Shares		60,950		2,650,610
Statoil ASA		46,283		1,427,766
Total S.A.		68,087		4,919,314
Tullow Oil plc		73,431		1,071,428
Ultrapar Participacoes S.A.		51,730		1,231,499
Valero Energy Corp.		7,132		357,313
				49,476,140
Paper & Forest Products—0.1%
International Paper Co.		3,758		189,666
Stora Enso Oyj - R Shares		99,480		967,035
UPM-Kymmene Oyj		40,426		689,770
				1,846,471
Personal Products—0.0%
Estee Lauder Cos., Inc. (The) - Class A		3,174		235,701
Pharmaceuticals—3.8%
Actavis plc (a)		1,023		228,180
Allergan, Inc.		2,592		438,618
AstraZeneca plc		41,716		3,104,136
Bayer AG		39,264		5,545,978
Bristol-Myers Squibb Co.		34,508		1,673,983
GlaxoSmithKline plc		141,177		3,772,508
Johnson & Johnson		39,305		4,112,089

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

MIST-8

Met Investors Series Trust

JPMorgan Global Active Allocation Portfolio

Consolidated§ Schedule of Investments as of June 30, 2014 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Pharmaceuticals—(Continued)
Merck & Co., Inc.		31,588	$	1,827,366
Novartis AG		122,237		11,072,492
Novo Nordisk A/S - Class B		88,804		4,099,425
Perrigo Co. plc		2,757		401,860
Pfizer, Inc.		10,827		321,345
Roche Holding AG		36,529		10,900,309
Sanofi		38,478		4,092,636
Shire plc		117,992		9,251,866
				60,842,791
Real Estate Investment Trusts—0.5%
American Tower Corp.		957		86,111
AvalonBay Communities, Inc.		3,368		478,896
Boston Properties, Inc.		1,200		141,816
DiamondRock Hospitality Co.		23,900		306,398
Extra Space Storage, Inc.		1,400		74,550
Fibra Uno Administracion S.A. de C.V.		250,900		879,750
First Real Estate Investment Trust		890,000		845,107
General Growth Properties, Inc.		3,700		87,172
Goodman Group		270,445		1,288,592
Highwoods Properties, Inc.		4,764		199,850
Host Hotels & Resorts, Inc.		2,598		57,182
Kilroy Realty Corp.		1,945		121,134
Liberty Property Trust		6,600		250,338
Lippo Malls Indonesia Retail Trust		2,503,000		802,943
Mapletree Logistics Trust		1,045,000		976,262
Mid-America Apartment Communities, Inc.		3,300		241,065
Prologis, Inc.		6,991		287,260
Public Storage		545		93,386
Simon Property Group, Inc.		3,808		633,194
Ventas, Inc.		3,372		216,145
				8,067,151
Real Estate Management & Development—0.4%
Daiwa House Industry Co., Ltd.		94,000		1,951,993
Deutsche Wohnen AG		40,979		883,786
Mitsubishi Estate Co., Ltd.		77,000		1,905,059
Mitsui Fudosan Co., Ltd.		30,000		1,014,501
TAG Immobilien AG		56,258		686,494
				6,441,833
Road & Rail—0.2%
CSX Corp.		45,104		1,389,654
Norfolk Southern Corp.		699		72,018
Union Pacific Corp.		22,084		2,202,879
				3,664,551
Semiconductors & Semiconductor Equipment—0.7%
Applied Materials, Inc.		17,405		392,483
ASML Holding NV		18,030		1,677,940
Avago Technologies, Ltd.		8,470		610,433
Broadcom Corp. - Class A		3,700		137,344
Freescale Semiconductor, Ltd. (a)		10,589		248,841
KLA-Tencor Corp.		11,323		822,503
Lam Research Corp.		12,101		817,786
Semiconductors & Semiconductor Equipment—(Continued)
ON Semiconductor Corp. (a)		17,400		159,036
Samsung Electronics Co., Ltd. (GDR)		4,300		2,777,800
Taiwan Semiconductor Manufacturing Co., Ltd. (ADR)		151,460		3,239,729
Xilinx, Inc.		10,529		498,127
				11,382,022
Software—0.5%
Adobe Systems, Inc. (a)		12,822		927,800
CA, Inc.		2,800		80,472
Citrix Systems, Inc. (a)		8,517		532,738
Microsoft Corp.		83,954		3,500,882
Oracle Corp.		21,767		882,217
SAP AG		31,316		2,418,786
VMware, Inc. - Class A (a)		2,149		208,045
				8,550,940
Specialty Retail—0.4%
AutoZone, Inc. (a)		1,431		767,360
Gap, Inc. (The)		1,176		48,886
Home Depot, Inc. (The)		21,932		1,775,615
Kingfisher plc		248,641		1,525,951
Lowe’s Cos., Inc.		26,028		1,249,084
Mr. Price Group, Ltd.		24,700		419,921
Ross Stores, Inc.		3,934		260,155
TJX Cos., Inc. (The)		15,761		837,697
				6,884,669
Technology Hardware, Storage & Peripherals—0.4%
Apple, Inc.		53,856		5,004,838
EMC Corp.		12,171		320,584
Hewlett-Packard Co.		13,002		437,908
Ricoh Co., Ltd.		61,600		735,677
				6,499,007
Textiles, Apparel & Luxury Goods—0.2%
Cie Financiere Richemont S.A.		23,707		2,488,186
Lululemon Athletica, Inc. (a)		1,705		69,018
VF Corp.		16,168		1,018,584
				3,575,788
Tobacco—0.7%
British American Tobacco Malaysia Bhd		7,200		146,999
British American Tobacco plc		55,121		3,280,092
Japan Tobacco, Inc.		143,800		5,251,733
Philip Morris International, Inc.		23,340		1,967,796
				10,646,620
Trading Companies & Distributors—0.2%
Wolseley plc		33,439		1,830,949
WW Grainger, Inc.		2,427		617,114
				2,448,063

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

MIST-9

Met Investors Series Trust

JPMorgan Global Active Allocation Portfolio

Consolidated§ Schedule of Investments as of June 30, 2014 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares/ Principal Amount*		Value
Transportation Infrastructure—0.1%
CCR S.A.		130,660	$	1,064,440
Wireless Telecommunication Services—0.8%
Advanced Info Service plc		71,400		483,993
Advanced Info Service plc (NVDR)		89,900		609,389
KDDI Corp.		99,400		6,076,150
Mobile Telesystems OJSC (a)		42,700		379,568
Mobile Telesystems OJSC (ADR)		29,850		589,239
MTN Group, Ltd.		97,660		2,055,098
Vodafone Group plc		882,774		2,950,043
				13,143,480
Total Common Stocks (Cost $474,172,288)				535,141,321
Corporate Bonds & Notes—23.3%
Advertising—0.0%
Omnicom Group, Inc. 3.625%, 05/01/22		185,000		190,323
Aerospace/Defense—0.3%
BAE Systems Finance, Inc. 7.500%, 07/01/27 (144A)		300,000		400,303
BAE Systems plc 4.750%, 10/11/21 (144A)		225,000		244,323
Boeing Capital Corp. 4.700%, 10/27/19		255,000		288,408
Boeing Co. (The) 7.250%, 06/15/25		11,000		14,447
8.625%, 11/15/31		125,000		189,859
EADS Finance B.V. 2.700%, 04/17/23 (144A)		279,000		268,670
General Dynamics Corp. 1.000%, 11/15/17		117,000		116,013
2.250%, 11/15/22		250,000		236,195
Lockheed Martin Corp. 4.070%, 12/15/42		312,000		300,790
7.650%, 05/01/16		168,000		189,448
Northrop Grumman Corp. 3.250%, 08/01/23		400,000		397,008
Northrop Grumman Systems Corp. 7.750%, 02/15/31		200,000		275,484
United Technologies Corp. 5.375%, 12/15/17		173,000		196,447
5.400%, 05/01/35		525,000		625,308
6.050%, 06/01/36		100,000		127,001
6.700%, 08/01/28		233,000		304,163
7.500%, 09/15/29		255,000		362,939
8.875%, 11/15/19		41,000		53,264
				4,590,070
Agriculture—0.2%
Altria Group, Inc. 2.850%, 08/09/22		260,000		250,194
4.250%, 08/09/42		230,000		214,288
4.500%, 05/02/43		215,000		207,258
Archer-Daniels-Midland Co. 4.016%, 04/16/43		150,000		143,961
5.375%, 09/15/35		100,000		116,229
6.625%, 05/01/29		100,000		122,730
BAT International Finance plc 1.400%, 06/05/15 (144A)		250,000		252,120
Bunge N.A. Finance L.P. 5.900%, 04/01/17		90,000		99,870
Bunge, Ltd. Finance Corp. 3.200%, 06/15/17		131,000		136,585
8.500%, 06/15/19		250,000		314,156
Cargill, Inc. 6.125%, 04/19/34 (144A)		325,000		397,102
7.350%, 03/06/19 (144A)		260,000		313,292
Monsanto Finance Canada Co. 5.500%, 07/30/35		125,000		143,575
Philip Morris International, Inc. 2.900%, 11/15/21		305,000		307,498
4.125%, 03/04/43		390,000		375,700
4.875%, 11/15/43		65,000		70,006
Reynolds American, Inc. 3.250%, 11/01/22		43,000		41,485
				3,506,049
Airlines—0.1%
Air Canada Pass-Through Trust 4.125%, 05/15/25 (144A)		171,803		173,951
American Airlines Pass-Through Trust 4.950%, 01/15/23 (144A)		557,010		602,963
Continental Airlines Pass-Through Certificates
4.000%, 10/29/24		40,809		41,625
Delta Air Lines Pass-Through Trust
4.750%, 05/07/20		63,672		69,084
6.821%, 08/10/22		214,699		253,345
U.S. Airways Pass-Through Trust
3.950%, 11/15/25		250,000		253,750
				1,394,718
Auto Manufacturers—0.5%
Daimler Finance North America LLC
1.450%, 08/01/16 (144A)		175,000		176,927
1.875%, 01/11/18 (144A)		205,000		206,856
2.375%, 08/01/18 (144A)		665,000		681,172
8.500%, 01/18/31		330,000		500,571
Ford Motor Co.
4.750%, 01/15/43		220,000		222,418
6.375%, 02/01/29		500,000		594,903
6.625%, 02/15/28		250,000		291,759
9.980%, 02/15/47		400,000		621,800

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

MIST-10

Met Investors Series Trust

JPMorgan Global Active Allocation Portfolio

Consolidated§ Schedule of Investments as of June 30, 2014 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Auto Manufacturers—(Continued)
Nissan Motor Acceptance Corp.
0.777%, 03/03/17 (144A) (b)		176,000	$	176,513
1.800%, 03/15/18 (144A)		146,000		146,052
1.950%, 09/12/17 (144A)		750,000		759,498
PACCAR Financial Corp.
0.800%, 02/08/16		217,000		217,951
1.050%, 06/05/15		80,000		80,563
1.600%, 03/15/17		150,000		151,851
Toyota Motor Credit Corp.
0.397%, 12/05/14 (b)		458,000		458,408
1.250%, 10/05/17		200,000		199,862
2.000%, 10/24/18		350,000		353,911
2.050%, 01/12/17		300,000		308,164
2.625%, 01/10/23		400,000		388,032
4.250%, 01/11/21		150,000		164,420
Volkswagen Group of America Finance LLC
1.250%, 05/23/17 (144A)		705,000		705,497
				7,407,128
Auto Parts & Equipment—0.0%
Johnson Controls, Inc.
2.600%, 12/01/16		75,000		77,719
3.625%, 07/02/24		98,000		98,432
5.500%, 01/15/16		135,000		144,421
				320,572
Banks—5.0%
ABN AMRO Bank NV
2.500%, 10/30/18 (144A)		210,000		213,081
American Express Bank FSB
0.452%, 06/12/17 (b)		500,000		498,839
American Express Centurion Bank
6.000%, 09/13/17		250,000		286,377
Australia & New Zealand Banking Group, Ltd.
4.500%, 03/19/24 (144A)		420,000		431,086
Bank of America Corp.
2.000%, 01/11/18		2,205,000		2,219,229
3.300%, 01/11/23		500,000		492,828
3.875%, 03/22/17		485,000		517,294
4.000%, 04/01/24		486,000		495,978
4.100%, 07/24/23		326,000		338,345
4.125%, 01/22/24		500,000		515,497
5.000%, 01/21/44		550,000		583,519
5.625%, 10/14/16		800,000		878,349
5.625%, 07/01/20		2,000,000		2,300,868
6.400%, 08/28/17		100,000		114,228
7.625%, 06/01/19		250,000		308,795
Bank of America N.A.
0.511%, 06/15/16 (b)		250,000		248,701
5.300%, 03/15/17		1,400,000		1,539,769
Bank of Montreal
1.400%, 09/11/17		194,000		194,533
1.450%, 04/09/18		500,000		495,457
2.375%, 01/25/19		110,000		111,792
2.550%, 11/06/22		213,000		206,183
Banks—(Continued)
Bank of New York Mellon Corp. (The)
1.969%, 06/20/17		500,000		510,845
3.550%, 09/23/21		352,000		369,995
3.650%, 02/04/24		167,000		172,203
4.500%, 06/20/23 (b)		399,000		371,070
4.600%, 01/15/20		200,000		223,345
Bank of Nova Scotia
1.250%, 04/11/17		650,000		652,802
1.375%, 07/15/16		465,000		470,310
1.375%, 12/18/17		1,000,000		997,760
3.400%, 01/22/15		170,000		172,938
Banque Federative du Credit Mutuel S.A.
1.700%, 01/20/17 (144A)		234,000		235,941
2.750%, 01/22/19 (144A)		365,000		373,660
Barclays Bank plc
3.750%, 05/15/24		211,000		211,754
6.050%, 12/04/17 (144A)		460,000		521,830
BB&T Corp.
2.050%, 06/19/18		139,000		140,530
2.150%, 03/22/17		350,000		358,219
3.950%, 03/22/22		175,000		185,457
BNP Paribas S.A.
2.700%, 08/20/18		262,000		268,028
BPCE S.A.
0.840%, 06/23/17 (b)		375,000		374,887
2.500%, 12/10/18		500,000		506,833
4.000%, 04/15/24		250,000		255,213
5.700%, 10/22/23 (144A)		200,000		220,222
Branch Banking & Trust Co.
0.550%, 09/13/16 (b)		250,000		249,004
2.850%, 04/01/21		360,000		363,989
Canadian Imperial Bank of Commerce
0.900%, 10/01/15		87,000		87,427
1.350%, 07/18/16		1,000,000		1,012,876
Capital One Financial Corp.
1.000%, 11/06/15		91,000		91,250
2.150%, 03/23/15		270,000		273,278
2.450%, 04/24/19		315,000		317,954
5.500%, 06/01/15		208,000		217,308
Capital One N.A.
1.500%, 03/22/18		500,000		495,338
Citigroup, Inc.
1.700%, 07/25/16		355,000		359,666
2.500%, 09/26/18		825,000		838,447
3.375%, 03/01/23		507,000		505,060
4.950%, 11/07/43		285,000		304,323
5.300%, 05/06/44		50,000		52,152
5.500%, 09/13/25		101,000		112,662
6.125%, 11/21/17		2,600,000		2,973,742
6.125%, 05/15/18		1,200,000		1,382,545
6.625%, 01/15/28		100,000		124,297
6.675%, 09/13/43		125,000		155,614
8.500%, 05/22/19		473,000		604,584
Comerica Bank
5.200%, 08/22/17		250,000		277,323
5.750%, 11/21/16		376,000		417,207

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

MIST-11

Met Investors Series Trust

JPMorgan Global Active Allocation Portfolio

Consolidated§ Schedule of Investments as of June 30, 2014 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Banks—(Continued)
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA
2.125%, 10/13/15		620,000	$	633,745
Credit Agricole S.A.
2.500%, 04/15/19 (144A)		250,000		252,305
3.875%, 04/15/24 (144A)		280,000		283,841
8.125%, 09/19/33 (144A) (b)		200,000		227,940
Deutsche Bank AG
1.350%, 05/30/17		855,000		854,716
3.700%, 05/30/24		133,000		133,040
Discover Bank
2.000%, 02/21/18		700,000		704,170
DNB Bank ASA
3.200%, 04/03/17 (144A)		445,000		468,237
Fifth Third Bancorp
3.625%, 01/25/16		155,000		161,817
4.900%, 09/30/19 (b)		185,000		183,992
8.250%, 03/01/38		50,000		73,583
Fifth Third Bank
0.900%, 02/26/16		750,000		751,930
1.350%, 06/01/17		540,000		541,169
Goldman Sachs Group, Inc. (The)
2.375%, 01/22/18		1,680,000		1,706,100
2.625%, 01/31/19		95,000		96,291
2.900%, 07/19/18		509,000		524,407
3.625%, 01/22/23		1,045,000		1,049,495
3.850%, 07/08/24		582,000		580,254
4.000%, 03/03/24		370,000		376,645
4.800%, 07/08/44		190,000		188,765
5.250%, 07/27/21		800,000		898,346
5.950%, 01/18/18		490,000		556,664
6.125%, 02/15/33		1,000,000		1,197,736
6.250%, 09/01/17		510,000		580,613
7.500%, 02/15/19		1,500,000		1,830,534
HSBC Bank plc
1.500%, 05/15/18 (144A)		564,000		559,587
4.125%, 08/12/20 (144A)		160,000		173,181
HSBC Bank USA N.A.
4.875%, 08/24/20		500,000		557,273
5.875%, 11/01/34		1,500,000		1,805,419
HSBC Holdings plc
5.100%, 04/05/21		500,000		568,139
HSBC USA, Inc.
1.625%, 01/16/18		300,000		300,672
3.500%, 06/23/24		565,000		566,603
Intesa Sanpaolo S.p.A.
5.017%, 06/26/24 (144A)		200,000		202,363
5.250%, 01/12/24		455,000		497,564
KeyBank N.A.
1.650%, 02/01/18		500,000		500,431
4.950%, 09/15/15		167,000		175,186
KeyCorp.
3.750%, 08/13/15		200,000		206,893
Macquarie Bank, Ltd.
2.000%, 08/15/16 (144A)		622,000		633,297
Banks—(Continued)
Mizuho Bank, Ltd.
1.300%, 04/16/17 (144A)		200,000		200,190
2.450%, 04/16/19 (144A)		200,000		201,938
Morgan Stanley
2.125%, 04/25/18		515,000		520,657
2.500%, 01/24/19		975,000		985,920
3.750%, 02/25/23		618,000		628,678
5.450%, 01/09/17		1,750,000		1,927,791
5.500%, 01/26/20		100,000		114,457
5.550%, 04/27/17		650,000		722,866
5.625%, 09/23/19		1,100,000		1,265,230
6.250%, 08/09/26		875,000		1,069,333
6.375%, 07/24/42		295,000		374,309
National Australia Bank, Ltd.
3.000%, 01/20/23		340,000		332,057
National City Bank
5.800%, 06/07/17		500,000		563,483
National City Bank of Indiana
4.250%, 07/01/18		250,000		271,309
Northern Trust Corp.
3.375%, 08/23/21		500,000		524,556
PNC Bank N.A.
6.875%, 04/01/18		350,000		412,823
PNC Financial Services Group, Inc. (The)
4.850%, 06/01/23 (b)		320,000		307,600
Rabobank Nederland
3.875%, 02/08/22		350,000		370,757
3.950%, 11/09/22		500,000		508,314
Royal Bank of Canada
0.850%, 03/08/16		270,000		271,458
1.450%, 09/09/16		335,000		339,384
1.500%, 01/16/18		460,000		461,555
2.200%, 07/27/18		750,000		765,879
2.875%, 04/19/16		500,000		519,803
Royal Bank of Scotland Group plc (The)
6.125%, 01/11/21		35,000		41,172
Skandinaviska Enskilda Banken AB
1.750%, 03/19/18 (144A)		445,000		444,511
2.375%, 11/20/18 (144A)		400,000		405,924
Standard Chartered plc
5.200%, 01/26/24 (144A)		350,000		373,278
State Street Bank and Trust Co.
5.250%, 10/15/18		215,000		243,467
State Street Corp.
3.100%, 05/15/23		90,000		88,379
3.700%, 11/20/23		369,000		382,747
SunTrust Banks, Inc.
0.535%, 04/01/15 (b)		377,000		376,916
2.350%, 11/01/18		113,000		114,445
2.750%, 05/01/23		300,000		287,980
6.000%, 09/11/17		150,000		169,876
Svenska Handelsbanken AB
1.625%, 03/21/18		250,000		249,418
2.500%, 01/25/19		315,000		322,177
Swedbank AB
1.750%, 03/12/18 (144A)		875,000		873,789

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

MIST-12

Met Investors Series Trust

JPMorgan Global Active Allocation Portfolio

Consolidated§ Schedule of Investments as of June 30, 2014 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Banks—(Continued)
Toronto-Dominion Bank (The)
1.400%, 04/30/18		463,000	$	459,149
U.S. Bancorp
2.200%, 11/15/16		175,000		180,474
U.S. Bank N.A.
0.507%, 10/14/14 (b)		150,000		150,117
4.800%, 04/15/15		200,000		207,198
UBS AG
4.875%, 08/04/20		250,000		280,249
Union Bank N.A.
2.625%, 09/26/18		400,000		411,361
Wachovia Corp.
6.605%, 10/01/25		222,000		266,875
Wells Fargo & Co.
3.676%, 06/15/16		500,000		527,651
4.100%, 06/03/26		161,000		163,028
4.125%, 08/15/23		195,000		202,567
4.480%, 01/16/24		55,000		58,256
5.375%, 11/02/43		350,000		385,014
5.625%, 12/11/17		700,000		796,508
7.980%, 03/15/18 (b)		815,000		927,062
Wells Fargo Bank N.A.
4.750%, 02/09/15		1,000,000		1,026,788
6.000%, 11/15/17		1,229,000		1,408,069
Westpac Banking Corp.
0.993%, 09/25/15 (b)		200,000		201,623
1.200%, 05/19/17		505,000		505,404
2.250%, 01/17/19		340,000		344,120
4.875%, 11/19/19		400,000		450,550
				80,390,068
Beverages—0.5%
Anheuser-Busch Cos. LLC
5.750%, 04/01/36		60,000		72,400
5.950%, 01/15/33		100,000		121,221
6.750%, 12/15/27		65,000		80,863
6.800%, 08/20/32		420,000		548,769
Anheuser-Busch InBev Finance, Inc.
2.625%, 01/17/23		1,000,000		960,517
Anheuser-Busch InBev Worldwide, Inc.
2.500%, 07/15/22		387,000		370,837
5.375%, 01/15/20		830,000		958,233
6.375%, 01/15/40		300,000		388,148
8.000%, 11/15/39		50,000		75,396
Brown-Forman Corp.
1.000%, 01/15/18		122,000		119,206
Coca-Cola Co. (The)
7.375%, 07/29/93		100,000		137,519
Coca-Cola Refreshments USA, Inc.
7.000%, 05/15/98		100,000		133,147
8.000%, 09/15/22		324,000		424,260
Diageo Capital plc
2.625%, 04/29/23		105,000		100,655
4.828%, 07/15/20		250,000		281,826
4.850%, 05/15/18		46,000		50,804
Beverages—(Continued)
Diageo Investment Corp.
2.875%, 05/11/22		200,000		199,006
7.450%, 04/15/35		70,000		98,231
Dr Pepper Snapple Group, Inc.
2.000%, 01/15/20		92,000		90,221
Heineken NV
4.000%, 10/01/42 (144A)		575,000		531,011
Molson Coors Brewing Co.
2.000%, 05/01/17		200,000		203,669
PepsiCo, Inc.
0.437%, 02/26/16 (b)		341,000		341,349
2.750%, 03/05/22		215,000		212,996
2.750%, 03/01/23		130,000		127,087
4.500%, 01/15/20		276,000		307,093
5.000%, 06/01/18		250,000		281,971
5.500%, 01/15/40		150,000		175,929
SABMiller Holdings, Inc.
2.200%, 08/01/18 (144A)		500,000		505,276
SABMiller plc
6.500%, 07/15/18 (144A)		250,000		292,567
6.625%, 08/15/33 (144A)		150,000		192,612
				8,382,819
Biotechnology—0.3%
Amgen, Inc.
3.625%, 05/22/24		265,000		267,344
3.875%, 11/15/21		575,000		606,800
5.150%, 11/15/41		75,000		80,478
5.650%, 06/15/42		210,000		239,530
6.375%, 06/01/37		500,000		619,150
6.400%, 02/01/39		100,000		124,792
6.900%, 06/01/38		100,000		131,221
Celgene Corp.
2.300%, 08/15/18		315,000		320,096
3.250%, 08/15/22		174,000		173,614
4.000%, 08/15/23		800,000		833,125
Genzyme Corp.
3.625%, 06/15/15		150,000		154,662
Gilead Sciences, Inc.
3.700%, 04/01/24		500,000		513,050
4.400%, 12/01/21		125,000		137,251
4.500%, 04/01/21		440,000		488,635
4.800%, 04/01/44		180,000		189,935
				4,879,683
Building Materials—0.0%
CRH America, Inc.
6.000%, 09/30/16		150,000		166,427
Martin Marietta Materials, Inc.
1.331%, 06/30/17 (144A) (b)		320,000		319,812
				486,239

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

MIST-13

Met Investors Series Trust

JPMorgan Global Active Allocation Portfolio

Consolidated§ Schedule of Investments as of June 30, 2014 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Chemicals—0.4%
CF Industries, Inc.
4.950%, 06/01/43		65,000	$	65,099
5.150%, 03/15/34		120,000		127,842
5.375%, 03/15/44		100,000		107,224
Dow Chemical Co. (The)
2.500%, 02/15/16		370,000		380,133
3.000%, 11/15/22		54,000		53,110
4.125%, 11/15/21		55,000		59,026
8.550%, 05/15/19		45,000		57,837
Ecolab, Inc.
1.450%, 12/08/17		70,000		70,090
4.350%, 12/08/21		290,000		318,003
4.875%, 02/15/15		150,000		154,072
EI du Pont de Nemours & Co.
2.750%, 04/01/16		60,000		62,250
2.800%, 02/15/23		165,000		161,205
4.250%, 04/01/21		201,000		220,032
6.500%, 01/15/28		100,000		128,532
LyondellBasell Industries NV
5.000%, 04/15/19		200,000		225,595
Monsanto Co.
1.150%, 06/30/17		325,000		325,101
3.375%, 07/15/24		100,000		100,661
Mosaic Co. (The)
4.250%, 11/15/23		177,000		186,851
4.875%, 11/15/41		100,000		102,057
Mosaic Global Holdings, Inc.
7.300%, 01/15/28		23,000		28,816
7.375%, 08/01/18		800,000		914,943
Potash Corp. of Saskatchewan, Inc.
5.875%, 12/01/36		400,000		480,320
PPG Industries, Inc.
3.600%, 11/15/20		155,000		162,835
7.700%, 03/15/38		140,000		198,869
9.000%, 05/01/21		100,000		130,963
Praxair, Inc.
3.000%, 09/01/21		30,000		30,649
4.050%, 03/15/21		300,000		326,497
5.375%, 11/01/16		180,000		197,154
Union Carbide Corp.
7.500%, 06/01/25		701,000		892,154
7.750%, 10/01/96		100,000		123,059
7.875%, 04/01/23		30,000		37,906
				6,428,885
Commercial Services—0.1%
ADT Corp. (The)
3.500%, 07/15/22		423,000		384,930
4.125%, 06/15/23		27,000		24,908
4.875%, 07/15/42		200,000		167,000
California Institute of Technology
4.700%, 11/01/2111		165,000		160,600
ERAC USA Finance LLC
1.400%, 04/15/16 (144A)		11,000		11,085
3.300%, 10/15/22 (144A)		100,000		98,979
6.700%, 06/01/34 (144A)		500,000		625,810
Commercial Services—(Continued)
University of Pennsylvania
4.674%, 09/01/2112		254,000		253,142
				1,726,454
Computers—0.3%
Apple, Inc.
0.473%, 05/03/18 (b)		305,000		305,009
2.850%, 05/06/21		472,000		476,066
3.850%, 05/04/43		618,000		568,454
4.450%, 05/06/44		190,000		192,520
EMC Corp.
2.650%, 06/01/20		295,000		297,414
3.375%, 06/01/23		325,000		328,881
Hewlett-Packard Co.
3.750%, 12/01/20		150,000		156,787
4.300%, 06/01/21		118,000		126,256
6.000%, 09/15/41		135,000		155,390
HP Enterprise Services LLC
7.450%, 10/15/29		138,000		169,356
International Business Machines Corp.
1.625%, 05/15/20		105,000		101,187
1.875%, 08/01/22		105,000		96,610
3.375%, 08/01/23		185,000		187,151
3.625%, 02/12/24		540,000		554,068
5.700%, 09/14/17		300,000		341,793
6.220%, 08/01/27		1,000,000		1,259,848
				5,316,790
Cosmetics/Personal Care—0.1%
Procter & Gamble Co. (The)
5.500%, 02/01/34		117,000		141,206
5.800%, 08/15/34		300,000		375,575
8.000%, 10/26/29		160,000		230,294
				747,075
Distribution/Wholesale—0.1%
Arrow Electronics, Inc.
3.000%, 03/01/18		26,000		26,882
6.000%, 04/01/20		250,000		280,062
7.500%, 01/15/27		361,000		445,587
				752,531
Diversified Financial Services—1.2%
Air Lease Corp.
3.375%, 01/15/19		410,000		421,787
3.875%, 04/01/21		165,000		168,300
American Express Co.
1.550%, 05/22/18		158,000		157,497
7.000%, 03/19/18		250,000		297,288
American Express Credit Corp.
1.300%, 07/29/16		811,000		817,746
1.750%, 06/12/15		200,000		202,537
2.750%, 09/15/15		150,000		153,929

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

MIST-14

Met Investors Series Trust

JPMorgan Global Active Allocation Portfolio

Consolidated§ Schedule of Investments as of June 30, 2014 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Diversified Financial Services—(Continued)
American Honda Finance Corp.
1.500%, 09/11/17 (144A)		425,000	$	427,358
Ameriprise Financial, Inc.
4.000%, 10/15/23		600,000		632,539
5.650%, 11/15/15		144,000		153,605
BlackRock, Inc.
3.375%, 06/01/22		100,000		103,220
6.250%, 09/15/17		250,000		287,879
Blackstone Holdings Finance Co. LLC
5.875%, 03/15/21 (144A)		250,000		290,238
Capital One Bank USA N.A.
2.250%, 02/13/19		435,000		437,761
3.375%, 02/15/23		300,000		297,973
Charles Schwab Corp. (The)
4.450%, 07/22/20		400,000		446,322
CME Group, Inc.
3.000%, 09/15/22		300,000		298,566
Credit Suisse USA, Inc.
5.125%, 08/15/15		500,000		525,735
Ford Motor Credit Co. LLC
1.700%, 05/09/16		333,000		337,240
4.250%, 02/03/17		240,000		257,745
4.250%, 09/20/22		415,000		442,653
4.375%, 08/06/23		635,000		678,135
5.750%, 02/01/21		300,000		348,986
General Electric Capital Corp.
1.500%, 07/12/16		1,000,000		1,014,367
1.600%, 11/20/17		350,000		352,168
1.625%, 07/02/15		536,000		542,817
1.625%, 04/02/18		245,000		245,401
2.100%, 12/11/19		35,000		34,983
4.375%, 09/16/20		520,000		574,300
5.500%, 01/08/20		1,500,000		1,738,812
5.625%, 09/15/17		500,000		566,013
5.875%, 01/14/38		290,000		351,829
6.000%, 08/07/19		1,000,000		1,184,548
6.250%, 12/15/22 (b)		500,000		556,250
6.750%, 03/15/32		1,000,000		1,319,159
HSBC Finance Corp.
0.657%, 06/01/16 (b)		100,000		100,028
IntercontinentalExchange Group, Inc.
4.000%, 10/15/23		118,000		124,399
Invesco Finance plc
5.375%, 11/30/43		75,000		84,845
Jefferies Group LLC
5.125%, 04/13/18		75,000		82,172
8.500%, 07/15/19		375,000		468,750
MassMutual Global Funding II
2.000%, 04/05/17 (144A)		250,000		255,580
National Rural Utilities Cooperative Finance Corp.
8.000%, 03/01/32		400,000		578,023
10.375%, 11/01/18		40,000		53,889
				18,413,372
Electric—1.8%
Alabama Power Co.
5.500%, 10/15/17		147,000		165,908
5.700%, 02/15/33		150,000		180,818
American Electric Power Co., Inc.
1.650%, 12/15/17		119,000		119,631
Appalachian Power Co.
3.400%, 05/24/15		75,000		76,815
5.800%, 10/01/35		150,000		180,422
Arizona Public Service Co.
8.750%, 03/01/19		165,000		212,736
Atlantic City Electric Co.
7.750%, 11/15/18		135,000		165,164
Baltimore Gas & Electric Co.
2.800%, 08/15/22		143,000		140,586
3.350%, 07/01/23		460,000		466,940
Berkshire Hathaway Energy Co.
5.150%, 11/15/43		140,000		156,966
CenterPoint Energy Houston Electric LLC
5.600%, 07/01/23		381,000		433,893
6.950%, 03/15/33		100,000		136,486
Cleveland Electric Illuminating Co. (The)
5.500%, 08/15/24		187,000		217,741
7.880%, 11/01/17		315,000		377,593
CMS Energy Corp.
3.875%, 03/01/24		138,000		143,400
Commonwealth Edison Co.
4.600%, 08/15/43		250,000		268,470
5.875%, 02/01/33		150,000		182,622
6.450%, 01/15/38		175,000		233,346
Consolidated Edison Co. of New York, Inc.
3.950%, 03/01/43		300,000		286,125
5.850%, 04/01/18		180,000		207,288
Consumers Energy Co.
3.950%, 05/15/43		200,000		194,621
Detroit Edison Co.
5.450%, 02/15/35		30,000		34,329
Dominion Gas Holdings LLC
1.050%, 11/01/16 (144A)		170,000		169,359
Dominion Resources, Inc.
4.450%, 03/15/21		411,000		451,730
5.150%, 07/15/15		150,000		157,031
5.200%, 08/15/19		155,000		176,350
5.250%, 08/01/33		400,000		450,243
8.875%, 01/15/19		200,000		256,735
DTE Electric Co.
3.375%, 03/01/25		250,000		252,143
5.700%, 10/01/37		250,000		306,150
DTE Energy Co.
3.850%, 12/01/23		137,000		142,813
Duke Energy Carolinas LLC
4.300%, 06/15/20		538,000		594,393
6.000%, 12/01/28		200,000		245,562
6.000%, 01/15/38		60,000		76,575
Duke Energy Corp.
0.611%, 04/03/17 (b)		108,000		108,324
1.625%, 08/15/17		680,000		685,964

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

MIST-15

Met Investors Series Trust

JPMorgan Global Active Allocation Portfolio

Consolidated§ Schedule of Investments as of June 30, 2014 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Electric—(Continued)
Duke Energy Corp.
3.050%, 08/15/22		415,000	$	413,335
3.750%, 04/15/24		430,000		441,657
6.250%, 06/15/18		375,000		433,582
Duke Energy Progress, Inc.
6.125%, 09/15/33		500,000		628,265
Electricite de France
4.875%, 01/22/44 (144A)		165,000		175,905
Electricite de France S.A.
2.150%, 01/22/19 (144A)		240,000		241,354
5.250%, 01/29/23 (144A) (b)		230,000		234,630
Entergy Arkansas, Inc.
3.050%, 06/01/23		51,000		50,387
Florida Power & Light Co.
4.950%, 06/01/35		300,000		338,754
5.625%, 04/01/34		110,000		134,581
Hydro-Quebec
8.400%, 01/15/22		165,000		218,513
Indiana Michigan Power Co.
3.200%, 03/15/23		250,000		248,189
ITC Holdings Corp.
3.650%, 06/15/24		285,000		284,025
Jersey Central Power & Light Co.
6.150%, 06/01/37		100,000		115,131
Kansas City Power & Light Co.
3.150%, 03/15/23		100,000		99,688
6.375%, 03/01/18		150,000		173,128
7.150%, 04/01/19		250,000		306,753
Kansas Gas & Electric Co.
4.300%, 07/15/44 (144A)		190,000		191,932
LG&E and KU Energy LLC
2.125%, 11/15/15		235,000		238,185
Louisville Gas & Electric Co.
5.125%, 11/15/40		125,000		144,866
Metropolitan Edison Co.
3.500%, 03/15/23 (144A)		220,000		218,914
4.000%, 04/15/25 (144A)		230,000		232,226
MidAmerican Energy Co.
3.700%, 09/15/23		300,000		314,155
Mississippi Power Co.
4.250%, 03/15/42		145,000		141,991
Monongahela Power Co.
5.400%, 12/15/43 (144A)		140,000		160,202
Nevada Power Co.
5.875%, 01/15/15		700,000		720,615
6.500%, 08/01/18		425,000		502,511
6.650%, 04/01/36		150,000		201,794
NextEra Energy Capital Holdings, Inc.
1.200%, 06/01/15		49,000		49,298
1.339%, 09/01/15		95,000		95,697
2.400%, 09/15/19		159,000		159,857
7.875%, 12/15/15		100,000		110,083
Nisource Finance Corp.
4.800%, 02/15/44		330,000		333,630
5.450%, 09/15/20		1,075,000		1,230,468
6.250%, 12/15/40		75,000		90,048
6.800%, 01/15/19		227,000		270,710
Electric—(Continued)
Northern States Power Co.
2.150%, 08/15/22		500,000		474,930
Oglethorpe Power Corp.
5.375%, 11/01/40		115,000		131,399
Oklahoma Gas & Electric Co.
4.550%, 03/15/44		170,000		180,644
Oncor Electric Delivery Co. LLC
2.150%, 06/01/19 (144A)		240,000		240,222
Pacific Gas & Electric Co.
2.450%, 08/15/22		91,000		86,997
3.250%, 06/15/23		300,000		299,626
4.750%, 02/15/44		140,000		149,033
5.800%, 03/01/37		255,000		307,524
PacifiCorp
2.950%, 02/01/22		570,000		577,508
5.500%, 01/15/19		65,000		74,850
5.900%, 08/15/34		15,000		18,084
6.100%, 08/01/36		116,000		148,104
6.250%, 10/15/37		260,000		338,221
7.700%, 11/15/31		40,000		57,890
Peco Energy Co.
2.375%, 09/15/22		250,000		240,194
5.350%, 03/01/18		530,000		595,614
PPL Capital Funding, Inc.
3.500%, 12/01/22		570,000		579,309
PPL Electric Utilities Corp.
2.500%, 09/01/22		86,000		84,029
4.750%, 07/15/43		42,000		46,382
6.450%, 08/15/37		150,000		198,808
Progress Energy, Inc.
7.000%, 10/30/31		325,000		430,456
PSEG Power LLC
4.150%, 09/15/21		110,000		116,190
4.300%, 11/15/23		74,000		77,330
5.320%, 09/15/16		45,000		49,199
5.500%, 12/01/15		428,000		456,571
Public Service Co. of Colorado
2.250%, 09/15/22		47,000		44,830
3.950%, 03/15/43		200,000		195,627
5.125%, 06/01/19		150,000		171,457
5.800%, 08/01/18		130,000		149,209
Public Service Co. of New Hampshire
3.500%, 11/01/23		55,000		56,696
6.000%, 05/01/18		410,000		468,386
Public Service Co. of Oklahoma
5.150%, 12/01/19		50,000		56,400
6.625%, 11/15/37		100,000		130,008
Public Service Electric & Gas Co. 3.650%, 09/01/42		56,000		51,288
Puget Sound Energy, Inc.
6.974%, 06/01/67 (b)		450,000		468,534
San Diego Gas & Electric Co.
5.350%, 05/15/35		100,000		118,980
6.000%, 06/01/26		100,000		124,553
South Carolina Electric & Gas Co.
4.500%, 06/01/64		69,000		69,829

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

MIST-16

Met Investors Series Trust

JPMorgan Global Active Allocation Portfolio

Consolidated§ Schedule of Investments as of June 30, 2014 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Electric—(Continued)
Southern California Edison Co.
0.681%, 09/15/14 (b)		104,000	$	104,075
3.500%, 10/01/23		239,000		247,775
4.650%, 04/01/15		150,000		154,807
Southern Power Co.
4.875%, 07/15/15		319,000		333,551
5.150%, 09/15/41		235,000		260,597
5.250%, 07/15/43		140,000		155,952
TECO Finance, Inc.
6.572%, 11/01/17		150,000		172,377
Toledo Edison Co. (The)
6.150%, 05/15/37		250,000		302,051
7.250%, 05/01/20		15,000		18,083
Virginia Electric and Power Co.
1.200%, 01/15/18		33,000		32,593
3.450%, 02/15/24		122,000		124,799
Xcel Energy, Inc.
0.750%, 05/09/16		95,000		95,097
4.700%, 05/15/20		245,000		273,686
				28,940,685
Electrical Components & Equipment—0.0%
Emerson Electric Co.
5.250%, 10/15/18		375,000		428,381
6.000%, 08/15/32		70,000		87,713
				516,094
Electronics—0.1%
Honeywell International, Inc.
5.300%, 03/15/17		105,000		116,844
Koninklijke Philips NV
3.750%, 03/15/22		100,000		105,147
6.875%, 03/11/38		100,000		134,204
Thermo Fisher Scientific, Inc.
1.300%, 02/01/17		176,000		176,260
4.150%, 02/01/24		103,000		107,712
				640,167
Engineering & Construction—0.0%
ABB Finance USA, Inc.
1.625%, 05/08/17		165,000		167,076
2.875%, 05/08/22		100,000		99,295
Fluor Corp.
3.375%, 09/15/21		105,000		108,176
Heathrow Funding, Ltd.
2.500%, 06/25/15 (144A)		200,000		203,266
				577,813
Environmental Control—0.2%
Republic Services, Inc.
5.500%, 09/15/19		600,000		688,554
6.086%, 03/15/35		230,000		271,888
Waste Management, Inc.
2.900%, 09/15/22		354,000		346,735
Environmental Control—(Continued)
Waste Management, Inc.
7.125%, 12/15/17		179,000		210,339
7.375%, 03/11/19		100,000		122,196
7.375%, 05/15/29		450,000		595,151
				2,234,863
Food—0.4%
ConAgra Foods, Inc.
2.100%, 03/15/18		21,000		21,067
3.250%, 09/15/22		200,000		196,933
6.625%, 08/15/39		125,000		156,379
7.125%, 10/01/26		40,000		50,465
8.250%, 09/15/30		70,000		98,952
General Mills, Inc.
3.150%, 12/15/21		244,000		249,041
5.700%, 02/15/17		500,000		559,275
Kellogg Co.
4.000%, 12/15/20		64,000		67,691
7.450%, 04/01/31		500,000		647,856
Kraft Foods Group, Inc.
2.250%, 06/05/17		100,000		102,725
5.000%, 06/04/42		140,000		149,674
6.125%, 08/23/18		500,000		580,333
6.875%, 01/26/39		300,000		392,374
Kroger Co. (The)
0.756%, 10/17/16 (b)		700,000		701,598
2.300%, 01/15/19		70,000		70,712
3.850%, 08/01/23		65,000		66,785
5.150%, 08/01/43		225,000		243,065
6.400%, 08/15/17		100,000		114,562
7.700%, 06/01/29		110,000		143,190
8.000%, 09/15/29		400,000		530,948
Mondelez International, Inc.
4.000%, 02/01/24		220,000		227,874
6.500%, 11/01/31		900,000		1,119,934
				6,491,433
Gas—0.2%
AGL Capital Corp.
5.875%, 03/15/41		147,000		180,592
6.000%, 10/01/34		250,000		307,830
6.375%, 07/15/16		450,000		496,466
Atmos Energy Corp.
6.350%, 06/15/17		355,000		407,377
8.500%, 03/15/19		350,000		447,627
Sempra Energy
2.875%, 10/01/22		640,000		627,473
3.550%, 06/15/24		170,000		171,190
6.500%, 06/01/16		350,000		386,720
9.800%, 02/15/19		200,000		265,790
				3,291,065

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

MIST-17

Met Investors Series Trust

JPMorgan Global Active Allocation Portfolio

Consolidated§ Schedule of Investments as of June 30, 2014 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Healthcare - Products—0.1%
Baxter International, Inc.
1.850%, 06/15/18		57,000	$	57,087
2.400%, 08/15/22		112,000		105,938
4.500%, 08/15/19		125,000		138,273
5.900%, 09/01/16		300,000		331,936
6.250%, 12/01/37		115,000		146,095
Covidien International Finance S.A.
6.000%, 10/15/17		200,000		228,782
CR Bard, Inc.
1.375%, 01/15/18		250,000		247,821
Hospira, Inc.
6.050%, 03/30/17		150,000		165,482
Life Technologies Corp.
3.500%, 01/15/16		300,000		311,640
Medtronic, Inc.
3.625%, 03/15/24		332,000		340,529
				2,073,583
Healthcare - Services—0.4%
Aetna, Inc.
2.750%, 11/15/22		195,000		188,376
3.950%, 09/01/20		416,000		451,248
4.125%, 06/01/21		500,000		542,141
4.500%, 05/15/42		150,000		152,613
Cigna Corp.
4.000%, 02/15/22		240,000		254,682
5.125%, 06/15/20		330,000		373,155
5.375%, 02/15/42		110,000		125,479
Howard Hughes Medical Institute
3.500%, 09/01/23		800,000		823,651
Kaiser Foundation Hospitals
3.500%, 04/01/22		765,000		771,909
Quest Diagnostics, Inc.
3.200%, 04/01/16		50,000		51,887
6.400%, 07/01/17		150,000		170,302
6.950%, 07/01/37		25,000		30,333
UnitedHealth Group, Inc.
2.750%, 02/15/23		46,000		44,583
2.875%, 03/15/23		300,000		294,295
3.950%, 10/15/42		90,000		84,313
4.700%, 02/15/21		100,000		111,362
5.375%, 03/15/16		77,000		83,117
5.800%, 03/15/36		225,000		270,871
6.625%, 11/15/37		175,000		232,103
WellPoint, Inc.
2.300%, 07/15/18		510,000		519,577
3.125%, 05/15/22		100,000		99,852
3.300%, 01/15/23		35,000		34,958
5.100%, 01/15/44		360,000		392,003
5.950%, 12/15/34		700,000		840,036
				6,942,846
Holding Companies - Diversified—0.0%
Hutchison Whampoa International 12 II, Ltd.
2.000%, 11/08/17 (144A)		200,000		201,794
Household Products/Wares—0.0%
Kimberly-Clark Corp.
3.625%, 08/01/20		45,000		48,102
6.125%, 08/01/17		98,000		112,665
				160,767
Insurance—0.9%
ACE INA Holdings, Inc.
2.700%, 03/13/23		200,000		193,838
5.800%, 03/15/18		401,000		458,976
5.900%, 06/15/19		81,000		94,763
AIG SunAmerica Global Financing X
6.900%, 03/15/32 (144A)		1,335,000		1,779,215
Allstate Corp. (The)
3.150%, 06/15/23		173,000		173,589
5.750%, 08/15/53 (b)		320,000		343,698
American International Group, Inc.
4.125%, 02/15/24		375,000		394,738
4.875%, 06/01/22		350,000		389,747
6.400%, 12/15/20		670,000		808,855
Aon Corp.
3.125%, 05/27/16		100,000		104,102
3.500%, 09/30/15		155,000		160,319
5.000%, 09/30/20		200,000		224,338
Berkshire Hathaway Finance Corp.
1.300%, 05/15/18		129,000		127,890
3.000%, 05/15/22		400,000		402,198
4.300%, 05/15/43		125,000		124,182
Berkshire Hathaway, Inc.
1.900%, 01/31/17		200,000		204,813
4.500%, 02/11/43		210,000		216,525
CNA Financial Corp.
7.250%, 11/15/23		153,000		191,300
7.350%, 11/15/19		245,000		302,214
Five Corners Funding Trust
4.419%, 11/15/23 (144A)		120,000		126,520
Liberty Mutual Group, Inc.
5.000%, 06/01/21 (144A)		220,000		241,995
6.500%, 03/15/35 (144A)		300,000		367,476
Liberty Mutual Insurance Co.
8.500%, 05/15/25 (144A)		200,000		252,983
Lincoln National Corp.
6.250%, 02/15/20		375,000		445,263
Markel Corp.
3.625%, 03/30/23		275,000		274,356
Massachusetts Mutual Life Insurance Co.
8.875%, 06/01/39 (144A)		401,000		638,622
Nationwide Mutual Insurance Co.
7.875%, 04/01/33 (144A)		200,000		267,052
8.250%, 12/01/31 (144A)		135,000		179,357
9.375%, 08/15/39 (144A)		138,000		214,778
New York Life Global Funding
2.150%, 06/18/19 (144A)		365,000		366,890
2.450%, 07/14/16 (144A)		150,000		155,030
New York Life Insurance Co.
5.875%, 05/15/33 (144A)		100,000		118,345

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

MIST-18

Met Investors Series Trust

JPMorgan Global Active Allocation Portfolio

Consolidated§ Schedule of Investments as of June 30, 2014 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Insurance—(Continued)
Pacific Life Insurance Co.
9.250%, 06/15/39 (144A)		200,000	$	307,666
Pricoa Global Funding I
1.600%, 05/29/18 (144A)		617,000		604,803
2.200%, 05/16/19 (144A)		280,000		280,517
Principal Financial Group, Inc.
6.050%, 10/15/36		100,000		121,423
Principal Life Global Funding II
0.597%, 05/27/16 (144A) (b)		500,000		502,300
Prudential Financial, Inc.
5.200%, 03/15/44 (b)		445,000		453,900
Prudential Insurance Co. of America (The)
8.300%, 07/01/25 (144A)		800,000		1,091,050
Swiss Re Capital I L.P.
6.854%, 05/25/16 (144A) (b)		100,000		107,000
Swiss Re Treasury U.S. Corp.
4.250%, 12/06/42 (144A)		120,000		115,589
Travelers Cos., Inc. (The)
3.900%, 11/01/20		25,000		26,992
6.750%, 06/20/36		175,000		238,921
Travelers Property Casualty Corp.
6.375%, 03/15/33		100,000		129,353
Voya Financial, Inc.
2.900%, 02/15/18		565,000		585,476
				14,908,957
Internet—0.1%
Amazon.com, Inc.
2.500%, 11/29/22		355,000		335,774
eBay, Inc.
2.600%, 07/15/22		37,000		35,448
3.250%, 10/15/20		408,000		422,502
				793,724
Iron/Steel—0.1%
Allegheny Technologies, Inc.
5.875%, 08/15/23		243,000		266,537
Glencore Funding LLC
3.125%, 04/29/19 (144A)		320,000		326,336
Nucor Corp.
4.000%, 08/01/23		90,000		93,247
5.200%, 08/01/43		85,000		90,533
5.850%, 06/01/18		550,000		630,673
Vale Overseas, Ltd.
4.375%, 01/11/22		300,000		308,010
Vale S.A.
5.625%, 09/11/42		115,000		112,666
				1,828,002
Machinery - Construction & Mining—0.1%
Caterpillar Financial Services Corp.
1.250%, 11/06/17		87,000		86,627
2.450%, 09/06/18		160,000		164,559
7.050%, 10/01/18		155,000		187,702
Machinery - Construction & Mining—(Continued)
Caterpillar, Inc.
1.500%, 06/26/17		69,000		69,784
3.803%, 08/15/42		255,000		236,403
5.300%, 09/15/35		400,000		463,197
7.300%, 05/01/31		584,000		788,888
				1,997,160
Machinery - Diversified—0.1%
Deere & Co.
5.375%, 10/16/29		1,175,000		1,402,988
8.100%, 05/15/30		61,000		90,077
John Deere Capital Corp.
0.950%, 06/29/15		44,000		44,270
1.200%, 10/10/17		59,000		58,809
1.700%, 01/15/20		43,000		41,743
2.250%, 04/17/19		75,000		75,853
2.800%, 03/04/21		210,000		212,218
2.800%, 01/27/23		122,000		120,203
				2,046,161
Media—1.1%
21st Century Fox America, Inc.
5.400%, 10/01/43		150,000		167,365
6.650%, 11/15/37		110,000		139,671
7.125%, 04/08/28		220,000		273,956
7.250%, 05/18/18		265,000		318,526
7.280%, 06/30/28		400,000		503,008
7.300%, 04/30/28		218,000		275,487
7.625%, 11/30/28		100,000		130,411
CBS Corp.
7.875%, 09/01/23		100,000		127,560
7.875%, 07/30/30		175,000		235,162
8.875%, 05/15/19		547,000		709,131
Comcast Corp.
4.250%, 01/15/33		303,000		311,252
4.500%, 01/15/43		135,000		137,628
4.750%, 03/01/44		165,000		174,513
5.875%, 02/15/18		100,000		115,280
6.500%, 11/15/35		185,000		239,669
7.050%, 03/15/33		187,000		252,026
COX Communications, Inc.
6.450%, 12/01/36 (144A)		255,000		297,642
DIRECTV Holdings LLC / DIRECTV Financing Co., Inc.
2.400%, 03/15/17		120,000		123,582
3.500%, 03/01/16		80,000		83,480
3.800%, 03/15/22		141,000		145,599
4.600%, 02/15/21		100,000		109,183
5.000%, 03/01/21		225,000		251,172
5.150%, 03/15/42		280,000		294,037
5.200%, 03/15/20		800,000		901,206
Discovery Communications LLC
4.375%, 06/15/21		150,000		162,366
4.875%, 04/01/43		60,000		60,509
5.050%, 06/01/20		375,000		421,206

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

MIST-19

Met Investors Series Trust

JPMorgan Global Active Allocation Portfolio

Consolidated§ Schedule of Investments as of June 30, 2014 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Media—(Continued)
Grupo Televisa S.A.B.
8.500%, 03/11/32		100,000	$	138,420
Historic TW, Inc.
6.875%, 06/15/18		100,000		119,238
NBCUniversal Enterprise, Inc.
1.662%, 04/15/18 (144A)		160,000		159,895
NBCUniversal Media LLC
2.875%, 01/15/23		450,000		446,930
4.450%, 01/15/43		400,000		401,301
5.950%, 04/01/41		300,000		368,329
TCI Communications, Inc.
7.875%, 02/15/26		996,000		1,394,247
Thomson Reuters Corp.
1.300%, 02/23/17		162,000		162,202
3.950%, 09/30/21		500,000		523,521
Time Warner Cable, Inc.
5.000%, 02/01/20		660,000		739,602
5.500%, 09/01/41		110,000		123,055
Time Warner Entertainment Co. L.P.
8.375%, 03/15/23		265,000		358,396
8.375%, 07/15/33		450,000		660,207
Time Warner, Inc.
4.050%, 12/15/23		286,000		296,669
4.650%, 06/01/44		105,000		103,003
4.750%, 03/29/21		500,000		554,423
5.350%, 12/15/43		90,000		97,913
6.200%, 03/15/40		205,000		243,705
6.500%, 11/15/36		385,000		471,123
7.625%, 04/15/31		350,000		480,903
Viacom, Inc.
3.250%, 03/15/23		44,000		43,436
4.250%, 09/01/23		900,000		944,182
5.850%, 09/01/43		300,000		344,648
6.125%, 10/05/17		400,000		458,396
6.875%, 04/30/36		375,000		474,170
Walt Disney Co. (The)
3.750%, 06/01/21		673,000		723,657
				17,792,198
Metal Fabricate/Hardware—0.0%
Precision Castparts Corp.
2.500%, 01/15/23		300,000		287,334
Mining—0.4%
Barrick Gold Corp.
3.850%, 04/01/22		100,000		99,492
5.250%, 04/01/42		140,000		136,991
BHP Billiton Finance USA, Ltd.
2.050%, 09/30/18		137,000		138,644
2.875%, 02/24/22		400,000		399,419
3.250%, 11/21/21		500,000		514,028
5.000%, 09/30/43		255,000		281,822
5.400%, 03/29/17		450,000		502,038
Freeport-McMoRan Copper & Gold, Inc.
3.875%, 03/15/23		882,000		879,315
5.450%, 03/15/43		167,000		173,260
Mining—(Continued)
Freeport-McMoRan Corp.
9.500%, 06/01/31		500,000		682,339
Rio Tinto Finance USA plc
1.375%, 06/17/16		250,000		252,702
2.000%, 03/22/17		500,000		511,693
2.875%, 08/21/22		570,000		556,573
Rio Tinto Finance USA, Ltd.
7.125%, 07/15/28		280,000		366,313
Teck Resources, Ltd.
3.750%, 02/01/23		175,000		169,913
6.250%, 07/15/41		590,000		640,498
Xstrata Finance Canada, Ltd.
4.250%, 10/25/22 (144A)		55,000		55,705
5.550%, 10/25/42 (144A)		205,000		214,626
				6,575,371
Miscellaneous Manufacturing—0.3%
Cooper U.S. Inc.
5.450%, 04/01/15		250,000		259,799
Eaton Corp.
1.500%, 11/02/17		68,000		68,084
7.650%, 11/15/29		100,000		137,110
General Electric Co.
2.700%, 10/09/22		148,000		145,342
3.375%, 03/11/24		218,000		222,135
4.125%, 10/09/42		205,000		202,468
4.500%, 03/11/44		285,000		296,953
Honeywell, Inc.
6.625%, 06/15/28		250,000		322,255
Illinois Tool Works, Inc.
3.900%, 09/01/42		200,000		188,569
6.250%, 04/01/19		172,000		204,644
Ingersoll-Rand Co.
6.443%, 11/15/27		300,000		360,879
Ingersoll-Rand Global Holding Co., Ltd.
4.250%, 06/15/23		135,000		142,020
6.875%, 08/15/18		272,000		324,061
Parker Hannifin Corp.
6.550%, 07/15/18		500,000		587,794
Siemens Financieringsmaatschappij NV
5.750%, 10/17/16 (144A)		230,000		254,914
Tyco International Finance S.A.
8.500%, 01/15/19		142,000		175,163
				3,892,190
Office/Business Equipment—0.0%
Xerox Corp.
6.750%, 02/01/17		100,000		113,457
Oil & Gas—1.8%
Anadarko Petroleum Corp.
5.950%, 09/15/16		280,000		310,116
6.375%, 09/15/17		780,000		898,045
Apache Corp.
3.625%, 02/01/21		750,000		796,379

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

MIST-20

Met Investors Series Trust

JPMorgan Global Active Allocation Portfolio

Consolidated§ Schedule of Investments as of June 30, 2014 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Oil & Gas—(Continued)
Apache Corp.
4.750%, 04/15/43		100,000	$	104,798
6.000%, 01/15/37		150,000		183,602
BP Capital Markets plc
1.375%, 11/06/17		40,000		40,056
2.237%, 05/10/19		333,000		335,858
2.241%, 09/26/18		650,000		661,635
2.750%, 05/10/23		335,000		321,796
3.245%, 05/06/22		470,000		475,812
4.500%, 10/01/20		600,000		663,877
4.742%, 03/11/21		500,000		560,586
Burlington Resources Finance Co.
7.400%, 12/01/31		300,000		423,279
Canadian Natural Resources, Ltd.
3.800%, 04/15/24		111,000		114,420
5.700%, 05/15/17		190,000		212,809
5.850%, 02/01/35		405,000		474,268
7.200%, 01/15/32		200,000		264,138
Canadian Oil Sands, Ltd.
6.000%, 04/01/42 (144A)		200,000		230,823
Cenovus Energy, Inc.
3.000%, 08/15/22		170,000		167,033
3.800%, 09/15/23		500,000		515,428
5.200%, 09/15/43		290,000		319,286
5.700%, 10/15/19		325,000		376,890
Chevron Corp.
1.718%, 06/24/18		260,000		262,042
2.355%, 12/05/22		180,000		173,028
3.191%, 06/24/23		900,000		914,095
CNOOC Finance 2013, Ltd.
1.750%, 05/09/18		600,000		595,348
CNOOC Nexen Finance 2014 ULC
4.250%, 04/30/24		208,000		213,269
ConocoPhillips
6.000%, 01/15/20		325,000		386,676
ConocoPhillips Holding Co.
6.950%, 04/15/29		225,000		308,110
Devon Energy Corp.
1.200%, 12/15/16		500,000		501,515
5.600%, 07/15/41		165,000		190,980
7.950%, 04/15/32		235,000		332,772
Diamond Offshore Drilling, Inc.
3.450%, 11/01/23		228,000		228,599
Ecopetrol S.A.
5.875%, 05/28/45		300,000		310,284
EOG Resources, Inc.
2.625%, 03/15/23		73,000		70,448
5.875%, 09/15/17		50,000		57,042
6.875%, 10/01/18		120,000		143,758
Hess Corp.
7.875%, 10/01/29		175,000		241,147
Kerr-McGee Corp.
7.875%, 09/15/31		620,000		875,654
Marathon Oil Corp.
6.000%, 10/01/17		400,000		457,309
6.800%, 03/15/32		727,000		924,337
Oil & Gas—(Continued)
Marathon Petroleum Corp.
6.500%, 03/01/41		105,000		129,669
Nabors Industries, Inc.
5.000%, 09/15/20		225,000		252,457
Nexen Energy ULC
5.875%, 03/10/35		270,000		304,355
Noble Energy, Inc.
5.250%, 11/15/43		365,000		402,380
Occidental Petroleum Corp.
1.750%, 02/15/17		500,000		509,248
8.450%, 02/15/29		135,000		186,046
Petro-Canada
5.350%, 07/15/33		165,000		185,297
Petrobras Global Finance B.V.
2.592%, 03/17/17 (b)		525,000		531,247
4.375%, 05/20/23		84,000		80,896
Petrobras International Finance Co.
6.750%, 01/27/41		330,000		339,900
Petroleos Mexicanos
3.125%, 01/23/19 (144A)		40,000		41,380
4.875%, 01/18/24		250,000		268,125
Phillips 66
1.950%, 03/05/15		150,000		151,501
4.300%, 04/01/22		41,000		44,374
5.875%, 05/01/42		200,000		239,615
Pride International, Inc.
6.875%, 08/15/20		525,000		637,950
Rowan Cos., Inc.
5.850%, 01/15/44		195,000		210,504
Shell International Finance B.V.
2.250%, 01/06/23		205,000		194,182
2.375%, 08/21/22		440,000		423,797
3.400%, 08/12/23		350,000		357,264
3.625%, 08/21/42		25,000		22,795
4.550%, 08/12/43		120,000		126,395
5.200%, 03/22/17		500,000		555,599
5.500%, 03/25/40		86,000		103,023
Sinopec Group Overseas Development 2013, Ltd.
4.375%, 10/17/23 (144A)		582,000		607,678
Statoil ASA
1.200%, 01/17/18		25,000		24,820
5.100%, 08/17/40		100,000		113,848
7.250%, 09/23/27		205,000		280,126
Suncor Energy, Inc.
5.950%, 12/01/34		100,000		119,980
6.100%, 06/01/18		805,000		934,255
7.150%, 02/01/32		100,000		135,804
Talisman Energy, Inc.
5.850%, 02/01/37		100,000		109,988
7.750%, 06/01/19		350,000		433,552
Tosco Corp.
8.125%, 02/15/30		526,000		776,968
Total Capital Canada, Ltd.
2.750%, 07/15/23		1,229,000		1,192,867

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

MIST-21

Met Investors Series Trust

JPMorgan Global Active Allocation Portfolio

Consolidated§ Schedule of Investments as of June 30, 2014 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Oil & Gas—(Continued)
Total Capital International S.A.
1.550%, 06/28/17		38,000	$	38,544
2.700%, 01/25/23		555,000		536,137
2.875%, 02/17/22		70,000		69,875
3.700%, 01/15/24		150,000		155,295
Total Capital S.A.
4.125%, 01/28/21		105,000		113,812
4.450%, 06/24/20		190,000		211,965
Transocean, Inc.
3.800%, 10/15/22		78,000		77,198
6.375%, 12/15/21		85,000		98,331
6.500%, 11/15/20		645,000		745,981
7.375%, 04/15/18		75,000		86,657
7.500%, 04/15/31		55,000		66,541
				28,865,568
Oil & Gas Services—0.3%
Baker Hughes, Inc.
6.875%, 01/15/29		153,000		204,227
Cameron International Corp.
6.375%, 07/15/18		80,000		93,338
Halliburton Co.
3.500%, 08/01/23		714,000		732,247
6.700%, 09/15/38		350,000		471,367
National Oilwell Varco, Inc.
1.350%, 12/01/17		29,000		29,008
2.600%, 12/01/22		200,000		192,845
Schlumberger Investment S.A.
1.250%, 08/01/17 (144A)		643,000		642,001
3.650%, 12/01/23		458,000		476,288
Weatherford International LLC
6.800%, 06/15/37		100,000		122,529
Weatherford International, Ltd.
5.125%, 09/15/20		100,000		112,003
6.000%, 03/15/18		200,000		227,566
6.500%, 08/01/36		560,000		665,649
6.750%, 09/15/40		100,000		122,698
				4,091,766
Pharmaceuticals—1.1%
Abbott Laboratories
5.125%, 04/01/19		158,000		179,792
AbbVie, Inc.
1.200%, 11/06/15		180,000		181,215
1.750%, 11/06/17		874,000		878,767
2.900%, 11/06/22		940,000		909,013
Actavis Funding SCS
3.850%, 06/15/24 (144A)		225,000		227,442
4.850%, 06/15/44 (144A)		250,000		252,362
Actavis, Inc.
1.875%, 10/01/17		300,000		302,676
Allergan, Inc.
5.750%, 04/01/16		80,000		86,187
AstraZeneca plc
5.900%, 09/15/17		200,000		228,662
6.450%, 09/15/37		360,000		467,233
Pharmaceuticals—(Continued)
Bristol-Myers Squibb Co.
2.000%, 08/01/22		40,000		37,187
6.800%, 11/15/26		100,000		130,582
6.875%, 08/01/97		100,000		138,764
Cardinal Health, Inc.
3.200%, 06/15/22		155,000		155,366
3.200%, 03/15/23		170,000		168,515
Express Scripts Holding Co.
2.250%, 06/15/19		295,000		293,766
2.650%, 02/15/17		229,000		237,909
3.125%, 05/15/16		95,000		98,973
3.500%, 06/15/24		249,000		246,391
3.900%, 02/15/22		145,000		151,749
4.750%, 11/15/21		230,000		254,560
6.125%, 11/15/41		350,000		426,040
7.250%, 06/15/19		135,000		165,474
GlaxoSmithKline Capital plc
2.850%, 05/08/22		870,000		858,756
GlaxoSmithKline Capital, Inc.
2.800%, 03/18/23		143,000		139,093
4.200%, 03/18/43		100,000		98,929
5.375%, 04/15/34		300,000		352,387
Johnson & Johnson
6.950%, 09/01/29		700,000		985,674
McKesson Corp.
0.950%, 12/04/15		34,000		34,137
2.700%, 12/15/22		359,000		343,584
3.796%, 03/15/24		600,000		613,400
4.883%, 03/15/44		150,000		157,524
Mead Johnson Nutrition Co.
4.900%, 11/01/19		135,000		150,005
5.900%, 11/01/39		300,000		358,486
Medco Health Solutions, Inc.
4.125%, 09/15/20		450,000		482,933
Merck & Co., Inc.
2.400%, 09/15/22		62,000		59,790
6.550%, 09/15/37		308,000		411,291
Merck Sharp & Dohme Corp.
5.950%, 12/01/28		500,000		622,158
6.300%, 01/01/26		112,000		140,308
Mylan, Inc.
1.800%, 06/24/16		230,000		233,257
2.600%, 06/24/18		50,000		50,787
Novartis Capital Corp.
2.400%, 09/21/22		300,000		288,969
3.400%, 05/06/24		527,000		533,775
Novartis Securities Investment, Ltd.
5.125%, 02/10/19		200,000		227,963
Perrigo Co. plc
1.300%, 11/08/16 (144A)		305,000		304,546
Pfizer, Inc.
0.531%, 06/15/18 (b)		300,000		300,492
4.300%, 06/15/43		140,000		141,397
Sanofi
1.250%, 04/10/18		419,000		413,503

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

MIST-22

Met Investors Series Trust

JPMorgan Global Active Allocation Portfolio

Consolidated§ Schedule of Investments as of June 30, 2014 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Pharmaceuticals—(Continued)
Teva Pharmaceutical Finance Co. B.V.
2.950%, 12/18/22		195,000	$	187,537
3.650%, 11/10/21		563,000		577,754
Wyeth LLC
5.500%, 02/15/16		100,000		107,945
6.500%, 02/01/34		806,000		1,054,326
Zoetis, Inc.
1.875%, 02/01/18		52,000		52,117
3.250%, 02/01/23		460,000		455,030
4.700%, 02/01/43		43,000		43,674
				17,000,152
Pipelines—0.8%
Boardwalk Pipelines L.P.
5.750%, 09/15/19		290,000		319,186
DCP Midstream Operating L.P.
3.875%, 03/15/23		340,000		344,225
Enbridge, Inc.
0.678%, 06/02/17 (b)		230,000		230,463
3.500%, 06/10/24		90,000		89,654
4.000%, 10/01/23		320,000		332,890
Energy Transfer Partners L.P.
3.600%, 02/01/23		75,000		74,310
6.500%, 02/01/42		130,000		155,261
EnLink Midstream Partners L.P.
5.600%, 04/01/44		130,000		145,145
Enterprise Products Operating LLC
3.700%, 06/01/15		650,000		668,754
3.900%, 02/15/24		82,000		84,826
4.050%, 02/15/22		75,000		79,715
4.850%, 03/15/44		230,000		237,303
5.200%, 09/01/20		510,000		582,255
5.250%, 01/31/20		500,000		570,614
6.125%, 10/15/39		400,000		487,179
6.875%, 03/01/33		162,000		209,985
8.375%, 08/01/66 (b)		165,000		185,724
Kinder Morgan Energy Partners L.P.
3.500%, 03/01/21		125,000		126,759
3.950%, 09/01/22		475,000		485,829
5.000%, 08/15/42		240,000		238,562
5.000%, 03/01/43		185,000		183,602
Magellan Midstream Partners L.P.
6.550%, 07/15/19		695,000		825,906
ONEOK Partners L.P.
3.250%, 02/01/16		115,000		119,482
Plains All American Pipeline L.P. / PAA Finance Corp.
3.650%, 06/01/22		350,000		361,446
5.750%, 01/15/20		610,000		708,485
6.650%, 01/15/37		425,000		539,438
Spectra Energy Capital LLC
3.300%, 03/15/23		237,000		226,821
6.750%, 07/15/18		185,000		212,325
6.750%, 02/15/32		705,000		820,947
7.500%, 09/15/38		85,000		110,467
Pipelines—(Continued)
Spectra Energy Partners L.P.
2.950%, 09/25/18		140,000	$	145,325
4.750%, 03/15/24		310,000		335,858
Sunoco Logistics Partners Operations L.P.
5.300%, 04/01/44		150,000		157,824
Texas Eastern Transmission L.P.
2.800%, 10/15/22 (144A)		46,000		43,364
6.000%, 09/15/17 (144A)		150,000		167,454
TransCanada PipeLines, Ltd.
0.750%, 01/15/16		500,000		501,264
0.914%, 06/30/16 (b)		300,000		302,436
2.500%, 08/01/22		75,000		72,400
5.850%, 03/15/36		176,000		210,334
7.125%, 01/15/19		142,000		172,858
7.250%, 08/15/38		300,000		418,972
Western Gas Partners L.P.
4.000%, 07/01/22		155,000		160,531
Williams Partners L.P.
4.900%, 01/15/45		360,000		358,869
				12,805,047
Real Estate—0.0%
WCI Finance LLC / WEA Finance LLC
5.700%, 10/01/16 (144A)		175,000		197,226
Real Estate Investment Trusts—0.5%
American Tower Corp.
5.000%, 02/15/24		474,000		514,825
AvalonBay Communities, Inc.
3.625%, 10/01/20		135,000		140,960
Boston Properties L.P.
3.800%, 02/01/24		227,000		229,566
3.850%, 02/01/23		210,000		216,559
5.625%, 11/15/20		300,000		345,182
5.875%, 10/15/19		100,000		116,774
DDR Corp.
3.500%, 01/15/21		320,000		325,903
Duke Realty L.P.
3.875%, 02/15/21		265,000		275,272
6.750%, 03/15/20		185,000		220,467
7.375%, 02/15/15		175,000		182,188
8.250%, 08/15/19		145,000		182,364
ERP Operating L.P.
4.625%, 12/15/21		100,000		110,074
4.750%, 07/15/20		190,000		212,127
5.750%, 06/15/17		600,000		677,189
HCP, Inc.
3.150%, 08/01/22		120,000		117,678
3.750%, 02/01/19		100,000		106,558
4.200%, 03/01/24		125,000		128,863
5.375%, 02/01/21		100,000		113,745
5.625%, 05/01/17		345,000		385,184
Kimco Realty Corp.
3.125%, 06/01/23		175,000		168,371
3.200%, 05/01/21		310,000		310,802

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

MIST-23

Met Investors Series Trust

JPMorgan Global Active Allocation Portfolio

Consolidated§ Schedule of Investments as of June 30, 2014 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Real Estate Investment Trusts—(Continued)
Liberty Property L.P.
3.375%, 06/15/23		75,000	$	72,788
4.400%, 02/15/24		155,000		162,571
ProLogis L.P.
4.250%, 08/15/23		333,000		347,608
6.625%, 05/15/18		222,000		259,097
Simon Property Group L.P.
5.650%, 02/01/20		250,000		292,071
5.875%, 03/01/17		404,000		450,625
10.350%, 04/01/19		340,000		460,652
UDR, Inc.
3.700%, 10/01/20		140,000		146,835
Ventas Realty L.P. / Ventas Capital Corp.
4.250%, 03/01/22		405,000		430,221
4.750%, 06/01/21		300,000		328,907
Weingarten Realty Investors
4.450%, 01/15/24		75,000		78,450
				8,110,476
Retail—0.7%
CVS Caremark Corp.
2.250%, 12/05/18		500,000		506,118
5.300%, 12/05/43		145,000		163,918
5.750%, 06/01/17		130,000		146,426
5.750%, 05/15/41		220,000		263,786
CVS Pass-Through Trust
4.704%, 01/10/36 (144A)		93,963		100,280
5.880%, 01/10/28		534,604		601,818
Dollar General Corp.
3.250%, 04/15/23		500,000		472,223
Gap, Inc. (The)
5.950%, 04/12/21		212,000		245,344
Home Depot, Inc. (The)
2.250%, 09/10/18		596,000		609,905
4.400%, 03/15/45		165,000		167,508
4.875%, 02/15/44		100,000		108,971
5.400%, 09/15/40		200,000		231,947
5.875%, 12/16/36		100,000		123,698
Lowe’s Cos., Inc.
3.800%, 11/15/21		500,000		533,191
5.500%, 10/15/35		275,000		318,601
5.800%, 10/15/36		150,000		181,072
6.500%, 03/15/29		125,000		156,979
Macy’s Retail Holdings, Inc.
2.875%, 02/15/23		265,000		254,371
4.300%, 02/15/43		80,000		75,233
5.900%, 12/01/16		295,000		328,753
6.700%, 09/15/28		435,000		525,069
6.900%, 04/01/29		113,000		141,344
6.900%, 01/15/32		180,000		223,735
7.000%, 02/15/28		150,000		188,809
McDonald’s Corp.
4.875%, 07/15/40		340,000		373,849
6.300%, 10/15/37		325,000		420,016
Retail—(Continued)
Nordstrom, Inc.
6.950%, 03/15/28		170,000		220,680
Target Corp.
3.500%, 07/01/24		103,000		104,162
6.350%, 11/01/32		250,000		314,161
6.650%, 08/01/28		182,000		223,417
6.750%, 01/01/28		66,000		81,231
Wal-Mart Stores, Inc.
1.125%, 04/11/18		135,000		133,199
3.250%, 10/25/20		800,000		840,098
3.300%, 04/22/24		150,000		151,583
4.000%, 04/11/43		475,000		455,007
4.125%, 02/01/19		250,000		275,679
4.300%, 04/22/44		230,000		232,301
5.250%, 09/01/35		775,000		896,670
5.875%, 04/05/27		90,000		111,352
6.750%, 10/15/23		111,000		142,363
Walgreen Co. 3.100%, 09/15/22		94,000		92,351
				11,737,218
Savings & Loans—0.0%
Nationwide Building Society 4.650%, 02/25/15 (144A)		200,000		205,192
Semiconductors—0.1%
Intel Corp. 1.350%, 12/15/17		88,000		88,025
3.300%, 10/01/21		475,000		491,851
National Semiconductor Corp. 6.600%, 06/15/17		170,000		196,788
Samsung Electronics America, Inc. 1.750%, 04/10/17 (144A)		245,000		246,145
Texas Instruments, Inc. 1.650%, 08/03/19		110,000		108,096
				1,130,905
Software—0.3%
Intuit, Inc. 5.750%, 03/15/17		431,000		481,216
Microsoft Corp. 0.875%, 11/15/17		65,000		64,515
3.500%, 11/15/42		190,000		169,232
4.500%, 10/01/40		275,000		285,364
5.200%, 06/01/39		500,000		568,391
Oracle Corp. 2.375%, 01/15/19		165,000		167,776
2.500%, 10/15/22		1,829,000		1,749,846
2.800%, 07/08/21		225,000		224,916
3.625%, 07/15/23		161,000		165,870
4.500%, 07/08/44		230,000		230,984
5.000%, 07/08/19		200,000		228,082
6.125%, 07/08/39		70,000		87,835
				4,424,027

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

MIST-24

Met Investors Series Trust

JPMorgan Global Active Allocation Portfolio

Consolidated§ Schedule of Investments as of June 30, 2014 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Telecommunications—1.8%
Alltel Corp. 6.800%, 05/01/29		280,000	$	346,829
America Movil S.A.B. de C.V. 1.230%, 09/12/16 (b)		500,000		505,992
3.125%, 07/16/22		420,000		413,280
4.375%, 07/16/42		200,000		188,899
5.000%, 03/30/20		100,000		110,867
5.625%, 11/15/17		125,000		141,190
6.375%, 03/01/35		600,000		715,860
AT&T, Inc. 0.608%, 02/12/16 (b)		750,000		752,152
1.700%, 06/01/17		915,000		925,640
2.375%, 11/27/18		740,000		752,409
3.900%, 03/11/24		1,000,000		1,034,586
4.300%, 12/15/42		898,000		850,060
4.800%, 06/15/44		270,000		275,632
5.500%, 02/01/18		300,000		339,494
BellSouth Capital Funding Corp. 7.875%, 02/15/30		550,000		733,608
BellSouth Telecommunications LLC 6.375%, 06/01/28		350,000		409,511
British Telecommunications plc 2.000%, 06/22/15		900,000		912,775
2.350%, 02/14/19		285,000		287,368
5.950%, 01/15/18		100,000		114,378
9.625%, 12/15/30		75,000		119,456
Cisco Systems, Inc. 1.100%, 03/03/17		500,000		501,553
2.125%, 03/01/19		310,000		312,409
2.900%, 03/04/21		47,000		47,721
4.450%, 01/15/20		15,000		16,618
5.500%, 01/15/40		345,000		401,701
5.900%, 02/15/39		750,000		915,517
Crown Castle Towers LLC 4.883%, 08/15/20 (144A)		500,000		552,290
Deutsche Telekom International Finance B.V. 2.250%, 03/06/17 (144A)		650,000		666,842
5.750%, 03/23/16		100,000		108,166
8.750%, 06/15/30		100,000		146,249
Koninklijke KPN NV 8.375%, 10/01/30		250,000		354,264
Nippon Telegraph & Telephone Corp. 1.400%, 07/18/17		500,000		502,954
Orange S.A. 2.750%, 09/14/16		500,000		518,717
4.125%, 09/14/21		470,000		504,738
5.375%, 01/13/42		35,000		38,513
5.500%, 02/06/44		70,000		78,177
9.000%, 03/01/31		165,000		248,333
Qwest Corp. 6.750%, 12/01/21		350,000		405,209
6.875%, 09/15/33		100,000		100,598
7.250%, 09/15/25		133,000		156,420
Rogers Communications, Inc. 4.100%, 10/01/23		213,000		222,052
6.800%, 08/15/18		100,000		118,845
Telecommunications—(Continued)
Rogers Communications, Inc. 7.500%, 08/15/38		100,000		135,148
8.750%, 05/01/32		400,000		561,938
SES Global Americas Holdings GP 2.500%, 03/25/19 (144A)		70,000		70,499
Telefonica Emisiones S.A.U. 3.192%, 04/27/18		150,000		156,761
4.570%, 04/27/23		310,000		329,254
6.421%, 06/20/16		450,000		495,401
7.045%, 06/20/36		215,000		274,231
Verizon Communications, Inc. 2.450%, 11/01/22		235,000		220,455
2.500%, 09/15/16		200,000		206,149
3.450%, 03/15/21		477,000		492,934
3.650%, 09/14/18		200,000		213,896
3.850%, 11/01/42		350,000		308,162
4.500%, 09/15/20		656,000		721,595
5.150%, 09/15/23		1,600,000		1,790,549
5.850%, 09/15/35		650,000		759,256
6.000%, 04/01/41		290,000		339,663
6.400%, 09/15/33		873,000		1,069,371
6.550%, 09/15/43		630,000		792,818
6.900%, 04/15/38		350,000		450,593
7.750%, 06/15/32		654,000		888,776
Verizon Pennsylvania LLC 6.000%, 12/01/28		125,000		136,029
8.750%, 08/15/31		200,000		267,971
Vodafone Group plc 1.500%, 02/19/18		30,000		29,800
2.500%, 09/26/22		225,000		211,243
2.950%, 02/19/23		550,000		531,774
6.150%, 02/27/37		350,000		415,892
6.250%, 11/30/32		200,000		242,643
				28,960,673
Transportation—0.5%
Burlington Northern Santa Fe LLC 3.050%, 09/01/22		620,000		618,384
3.450%, 09/15/21		510,000		529,952
3.850%, 09/01/23		500,000		520,843
4.450%, 03/15/43		440,000		437,521
4.900%, 04/01/44		150,000		160,349
5.750%, 03/15/18		100,000		114,647
7.950%, 08/15/30		100,000		140,240
Canadian National Railway Co. 5.850%, 11/15/17		190,000		216,282
6.800%, 07/15/18		120,000		142,331
Canadian Pacific Railway Co. 5.750%, 03/15/33		120,000		142,027
7.250%, 05/15/19		1,290,000		1,585,216
CSX Corp. 4.100%, 03/15/44		41,000		38,647
5.600%, 05/01/17		635,000		708,653
7.900%, 05/01/17		62,000		72,118

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

MIST-25

Met Investors Series Trust

JPMorgan Global Active Allocation Portfolio

Consolidated§ Schedule of Investments as of June 30, 2014 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Transportation—(Continued)
FedEx Corp. 5.100%, 01/15/44		200,000	$	216,411
Norfolk Southern Corp. 3.850%, 01/15/24		250,000		260,189
4.800%, 08/15/43		80,000		85,112
5.590%, 05/17/25		100,000		113,656
5.750%, 04/01/18		500,000		570,955
Ryder System, Inc. 2.500%, 03/01/17		125,000		129,043
3.600%, 03/01/16		100,000		104,594
7.200%, 09/01/15		100,000		107,307
Union Pacific Corp. 3.646%, 02/15/24		138,000		143,674
4.821%, 02/01/44		257,000		280,914
6.250%, 05/01/34		378,000		466,429
United Parcel Service of America, Inc. 8.375%, 04/01/20		75,000		97,934
8.375%, 04/01/30 (c)		377,000		550,867
United Parcel Service, Inc. 1.125%, 10/01/17		32,000		31,983
2.450%, 10/01/22		14,000		13,585
				8,599,863
Trucking & Leasing—0.0%
Penske Truck Leasing Co. L.P. / PTL Finance Corp. 2.500%, 03/15/16 (144A)		325,000		334,076
2.875%, 07/17/18 (144A)		93,000		95,198
3.125%, 05/11/15 (144A)		110,000		112,393
				541,667
Water—0.0%
American Water Capital Corp.
3.850%, 03/01/24		450,000		464,503
6.593%, 10/15/37		100,000		132,628
				597,131
Total Corporate Bonds & Notes (Cost $371,591,926)				374,505,351
Convertible Bonds—16.5%
Airlines—0.2%
Air France-KLM
2.030%, 02/15/23 (EUR)		13,016,900		2,246,126
4.970%, 04/01/15 (EUR)		3,072,000		515,522
				2,761,648
Apparel—0.2%
Adidas AG
0.250%, 06/14/19 (EUR)		1,600,000		2,552,157
Auto Manufacturers—1.0%
Ford Motor Co.
4.250%, 11/15/16		5,000,000		9,990,625
Auto Manufacturers—(Continued)
Volkswagen International Finance NV
5.500%, 11/09/15 (144A) (EUR)		3,400,000		5,455,084
				15,445,709
Auto Parts & Equipment—0.1%
Cie Generale des Etablissements Michelin
Zero Coupon, 01/01/17 (EUR)		1,219,900		2,345,088
Banks—0.7%
BNP Paribas S.A.
0.250%, 09/21/15 (EUR)		1,600,000		2,440,641
0.250%, 09/27/16 (EUR)		3,600,000		5,533,342
Shizuoka Bank, Ltd. (The)
Zero Coupon, 04/25/18		2,700,000		2,774,250
				10,748,233
Biotechnology—0.7%
Gilead Sciences, Inc.
1.625%, 05/01/16		3,280,000		11,955,600
Commercial Services—0.1%
Park24 Co., Ltd.
Zero Coupon, 04/26/18 (JPY)		100,000,000		1,001,925
Computers—0.2%
Cap Gemini S.A.
Zero Coupon, 01/01/19 (EUR)		2,500,000		2,541,764
Diversified Financial Services—0.3%
HKEx International, Ltd.
0.500%, 10/23/17		3,000,000		3,382,500
Portfolio Recovery Associates, Inc.
3.000%, 08/01/20 (144A)		1,447,000		1,721,930
				5,104,430
Electrical Components & Equipment—0.1%
Nidec Corp.
Zero Coupon, 09/18/15 (JPY)		150,000,000		1,807,166
Healthcare - Services—0.7%
WellPoint, Inc.
2.750%, 10/15/42		7,410,000		11,351,194
Holding Companies - Diversified—1.1%
GBL Verwaltung S.A.
1.250%, 02/07/17 (EUR)		3,800,000		6,101,958
Industrivarden AB
1.875%, 02/27/17 (EUR)		4,700,000		6,992,401
Schematrentaquattro S.p.A.
0.250%, 11/29/16 (EUR)		3,000,000		4,307,134
Sofina S.A.
1.000%, 09/19/16		1,000,000		1,044,000
				18,445,493

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

MIST-26

Met Investors Series Trust

JPMorgan Global Active Allocation Portfolio

Consolidated§ Schedule of Investments as of June 30, 2014 (Unaudited)

Convertible Bonds—(Continued)

Security Description	Principal Amount*		Value
Home Builders—0.2%
Sekisui House, Ltd.
Zero Coupon, 07/05/16 (JPY)		230,000,000	$	3,163,195
Insurance—0.1%
Swiss Life Holding AG
Zero Coupon, 12/02/20 (CHF)		1,110,000		1,407,152
Internet—0.8%
Priceline Group, Inc. (The)
0.350%, 06/15/20		7,761,000		9,162,831
priceline.com, Inc.
1.000%, 03/15/18		2,052,000		2,907,427
				12,070,258
Investment Company Security—1.3%
Ares Capital Corp.
4.375%, 01/15/19 (144A)		1,851,000		1,952,805
4.750%, 01/15/18		2,972,000		3,154,035
Billion Express Investments, Ltd.
0.750%, 10/18/15		6,000,000		6,150,000
Prospect Capital Corp.
5.375%, 10/15/17		2,735,000		2,859,784
5.750%, 03/15/18		377,000		398,442
5.875%, 01/15/19		854,000		897,234
Temasek Financial III Pte, Ltd.
Zero Coupon, 10/24/14 (SGD)		7,250,000		5,788,778
				21,201,078
Iron/Steel—0.2%
Salzgitter Finance B.V.
2.000%, 11/08/17 (EUR)		2,250,000		3,296,590
Lodging—0.1%
Resorttrust, Inc.
Zero Coupon, 07/27/18 (JPY)		105,000,000		1,216,561
Machinery - Diversified—0.0%
Daifuku Co., Ltd.
Zero Coupon, 10/02/17 (JPY)		40,000,000		473,817
Mining—0.5%
Glencore Finance Europe S.A.
5.000%, 12/31/14		4,800,000		5,318,400
Royal Gold, Inc.
2.875%, 06/15/19		2,916,000		3,125,587
				8,443,987
Miscellaneous Manufacturing—0.5%
Siemens Financieringsmaatschappij NV
1.050%, 08/16/17		6,750,000		7,516,193
Oil & Gas—0.7%
Eni S.p.A.
0.250%, 11/30/15 (EUR)		3,700,000		5,207,764
0.625%, 01/18/16 (EUR)		4,300,000		6,399,069
				11,606,833
Oil & Gas Services—0.6%
Subsea 7 S.A.
1.000%, 10/05/17		5,800,000		5,820,300
Technip S.A.
0.250%, 01/01/17 (EUR)		2,933,500		4,187,609
				10,007,909
Pharmaceuticals—0.8%
Mylan, Inc.
3.750%, 09/15/15		3,136,000		12,157,880
Teva Pharmaceutical Finance Co. LLC
0.250%, 02/01/26		652,000		833,337
				12,991,217
Real Estate—0.5%
British Land Co. Jersey, Ltd. (The)
1.500%, 09/10/17 (GBP)		1,500,000		2,886,190
CapitaLand, Ltd.
1.850%, 06/19/20 (SGD)		3,000,000		2,279,654
Deutsche Wohnen AG
0.500%, 11/22/20 (EUR)		1,300,000		1,845,740
Swiss Prime Site AG
1.875%, 01/20/15 (CHF)		580,000		683,796
				7,695,380
Real Estate Investment Trusts—2.0%
CapitaCommercial Trust
2.500%, 09/12/17 (SGD)		1,250,000		1,138,072
CFS Retail Property Trust Group
5.750%, 07/04/16 (AUD)		1,500,000		1,499,290
Derwent London Capital Jersey, Ltd.
2.750%, 07/15/16 (GBP)		1,300,000		2,736,528
Derwent London Capital No.2 Jersey, Ltd.
1.125%, 07/24/19 (GBP)		1,800,000		3,157,841
Fonciere Des Regions
0.875%, 04/01/19 (EUR)		1,183,600		1,485,329
Gecina S.A.
2.125%, 01/01/16 (EUR)		374,000		721,524
Great Portland Estates Capital Jersey, Ltd.
1.000%, 09/10/18 (GBP)		3,000,000		5,444,819
Host Hotels & Resorts L.P.
2.500%, 10/15/29 (144A)		1,746,000		2,956,196
ProLogis L.P.
3.250%, 03/15/15		2,318,000		2,594,711
Ruby Assets Pte, Ltd.
1.600%, 02/01/17 (SGD)		2,500,000		2,314,480
Unibail-Rodamco SE
0.750%, 01/01/18 (EUR)		2,147,000		7,611,263
				31,660,053
Retail—0.1%
Lotte Shopping Co., Ltd.
Zero Coupon, 01/24/18 (KRW)		1,200,000,000		1,197,272
Takashimaya Co., Ltd.
Zero Coupon, 11/14/14 (JPY)		32,000,000		383,160
				1,580,432

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

MIST-27

Met Investors Series Trust

JPMorgan Global Active Allocation Portfolio

Consolidated§ Schedule of Investments as of June 30, 2014 (Unaudited)

Convertible Bonds—(Continued)

Security Description	Principal Amount*		Value
Semiconductors—1.9%
Intel Corp.
2.950%, 12/15/35		7,531,000	$	9,361,974
3.250%, 08/01/39		780,000		1,203,150
Lam Research Corp.
0.500%, 05/15/16		8,921,000		11,101,070
Novellus Systems, Inc.
2.625%, 05/15/41		1,468,000		2,970,865
Xilinx, Inc.
2.625%, 06/15/17		4,000,000		6,627,500
				31,264,559
Software—0.2%
Akamai Technologies, Inc.
Zero Coupon, 02/15/19 (144A)		1,419,000		1,447,380
Citrix Systems, Inc.
0.500%, 04/15/19 (144A)		2,026,000		2,145,028
				3,592,408
Transportation—0.6%
Deutsche Post AG
0.600%, 12/06/19 (EUR)		4,000,000		7,470,902
Nagoya Railroad Co., Ltd.
Zero Coupon, 10/03/23 (JPY)		100,000,000		1,177,632
Yamato Holdings Co., Ltd.
Zero Coupon, 03/07/16 (JPY)		70,000,000		822,097
				9,470,631
Total Convertible Bonds (Cost $249,952,088)				264,718,660
U.S. Treasury & Government Agencies—2.5%
Federal Agencies—0.1%
Federal Farm Credit Bank
3.040%, 03/06/28		250,000		235,839
5.250%, 12/28/27		585,000		704,642
Tennessee Valley Authority
5.375%, 04/01/56		350,000		419,561
				1,360,042
U.S. Treasury—2.4%
U.S. Treasury Notes
0.250%, 01/31/15 (d) (e)		37,290,000		37,326,432
0.750%, 03/15/17		1,665,000		1,665,000
				38,991,432
Total U.S. Treasury & Government Agencies (Cost $40,354,193)				40,351,474
Convertible Preferred Stocks—1.0%
Security Description	Shares/ Principal Amount*		Value
Aerospace & Defense—0.0%
United Technologies Corp.
7.500%, 08/01/15		8,900		580,191
Banks—0.5%
Wells Fargo & Co., Series L
7.500%, 12/31/49		7,145		8,674,030
Electric Utilities—0.3%
NextEra Energy, Inc.
5.799%, 09/01/16		47,600		2,716,532
5.889%, 09/01/15		42,460		2,759,475
				5,476,007
Multi-Utilities—0.1%
Dominion Resources, Inc.
6.000%, 07/01/16		14,400		835,488
6.125%, 04/01/16		7,400		426,610
				1,262,098
Real Estate Investment Trusts—0.1%
Health Care REIT, Inc.
6.500%, 12/31/49		13,900		802,586
Total Convertible Preferred Stocks (Cost $15,724,673)				16,794,912
Preferred Stocks—0.2%
Automobiles—0.0%
Volkswagen AG		1,789		469,895
Capital Markets—0.0%
State Street Corp., 5.900% (b)		8,300		217,460
Household Products—0.2%
Henkel AG & Co. KGaA		18,012		2,083,521
Machinery—0.0%
Marcopolo S.A.		143,590		278,797
Total Preferred Stocks (Cost $2,769,785)				3,049,673
Foreign Government—0.1%
Provincial—0.1%
Province of Quebec
6.350%, 01/30/26		1,100,000		1,381,035
Sovereign—0.0%
Brazilian Government International Bond
4.250%, 01/07/25		200,000		202,700

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

MIST-28

Met Investors Series Trust

JPMorgan Global Active Allocation Portfolio

Consolidated§ Schedule of Investments as of June 30, 2014 (Unaudited)

Foreign Government—(Continued)

Security Description	Principal Amount*		Value
Sovereign—(Continued)
Mexico Government International Bonds
3.625%, 03/15/22		250,000	$	259,375
4.000%, 10/02/23		288,000		302,688
				764,763
Total Foreign Government (Cost $2,218,702)				2,145,798
Municipals—0.1%
American Municipal Power, Inc.
5.939%, 02/15/47		75,000		89,688
7.499%, 02/15/50		350,000		484,743
Los Angeles, Department of Airports, Build America Bonds
6.582%, 05/15/39		65,000		81,370
Los Angeles, Unified School District, Build America Bonds
5.750%, 07/01/34		100,000		121,650
6.758%, 07/01/34		75,000		100,451
Port Authority of New York & New Jersey
4.458%, 10/01/62		160,000		163,770
State of California
0.651%, 07/01/41 (b)		130,000		130,166
5.770%, 05/15/43		140,000		169,051
7.300%, 10/01/39		260,000		369,998
State of Massachusetts
5.456%, 12/01/39		150,000		179,439
Total Municipals (Cost $1,815,758)				1,890,326
Short-Term Investments—18.6%
U.S. Treasury—0.2%
U.S. Treasury Bills
0.060%, 10/02/14 (e) (f)		1,295,000		1,294,867
0.378%, 07/10/14 (e) (f)		1,960,000		1,959,814
				3,254,681
Repurchase Agreement—18.4%
Fixed Income Clearing Corp. Repurchase Agreement dated 06/30/14 at 0.000% to be repurchased at $295,664,636 on 07/01/14, collateralized by $297,020,000 U.S. Treasury Notes with rates ranging from 0.125% - 2.125%, maturity dates ranging from 03/31/15 - 06/05/15 with a value of $301,581,450.		295,664,636		295,664,636
Total Short-Term Investments (Cost $298,919,251)				298,919,317
Total Investments—95.6% (Cost $1,457,518,664) (g)				1,537,516,832
Other assets and liabilities (net)—4.4%				70,798,079
Net Assets—100.0%			$	1,608,314,911

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

(a) Non-income producing security.

(b) Variable or floating rate security. The stated rate represents the rate at June 30, 2014. Maturity date shown for callable securities reflects the earliest possible call date.

(c) Security is a “step-down” bond where the coupon decreases or steps down at a predetermined date. Rate shown is current coupon rate.

(d) All or a portion of the security was pledged as collateral against open centrally cleared swap contracts. As of June 30, 2014, the market value of securities pledged was $18,067,635.

(e) All or a portion of the security was pledged as collateral against open futures contracts. As of June 30, 2014, the market value of securities pledged was $20,771,946.

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

(g) As of June 30, 2014, the aggregate cost of investments was $1,457,518,664. The aggregate unrealized appreciation and depreciation of investments were $93,473,443 and $(13,475,275), respectively, resulting in net unrealized appreciation of $79,998,168.

(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 June 30, 2014, the market value of 144A securities was $48,423,492, which is 3.0% of net assets.

(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.

(AUD)— Australian Dollar

(CHF)— Swiss Franc

(EUR)— Euro

(GBP)— British Pound

(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.

(JPY)— Japanese Yen

(KRW)— South Korea Won

(NVDR)— Non-Voting Depository Receipts

(SGD)— Singapore Dollar

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

MIST-29

Met Investors Series Trust

JPMorgan Global Active Allocation Portfolio

Consolidated§ Schedule of Investments as of June 30, 2014 (Unaudited)

Forward Foreign Currency Exchange Contracts

Contracts to Buy		Counterparty	Settlement Date		In Exchange for		Unrealized Appreciation/ (Depreciation)
AUD	13,157,951	Goldman Sachs International		07/24/14	$	12,384,330	$	3,442
AUD	8,708,796	Australia & New Zealand Banking Group, Ltd.		09/29/14		8,137,325		23,211
CAD	36,020	Deutsche Bank AG		07/03/14		33,723		33
CHF	3,229,246	Westpac Banking Corp.		07/24/14		3,591,567		50,549
DKK	2,573,800	HSBC Bank plc		07/24/14		470,112		2,648
EUR	424,208	Barclays Bank plc		07/24/14		581,887		(971	)
EUR	583,338	Credit Suisse International		07/24/14		805,715		(6,884	)
EUR	609,403	Deutsche Bank AG		07/24/14		829,159		5,366
EUR	1,050,234	Deutsche Bank AG		07/24/14		1,428,984		9,220
EUR	578,685	Goldman Sachs International		07/24/14		792,464		(5	)
EUR	608,006	Goldman Sachs International		07/24/14		838,681		(6,069	)
EUR	560,619	HSBC Bank plc		07/24/14		761,455		6,264
EUR	632,684	Morgan Stanley & Co International PLC		07/24/14		862,837		3,568
EUR	495,725	Toronto Dominion Bank		07/24/14		684,584		(5,732	)
EUR	2,976,830	Westpac Banking Corp.		07/24/14		4,032,027		44,485
GBP	308,186	Barclays Bank plc		07/24/14		522,822		4,517
GBP	666,304	Barclays Bank plc		07/24/14		1,132,217		7,900
GBP	1,009,790	Barclays Bank plc		07/24/14		1,711,069		16,789
GBP	1,545,164	Barclays Bank plc		07/24/14		2,593,867		50,073
GBP	172,500	Citibank N.A.		07/24/14		293,287		1,879
GBP	307,089	HSBC Bank plc		07/24/14		522,168		3,294
GBP	308,232	Morgan Stanley & Co International PLC		07/24/14		525,561		1,857
GBP	403,295	State Street Bank and Trust		07/24/14		684,009		6,072
GBP	516,096	State Street Bank and Trust		07/24/14		877,576		5,520
GBP	391,254	Westpac Banking Corp.		07/24/14		655,456		14,022
GBP	194,630	Deutsche Bank AG		09/29/14		330,842		2,001
GBP	697,199	UBS AG		09/29/14		1,186,215		6,091
HKD	33,631,742	Deutsche Bank AG		07/24/14		4,338,990		(938	)
HKD	10,097,111	Morgan Stanley & Co International PLC		07/24/14		1,302,838		(444	)
HKD	8,526,806	Westpac Banking Corp.		07/24/14		1,100,118		(272	)
HKD	18,164,650	Westpac Banking Corp.		07/24/14		2,343,537		(536	)
HKD	21,056,089	State Street Bank and Trust		09/29/14		2,716,484		(810	)
JPY	72,555,744	Australia & New Zealand Banking Group, Ltd.		07/24/14		715,441		887
JPY	25,258,600	Credit Suisse International		07/24/14		248,111		1,262
JPY	139,427,402	Credit Suisse International		07/24/14		1,367,587		8,952
JPY	252,738,977	Deutsche Bank AG		07/24/14		2,481,466		13,775
JPY	60,523,731	Morgan Stanley & Co International PLC		07/24/14		592,974		4,565
JPY	82,342,520	State Street Bank and Trust		07/24/14		804,936		8,015
JPY	75,297,122	Barclays Bank plc		09/29/14		743,294		452
JPY	84,457,000	Citibank N.A.		09/29/14		829,449		4,773
JPY	32,017,699	Deutsche Bank AG		09/29/14		314,303		1,951
SEK	32,380,713	Deutsche Bank AG		07/24/14		4,824,488		20,519
SEK	11,713,224	Deutsche Bank AG		09/29/14		1,746,262		5,260
SGD	2,585,352	UBS AG		09/29/14		2,070,385		3,117
Contracts to Deliver
AUD	1,500,000	Barclays Bank plc		07/24/14		1,399,251		(12,949	)
AUD	189,569	Citibank N.A.		09/29/14		176,946		(689	)
AUD	758,541	Societe Generale		09/29/14		709,704		(1,083	)
CAD	1,693,940	State Street Bank and Trust		09/29/14		1,576,447		(7,591	)
CHF	5,299,472	Goldman Sachs International		07/24/14		5,913,943		(63,085	)
CHF	4,935,857	Societe Generale		07/24/14		5,584,306		17,383
CHF	285,823	Barclays Bank plc		09/29/14		321,297		(1,257	)
CHF	1,302,898	Deutsche Bank AG		09/29/14		1,459,524		(10,810	)
DKK	3,639,971	Deutsche Bank AG		09/29/14		665,136		(3,719	)
EUR	2,410,953	Credit Suisse International		07/24/14		3,331,701		30,109
EUR	564,899	Credit Suisse International		07/24/14		766,719		(6,862	)

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

MIST-30

Met Investors Series Trust

JPMorgan Global Active Allocation Portfolio

Consolidated§ Schedule of Investments as of June 30, 2014 (Unaudited)

Forward Foreign Currency Exchange Contracts—(Continued)

Contracts to Deliver		Counterparty	Settlement Date		In Exchange for		Unrealized Appreciation/ (Depreciation)
EUR	833,197	Deutsche Bank AG		07/24/14	$	1,134,527	$	(6,464	)
EUR	1,284,449	Goldman Sachs International		07/24/14		1,744,672		(14,270	)
EUR	733,421	Goldman Sachs International		07/24/14		1,016,917		12,560
EUR	635,195	Goldman Sachs International		07/24/14		870,509		665
EUR	1,094,238	Royal Bank of Canada		07/24/14		1,490,248		(8,217	)
EUR	455,771	Societe Generale		07/24/14		619,578		(4,561	)
EUR	58,343,872	Toronto Dominion Bank		07/24/14		80,492,665		595,772
EUR	3,219,797	Toronto Dominion Bank		09/29/14		4,386,732		(23,602	)
GBP	483,468	Citibank N.A.		07/24/14		820,494		(6,772	)
GBP	1,319,819	Deutsche Bank AG		07/24/14		2,239,937		(18,413	)
GBP	5,857,946	Goldman Sachs International		07/24/14		9,967,939		(55,630	)
GBP	725,567	Goldman Sachs International		07/24/14		1,233,692		(7,831	)
GBP	440,817	Goldman Sachs International		07/24/14		750,400		(3,885	)
GBP	13,910,252	Societe Generale		07/24/14		23,378,098		(423,824	)
GBP	391,611	Barclays Bank plc		09/29/14		666,867		(2,842	)
GBP	340,561	Royal Bank of Canada		09/29/14		579,198		(3,207	)
GBP	182,778	Westpac Banking Corp.		09/29/14		311,422		(1,154	)
HKD	36,788,567	Citibank N.A.		07/24/14		4,745,427		187
JPY	1,112,095,445	Citibank N.A.		07/24/14		10,852,793		(126,702	)
JPY	80,054,722	Barclays Bank plc		09/29/14		783,598		(7,141	)
JPY	376,049,366	State Street Bank and Trust		09/29/14		3,692,369		(22,050	)
NOK	24,523,198	Deutsche Bank AG		07/24/14		3,998,140		3,364
NOK	5,555,236	Deutsche Bank AG		09/29/14		906,237		3,626
NOK	1,907,509	Deutsche Bank AG		09/29/14		316,836		6,905
SGD	13,600,943	Citibank N.A.		07/24/14		10,831,406		(76,458	)
SGD	458,705	Deutsche Bank AG		07/24/14		367,133		(745	)
Net Unrealized Appreciation							$	68,426

Futures Contracts

Futures Contracts—Long	Expiration Date		Number of Contracts		Notional Amount			Unrealized Appreciation/ (Depreciation)
Aluminum HG Futures		11/19/14		82		USD	3,774,284	$	129,941
Brent Crude Oil Futures		07/16/14		16		USD	1,777,242		20,518
Brent Crude Oil Futures		08/14/14		39		USD	4,108,867		261,863
Coffee “C” Futures		09/18/14		34		USD	2,192,780		39,744
Coffee Futures		12/29/14		57		USD	4,338,199		223,226
Corn Futures		12/12/14		214		USD	5,077,715		(527,540	)
Cotton No. 2 Futures		12/08/14		24		USD	946,190		(64,070	)
Euro Stoxx 50 Index Futures		09/19/14		353		EUR	11,534,533		(171,947	)
Gasoline RBOB Futures		10/31/14		22		USD	2,501,338		76,345
Gold 100 oz Futures		08/27/14		59		USD	7,593,004		206,796
LME Nickel Futures		09/17/14		16		USD	1,491,642		335,910
LME Zinc Futures		09/15/14		25		USD	1,287,641		99,860
Lean Hogs Futures		10/14/14		41		USD	1,646,005		221,955
Lean Hogs Futures		12/12/14		20		USD	751,601		37,199
Live Cattle Futures		10/31/14		38		USD	2,272,926		54,574
MSCI EAFE Mini Index Futures		09/19/14		209		USD	20,463,596		111,409
MSCI Emerging Markets Mini Index Futures		09/19/14		52		USD	2,716,474		(10,654	)
Mini Gold Futures		08/27/14		2		USD	84,664		3,117
Natural Gas Futures		07/29/14		15		USD	687,039		(17,889	)
Natural Gas Futures		09/26/14		95		USD	4,313,428		(101,128	)
Natural Gas Futures		02/25/15		46		USD	2,108,490		(55,050	)
New York Harbor ULSD Heating Oil Futures		08/29/14		19		USD	2,303,955		78,474
Nickel Futures		07/16/14		4		USD	432,490		23,126
S&P 500 E-Mini Index Futures		09/19/14		2,893		USD	280,666,331		1,748,329

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

MIST-31

Met Investors Series Trust

JPMorgan Global Active Allocation Portfolio

Consolidated§ Schedule of Investments as of June 30, 2014 (Unaudited)

Futures Contracts—(Continued)

Futures Contracts—Long	Expiration Date		Number of Contracts			Notional Amount				Unrealized Appreciation/ (Depreciation)
Silver Futures		12/29/14		27			USD	2,813,335		$	37,190
Soybean Futures		11/14/14		35			USD	2,212,407			(187,219	)
Soybean Meal Futures		12/12/14		41			USD	1,612,025			(105,685	)
Soybean Oil Futures		12/12/14		80			USD	1,958,230			(79,030	)
Sugar No. 11 Futures		09/30/14		174			USD	3,539,191			(29,402	)
U.S. Treasury Long Bond Futures		09/19/14		56			USD	7,634,209			48,291
U.S. Treasury Note 10 Year Futures		09/19/14		124			USD	15,447,190			74,123
U.S. Treasury Note 2 Year Futures		09/30/14		32			USD	7,029,066			(2,066	)
WTI Light Sweet Crude Oil Futures		08/19/14		58			USD	6,080,111			(5,771	)
WTI Light Sweet Crude Oil Futures		05/18/15		8			USD	746,371			35,549
Wheat Futures		09/12/14		25			USD	941,426			(95,176	)
Wheat Futures		12/12/14		69			USD	2,360,585			(296,623	)
Zinc Futures		01/19/15		28			USD	1,459,173			101,827
Futures Contracts—Short
Aluminum HG Futures		11/19/14		(30	)		USD	(1,388,046	)		(40,329	)
FTSE 100 Index Futures		09/19/14		(135	)		GBP	(9,101,637	)		71,514
Gasoline RBOB Futures		07/31/14		(16	)		USD	(2,017,768	)		(27,329	)
Nickel Futures		07/16/14		(4	)		USD	(495,110	)		39,494
Sugar No. 11 Futures		02/27/15		(67	)		USD	(1,412,058	)		(30,211	)
U.S. Treasury Note 10 Year Futures		09/19/14		(67	)		USD	(8,356,763	)		(29,753	)
U.S. Treasury Note 5 Year Futures		09/30/14		(38	)		USD	(4,535,744	)		(3,772	)
U.S. Treasury Ultra Bond Futures		09/19/14		(22	)		USD	(3,267,260	)		(31,365	)
Wheat Futures		09/12/14		(23	)		USD	(682,955	)		18,830
Zinc Futures		09/15/14		(25	)		USD	(1,292,435	)		(95,066	)
Net Unrealized Appreciation										$	2,092,129

Swap Agreements

Centrally Cleared Interest Rate Swap Agreements

Pay/Receive Floating Rate	Floating Rate Index		Fixed Rate			Maturity Date		Notional Amount			Unrealized Appreciation
Pay		3-Month USD-LIBOR		2.795	%		03/20/24		USD	67,060,000	$	1,284,970
Pay		3-Month USD-LIBOR		2.908	%		03/24/24		USD	46,090,000		1,340,127
Pay		3-Month USD-LIBOR		2.895	%		03/24/24		USD	45,850,000		1,280,178
Pay		3-Month USD-LIBOR		2.883	%		03/25/24		USD	52,760,000		1,413,467
Pay		3-Month USD-LIBOR		2.918	%		04/07/24		USD	113,680,000		3,365,746
Pay		3-Month USD-LIBOR		2.727	%		05/07/24		USD	14,920,000		181,035
Pay		3-Month USD-LIBOR		2.703	%		06/17/24		USD	142,580,000		1,227,514
Total											$	10,093,037

(AUD)— Australian Dollar

(CAD)— Canadian Dollar

(CHF)— Swiss Franc

(DKK)— Danish Krone

(EUR)— Euro

(GBP)— British Pound

(HKD)— Hong Kong Dollar

(JPY)— Japanese Yen

(LIBOR)— London Interbank Offered Rate

(NOK)— Norwegian Krone

(SEK)— Swedish Krona

(SGD)— Singapore Dollar

(USD)— United States Dollar

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

MIST-32

Met Investors Series Trust

JPMorgan Global Active Allocation Portfolio

Consolidated§ Schedule of Investments as of June 30, 2014 (Unaudited)

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 Consolidated Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2014:

Description	Level 1		Level 2		Level 3		Total
Common Stocks
Aerospace & Defense	$	4,406,390	$	2,910,186	$	—	$	7,316,576
Air Freight & Logistics		—		2,474,379		—		2,474,379
Airlines		868,354		1,472,164		—		2,340,518
Auto Components		512,950		6,291,526		—		6,804,476
Automobiles		2,900,924		14,640,358		—		17,541,282
Banks		21,314,261		32,855,133		—		54,169,394
Beverages		5,915,407		6,514,293		—		12,429,700
Biotechnology		4,565,437		—		—		4,565,437
Building Products		552,158		3,449,198		—		4,001,356
Capital Markets		3,769,125		5,967,052		—		9,736,177
Chemicals		2,512,693		4,299,453		—		6,812,146
Commercial Services & Supplies		155,952		—		—		155,952
Communications Equipment		3,581,732		—		—		3,581,732
Construction & Engineering		2,118,230		—		—		2,118,230
Construction Materials		240,727		797,277		—		1,038,004
Consumer Finance		726,058		—		—		726,058
Containers & Packaging		456,446		2,429,714		—		2,886,160
Distributors		—		355,792		—		355,792
Diversified Financial Services		2,297,249		9,415,243		—		11,712,492
Diversified Telecommunication Services		2,525,725		10,367,354		—		12,893,079
Electric Utilities		3,478,614		—		—		3,478,614
Electrical Equipment		2,321,341		3,668,809		—		5,990,150
Electronic Equipment, Instruments & Components		525,806		5,211,189		—		5,736,995
Energy Equipment & Services		4,228,679		683,438		—		4,912,117
Food & Staples Retailing		5,082,608		7,028,193		—		12,110,801
Food Products		3,152,447		11,658,121		—		14,810,568
Gas Utilities		238,055		—		—		238,055
Health Care Equipment & Supplies		3,571,662		—		—		3,571,662
Health Care Providers & Services		2,942,176		—		—		2,942,176
Health Care Technology		271,817		—		—		271,817
Hotels, Restaurants & Leisure		1,971,546		8,452,239		—		10,423,785
Household Durables		948,433		8,084,148		—		9,032,581
Household Products		2,716,455		350,849		—		3,067,304
Industrial Conglomerates		1,200,733		4,270,377		—		5,471,110
Insurance		4,480,389		27,977,449		—		32,457,838
Internet & Catalog Retail		1,806,686		—		—		1,806,686
Internet Software & Services		6,228,182		1,088,460		—		7,316,642

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

MIST-33

Met Investors Series Trust

JPMorgan Global Active Allocation Portfolio

Consolidated§ Schedule of Investments as of June 30, 2014 (Unaudited)

Fair Value Hierarchy—(Continued)

Description	Level 1			Level 2			Level 3		Total
IT Services	$	8,239,426		$	1,832,537		$	—	$	10,071,963
Machinery		2,712,824			2,380,595			—		5,093,419
Marine		—			648,950			—		648,950
Media		6,847,729			6,857,889			—		13,705,618
Metals & Mining		4,475,261			4,457,382			—		8,932,643
Multi-Utilities		2,062,068			7,229,337			—		9,291,405
Multiline Retail		1,396,267			3,933,548			—		5,329,815
Oil, Gas & Consumable Fuels		14,556,450			34,919,690			—		49,476,140
Paper & Forest Products		189,666			1,656,805			—		1,846,471
Personal Products		235,701			—			—		235,701
Pharmaceuticals		9,003,441			51,839,350			—		60,842,791
Real Estate Investment Trusts		4,154,247			3,912,904			—		8,067,151
Real Estate Management & Development		—			6,441,833			—		6,441,833
Road & Rail		3,664,551			—			—		3,664,551
Semiconductors & Semiconductor Equipment		9,704,082			1,677,940			—		11,382,022
Software		6,132,154			2,418,786			—		8,550,940
Specialty Retail		4,938,797			1,945,872			—		6,884,669
Technology Hardware, Storage & Peripherals		5,763,330			735,677			—		6,499,007
Textiles, Apparel & Luxury Goods		1,087,602			2,488,186			—		3,575,788
Tobacco		1,967,796			8,678,824			—		10,646,620
Trading Companies & Distributors		617,114			1,830,949			—		2,448,063
Transportation Infrastructure		1,064,440			—			—		1,064,440
Wireless Telecommunication Services		589,239			12,554,241			—		13,143,480
Total Common Stocks		193,987,632			341,153,689			—		535,141,321
Total Corporate Bonds & Notes*		—			374,505,351			—		374,505,351
Total Convertible Bonds*		—			264,718,660			—		264,718,660
Total U.S. Treasury & Government Agencies*		—			40,351,474			—		40,351,474
Total Convertible Preferred Stocks*		16,794,912			—			—		16,794,912
Preferred Stocks
Automobiles		—			469,895			—		469,895
Capital Markets		217,460			—			—		217,460
Household Products		—			2,083,521			—		2,083,521
Machinery		278,797			—			—		278,797
Total Preferred Stocks		496,257			2,553,416			—		3,049,673
Total Foreign Government*		—			2,145,798			—		2,145,798
Total Municipals		—			1,890,326			—		1,890,326
Short-Term Investments
U.S. Treasury		—			3,254,681			—		3,254,681
Repurchase Agreement		—			295,664,636			—		295,664,636
Total Short-Term Investments		—			298,919,317			—		298,919,317
Total Investments	$	211,278,801		$	1,326,238,031		$	—	$	1,537,516,832
Forward Contracts
Forward Foreign Currency Exchange Contracts (Unrealized Appreciation)	$	—		$	1,012,900		$	—	$	1,012,900
Forward Foreign Currency Exchange Contracts (Unrealized Depreciation)		—			(944,474	)		—		(944,474	)
Total Forward Contracts	$	—		$	68,426		$	—	$	68,426
Futures Contracts
Futures Contracts (Unrealized Appreciation)	$	4,099,204		$	—		$	—	$	4,099,204
Futures Contracts (Unrealized Depreciation)		(2,007,075	)		—			—		(2,007,075	)
Total Futures Contracts	$	2,092,129		$	—		$	—	$	2,092,129
Centrally Cleared Swap Contracts
Centrally Cleared Swap Contracts (Unrealized Appreciation)	$	—		$	10,093,037		$	—	$	10,093,037

* See Consolidated Schedule of Investments for additional detailed categorizations.

Transfers from Level 2 to Level 1 in the amount of $3,880,020 were due to the discontinuation of a systematic fair valuation model factor.

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

MIST-34

Met Investors Series Trust

JPMorgan Global Active Allocation Portfolio

Consolidated§ Statement of Assets and Liabilities

June 30, 2014 (Unaudited)

Assets
Investments at value (a)	$	1,241,852,196
Repurchase Agreement		295,664,636
Cash		65,151,239
Cash denominated in foreign currencies (b)		220,969
Unrealized appreciation on forward foreign currency exchange contracts		1,012,900
Receivable for:
Investments sold		6,718,510
Fund shares sold		398,456
Dividends and interest		6,295,902
Variation margin on swap contracts		1,028,893
Prepaid expenses		296
Total Assets		1,618,343,997
Liabilities
Unrealized depreciation on forward foreign currency exchange contracts		944,474
Payables for:
Investments purchased		6,886,652
Fund shares redeemed		506,364
Variation margin on futures contracts		187,698
Accrued expenses:
Management fees		891,292
Distribution and service fees		326,998
Deferred trustees’ fees		33,725
Other expenses		251,883
Total Liabilities		10,029,086
Net Assets	$	1,608,314,911
Net assets consist of:
Paid in surplus	$	1,464,407,301
Undistributed net investment income		8,251,777
Accumulated net realized gain		43,381,678
Unrealized appreciation on investments, futures contracts, swap contracts and foreign currency transactions		92,274,155
Net Assets	$	1,608,314,911
Net Assets
Class B	$	1,608,314,911
Capital Shares Outstanding*
Class B		136,123,041
Net Asset Value, Offering Price and Redemption Price Per Share
Class B	$	11.82

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

(a) Identified cost of investments, excluding repurchase agreement, was $1,161,854,028.

(b) Identified cost of cash denominated in foreign currencies was $220,366.

Consolidated§ Statement of Operations

Six Months Ended June 30, 2014 (Unaudited)

Investment Income
Dividends (a)	$	10,650,197
Interest (b)		7,440,405
Total investment income		18,090,602
Expenses
Management fees		5,361,252
Administration fees		41,786
Custodian and accounting fees		316,110
Distribution and service fees—Class B		1,839,464
Audit and tax services		40,186
Legal		17,945
Trustees’ fees and expenses		21,142
Shareholder reporting		31,983
Insurance		2,728
Miscellaneous		7,188
Total expenses		7,679,784
Less management fee waiver		(330,701	)
Net expenses		7,349,083
Net Investment Income		10,741,519
Net Realized and Unrealized Gain
Net realized gain on:
Investments		21,276,211
Futures contracts		27,918,299
Swap contracts		9,904,641
Foreign currency transactions		340,938
Net realized gain		59,440,089
Net change in unrealized appreciation (depreciation) on:
Investments		22,590,252
Futures contracts		(9,277,976	)
Swap contracts		16,313,423
Foreign currency transactions		(1,081,126	)
Net change in unrealized appreciation		28,544,573
Net realized and unrealized gain		87,984,662
Net Increase in Net Assets From Operations	$	98,726,181

(a) Net of foreign withholding taxes of $788,507.

(b) Net of foreign withholding taxes of $12,963.

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

MIST-35

Met Investors Series Trust

JPMorgan Global Active Allocation Portfolio

Consolidated§ Statement of Changes in Net Assets

	Six Months Ended June 30, 2014 (Unaudited)			Year Ended December 31, 2013
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	10,741,519		$	6,717,278
Net realized gain		59,440,089			41,011,875
Net change in unrealized appreciation		28,544,573			52,177,717
Increase in net assets from operations		98,726,181			99,906,870
From Distributions to Shareholders
Net investment income
Class B		(17,423,474	)		(704,191	)
Net realized capital gains
Class B		(47,564,812	)		(4,154,728	)
Total distributions		(64,988,286	)		(4,858,919	)
Increase in net assets from capital share transactions		214,333,764			779,035,397
Total increase in net assets		248,071,659			874,083,348
Net Assets
Beginning of period		1,360,243,252			486,159,904
End of period	$	1,608,314,911		$	1,360,243,252
Undistributed net investment income
End of period	$	8,251,777		$	14,933,732

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2014 (Unaudited)						Year Ended December 31, 2013
	Shares			Value			Shares			Value
Class B
Sales		14,697,817		$	170,753,680			73,368,061		$	803,297,942
Reinvestments		5,771,606			64,988,286			447,414			4,858,919
Redemptions		(1,839,683	)		(21,408,202	)		(2,638,853	)		(29,121,464	)
Net increase		18,629,740		$	214,333,764			71,176,622		$	779,035,397
Increase derived from capital shares transactions				$	214,333,764					$	779,035,397

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

MIST-36

Met Investors Series Trust

JPMorgan Global Active Allocation Portfolio

Consolidated§ Financial Highlights

Selected per share data
	Class B
	Six Months Ended June 30, 2014 (Unaudited)			Year Ended December 31,
				2013			2012(a)
Net Asset Value, Beginning of Period	$	11.58		$	10.50		$	10.00
Income (Loss) from Investment Operations
Net investment income (b)		0.08			0.08			0.02
Net realized and unrealized gain on investments		0.67			1.07	(c)		0.58
Total from investment operations		0.75			1.15			0.60
Less Distributions
Distributions from net investment income		(0.14	)		(0.01	)		(0.04	)
Distributions from net realized capital gains		(0.37	)		(0.06	)		(0.06	)
Total distributions		(0.51	)		(0.07	)		(0.10	)
Net Asset Value, End of Period	$	11.82		$	11.58		$	10.50
Total Return (%) (d)		6.70	(e)		10.99			6.02	(e)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		1.04	(f)		1.08			1.32	(f)
Net ratio of expenses to average net assets (%) (g)		1.00	(f)		1.08			1.25	(f)
Ratio of net investment income to average net assets (%)		1.46	(f)		0.71			0.24	(f)
Portfolio turnover rate (%)		22	(e)		45			33	(e)
Net assets, end of period (in millions)	$	1,608.3		$	1,360.2		$	486.2

(a) Commencement of operations was April 23, 2012.

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

(c) The per share amount may differ with the change in aggregate gains (losses) as shown in the Consolidated Statement of Operations due to the timing of purchases and sales of Portfolio shares in relation to fluctuating market values during the period.

(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) Periods less than one year are not computed on an annualized basis.

(f) Computed on an annualized basis.

(g) Includes the effects of management fee waivers and expenses reimbursed by the Adviser (see Note 7 of the Notes to Consolidated Financial Statements).

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

MIST-37

Met Investors Series Trust

JPMorgan Global Active Allocation Portfolio

Notes to Consolidated Financial Statements—June 30, 2014 (Unaudited)

1. Organization

Met Investors Series Trust (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 currently offers forty-seven series, each of which operates as a distinct investment vehicle of the Trust. The portfolio included in this report is JPMorgan Global Active Allocation 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 four classes of shares: Class A, B, C and E shares. Class B shares are currently offered by the Portfolio.

2. Consolidation of Subsidiary - JPMorgan Global Active Allocation Portfolio, Ltd.

The Portfolio may invest up to 10% of its total assets in the JPMorgan Global Active Allocation Portfolio, Ltd., which is a wholly-owned and controlled subsidiary of the Portfolio that is organized under the laws of the Cayman Islands as an exempted company (the “Subsidiary”). The Portfolio invests in the Subsidiary in order to gain exposure to the commodities market within the limitations of the federal tax laws, rules and regulations that apply to regulated investment companies. The Portfolio has obtained an opinion from legal counsel to the effect that the annual net profit, if any, realized by the Subsidiary and imputed for income tax purposes to the Portfolio should constitute “qualifying income” for purposes of the Portfolio remaining qualified as a regulated investment company for U.S federal income tax purposes. It is possible that the Internal Revenue Service or a court could disagree with the legal opinion obtained by the Portfolio.

The Subsidiary invests primarily in commodity derivatives, exchange traded notes and total return swaps. Unlike the Portfolio, the Subsidiary may invest without limitation in commodity-linked derivatives; however, the Subsidiary complies with the same 1940 Act asset coverage requirements with respect to its investments in commodity-linked derivatives that are applicable to the Portfolio’s transactions in derivatives. In addition, to the extent applicable to the investment activities of the Subsidiary, the Subsidiary is subject to the same fundamental investment restrictions and follows the same compliance policies and procedures as the Portfolio.

By investing in the Subsidiary, the Portfolio is indirectly exposed to the risks associated with the Subsidiary’s investments. The commodity-related instruments held by the Subsidiary are subject to commodities risk. There can be no assurance that the investment objective of the Subsidiary will be achieved. The Subsidiary is not registered under the 1940 Act and is not subject to all the investor protections of the 1940 Act. The Portfolio, however, wholly owns and controls the Subsidiary, and the Portfolio and Subsidiary are both managed by J.P. Morgan Investment Management Inc. (the “Subadviser”), making it unlikely that the Subsidiary will take action contrary to the interests of the Portfolio and its shareholders. Changes in the laws of the United States and/or Cayman Islands could result in the inability of the Portfolio and/or the Subsidiary to operate as described in the Portfolio’s prospectus and could adversely affect the Portfolio. For example, the Cayman Islands does not currently impose any income, corporate or capital gains tax, estate duty, inheritance tax, gift tax or withholding tax on the Subsidiary. If Cayman Islands law changes such that the Subsidiary must pay Cayman Islands taxes, Portfolio shareholders would likely suffer decreased investment returns.

The consolidated Schedule of Investments, Statement of Assets and Liabilities, Statement of Operations, Statement of Changes in Net Assets and the Financial Highlights of the Portfolio include the accounts of the Subsidiary. All inter-company accounts and transactions have been eliminated in consolidation for the Portfolio. The Subsidiary has a fiscal year end of December 31st for financial statement consolidation purposes and a nonconforming tax year end of November 30th.

A summary of the Portfolio’s investment in the Subsidiary is as follows:

	Inception Date of Subsidiary	Subsidiary Net Assets at June 30, 2014	% of Total Assets at June 30, 2014
JPMorgan Global Active Allocation Portfolio, Ltd.	4/23/2012	$67,818,097	4.2%

3. Significant Accounting Policies

The preparation of consolidated 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 consolidated 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 consolidated financial statements, management has evaluated events and transactions subsequent to June 30, 2014 through the date the consolidated financial statements were issued.

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

MIST-38

Met Investors Series Trust

JPMorgan Global Active Allocation Portfolio

Notes to Consolidated Financial Statements—June 30, 2014—(Continued)

Investment Valuation and Fair Value Measurements - Debt securities (other than short term obligations with a remaining maturity of sixty days or less), 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 MetLife Advisers, LLC (“MetLife Advisers” or the “Adviser”), an affiliate of MetLife, Inc., pursuant to authorization of 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 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.

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, which 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 and futures contracts that are traded over-the-counter 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. 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.

MIST-39

Met Investors Series Trust

JPMorgan Global Active Allocation Portfolio

Notes to Consolidated Financial Statements—June 30, 2014—(Continued)

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 has delegated the determination of the fair value of a security to a 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.

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, swap transactions, premium amortization adjustments, contingent payment debt instrument adjustments, Real Estate Investment Trusts (REITs), return of capital adjustments, distribution and service fees and controlled foreign corporation reversal. 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 remain subject to examination by the Internal Revenue Service for three fiscal years after the returns are filed. As of June 30, 2014, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

MIST-40

Met Investors Series Trust

JPMorgan Global Active Allocation Portfolio

Notes to Consolidated Financial Statements—June 30, 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 Master Repurchase Agreement 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 June 30, 2014, the Portfolio had investments in repurchase agreements with a gross value of $295,664,636, which is reflected as repurchase agreement on the Consolidated Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at June 30, 2014.

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.

4. 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 Consolidated 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 Consolidated Statement of Operations. These contracts involve market and/or credit risk in excess of the amount recognized in the Consolidated 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 Consolidated 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 Consolidated Statement of Assets and Liabilities and as a component of net change in unrealized appreciation/depreciation on the Consolidated 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. Futures contracts are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees the

MIST-41

Met Investors Series Trust

JPMorgan Global Active Allocation Portfolio

Notes to Consolidated Financial Statements—June 30, 2014—(Continued)

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.

Commodity Futures Contracts and Swaps on Commodity Futures Contracts - The Subsidiary will invest primarily in commodity futures and swaps on commodity futures. Exposure to the commodities markets may subject the Portfolio to greater volatility than investments in traditional securities. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or sectors affecting a particular industry or commodity.

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 over-the-counter 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 Consolidated Schedule of Investments and restricted cash, if any, is reflected on the Consolidated 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 Consolidated 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 Consolidated 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 Consolidated Statement of Assets and Liabilities and as a component of unrealized appreciation/depreciation on the Consolidated 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 Consolidated Statement of Operations. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss on the Consolidated Statement of Operations. Net periodic payments received or paid by the Portfolio are included as part of realized gains or losses on the Consolidated 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 Consolidated 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.

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

MIST-42

Met Investors Series Trust

JPMorgan Global Active Allocation Portfolio

Notes to Consolidated Financial Statements—June 30, 2014—(Continued)

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 June 30, 2014, the Portfolio had the following derivatives, categorized by risk exposure:

	Asset Derivatives			Liability Derivatives
Risk Exposure	Consolidated Statement of Assets & Liabilities Location	Fair Value		Consolidated Statement of Assets & Liabilities Location	Fair Value
Interest Rate	Unrealized appreciation on centrally cleared swap contracts* (a)	$	10,093,037
	Unrealized appreciation on futures contracts** (a)		122,414	Unrealized depreciation on futures contracts** (a)	$	66,956
Equity	Unrealized appreciation on futures contracts** (a)		1,931,252	Unrealized depreciation on futures contracts** (a)		182,601
Commodity	Unrealized appreciation on futures contracts** (a)		2,045,538	Unrealized depreciation on futures contracts** (a)		1,757,518
Foreign Exchange	Unrealized appreciation on forward foreign currency exchange contracts		1,012,900	Unrealized depreciation on forward foreign currency exchange contracts		944,474
Total		$	15,205,141		$	2,951,549

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

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

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

The Portfolio is required to disclose the impact of offsetting assets and liabilities represented in the Consolidated 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”), or similar agreement, and net of the related collateral received by the Portfolio as of June 30, 2014.

Counterparty	Derivative Assets subject to a MNA by Counterparty		Financial Instruments available for offset			Collateral Received†		Net Amount*
Australia & New Zealand Banking Group, Ltd.	$	24,098	$	—		$	—	$	24,098
Barclays Bank plc		79,731		(25,160	)		—		54,571
Citibank N.A.		6,839		(6,839	)		—		—
Credit Suisse International		40,323		(13,746	)		—		26,577
Deutsche Bank AG		72,020		(41,089	)		—		30,931
Goldman Sachs International		16,667		(16,667	)		—		—
HSBC Bank plc		12,206		—			—		12,206
Morgan Stanley & Co International PLC		9,990		(444	)		—		9,546
Societe Generale		17,383		(17,383	)		—		—
State Street Bank and Trust		19,607		(19,607	)		—		—
Toronto Dominion Bank		595,772		(29,334	)		—		566,438
UBS AG		9,208		—			—		9,208
Westpac Banking Corp.		109,056		(1,962	)		—		107,094
	$	1,012,900	$	(172,231	)	$	—	$	840,669

MIST-43

Met Investors Series Trust

JPMorgan Global Active Allocation Portfolio

Notes to Consolidated Financial Statements—June 30, 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 June 30, 2014.

Counterparty	Derivative Liabilities subject to a MNA by Counterparty		Financial Instruments available for offset			Collateral Pledged†		Net Amount**
Barclays Bank plc	$	25,160	$	(25,160	)	$	—	$	—
Citibank N.A.		210,621		(6,839	)		—		203,782
Credit Suisse International		13,746		(13,746	)		—		—
Deutsche Bank AG		41,089		(41,089	)		—		—
Goldman Sachs International		150,775		(16,667	)		—		134,108
Morgan Stanley & Co International PLC		444		(444	)		—		—
Royal Bank of Canada		11,424		—			—		11,424
Societe Generale		429,468		(17,383	)		—		412,085
State Street Bank and Trust		30,451		(19,607	)		—		10,844
Toronto Dominion Bank		29,334		(29,334	)		—		—
Westpac Banking Corp.		1,962		(1,962	)		—		—
	$	944,474	$	(172,231	)	$	—	$	772,243

* 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 six months ended June 30, 2014 were as follows:

Consolidated Statement of Operations Location—Net Realized Gain (Loss)	Interest Rate			Equity			Commodity		Foreign Exchange			Total
Forward foreign currency transactions	$	—		$	—		$	—	$	314,189		$	314,189
Futures contracts		(1,891,122	)		27,600,604			2,208,817		—			27,918,299
Swap contracts		9,904,641			—			—		—			9,904,641
	$	8,013,519		$	27,600,604		$	2,208,817	$	314,189		$	38,137,129
Consolidated Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)	Interest Rate			Equity			Commodity		Foreign Exchange			Total
Forward foreign currency transactions	$	—		$	—		$	—	$	(1,081,784	)	$	(1,081,784	)
Futures contracts		(1,736,010	)		(8,002,924	)		460,958		—			(9,277,976	)
Swap contracts		16,313,423			—			—		—			16,313,423
	$	14,577,413		$	(8,002,924	)	$	460,958	$	(1,081,784	)	$	5,953,663

For the six months ended June 30, 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	$	224,576,023
Futures contracts long		50,502,709
Futures contracts short		(56,263,977	)
Swap contracts		448,518,333

‡ Averages are based on activity levels during the period.

5. 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; currency, interest rate, and price fluctuations.

Commodities Risk: Exposure to the commodities markets may subject the Portfolio to greater volatility than investments in traditional securities. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity.

MIST-44

Met Investors Series Trust

JPMorgan Global Active Allocation Portfolio

Notes to Consolidated Financial Statements—June 30, 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 consolidated 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 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 over-the-counter traded derivatives (e.g., forward foreign currency exchange contracts, swap agreements and over-the-counter 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 Consolidated 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 Consolidated Statement of Assets and Liabilities. Securities pledged as collateral, if any, for the same purpose are noted in the Consolidated 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 addendums 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.

MIST-45

Met Investors Series Trust

JPMorgan Global Active Allocation Portfolio

Notes to Consolidated Financial Statements—June 30, 2014—(Continued)

6. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2014 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$46,918,352	$	374,011,700	$	38,286,145	$	214,427,990

7. 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 six months ended June 30, 2014	% per annum			Average Daily Net Assets
$5,361,252		0.800	%	First $250 million
		0.750	%	$250 million to $500 million
		0.720	%	$500 million to $750 million
		0.700	%	Over $750 million

MetLife Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. J.P. Morgan Investment Management Inc. 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 reduction	Average Daily Net Assets
0.100%	First $250 million
0.050%	$250 million to $500 million
0.020%	$500 million to $750 million
0.050%	$1 billion to $3 billion
0.070%	$3 billion to $5 billion
0.080%	Over $5 billion

An identical agreement was in place for the period January 1, 2014 to April 27, 2014. Amounts waived, for the six months ended June 30, 2014 are shown as a management fee waiver in the Consolidated Statement of Operations

Expense Limitation Agreement - The Adviser had entered into an expense limitation agreement with the Trust (“Expense Limitation Agreement”) in the interest of limiting expenses of the Portfolio. The Expense Limitation Agreement was in effect with respect to the Portfolio until April 27, 2014. Pursuant to that Expense Limitation Agreement, the Adviser had agreed to waive or limit its fees and to assume other expenses so that the total annual operating expenses of the Portfolio other than interest, taxes, brokerage commissions, other expenditures which are capitalized or expensed in accordance with GAAP, other extraordinary expenses not incurred in the ordinary course of the Portfolio’s business and acquired fund fees and expenses but including amounts payable pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act, were limited to the following expense ratio as a percentage of the Portfolio’s average daily net assets:

Maximum Expense Ratio under current
Expense Limitation Agreement

Class B

1.25%

If, in any year in which the Management Agreement is still in effect, the estimated aggregate operating expenses of the Portfolio for the fiscal year are less than the Maximum Expense Ratio for that year, subject to approval by the Trust’s Board, the Adviser shall be entitled to reimbursement by the Portfolio to the extent that the charge does not cause the expenses in such subsequent year to exceed the Maximum Expense Ratio as stated above. The Portfolio is not obligated to repay any expense paid by the Adviser more than five years after the end of the fiscal year in which such expense was incurred.

MIST-46

Met Investors Series Trust

JPMorgan Global Active Allocation Portfolio

Notes to Consolidated Financial Statements—June 30, 2014—(Continued)

Effective April 28, 2014, there was no longer an expense cap for the Portfolio. For the six months ended June 30, 2014, there were no amounts waived or expenses repaid to the Adviser in accordance with the Expense Limitation Agreement.

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 Agreement and Plan - 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 B Shares. MIDC is a wholly-owned subsidiary of MetLife Investors Group, Inc., an affiliate of the Adviser. The Class B distribution plan provides that the Trust, on behalf of the Portfolio, may pay annually up to 0.50% of the average daily net assets of the Portfolio attributable to its Class B Shares with respect to activities primarily intended to result in the sale of Class B Shares. However, under the Class B distribution agreement, payments to the Distributor for activities pursuant to the Class B distribution plan are currently limited to payments at an annual rate equal to 0.25% of average daily net assets of the Portfolio attributable to its Class B Shares. Amounts incurred by the Portfolio for the six months ended June 30, 2014 are shown as Distribution and service fees in the Consolidated Statement of Operations.

Under the terms of the Class B distribution plan and distribution agreement, the Portfolio is authorized to make payments monthly to the Distributor that may be used to pay or reimburse entities providing distribution and shareholder servicing with respect to the Class B Shares for such entities’ fees or expenses incurred.

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 Metropolitan Series Fund, 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 Consolidated Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Consolidated Statement of Assets and Liabilities.

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, 2013 and 2012 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2013	2012		2013		2012		2013		2012
$3,028,022	$	3,216,051	$	1,830,897	$	1,375,332	$	4,858,919	$	4,591,383

As of December 31, 2013, 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
$36,754,180	$	27,895,089	$	45,545,793	$	—	$	110,195,062

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.

As of December 31, 2013, the Portfolio had no capital loss carryforwards.

MIST-47

Met Investors Series Trust

JPMorgan Global Active Allocation Portfolio

Notes to Consolidated Financial Statements—June 30, 2014—(Continued)

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 January 1, 2015, and interim periods within those fiscal years. Management is evaluating the impact, if any, of this guidance on the Portfolio’s financial statement disclosures.

MIST-48

Met Investors Series Trust

JPMorgan Small Cap Value Portfolio

Managed by J.P. Morgan Investment Management Inc.

Portfolio Manager Commentary*

PERFORMANCE

For the six month period ended June 30, 2014, the Class A and B shares of the JPMorgan Small Cap Value Portfolio returned 3.73% and 3.62%, respectively. The Portfolio’s benchmark, the Russell 2000 Value Index¹, returned 4.20%.

MARKET ENVIRONMENT / CONDITIONS

After a relatively quiet start to 2014, U.S. equity markets started the second quarter of the year rather volatile as investors began to question the strength of the global economy and bond yields across the developed world continued to fall. Adding to investor anxiety was the ongoing tensions between Russia and Ukraine as well as increasing insurgency in Iraq. Equity markets regained their footing in mid-May as economic releases pointed to a U.S. economy that is a lot stronger than the U.S. gross domestic product (“GDP”) number suggested. Global monetary policy was also supportive of markets particularly in June as the Federal Reserve (the “Fed”) continued to reinforce continued low levels of interest rates while the European Central Bank (the “ECB”) launched a new lending facility designed to encourage bank lending.

Investors were quite perplexed when after an April Employment Report that significantly exceeded expectations, bond yields continued to fall. Geopolitical tensions in the Ukraine and unrest in Iraq were cited for much of the strength in the bond market. However, these situations eased over the course of the quarter. Concerns over growth were also cited, particularly after the poor showing of U.S. GDP for the first quarter. That concern can be refuted as economic releases clearly pointed to an economy recovering nicely from the weakness experienced earlier in the year. The yield on the 10-year U.S. Treasury note reached a low of 2.45% while ending the quarter at 2.53%.

While the Bureau of Economic Analysis’ (“BEA”) final estimate of a -2.9% decline in first quarter GDP earned quite a few headlines, economic releases continued to paint a brighter picture. The preliminary read for the Markit Flash U.S. Manufacturing Purchasing Managers’ Index (“PMI”) surveys improved to 57.5 in June, up from May’s 56.4 driven by strong growth in both output and new orders. Additionally and more pertinent to the U.S., Markit’s Flash U.S. Services PMI reached an all time high of 61.2. The housing market in the U.S. also displayed signs of improvement as both existing and new home sales for May exceeded economists’ forecasts. Existing home sales have now increased in two consecutive months following an earlier slump in which sales declined in seven of the eight months reported through March.

Investors also applauded monetary policy developments from both the Fed and the ECB. The Fed reduced its monthly asset purchases by $10 billion, to $35 billion starting in July. The accompanying statement delivered a positive message to markets, suggesting that interest rates are likely to stay on hold at record lows for some time to come. Turning to Europe, the ECB cut its refinancing rate from 0.25% to 0.15% and slashed its deposit rate, payable on banks’ deposits with the ECB, to -0.10%, making it the first central bank to offer negative interest rates. The biggest news, however, was the announcement of a new loan facility designed to encourage bank lending. The loans will be structured so that the more banks lend to companies, the more cheaply they will be able to borrow funds from the ECB.

PORTFOLIO REVIEW / PERIOD END POSITIONING

Stock selection in the Industrials and Financials sectors hurt the Portfolio’s relative returns. Barrett Business Services and Ocwen Financial were the top detractors. The stock price of Barrett Business Services trended downward after the company reported first quarter revenue and earnings numbers that were below market expectations. The company reported an EPS of ($0.50) for the quarter, down 39% year-over-year. Additionally, the stock price of Ocwen Financial trended lower after the New York Department of Financial Services put a hold on Ocwen’s deal with Wells Fargo regarding the purchase of mortgage-servicing rights. During the period, the company also reported first quarter results that were below market expectations.

Alternatively, stock selection in the Consumer Staples and Telecom Services sectors aided the Portfolio’s relative returns. Spansion and Rite Aid were the top contributors. The stock price of Spansion rallied after the company reported fourth quarter 2013 and first quarter 2014 results. For the first quarter of 2014, the company reported revenue of $311.8 million, up 64.5% year-over-year. Additionally, the stock price of the U.S. retail drugstore chain Rite Aid rallied after the company reported strong first quarter earnings results. Management also raised its earnings guidance as a result of strong same-store-sales growth, which was reported at 5% versus a consensus estimate of 2.9%.

From a proprietary attribution standpoint, the alpha model, the team’s quantitative ranking model, as well as Sector Selection, made the most meaningful contributions to performance. Alternatively, risk factors and stock selection detracted during the period. From a factor perspective, valuation continued to lead the charge, contributing largely to the alpha model’s performance. We continued to see earning quality and deployment of capital (management quality) have little to no impact on the model. In regards to the top contributors, Rite Aid and Spansion, both stocks ranked the most attractive in our models on valuation. In regards to the top detractors, Barrett Business Services also looked quite attractive in our model on valuation, while Ocwen Financial looked particularly attractive on its deployment of capital rankings.

MIST-1

Met Investors Series Trust

JPMorgan Small Cap Value Portfolio

Managed by J.P. Morgan Investment Management Inc.

Portfolio Manager Commentary*—(Continued)

As of period end, our largest relative sector overweights were in the Information Technology and Industrials sectors, and our largest relative underweights were in the Financials and the Consumer Discretionary sectors.

Dennis Ruhl

Phil Hart

Portfolio Managers

J.P. Morgan Investment Management 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 and 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 those of the subadvisory firm as of June 30, 2014 and 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 statements) 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 applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable annuity or insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

MIST-2

Met Investors Series Trust

JPMorgan Small Cap Value Portfolio

A $10,000 INVESTMENT COMPARED TO THE RUSSELL 2000 VALUE INDEX

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2014

	6 Month		1 Year		5 Year		Since Inception2
JPMorgan Small Cap Value Portfolio
Class A		3.73		22.04		16.83		9.60
Class B		3.62		21.77		16.54		8.39
Russell 2000 Value Index		4.20		22.54		19.88		8.64

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.

² Inception dates of the Class A and Class B shares are 5/2/2005 and 4/28/2008, 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 JUNE 30, 2014

Top Holdings

	% of Net Assets
Portland General Electric Co.		1.2
TiVo, Inc.		1.1
Dana Holding Corp.		1.1
CYS Investments, Inc.		1.1
Helix Energy Solutions Group, Inc.		1.1
Iconix Brand Group, Inc.		1.0
Rite Aid Corp.		1.0
Spansion, Inc. - Class A		0.9
CNO Financial Group, Inc.		0.9
Minerals Technologies, Inc.		0.9

Top Sectors

	% of Net Assets
Financials		35.0
Industrials		13.6
Information Technology		11.8
Consumer Discretionary		9.5
Energy		6.8
Utilities		5.8
Health Care		5.0
Materials		3.9
Consumer Staples		3.1
Telecommunication Services		0.7

MIST-3

Met Investors Series Trust

JPMorgan Small Cap Value Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

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, January 1, 2014 through June 30, 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.

JPMorgan Small Cap Value Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2014		Ending Account Value June 30, 2014		Expenses Paid During Period** January 1, 2014 to June 30, 2014
Class A(a)	Actual		0.73	%	$	1,000.00	$	1,037.30	$	3.69
	Hypothetical*		0.73	%	$	1,000.00	$	1,021.18	$	3.66
Class B(a)	Actual		0.98	%	$	1,000.00	$	1,036.20	$	4.95
	Hypothetical*		0.98	%	$	1,000.00	$	1,019.94	$	4.91

* 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 (181 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.

MIST-4

Met Investors Series Trust

JPMorgan Small Cap Value Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Common Stocks—95.2% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—1.3%
AAR Corp.		219,900	$	6,060,444
Engility Holdings, Inc. (a)		83,600		3,198,536
				9,258,980
Airlines—0.7%
Alaska Air Group, Inc.		15,700		1,492,285
Republic Airways Holdings, Inc. (a)		101,000		1,094,840
SkyWest, Inc.		167,300		2,044,406
				4,631,531
Auto Components—1.4%
Dana Holding Corp.		309,100		7,548,222
Fuel Systems Solutions, Inc. (a)		33,100		368,734
Stoneridge, Inc. (a)		95,900		1,028,048
Superior Industries International, Inc.		51,200		1,055,744
				10,000,748
Banks—13.9%
1st Source Corp. (b)		38,001		1,163,591
1st United Bancorp, Inc.		8,900		76,718
American National Bankshares, Inc. (b)		2,600		56,498
Bancfirst Corp. (b)		28,000		1,733,200
BancorpSouth, Inc. (b)		144,400		3,547,908
Bank of Hawaii Corp.		63,300		3,715,077
Banner Corp.		23,900		947,157
BBCN Bancorp, Inc.		136,600		2,178,770
Bridge Capital Holdings (a)		7,500		181,575
Capital Bank Financial Corp. - Class A (a)		62,900		1,485,069
Cascade Bancorp (a)		32,871		171,258
Cathay General Bancorp		79,700		2,037,132
Central Pacific Financial Corp.		119,201		2,366,140
Century Bancorp, Inc. - Class A		3,200		113,088
Chemical Financial Corp.		28,000		786,240
Citizens & Northern Corp. (b)		7,600		148,124
City Holding Co. (b)		55,909		2,522,614
CoBiz Financial, Inc.		37,940		408,614
Columbia Banking System, Inc.		21,200		557,772
Community Bank System, Inc. (b)		52,400		1,896,880
Community Trust Bancorp, Inc.		47,216		1,615,731
ConnectOne Bancorp, Inc. (a)		8,206		157,801
Cullen/Frost Bankers, Inc. (b)		1,300		103,246
East West Bancorp, Inc.		6,428		224,916
Financial Institutions, Inc.		26,999		632,316
First Bancorp (b)		11,800		216,530
First Bancorp/Puerto Rico (a)		249,700		1,358,368
First Busey Corp.		160,700		933,667
First Citizens BancShares, Inc. - Class A		3,200		784,000
First Commonwealth Financial Corp.		512,300		4,723,406
First Community Bancshares, Inc.		9,600		137,568
First Financial Bankshares, Inc. (b)		29,200		916,004
First Interstate Bancsystem, Inc.		44,900		1,220,382
First Merchants Corp.		3,900		82,446
FirstMerit Corp.		12,600		248,850
Flushing Financial Corp.		44,300		910,365
FNB Corp. (b)		179,900		2,306,318
Banks—(Continued)
Glacier Bancorp, Inc. (b)		82,100		2,329,998
Great Southern Bancorp, Inc.		14,200		455,110
Guaranty Bancorp (b)		10,300		143,170
Hancock Holding Co.		128,600		4,542,152
Heartland Financial USA, Inc.		21,083		521,383
Heritage Financial Corp.		9,434		151,793
Hudson Valley Holding Corp. (b)		20,232		365,188
Lakeland Bancorp, Inc.		24,045		259,686
Lakeland Financial Corp.		10,900		415,944
MainSource Financial Group, Inc.		78,104		1,347,294
MB Financial, Inc.		46,400		1,255,120
Metro Bancorp, Inc. (a)		22,900		529,448
National Penn Bancshares, Inc.		18,300		193,614
OFG Bancorp		217,645		4,006,844
OmniAmerican Bancorp, Inc.		14,644		366,100
Pacific Continental Corp.		30,385		417,186
PacWest Bancorp		60,200		2,598,834
Preferred Bank (a)		12,500		295,500
Republic Bancorp, Inc. - Class A		7,700		182,644
S&T Bancorp, Inc. (b)		8,500		211,225
Sierra Bancorp (b)		6,800		107,440
Simmons First National Corp. - Class A		29,200		1,150,188
Southwest Bancorp, Inc.		64,300		1,096,958
Stock Yards Bancorp, Inc.		4,900		146,510
Suffolk Bancorp (a)		6,800		151,708
Susquehanna Bancshares, Inc.		282,600		2,984,256
SVB Financial Group (a)		15,700		1,830,934
TCF Financial Corp.		170,400		2,789,448
Tompkins Financial Corp.		15,359		739,997
Trustmark Corp.		55,600		1,372,764
UMB Financial Corp. (b)		72,300		4,583,097
Umpqua Holdings Corp.		230,461		4,129,861
Union Bankshares Corp.		169,574		4,349,573
Univest Corp. of Pennsylvania		6,300		130,410
Valley National Bancorp (b)		24,000		237,840
Washington Trust Bancorp, Inc. (b)		14,700		540,519
Webster Financial Corp.		43,200		1,362,528
West Bancorp, Inc. (b)		16,220		247,031
Westamerica Bancorp (b)		53,100		2,776,068
Wilshire Bancorp, Inc.		267,800		2,750,306
				96,731,008
Biotechnology—1.5%
Adamas Pharmaceuticals, Inc. (a)		6,300		115,164
Agios Pharmaceuticals, Inc. (a) (b)		32,200		1,475,404
Alnylam Pharmaceuticals, Inc. (a)		500		31,585
Applied Genetic Technologies Corp. (a) (b)		10,300		237,930
Ardelyx, Inc. (a) (b)		31,200		498,264
Auspex Pharmaceuticals, Inc. (a) (b)		43,300		964,291
Cara Therapeutics, Inc. (a) (b)		37,300		634,846
Dicerna Pharmaceuticals, Inc. (a) (b)		21,800		492,026
Eleven Biotherapeutics, Inc. (a) (b)		32,200		424,396
Epizyme, Inc. (a) (b)		15,900		494,808
Flexion Therapeutics, Inc. (a) (b)		33,300		448,884
Foundation Medicine, Inc. (a) (b)		7,700		207,592
Insmed, Inc. (a) (b)		55,800		1,114,884

See accompanying notes to financial statements.

MIST-5

Met Investors Series Trust

JPMorgan Small Cap Value Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Biotechnology—(Continued)
Karyopharm Therapeutics, Inc. (a) (b)		7,400	$	344,470
Kite Pharma, Inc. (a) (b)		13,800		399,096
MacroGenics, Inc. (a)		18,300		397,659
Ohr Pharmaceutical, Inc. (a)		1,900		18,069
Radius Health, Inc. (a) (b)		50,500		656,500
Ultragenyx Pharmaceutical, Inc. (a) (b)		14,900		668,861
Verastem, Inc. (a) (b)		45,100		408,606
Zafgen, Inc. (a)		13,000		257,140
				10,290,475
Building Products—0.7%
Gibraltar Industries, Inc. (a)		163,100		2,529,681
PGT, Inc. (a)		170,700		1,445,829
Trex Co., Inc. (a) (b)		27,600		795,432
				4,770,942
Capital Markets—1.1%
Arlington Asset Investment Corp. - Class A (b)		39,900		1,090,467
Cowen Group, Inc. - Class A (a)		91,000		384,020
GAMCO Investors, Inc. - Class A		13,285		1,103,319
Investment Technology Group, Inc. (a)		177,900		3,002,952
Janus Capital Group, Inc. (b)		26,000		324,480
Moelis & Co. (a) (b)		11,100		373,071
Oppenheimer Holdings, Inc. - Class A		21,709		520,799
Piper Jaffray Cos. (a) (b)		18,400		952,568
				7,751,676
Chemicals—1.4%
Minerals Technologies, Inc.		94,700		6,210,426
Olin Corp. (b)		91,600		2,465,872
Tredegar Corp.		61,925		1,449,664
				10,125,962
Commercial Services & Supplies—3.2%
ABM Industries, Inc.		67,800		1,829,244
ACCO Brands Corp. (a)		392,901		2,518,495
ARC Document Solutions, Inc. (a)		290,171		1,700,402
Cenveo, Inc. (a) (b)		725,807		2,692,744
Ennis, Inc.		9,600		146,496
G&K Services, Inc. - Class A		27,600		1,437,132
HNI Corp. (b)		45,500		1,779,505
Kimball International, Inc. - Class B		28,400		474,848
Quad/Graphics, Inc.		111,707		2,498,886
RR Donnelley & Sons Co.		64,360		1,091,546
Steelcase, Inc. - Class A		97,000		1,467,610
United Stationers, Inc. (b)		116,900		4,847,843
				22,484,751
Communications Equipment—1.3%
Bel Fuse, Inc. - Class B		14,033		360,227
Black Box Corp.		56,492		1,324,173
Calix, Inc. (a)		32,400		265,032
Ciena Corp. (a) (b)		94,900		2,055,534
Clearfield, Inc. (a)		7,300		122,567
Comtech Telecommunications Corp.		101,362		3,783,843
Communications Equipment—(Continued)
Harmonic, Inc. (a)		148,400		1,107,064
Oplink Communications, Inc. (a) (b)		13,138		222,952
				9,241,392
Construction & Engineering—1.2%
Argan, Inc.		61,766		2,303,254
Comfort Systems USA, Inc.		54,300		857,940
EMCOR Group, Inc.		118,000		5,254,540
Orion Marine Group, Inc. (a)		19,900		215,517
				8,631,251
Consumer Finance—0.9%
Nelnet, Inc. - Class A		42,500		1,760,775
World Acceptance Corp. (a) (b)		56,700		4,306,932
				6,067,707
Containers & Packaging—0.6%
Graphic Packaging Holding Co. (a)		243,500		2,848,950
Myers Industries, Inc.		57,300		1,151,157
				4,000,107
Diversified Consumer Services—0.4%
2U, Inc. (a)		30,700		516,067
Chegg, Inc. (a) (b)		19,500		137,280
K12, Inc. (a)		46,700		1,124,069
ServiceMaster Global Holdings, Inc. (a)		45,700		833,111
				2,610,527
Diversified Financial Services—0.2%
Marlin Business Services Corp.		44,174		803,525
NewStar Financial, Inc. (a)		8,800		123,728
PHH Corp. (a) (b)		29,000		666,420
Resource America, Inc. - Class A (b)		13,868		129,666
				1,723,339
Diversified Telecommunication Services—0.7%
Fairpoint Communications, Inc. (a) (b)		44,700		624,459
Inteliquent, Inc.		213,500		2,961,245
magicJack VocalTec, Ltd. (a) (b)		17,849		269,877
Vonage Holdings Corp. (a)		206,900		775,875
				4,631,456
Electric Utilities—2.5%
El Paso Electric Co.		114,605		4,608,267
PNM Resources, Inc.		54,900		1,610,217
Portland General Electric Co. (b)		237,400		8,230,658
Unitil Corp.		20,000		676,600
UNS Energy Corp. (b)		39,100		2,362,031
				17,487,773
Electrical Equipment—0.2%
LSI Industries, Inc.		54,665		436,227
Polypore International, Inc. (a)		6,900		329,337

See accompanying notes to financial statements.

MIST-6

Met Investors Series Trust

JPMorgan Small Cap Value Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Electrical Equipment—(Continued)
Powell Industries, Inc.		6,700	$	438,046
				1,203,610
Electronic Equipment, Instruments & Components—2.2%
Anixter International, Inc.		6,700		670,469
Benchmark Electronics, Inc. (a)		147,500		3,758,300
Checkpoint Systems, Inc. (a)		47,543		665,127
Cognex Corp. (a)		19,400		744,960
Coherent, Inc. (a)		37,200		2,461,524
Insight Enterprises, Inc. (a)		42,500		1,306,450
Multi-Fineline Electronix, Inc. (a)		5,400		59,616
Newport Corp. (a)		60,000		1,110,000
ScanSource, Inc. (a)		39,200		1,492,736
Tech Data Corp. (a)		30,500		1,906,860
Uni-Pixel, Inc. (a)		200		1,608
Vishay Intertechnology, Inc. (b)		54,700		847,303
				15,024,953
Energy Equipment & Services—3.0%
Dawson Geophysical Co.		26,162		749,541
Exterran Holdings, Inc. (b)		94,200		4,238,058
Helix Energy Solutions Group, Inc. (a)		285,100		7,500,981
Key Energy Services, Inc. (a) (b)		19,300		176,402
Mitcham Industries, Inc. (a)		8,300		116,034
Natural Gas Services Group, Inc. (a)		25,337		837,641
Parker Drilling Co. (a)		119,700		780,444
Pioneer Energy Services Corp. (a)		178,100		3,123,874
SEACOR Holdings, Inc. (a) (b)		43,100		3,544,975
				21,067,950
Food & Staples Retailing—1.3%
Pantry, Inc. (The) (a)		3,500		56,700
Rite Aid Corp. (a)		991,200		7,106,904
Roundy’s, Inc.		165,100		909,701
SpartanNash Co.		32,700		687,027
				8,760,332
Food Products—0.8%
Chiquita Brands International, Inc. (a)		168,700		1,830,395
Farmer Bros Co. (a)		9,400		203,134
Fresh Del Monte Produce, Inc. (b)		40,000		1,226,000
John B Sanfilippo & Son, Inc. (b)		3,000		79,410
Pinnacle Foods, Inc.		58,400		1,921,360
Seneca Foods Corp. - Class A (a)		8,200		250,920
				5,511,219
Gas Utilities—1.6%
AGL Resources, Inc.		32,800		1,804,984
Chesapeake Utilities Corp.		7,900		563,507
Laclede Group, Inc. (The) (b)		99,339		4,822,908
Piedmont Natural Gas Co., Inc.		17,700		662,157
Southwest Gas Corp.		58,100		3,067,099
				10,920,655
Health Care Equipment & Supplies—1.3%
Inogen, Inc. (a) (b)		15,700		354,192
K2M Group Holdings, Inc. (a) (b)		23,000		342,240
NuVasive, Inc. (a)		58,642		2,085,896
PhotoMedex, Inc. (a) (b)		124,900		1,530,025
SurModics, Inc. (a)		78,986		1,691,880
Symmetry Medical, Inc. (a)		80,900		716,774
Thoratec Corp. (a)		71,000		2,475,060
TriVascular Technologies, Inc. (a) (b)		14,600		227,322
				9,423,389
Health Care Providers & Services—1.5%
Amedisys, Inc. (a) (b)		166,600		2,788,884
Centene Corp. (a)		32,100		2,427,081
Cross Country Healthcare, Inc. (a)		256,500		1,672,380
LHC Group, Inc. (a) (b)		37,300		797,101
PharMerica Corp. (a)		73,200		2,092,788
Providence Service Corp. (The) (a)		6,400		234,176
Triple-S Management Corp. - Class B (a) (b)		43,400		778,162
				10,790,572
Health Care Technology—0.0%
Imprivata, Inc. (a)		8,700		142,506
Hotels, Restaurants & Leisure—0.8%
Biglari Holdings, Inc. (a)		4,721		1,996,842
Einstein Noah Restaurant Group, Inc.		22,522		361,703
Isle of Capri Casinos, Inc. (a)		83,741		716,823
Jack in the Box, Inc.		7,300		436,832
La Quinta Holdings, Inc. (a)		49,000		937,860
Ruth’s Hospitality Group, Inc.		105,400		1,301,690
Scientific Games Corp. - Class A (a)		12,700		141,224
				5,892,974
Household Durables—0.6%
Cavco Industries, Inc. (a) (b)		5,400		460,620
Century Communities, Inc. (a) (b)		17,700		392,055
CSS Industries, Inc.		33,351		879,466
GoPro, Inc. - Class A (a)		10,600		429,830
Leggett & Platt, Inc. (b)		36,700		1,258,076
Lifetime Brands, Inc.		12,200		191,784
NACCO Industries, Inc. - Class A		13,300		672,980
				4,284,811
Household Products—0.2%
Central Garden and Pet Co. - Class A (a)		161,800		1,488,560
Independent Power and Renewable Electricity Producers—0.3%
Atlantic Power Corp. (b)		431,500		1,769,150
Dynegy, Inc. (a)		16,800		584,640
				2,353,790
Insurance—4.5%
American Equity Investment Life Holding Co. (b)		147,900		3,638,340
Arch Capital Group, Ltd. (a)		13,156		755,681
Argo Group International Holdings, Ltd.		43,240		2,209,996

See accompanying notes to financial statements.

MIST-7

Met Investors Series Trust

JPMorgan Small Cap Value Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Insurance—(Continued)
CNO Financial Group, Inc.		349,000	$	6,212,200
Global Indemnity plc (a)		4,500		116,955
Hallmark Financial Services, Inc. (a) (b)		28,521		306,601
Horace Mann Educators Corp.		90,611		2,833,406
Meadowbrook Insurance Group, Inc. (b)		73,502		528,479
Platinum Underwriters Holdings, Ltd.		79,700		5,168,545
Primerica, Inc. (b)		41,900		2,004,915
ProAssurance Corp.		67,700		3,005,880
StanCorp Financial Group, Inc.		24,600		1,574,400
Symetra Financial Corp.		122,100		2,776,554
				31,131,952
Internet & Catalog Retail—0.3%
Coupons.com, Inc. (a) (b)		15,800		415,698
Orbitz Worldwide, Inc. (a)		182,500		1,624,250
				2,039,948
Internet Software & Services—0.6%
Amber Road, Inc. (a) (b)		11,700		188,721
Benefitfocus, Inc. (a) (b)		39,500		1,825,690
Five9, Inc. (a) (b)		19,600		141,120
IntraLinks Holdings, Inc. (a)		242,148		2,152,696
OPOWER, Inc. (a)		1,100		20,735
Q2 Holdings, Inc. (a) (b)		1,900		27,094
Xoom Corp. (a)		6,700		176,612
				4,532,668
IT Services—2.1%
CSG Systems International, Inc.		50,400		1,315,944
Euronet Worldwide, Inc. (a) (b)		1,086		52,389
EVERTEC, Inc.		13,400		324,816
Global Cash Access Holdings, Inc. (a)		121,800		1,084,020
Hackett Group, Inc. (The)		22,500		134,325
ManTech International Corp. - Class A		49,400		1,458,288
MoneyGram International, Inc. (a)		190,600		2,807,538
NeuStar, Inc. - Class A (a)		110,379		2,872,062
Sykes Enterprises, Inc. (a)		38,265		831,498
Unisys Corp. (a)		143,100		3,540,294
Vantiv, Inc. - Class A (a)		12,000		403,440
				14,824,614
Machinery—2.9%
AGCO Corp.		36,700		2,063,274
Briggs & Stratton Corp. (b)		202,950		4,152,357
Douglas Dynamics, Inc.		102,042		1,797,980
Federal Signal Corp.		77,100		1,129,515
FreightCar America, Inc.		20,600		515,824
Hurco Cos., Inc.		24,882		701,673
Hyster-Yale Materials Handling, Inc.		26,500		2,346,310
Kadant, Inc.		50,807		1,953,529
Middleby Corp. (The) (a)		300		24,816
Mueller Industries, Inc.		22,200		652,902
Mueller Water Products, Inc. - Class A		113,800		983,232
Standex International Corp.		34,457		2,566,357
Wabash National Corp. (a) (b)		71,400		1,017,450
Machinery—(Continued)
Watts Water Technologies, Inc. - Class A		8,100		500,013
				20,405,232
Marine—0.2%
Baltic Trading, Ltd.		16,600		99,268
International Shipholding Corp. (b)		22,536		516,525
Matson, Inc.		22,669		608,436
				1,224,229
Media—0.9%
AH Belo Corp. - Class A		15,700		186,045
Entercom Communications Corp. - Class A (a) (b)		69,960		750,671
Journal Communications, Inc. - Class A (a)		132,447		1,174,805
Lee Enterprises, Inc. (a)		90,900		404,505
Markit, Ltd. (a)		60,000		1,618,800
McClatchy Co. (The) - Class A (a)		135,100		749,805
Saga Communications, Inc. - Class A		3,535		151,015
Sizmek, Inc. (a)		131,800		1,256,054
				6,291,700
Metals & Mining—1.1%
A.M. Castle & Co. (a) (b)		67,600		746,304
Ampco-Pittsburgh Corp. (b)		2,300		52,762
Coeur Mining, Inc. (a)		103,800		952,884
Olympic Steel, Inc. (b)		22,400		554,400
Schnitzer Steel Industries, Inc. - Class A (b)		15,300		398,871
Worthington Industries, Inc.		120,500		5,186,320
				7,891,541
Multi-Utilities—1.3%
Avista Corp. (b)		133,000		4,458,160
NorthWestern Corp.		86,233		4,500,500
				8,958,660
Multiline Retail—0.9%
Bon-Ton Stores, Inc. (The) (b)		61,954		638,746
Dillard’s, Inc. - Class A		48,000		5,597,280
				6,236,026
Oil, Gas & Consumable Fuels—3.8%
Adams Resources & Energy, Inc.		1,000		78,130
Alon USA Energy, Inc.		32,818		408,256
Cloud Peak Energy, Inc. (a)		208,400		3,838,728
Energy XXI Bermuda, Ltd.		48,508		1,146,244
Equal Energy, Ltd.		15,300		82,926
Frontline, Ltd. (a) (b)		82,900		242,068
Green Plains, Inc. (b)		51,000		1,676,370
Memorial Resource Development Corp. (a)		19,000		462,840
Midstates Petroleum Co., Inc. (a)		134,900		975,327
Pacific Ethanol, Inc. (a)		13,300		203,357
Panhandle Oil and Gas, Inc. - Class A (b)		6,106		342,119
Parsley Energy, Inc. - Class A (a)		11,800		284,026
Penn Virginia Corp. (a) (b)		282,800		4,793,460
Renewable Energy Group, Inc. (a)		45,700		524,179

See accompanying notes to financial statements.

MIST-8

Met Investors Series Trust

JPMorgan Small Cap Value Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Oil, Gas & Consumable Fuels—(Continued)
REX American Resources Corp. (a)		24,400	$	1,788,764
Stone Energy Corp. (a)		63,800		2,985,202
VAALCO Energy, Inc. (a)		125,200		905,196
W&T Offshore, Inc. (b)		106,500		1,743,405
Warren Resources, Inc. (a)		74,448		461,578
Western Refining, Inc. (b)		90,000		3,379,500
Westmoreland Coal Co. (a)		9,600		348,288
				26,669,963
Paper & Forest Products—0.8%
Domtar Corp.		48,800		2,091,080
PH Glatfelter Co.		18,300		485,499
Resolute Forest Products, Inc. (a)		50,300		844,034
Schweitzer-Mauduit International, Inc.		43,227		1,887,291
				5,307,904
Pharmaceuticals—0.6%
Achaogen, Inc. (a)		7,700		107,492
Amphastar Pharmaceuticals, Inc. (a) (b)		77,100		771,771
Egalet Corp. (a) (b)		21,000		275,520
Phibro Animal Health Corp. - Class A (a)		30,700		673,865
Questcor Pharmaceuticals, Inc. (b)		13,900		1,285,611
Revance Therapeutics, Inc. (a) (b)		23,000		782,000
ZS Pharma, Inc. (a) (b)		7,500		215,625
				4,111,884
Professional Services—1.6%
Barrett Business Services, Inc.		61,860		2,907,420
FTI Consulting, Inc. (a) (b)		151,600		5,733,512
Paylocity Corp. (a) (b)		12,900		279,027
RPX Corp. (a)		69,400		1,231,850
VSE Corp.		11,602		815,853
				10,967,662
Real Estate Investment Trusts—12.2%
American Assets Trust, Inc.		8,900		307,495
Anworth Mortgage Asset Corp.		900,766		4,647,952
Apartment Investment & Management Co. - Class A		75,900		2,449,293
Ashford Hospitality Prime, Inc.		50,639		868,965
Ashford Hospitality Trust, Inc.		252,795		2,917,254
Capstead Mortgage Corp. (b)		418,558		5,504,038
CBL & Associates Properties, Inc.		161,800		3,074,200
Chambers Street Properties (b)		186,900		1,502,676
Coresite Realty Corp. (b)		128,700		4,256,109
CubeSmart		212,000		3,883,840
CYS Investments, Inc. (b)		835,500		7,536,210
DCT Industrial Trust, Inc.		735,900		6,041,739
DiamondRock Hospitality Co.		122,900		1,575,578
Education Realty Trust, Inc.		101,400		1,089,036
EPR Properties		29,000		1,620,230
FelCor Lodging Trust, Inc.		273,869		2,878,363
First Industrial Realty Trust, Inc.		48,600		915,624
First Potomac Realty Trust		188,200		2,469,184
Getty Realty Corp. (b)		31,836		607,431
Gladstone Commercial Corp. (b)		28,300		505,721
Real Estate Investment Trusts—(Continued)
Government Properties Income Trust (b)		71,800		1,823,002
Highwoods Properties, Inc.		22,500		943,875
Home Properties, Inc.		25,400		1,624,584
Hospitality Properties Trust		61,500		1,869,600
LaSalle Hotel Properties		30,600		1,079,874
LTC Properties, Inc.		38,100		1,487,424
Mid-America Apartment Communities, Inc.		5,632		411,418
Parkway Properties, Inc.		58,200		1,201,830
Pebblebrook Hotel Trust		49,600		1,833,216
Pennsylvania Real Estate Investment Trust		88,100		1,658,042
Potlatch Corp.		117,400		4,860,360
PS Business Parks, Inc.		13,800		1,152,162
RAIT Financial Trust (b)		364,700		3,016,069
Redwood Trust, Inc. (b)		76,400		1,487,508
Strategic Hotels & Resorts, Inc. (a)		29,300		343,103
Sunstone Hotel Investors, Inc.		166,900		2,491,817
Taubman Centers, Inc.		5,300		401,793
Washington Real Estate Investment Trust (b)		113,600		2,951,328
				85,287,943
Real Estate Management & Development—1.2%
Alexander & Baldwin, Inc.		79,000		3,274,550
Altisource Asset Management Corp. (a)		500		361,530
Forestar Group, Inc. (a) (b)		59,300		1,132,037
St. Joe Co. (The) (a) (b)		140,400		3,570,372
				8,338,489
Road & Rail—1.0%
AMERCO		1,800		523,368
ArcBest Corp.		82,900		3,606,979
Celadon Group, Inc.		19,300		411,476
Heartland Express, Inc. (b)		3,500		74,690
PAM Transportation Services, Inc. (a)		4,900		137,004
Quality Distribution, Inc. (a)		86,900		1,291,334
Saia, Inc. (a)		12,196		535,770
USA Truck, Inc. (a)		15,129		281,248
				6,861,869
Semiconductors & Semiconductor Equipment—3.1%
Amkor Technology, Inc. (a)		182,400		2,039,232
Cirrus Logic, Inc. (a) (b)		33,091		752,489
DSP Group, Inc. (a)		108,487		921,055
First Solar, Inc. (a) (b)		39,700		2,821,082
GT Advanced Technologies, Inc. (a) (b)		55,500		1,032,300
IXYS Corp.		25,700		316,624
Pericom Semiconductor Corp. (a)		30,500		275,720
Photronics, Inc. (a) (b)		118,000		1,014,800
RF Micro Devices, Inc. (a) (b)		220,400		2,113,636
Spansion, Inc. - Class A (a)		307,000		6,468,490
SunPower Corp. (a) (b)		52,100		2,135,058
Ultra Clean Holdings, Inc. (a)		48,800		441,640
Xcerra Corp. (a)		177,839		1,618,335
				21,950,461

See accompanying notes to financial statements.

MIST-9

Met Investors Series Trust

JPMorgan Small Cap Value Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Software—2.2%
A10 Networks, Inc. (a)		70,400	$	936,320
Actuate Corp. (a)		55,379		264,158
Aspen Technology, Inc. (a)		53,300		2,473,120
Fair Isaac Corp.		24,600		1,568,496
Paycom Software, Inc. (a) (b)		21,600		315,144
Rubicon Project, Inc. (The) (a) (b)		18,100		232,404
Take-Two Interactive Software, Inc. (a)		60,082		1,336,223
TeleCommunication Systems, Inc. - Class A (a)		59,600		196,084
TiVo, Inc. (a)		590,500		7,623,355
Varonis Systems, Inc. (a) (b)		6,200		179,862
				15,125,166
Specialty Retail—2.9%
Barnes & Noble, Inc. (a) (b)		246,700		5,622,293
Brown Shoe Co., Inc.		118,700		3,396,007
Children’s Place, Inc. (The) (b)		104,600		5,191,298
Guess?, Inc.		66,200		1,787,400
hhgregg, Inc. (a) (b)		407,500		4,144,275
Michaels Cos., Inc. (The) (a)		19,000		323,950
				20,465,223
Technology Hardware, Storage & Peripherals—0.3%
Avid Technology, Inc. (a) (b)		178,584		1,321,522
QLogic Corp. (a)		45,300		457,077
				1,778,599
Textiles, Apparel & Luxury Goods—1.3%
Iconix Brand Group, Inc. (a) (b)		169,100		7,261,154
Unifi, Inc. (a)		61,881		1,703,584
				8,964,738
Thrifts & Mortgage Finance—1.0%
BankFinancial Corp. (b)		8,485		94,693
Beneficial Mutual Bancorp, Inc. (a)		37,600		509,856
Charter Financial Corp. (b)		57,100		633,810
ESB Financial Corp. (b)		11,500		148,810
Fox Chase Bancorp, Inc.		10,500		177,030
Kearny Financial Corp. (a) (b)		5,700		86,298
OceanFirst Financial Corp.		21,800		361,008
Ocwen Financial Corp. (a) (b)		102,200		3,791,620
Territorial Bancorp, Inc.		6,200		129,456
United Financial Bancorp, Inc.		37,500		508,125
WSFS Financial Corp.		9,865		726,754
				7,167,460
Tobacco—0.8%
Alliance One International, Inc. (a)		73,000		182,500
Universal Corp. (b)		101,067		5,594,058
				5,776,558
Trading Companies & Distributors—0.7%
Applied Industrial Technologies, Inc.		95,598		4,849,686
Water Utilities—0.1%
California Water Service Group		24,900		602,580
Total Common Stocks (Cost $563,806,438)				665,067,701
U.S. Treasury & Government Agencies—0.4%
U.S. Treasury—0.4%
U.S. Treasury Notes 0.250%, 11/30/14 (c) (Cost $2,847,809)		2,845,000		2,846,889
Short-Term Investments—26.2%
Mutual Fund—21.8%
State Street Navigator Securities Lending MET Portfolio (d)		152,060,127		152,060,127
Repurchase Agreement—4.4%
Fixed Income Clearing Corp. Repurchase Agreement dated 06/30/14 at 0.000% to be repurchased at $30,689,922 on 07/01/14, collateralized by $31,190,000 Federal National Mortgage Association at 0.500% due 09/28/15 with a value of $31,306,963.		30,689,922		30,689,922
Total Short-Term Investments (Cost $182,750,049)				182,750,049
Total Investments—121.8% (Cost $749,404,296) (e)				850,664,639
Other assets and liabilities (net)—(21.8)%				(152,534,684	)
Net Assets—100.0%			$	698,129,955

* 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 June 30, 2014, the market value of securities loaned was $153,806,858 and the collateral received consisted of cash in the amount of $152,060,127 and non-cash collateral with a value of $5,795,448. 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 June 30, 2014, the market value of securities pledged was $1,631,082.

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

(e) As of June 30, 2014, the aggregate cost of investments was $749,404,296. The aggregate unrealized appreciation and depreciation of investments were $118,587,624 and $(17,327,281), respectively, resulting in net unrealized appreciation of $101,260,343.

See accompanying notes to financial statements.

MIST-10

Met Investors Series Trust

JPMorgan Small Cap Value Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Futures Contracts

Futures Contracts—Long	Expiration Date		Number of Contracts		Notional Amount			Unrealized Appreciation
Russell 2000 Mini Index Futures		09/19/14		271		USD	31,523,792	$	733,338

(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.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2014:

Description	Level 1		Level 2			Level 3		Total
Total Common Stocks*	$	665,067,701	$	—		$	—	$	665,067,701
Total U.S. Treasury & Government Agencies*		—		2,846,889			—		2,846,889
Short-Term Investments
Mutual Fund		152,060,127		—			—		152,060,127
Repurchase Agreement		—		30,689,922			—		30,689,922
Total Short-Term Investments		152,060,127		30,689,922			—		182,750,049
Total Investments	$	817,127,828	$	33,536,811		$	—	$	850,664,639
Collateral for securities loaned (Liability)	$	—	$	(152,060,127	)	$	—	$	(152,060,127	)
Futures Contracts
Futures Contracts (Unrealized Appreciation)	$	733,338	$	—		$	—	$	733,338

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

MIST-11

Met Investors Series Trust

JPMorgan Small Cap Value Portfolio

Statement of Assets and Liabilities

June 30, 2014 (Unaudited)

Assets
Investments at value (a) (b)	$	850,664,639
Receivable for:
Investments sold		19,580,558
Fund shares sold		9,811
Dividends and interest		1,225,546
Variation margin on futures contracts		224,930
Total Assets		871,705,484
Liabilities
Due to custodian		9,440
Collateral for securities loaned		152,060,127
Payables for:
Investments purchased		20,599,652
Fund shares redeemed		377,138
Accrued expenses:
Management fees		384,217
Distribution and service fees		6,448
Deferred trustees’ fees		58,994
Other expenses		79,513
Total Liabilities		173,575,529
Net Assets	$	698,129,955
Net assets consist of:
Paid in surplus	$	555,586,918
Undistributed net investment income		3,992,086
Accumulated net realized gain		36,557,271
Unrealized appreciation on investments, futures contracts and foreign currency transactions		101,993,680
Net Assets	$	698,129,955
Net Assets
Class A	$	666,223,860
Class B		31,906,095
Capital Shares Outstanding*
Class A		37,152,267
Class B		1,791,226
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	17.93
Class B		17.81

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

(a) Identified cost of investments was $749,404,296.

(b) Includes securities loaned at value of $153,806,858.

Statement of Operations

Six Months Ended June 30, 2014 (Unaudited)

Investment Income
Dividends (a)	$	6,731,026
Interest		1,657
Securities lending income		492,316
Total investment income		7,224,999
Expenses
Management fees		2,804,584
Administration fees		8,715
Custodian and accounting fees		60,994
Distribution and service fees—Class B		38,050
Audit and tax services		19,140
Legal		24,587
Trustees’ fees and expenses		22,085
Shareholder reporting		20,605
Insurance		2,282
Miscellaneous		3,572
Total expenses		3,004,614
Less management fee waiver		(322,609	)
Net expenses		2,682,005
Net Investment Income		4,542,994
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments		38,589,672
Futures contracts		(17,799	)
Foreign currency transactions		855
Net realized gain		38,572,728
Net change in unrealized appreciation (depreciation) on:
Investments		(20,312,287	)
Futures contracts		468,468
Foreign currency transactions		(43	)
Net change in unrealized depreciation		(19,843,862	)
Net realized and unrealized gain		18,728,866
Net Increase in Net Assets From Operations	$	23,271,860

(a) Net of foreign withholding taxes of $18,450.

See accompanying notes to financial statements.

MIST-12

Met Investors Series Trust

JPMorgan Small Cap Value Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2014 (Unaudited)			Year Ended December 31, 2013
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	4,542,994		$	7,670,608
Net realized gain		38,572,728			97,079,961
Net change in unrealized appreciation (depreciation)		(19,843,862	)		77,686,840
Increase in net assets from operations		23,271,860			182,437,409
From Distributions to Shareholders
Net investment income
Class A		(8,011,314	)		(4,693,106	)
Class B		(267,345	)		(137,094	)
Net realized capital gains
Class A		(87,679,384	)		0
Class B		(3,695,921	)		0
Total distributions		(99,653,964	)		(4,830,200	)
Increase (decrease) in net assets from capital share transactions		(2,388,265	)		196,541,571
Total increase (decrease) in net assets		(78,770,369	)		374,148,780
Net Assets
Beginning of period		776,900,324			402,751,544
End of period	$	698,129,955		$	776,900,324
Undistributed net investment income
End of period	$	3,992,086		$	7,727,751

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2014 (Unaudited)						Year Ended December 31, 2013
	Shares			Value			Shares			Value
Class A
Sales		2,123,745		$	37,021,088			17,042,620		$	281,210,557
Reinvestments		5,675,605			95,690,698			295,536			4,693,106
Redemptions		(8,071,105	)		(138,807,917	)		(4,947,996	)		(87,090,034	)
Net increase (decrease)		(271,755	)	$	(6,096,131	)		12,390,160		$	198,813,629
Class B
Sales		95,160		$	1,747,510			215,277		$	3,745,167
Reinvestments		236,613			3,963,266			8,677			137,094
Redemptions		(108,616	)		(2,002,910	)		(355,231	)		(6,154,319	)
Net increase (decrease)		223,157		$	3,707,866			(131,277	)	$	(2,272,058	)
Increase (decrease) derived from capital shares transactions				$	(2,388,265	)				$	196,541,571

See accompanying notes to financial statements.

MIST-13

Met Investors Series Trust

JPMorgan Small Cap Value Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2014 (Unaudited)			Year Ended December 31,
				2013			2012			2011			2010			2009
Net Asset Value, Beginning of Period	$	19.93		$	15.07		$	13.14		$	14.85		$	12.52		$	9.80
Income (Loss) from Investment Operations
Net investment income (a)		0.12			0.21			0.21			0.15			0.18			0.11
Net realized and unrealized gain (loss) on investments		0.46			4.77			1.84			(1.62	)		2.26			2.70
Total from investment operations		0.58			4.98			2.05			(1.47	)		2.44			2.81
Less Distributions
Distributions from net investment income		(0.22	)		(0.12	)		(0.12	)		(0.24	)		(0.11	)		(0.09	)
Distributions from net realized capital gains		(2.36	)		0.00			0.00			0.00			0.00			0.00
Total distributions		(2.58	)		(0.12	)		(0.12	)		(0.24	)		(0.11	)		(0.09	)
Net Asset Value, End of Period	$	17.93		$	19.93		$	15.07		$	13.14		$	14.85		$	12.52
Total Return (%) (b)		3.73	(c)		33.25			15.66			(10.12	)		19.53			29.09
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.81	(d)		0.83			0.84			0.85			0.87			0.89
Net ratio of expenses to average net assets (%) (e)		0.73	(d)		0.75			0.84			0.85			0.87			0.89
Ratio of net investment income to average net assets (%)		1.26	(d)		1.21			1.44			1.08			1.39			1.07
Portfolio turnover rate (%)		21	(c)		110			38			47			41			60
Net assets, end of period (in millions)	$	666.2		$	745.9		$	377.3		$	302.8		$	258.5		$	209.4
	Class B
	Six Months Ended June 30, 2014 (Unaudited)			Year Ended December 31,
				2013			2012			2011			2010			2009
Net Asset Value, Beginning of Period	$	19.79		$	14.97		$	13.06		$	14.78		$	12.48		$	9.79
Income (Loss) from Investment Operations
Net investment income (a)		0.09			0.16			0.17			0.12			0.16			0.09
Net realized and unrealized gain (loss) on investments		0.46			4.74			1.83			(1.62	)		2.24			2.69
Total from investment operations		0.55			4.90			2.00			(1.50	)		2.40			2.78
Less Distributions
Distributions from net investment income		(0.17	)		(0.08	)		(0.09	)		(0.22	)		(0.10	)		(0.09	)
Distributions from net realized capital gains		(2.36	)		0.00			0.00			0.00			0.00			0.00
Total distributions		(2.53	)		(0.08	)		(0.09	)		(0.22	)		(0.10	)		(0.09	)
Net Asset Value, End of Period	$	17.81		$	19.79		$	14.97		$	13.06		$	14.78		$	12.48
Total Return (%) (b)		3.62	(c)		32.90			15.36			(10.36	)		19.25			28.77
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		1.06	(d)		1.08			1.09			1.10			1.12			1.14
Net ratio of expenses to average net assets (%) (e)		0.98	(d)		1.00			1.09			1.10			1.12			1.14
Ratio of net investment income to average net assets (%)		1.04	(d)		0.90			1.18			0.85			1.21			0.79
Portfolio turnover rate (%)		21	(c)		110			38			47			41			60
Net assets, end of period (in millions)	$	31.9		$	31.0		$	25.4		$	21.8		$	16.3		$	7.3

(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) Periods less than one year are not computed on an annualized basis.

(d) Computed on an annualized basis.

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

See accompanying notes to financial statements.

MIST-14

Met Investors Series Trust

JPMorgan Small Cap Value Portfolio

Notes to Financial Statements—June 30, 2014 (Unaudited)

1. Organization

Met Investors Series Trust (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 currently offers forty-seven series, each of which operates as a distinct investment vehicle of the Trust. The portfolio included in this report is JPMorgan Small 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 four classes of shares: Class A, B, C and E shares. Class A and B shares are currently offered by the Portfolio. 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 June 30, 2014 through the date the financial statements were issued.

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 (other than short term obligations with a remaining maturity of sixty days or less), 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 MetLife Advisers, LLC (“MetLife Advisers” or the “Adviser”), an affiliate of MetLife, Inc., pursuant to authorization of 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 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.

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Met Investors Series Trust

JPMorgan Small Cap Value Portfolio

Notes to Financial Statements—June 30, 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, which 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 and futures contracts that are traded over-the-counter 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 has delegated the determination of the fair value of a security to a 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

MIST-16

Met Investors Series Trust

JPMorgan Small Cap Value Portfolio

Notes to Financial Statements—June 30, 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 passive foreign investment companies (PFICs), and Real Estate Investment Trusts (REITs). 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 June 30, 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 Master Repurchase Agreement 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 June 30, 2014, the Portfolio had investments in repurchase agreements with a gross value of $30,689,922, 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 June 30, 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. 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 at least equal to 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 six months ended June 30, 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 June 30, 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 June 30, 2014.

MIST-17

Met Investors Series Trust

JPMorgan Small Cap Value Portfolio

Notes to Financial Statements—June 30, 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 has agreed to 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. Futures contracts are exchange-traded and 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 June 30, 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* (a)	$	733,338

* 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) Financial instrument not subject to a master netting agreement.

Transactions in derivative instruments during the six months ended June 30, 2014 were as follows:

Statement of Operations Location—Net Realized Gain (Loss)	Equity
Futures contracts	$	(17,799	)
Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)	Equity
Futures contracts	$	468,468

For the six months ended June 30, 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	$	19,717

‡ Averages are based on activity levels during the period.

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

MIST-18

Met Investors Series Trust

JPMorgan Small Cap Value Portfolio

Notes to Financial Statements—June 30, 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; 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 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 addendums 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 six months ended June 30, 2014 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	152,610,878	$	0	$	260,926,380

During the six months ended June 30, 2014, the Portfolio engaged in security transactions with other affiliated portfolios. These amounted to $6,665,760 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 six months ended June 30, 2014	% per annum			Average Daily Net Assets
$2,804,584		0.800	%	First $100 million
		0.775	%	$100 million to $500 million
		0.750	%	$500 million to $1 billion
		0.725	%	Over $1 billion

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Met Investors Series Trust

JPMorgan Small Cap Value Portfolio

Notes to Financial Statements—June 30, 2014—(Continued)

MetLife Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. J.P. Morgan Investment Management Inc. 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 reduction	Average Daily Net Assets
0.050%	First $50 million
0.100%	$50 million to $500 million
0.075%	$500 million to $1 billion
0.050%	Over $1 billion

An identical agreement was in place for the period April 29, 2013 through April 27, 2014. Amounts waived for the six months ended June 30, 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 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 Agreement and Plan - 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 Class B Shares. MIDC is a wholly-owned subsidiary of MetLife Investors Group, Inc., an affiliate of the Adviser. The Class B distribution plan provides that the Trust, on behalf of the Portfolio, may pay annually up to 0.50% of the average daily net assets of the Portfolio attributable to its Class B Shares with respect to activities primarily intended to result in the sale of Class B Shares. However, under the Class B distribution agreement, payments to the Distributor for activities pursuant to the Class B distribution plan are currently limited to payments at an annual rate equal to 0.25% of average daily net assets of the Portfolio attributable to its Class B Shares. Amounts incurred by the Portfolio for the six months ended June 30, 2014 are shown as Distribution and service fees in the Statement of Operations.

Under the terms of the Class B distribution plan and distribution agreement, the Portfolio is authorized to make payments monthly to the Distributor that may be used to pay or reimburse entities providing distribution and shareholder servicing with respect to the Class B Shares for such entities’ fees or expenses incurred.

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 Metropolitan Series Fund, 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, 2013 and 2012 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2013	2012		2013		2012		2013		2012
$4,830,200	$	3,028,812	$	—	$	—	$	4,830,200	$	3,028,812

MIST-20

Met Investors Series Trust

JPMorgan Small Cap Value Portfolio

Notes to Financial Statements—June 30, 2014—(Continued)

As of December 31, 2013, 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
$43,555,616	$	55,375,599	$	120,047,812	$	—	$	218,979,027

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, 2013, the Portfolio utilized capital loss carryforwards of $5,146,864.

As of December 31, 2013, the Portfolio had no 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 January 1, 2015, and interim periods within those fiscal years. Management is evaluating the impact, if any, of this guidance on the Portfolio’s financial statement disclosures.

MIST-21

Met Investors Series Trust

Loomis Sayles Global Markets Portfolio

Managed by Loomis, Sayles & Company, L.P.

Portfolio Manager Commentary*

PERFORMANCE

For the six month period ended June 30, 2014, the Class A and B shares of the Loomis Sayles Global Markets Portfolio returned 5.47% and 5.33%, respectively. The Portfolio’s benchmarks, the MSCI World Index¹ and the Citigroup World Government Bond Index (WGBI)², returned 6.18% and 5.00%, respectively. A blend of the MSCI World Index (60%) and the Citigroup WGBI (40%) returned 5.76%.

MARKET ENVIRONMENT / CONDITIONS

Following an indifferent first quarter, characterized by low growth and mixed returns for the major regions of the world, global markets started to gather some momentum during the second quarter. Equity markets moved higher including a strong performance from emerging markets, which had previously lagged the returns of developed markets over the past year. North American stocks also performed well, as the U.S. has been well ahead of Europe and Japan in terms of economic recovery and growth. As a result, U.S. company earnings have not only been growing faster than other parts of the world, but domestic companies have also been able to return capital to shareholders in the form of stock repurchases and dividends. There was a notable market rotation from “growth to value” in North American markets and, while unfavorable for the Portfolio that has a slight growth bias, this did present a good opportunity to add to some of our holdings and take advantage of temporary price weakness.

Within the bond markets, central banks remained active while the risk appetite of investors remained and yields continued to fall during the first half of 2014. There were several factors at play, including softer-than-expected economic data, due in part to harsh winter weather, continued geopolitical risk and European Central Bank rate cuts. Core countries, including Germany, seemed to have less forward momentum than in the first quarter, while peripheral economies, such as Ireland and Poland, continued to rebound from very weak levels.

Taken as a whole, we see signs of stronger economic growth around the world for perhaps the first time since the financial crisis. Although U.S. gross domestic product data for the first quarter was negative, more recent economic data appears constructive, especially the consistent improvement in employment conditions in the U.S. While Europe has a long road ahead to resume a growth trajectory, low interest rates evident throughout the continent are one important factor in rebuilding consumer and business confidence over the medium term.

PORTFOLIO REVIEW / PERIOD END POSITIONING

Against this backdrop, the Portfolio, with its balanced exposure to both equity and fixed income securities, underperformed the all-equity MSCI World Index. Within the equity portion of the Portfolio, strong absolute performance was not enough to keep pace with the MSCI World Index, primarily due to allocations in emerging markets equities that are not included the index. Stock selection in the Financials, Information Technology, and Consumer Staples sectors, and not having any holdings in the Utilities sector, also detracted from relative performance. The individual names that detracted most from performance were Aberdeen Asset Management, Mail.ru Group, Ltd., and Adidas AG. Shares of U.K. asset manager, Aberdeen, dropped due to considerable investor outflows from its emerging markets and global equity strategies. The position was sold into a period of price recovery toward the end of the first quarter as we thought emerging markets and thereby Aberdeen’s relative product performance and investor flows would remain under some pressure. Mail.ru suffered over the past six months as investors feared for Russian economic stability due to the conflict in Ukraine. After several trims to the position, we completely liquidated holdings of Russian internet provider Mail.ru due to sovereign risk. Adidas, a global footwear and apparel company, has recently lost a bit of near-term market share to Nike. However, this does not change our fundamental view on the company and its prospects on a long-term basis.

On the positive side, strong stock selection in the Healthcare and Consumer Discretionary sectors, combined with a relative underweight to developed Asia, proved beneficial to the Portfolio in the first half of the year. The individual holdings that contributed most to overall performance were Shire plc, Schlumberger, and Covidien plc. Specialty drug maker, Shire plc, announced in late June that they had rejected three takeover attempts from U.S. pharmaceutical company Abbvie, Inc., with the most recent offer at $46.5 billion. Shire management believes this offer undervalues the company given its strong portfolio of ADHD (Attention Deficit Hyperactivity Disorder) medications and drugs that treat rare diseases. Negotiations between the two companies are still ongoing. Schlumberger, an oil and gas services company, also performed well in anticipation, and delivery of, a strong investor conference, which is held every three years. We were favorably inclined in the outlook management provided detailing 2017 guidance for several financial metrics, including an earnings range of $9-10 per share. Medtronic’s offer to purchase Covidien, a global medical equipment company, for a combination of cash and stock led to a revaluation in the shares during the second quarter.

For the fixed income portion of the Portfolio, security selection and sector allocation were the primary drivers of outperformance during the period. In particular, the Portfolio’s allocation to corporate bonds from the U.S. and select emerging market countries such as Brazil and India drove return. The top contributing industries were Banking, Communications, and Basic Industry. Currency and hedging detracted from excess return during the first half of 2014. An underweight to the Japanese yen was the main detractor as the yen appreciated versus the dollar over the period. An underweight exposure to British pound sterling and Australian dollar also weighed on return. Yield curve positioning was another positive source of performance during the period. The Portfolio’s longer-than-Benchmark positioning along the U.S. yield curve was the main contributor. The Portfolio’s positioning along the European and New Zealand yield curves also aided results.

MIST-1

Met Investors Series Trust

Loomis Sayles Global Markets Portfolio

Managed by Loomis, Sayles & Company, L.P.

Portfolio Manager Commentary*—(Continued)

Over the period, we decreased the Portfolio’s weighting in the Financials, Consumer Staples, and Materials sectors with the sales of Aberdeen Asset Management and trims to positions in Diageo plc, Ace Limited, Praxair, and Coca-Cola. We increased the Portfolio’s weighting in the Energy, Healthcare, and Industrials sectors with purchases of Oceaneering International, Inc., Covidien, and Grainger. Oceaneering International is a service provider to the offshore oil and gas industry. We like the portions of the business that are recurring as well as their technology positioning. Since we believe Oceaneering is a quality company with an ability to grow our estimate of its intrinsic value, we took advantage of a price pullback to initiate a position. We think Covidien’s product offering is attractive, the free cash-flow generation is favorable, and the management has a strong track record with capital deployment. Grainger, a commercial maintenance supplier, is a company that will drive compelling top-line growth via both market share gains and bolt-on mergers and acquisitions, and expand margins meaningfully for a very long time. Their history of capital allocation is admirable and recent initiatives should allow the company to further improve their competitive advantage relative to peers.

Toward the end of the period, we sold the Portfolio’s remaining position in Apple and used the proceeds to start a position in Amazon, taking advantage of a price pullback. We sold Apple, a designer of personal computers and mobile devices, as the company’s shares seemed at fair value and the company has struggled with the maturity of the iPhone, as well as substantial gross margin compression resulting from increased competition. We also have concerns on timing and pricing of new products despite investor excitement and feel that the stock’s risk/reward ratio is balanced. We purchased a stake in Amazon, an online retailer, given our belief that it will continue to deliver robust top-line growth for the long-term, and normalized margins are much higher than consensus expectations. In addition, recent strategic initiatives are highly compelling to free cash flow growth. Most recently, we have built a position in HCL Technologies, an Indian IT service firm, and added to Nomura Research on recent weakness.

At the end of the period, the Portfolio was overweight the Consumer Discretionary, Industrials, and Health Care sectors and underweight the Financials and Materials sectors. We currently still do not own any equity securities in the Telecommunications and Utilities sectors as we still find the high capital intensity of businesses in these sectors relatively unattractive. All of our sector weights are the result of our bottom-up investment approach rather than any deliberate sector positioning.

The Portfolio’s period-end positioning reflected what we believed were our most attractive opportunities as a direct result of our fundamental research. We focus on identifying quality companies that we believe have an ability to grow their intrinsic value and which trade at attractive valuations. From a regional perspective, we remained underweight developed Asia and emerging markets, and overweight North America. We continued to focus on emerging market ideas to see if current valuations could give us an opportunity to add positions at what we view are attractive prices. Market conditions have been challenging in the short-term, but we aim to position the Portfolio to benefit over the long-term.

For the fixed income portion of the Portfolio, at the end of the period, there was a corporate bond allocation of 61%, and an allocation of 37.8% in high yield securities. We are currently comfortable with the Portfolio’s corporate bond allocation as credit fundamentals remain healthy. At period-end, the Portfolio was positioned with an overweight to U.S. dollars, an underweight to the euro, as well as tactical positioning in emerging market currencies. The Portfolio maintained a slightly shorter duration than the Benchmark. As of period-end, we continued to believe that equities offer more opportunities than fixed income. Therefore, we ended the period with a 69% allocation to equities, 12.5% to U.S. bonds, and 18.5% to foreign bonds.

Dan Fuss

David Rolley

Eileen Riley

Lee Rosenbaum

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 and 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 those of the subadvisory firm as of June 30, 2014 and 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 statements) 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 applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable annuity or insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

MIST-2

Met Investors Series Trust

Loomis Sayles Global Markets Portfolio

A $10,000 INVESTMENT COMPARED TO THE MSCI WORLD INDEX & THE CITIGROUP WORLD GOVERNMENT BOND INDEX

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2014

	6 Month		1 Year		5 Year		Since Inception3
Loomis Sayles Global Markets Portfolio
Class A		5.47		19.76		16.59		8.99
Class B		5.33		19.55		16.33		8.72
MSCI World Index		6.18		24.05		14.99		5.18
Citigroup World Government Bond Index		5.00		6.85		3.60		5.13

¹ The MSCI World Index is a capitalization weighted index that measures performance of stocks from developed countries around the world. 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 The Citigroup World Government Bond Index is an index of bonds issued by governments in the U.S., Europe and Asia.

³ Inception date of the Class A and Class B shares is 5/1/2006. 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 JUNE 30, 2014

Top Equity Sectors

	% of Net Assets
Financials		12.3
Consumer Discretionary		11.2
Industrials		10.2
Health Care		9.9
Information Technology		9.9

Top Fixed Income Sectors

	% of Net Assets
Corporate Bonds & Notes		17.7
Foreign Government		7.8
Convertible Bonds		2.3
U.S. Treasury & Government Agencies		0.7
Municipals		0.2

MIST-3

Met Investors Series Trust

Loomis Sayles Global Markets Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

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, January 1, 2014 through June 30, 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 Global Markets Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2014		Ending Account Value June 30, 2014		Expenses Paid During Period** January 1, 2014 to June 30, 2014
Class A	Actual		0.78	%	$	1,000.00	$	1,054.70	$	3.97
	Hypothetical*		0.78	%	$	1,000.00	$	1,020.93	$	3.91
Class B	Actual		1.03	%	$	1,000.00	$	1,053.30	$	5.24
	Hypothetical*		1.03	%	$	1,000.00	$	1,019.69	$	5.16

* 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 (181 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

MIST-4

Met Investors Series Trust

Loomis Sayles Global Markets Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Common Stocks—69.4% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—3.4%
Precision Castparts Corp.		37,378	$	9,434,207
TransDigm Group, Inc.		52,307		8,748,869
				18,183,076
Banks—4.2%
Bangkok Bank PCL		525,600		3,125,921
Citigroup, Inc.		182,893		8,614,260
M&T Bank Corp. (a)		48,728		6,044,708
Sumitomo Mitsui Trust Holdings, Inc.		1,007,000		4,611,550
				22,396,439
Beverages—5.5%
Anheuser-Busch InBev NV		77,027		8,853,564
Asahi Group Holdings, Ltd.		230,200		7,235,280
Coca-Cola Co. (The)		176,563		7,479,209
Diageo plc		183,661		5,846,535
				29,414,588
Biotechnology—1.3%
Gilead Sciences, Inc. (b)		83,182		6,896,620
Capital Markets—1.8%
Goldman Sachs Group, Inc. (The)		56,418		9,446,630
Chemicals—2.0%
Praxair, Inc.		43,551		5,785,315
Valspar Corp. (The)		62,960		4,796,922
				10,582,237
Communications Equipment—0.7%
QUALCOMM, Inc.		44,612		3,533,270
Construction Materials—0.4%
Siam Cement PCL (The)		169,200		2,356,506
Consumer Finance—1.6%
American Express Co.		91,085		8,641,234
Diversified Financial Services—1.3%
London Stock Exchange Group plc		197,715		6,785,030
Energy Equipment & Services—4.5%
Core Laboratories NV		22,826		3,813,312
National Oilwell Varco, Inc.		57,517		4,736,525
Oceaneering International, Inc. (a)		82,245		6,425,802
Schlumberger, Ltd.		77,076		9,091,114
				24,066,753
Health Care Equipment & Supplies—0.4%
Covidien plc		20,558		1,853,921
Health Care Providers & Services—1.2%
UnitedHealth Group, Inc.		76,296		6,237,198
Hotels, Restaurants & Leisure—1.3%
Wyndham Worldwide Corp.		93,603		7,087,619
Insurance—3.4%
ACE, Ltd.		58,148		6,029,948
Legal & General Group plc		3,149,428		12,149,275
				18,179,223
Internet & Catalog Retail—3.4%
Amazon.com, Inc. (b)		16,319		5,300,085
Priceline Group, Inc. (The) (b)		10,718		12,893,754
				18,193,839
Internet Software & Services—3.2%
Facebook, Inc. - Class A (b)		64,345		4,329,775
Google, Inc. - Class A (b)		11,116		6,499,192
Google, Inc. - Class C (b)		11,116		6,394,812
				17,223,779
IT Services—3.8%
CGI Group, Inc. - Class A (b)		262,400		9,300,378
HCL Technologies, Ltd.		203,571		5,089,969
Nomura Research Institute, Ltd.		183,700		5,795,069
				20,185,416
Machinery—2.6%
Atlas Copco AB - A Shares (a)		258,156		7,451,768
Deere & Co. (a)		72,835		6,595,209
				14,046,977
Multiline Retail—0.6%
S.A.C.I. Falabella		378,679		3,430,615
Oil, Gas & Consumable Fuels—2.3%
Gulfport Energy Corp. (b)		69,220		4,347,016
Noble Energy, Inc.		99,509		7,707,967
				12,054,983
Personal Products—1.3%
Hengan International Group Co., Ltd.		667,500		7,045,592
Pharmaceuticals—7.1%
Bayer AG		50,067		7,071,884
Genomma Lab Internacional S.A.B. de C.V. - Class B (a) (b)		2,786,668		7,550,112
Hikma Pharmaceuticals plc		109,024		3,128,360
Roche Holding AG		34,836		10,395,115
Shire plc		126,287		9,902,284
				38,047,755
Road & Rail—1.5%
Genesee & Wyoming, Inc. - Class A (a) (b)		77,468		8,134,140
Semiconductors & Semiconductor Equipment —1.1%
Texas Instruments, Inc.		126,467		6,043,858

See accompanying notes to financial statements.

MIST-5

Met Investors Series Trust

Loomis Sayles Global Markets Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares/ Principal Amount*		Value
Software—1.1%
FactSet Research Systems, Inc. (a)		46,843	$	5,634,276
Specialty Retail—3.5%
AutoZone, Inc. (b)		18,685		10,019,644
Lowe’s Cos., Inc.		104,084		4,994,991
Signet Jewelers, Ltd.		34,142		3,775,764
				18,790,399
Textiles, Apparel & Luxury Goods—2.3%
Adidas AG		52,608		5,328,727
Luxottica Group S.p.A.		117,485		6,799,655
				12,128,382
Trading Companies & Distributors—2.6%
Brenntag AG		38,326		6,845,601
WW Grainger, Inc. (a)		28,065		7,136,087
				13,981,688
Total Common Stocks (Cost $295,989,575)				370,602,043
Corporate Bonds & Notes—17.7%
Advertising—0.1%
Visant Corp. 10.000%, 10/01/17		100,000		93,250
WPP plc 6.000%, 04/04/17 (GBP)		160,000		301,488
				394,738
Aerospace/Defense—0.0%
TransDigm, Inc. 6.500%, 07/15/24 (144A)		76,000		79,135
Airlines—0.6%
Air Canada 7.625%, 10/01/19 (144A) (CAD)		470,000		474,603
Delta Air Lines Pass-Through Trust 8.021%, 08/10/22		1,185,852		1,387,447
8.954%, 08/10/14		1,032,587		1,040,331
U.S. Airways Pass-Through Trust 5.900%, 10/01/24		74,168		83,624
8.000%, 10/01/19		37,065		42,347
United Continental Holdings, Inc. 6.375%, 06/01/18 (a)		305,000		329,400
				3,357,752
Auto Manufacturers—0.4%
Ford Motor Co. 6.625%, 10/01/28		1,675,000		2,073,060
Kia Motors Corp. 3.625%, 06/14/16 (144A)		300,000		314,131
				2,387,191
Auto Parts & Equipment—0.3%
Gajah Tunggal Tbk PT 7.750%, 02/06/18 (144A)		300,000		306,000
Goodyear Tire & Rubber Co. (The) 7.000%, 03/15/28		1,228,000		1,298,610
				1,604,610
Banks—2.9%
AIB Mortgage Bank 4.875%, 06/29/17 (EUR)		660,000		1,012,225
Banco de Credito e Inversiones 3.000%, 09/13/17 (144A) (a)		600,000		616,426
Banco do Brasil S.A. 3.875%, 10/10/22		300,000		282,000
Banco Latinoamericano de Comercio Exterior S.A. 3.750%, 04/04/17 (144A) (a)		625,000		648,750
Banco Santander Brasil S.A. 4.625%, 02/13/17 (144A)		400,000		425,500
Banco Santander Mexico S.A. 4.125%, 11/09/22 (144A)		150,000		152,250
Banco Votorantim S.A. 6.250%, 05/16/16 (144A) (BRL)		450,000		234,282
Bank of America Corp. 4.625%, 08/07/17 (EUR)		300,000		456,826
Barclays Bank plc 3.680%, 08/20/15 (KRW)		220,000,000		220,498
BBVA Bancomer S.A. 6.750%, 09/30/22 (144A)		300,000		343,500
Canara Bank 6.365%, 11/28/21 (c)		200,000		204,000
Export-Import Bank of Korea 3.000%, 05/22/18 (144A) (NOK)		1,700,000		280,116
Goldman Sachs Group, Inc. (The) 3.375%, 02/01/18 (CAD)		300,000		289,938
6.750%, 10/01/37		945,000		1,136,867
GTB Finance B.V. 6.000%, 11/08/18 (144A)		200,000		199,000
Hana Bank 4.000%, 11/03/16 (144A)		200,000		211,987
ICICI Bank, Ltd. 6.375%, 04/30/22 (144A) (a) (c)		300,000		310,500
Industrial Bank of Korea 2.375%, 07/17/17 (144A)		300,000		306,056
Itau Unibanco Holding S.A. 6.200%, 12/21/21 (144A) (a)		300,000		320,250
Macquarie Bank, Ltd. 5.000%, 02/22/17 (144A)		550,000		599,390
6.625%, 04/07/21 (144A)		500,000		573,979
Morgan Stanley
4.100%, 05/22/23		200,000		202,883
5.750%, 02/14/17 (GBP)		510,000		950,416
7.250%, 05/26/15 (AUD)		300,000		293,040
7.625%, 03/03/16 (AUD)		500,000		501,845
PKO Finance AB 4.630%, 09/26/22 (144A)		450,000		468,000

See accompanying notes to financial statements.

MIST-6

Met Investors Series Trust

Loomis Sayles Global Markets Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Banks—(Continued)
Royal Bank of Scotland Group plc 6.000%, 12/19/23		470,000	$	508,166
Siam Commercial Bank PCL 3.500%, 04/07/19 (144A)		420,000		426,565
Societe Generale S.A. 5.000%, 01/17/24 (144A) (a)		485,000		507,230
Standard Chartered plc 3.625%, 11/23/22 (EUR)		250,000		363,772
State Bank of India 4.125%, 08/01/17 (144A)		300,000		312,332
TC Ziraat Bankasi A/S 4.250%, 07/03/19 (144A)		380,000		377,910
Turkiye Garanti Bankasi A/S 4.000%, 09/13/17 (144A)		300,000		303,675
Turkiye Is Bankasi 3.875%, 11/07/17 (144A)		400,000		401,160
UniCredit S.p.A. 6.950%, 10/31/22 (EUR)		300,000		498,793
Woori Bank Co., Ltd. 5.875%, 04/13/21 (144A)		200,000		226,396
Yapi ve Kredi Bankasi A/S 5.250%, 12/03/18 (144A)		360,000		368,280
				15,534,803
Beverages—0.0%
Crestview DS Merger Sub II, Inc. 10.000%, 09/01/21 (144A)		125,000		139,688
Building Materials—0.1%
Atrium Windows & Doors, Inc. 7.750%, 05/01/19 (144A) (a)		215,000		217,150
Cemex Finance LLC 6.000%, 04/01/24 (144A) (a)		265,000		275,932
Masco Corp. 6.500%, 08/15/32		30,000		31,725
7.750%, 08/01/29		200,000		235,601
				760,408
Chemicals—1.0%
Braskem Finance, Ltd. 5.750%, 04/15/21 (144A)		200,000		209,100
Hercules, Inc. 6.500%, 06/30/29		10,000		9,050
Incitec Pivot Finance LLC 6.000%, 12/10/19 (144A)		80,000		90,673
Momentive Specialty Chemicals, Inc. 7.875%, 02/15/23 (d)		899,000		815,842
8.375%, 04/15/16 (d)		1,961,000		1,941,390
9.200%, 03/15/21 (d)		1,910,000		1,852,700
OCP S.A. 6.875%, 04/25/44 (144A) (a)		495,000		516,221
				5,434,976
Coal—0.1%
Adaro Indonesia PT 7.625%, 10/22/19 (144A) (a)		400,000		420,000
Commercial Services—0.2%
Cielo S.A. / Cielo USA, Inc. 3.750%, 11/16/22 (144A)		540,000		513,675
RR Donnelley & Sons Co. 7.000%, 02/15/22		255,000		281,138
				794,813
Diversified Financial Services—0.8%
Jefferies Group LLC 5.125%, 01/20/23		50,000		53,603
6.250%, 01/15/36		175,000		183,132
6.450%, 06/08/27		50,000		56,735
6.875%, 04/15/21		480,000		561,182
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp. 7.375%, 10/01/17		90,000		96,975
Nomura Holdings, Inc. 2.750%, 03/19/19		485,000		493,390
Old Mutual plc 8.000%, 06/03/21 (GBP)		280,000		548,519
SLM Corp. 5.500%, 01/25/23		555,000		550,144
5.625%, 08/01/33		975,000		842,156
Springleaf Finance Corp. 7.750%, 10/01/21		165,000		185,625
8.250%, 10/01/23		65,000		74,100
SUAM Finance B.V. 4.875%, 04/17/24 (144A)		490,000		499,800
				4,145,361
Electric—0.6%
AES Corp. 4.875%, 05/15/23		125,000		123,750
CEZ A/S 4.250%, 04/03/22 (144A)		400,000		416,366
Dubai Electricity & Water Authority 6.375%, 10/21/16 (144A)		200,000		221,240
8.500%, 04/22/15 (144A)		300,000		318,000
E.CL S.A. 5.625%, 01/15/21 (144A)		250,000		272,743
Emgesa S.A. E.S.P 8.750%, 01/25/21 (144A) (COP)		1,210,000,000		699,171
Empresas Publicas de Medellin E.S.P. 8.375%, 02/01/21 (144A) (COP)		1,610,000,000		908,340
				2,959,610
Engineering & Construction—0.1%
Odebrecht Offshore Drilling Finance, Ltd. 6.750%, 10/01/22 (144A)		385,680		412,870

See accompanying notes to financial statements.

MIST-7

Met Investors Series Trust

Loomis Sayles Global Markets Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Engineering & Construction—(Continued)
Sydney Airport Finance Co. Pty., Ltd. 5.125%, 02/22/21 (144A)		140,000	$	155,410
				568,280
Food—0.6%
BRF S.A. 3.950%, 05/22/23 (144A)		1,085,000		1,025,325
5.875%, 06/06/22 (144A)		200,000		216,500
7.750%, 05/22/18 (144A) (BRL)		480,000		187,373
Cosan Luxembourg S.A. 5.000%, 03/14/23 (144A) (a)		200,000		191,000
SUPERVALU, Inc. 6.750%, 06/01/21 (a)		1,415,000		1,457,450
				3,077,648
Forest Products & Paper—0.2%
Celulosa Arauco y Constitucion S.A. 4.750%, 01/11/22		400,000		413,422
Inversiones CMPC S.A. 4.375%, 05/15/23 (144A) (a)		400,000		397,468
				810,890
Gas—0.0%
China Resources Gas Group, Ltd. 4.500%, 04/05/22 (144A)		200,000		207,601
Healthcare-Services—1.7%
HCA, Inc. 7.050%, 12/01/27		80,000		82,400
7.500%, 11/06/33		5,060,000		5,376,250
7.580%, 09/15/25		375,000		416,250
7.690%, 06/15/25		755,000		851,263
7.750%, 07/15/36		1,420,000		1,505,200
Tenet Healthcare Corp. 6.875%, 11/15/31		910,000		880,425
				9,111,788
Holding Companies-Diversified—0.2%
Alfa S.A.B. de C.V. 5.250%, 03/25/24 (144A)		425,000		443,488
Hutchison Whampoa International 11, Ltd. 3.500%, 01/13/17 (144A)		200,000		210,290
Noble Group, Ltd. 6.750%, 01/29/20 (144A) (a)		300,000		337,500
				991,278
Home Builders—0.1%
K Hovnanian Enterprises, Inc. 5.000%, 11/01/21		700,000		637,000
KB Home 4.750%, 05/15/19		100,000		100,750
				737,750
Home Furnishings—0.1%
Arcelik A/S 5.000%, 04/03/23 (144A) (a)		300,000		288,300
Household Products/Wares—0.4%
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC 5.750%, 10/15/20		900,000		949,500
8.250%, 02/15/21 (a)		1,150,000		1,250,625
				2,200,125
Insurance—0.2%
Forethought Financial Group, Inc. 8.625%, 04/15/21 (144A)		820,000		935,154
Internet—0.1%
Baidu, Inc. 3.250%, 08/06/18		600,000		619,899
Iron/Steel—0.6%
ArcelorMittal 7.250%, 03/01/41		540,000		573,750
CSN Resources S.A. 6.500%, 07/21/20 (144A) (a)		100,000		103,500
GTL Trade Finance, Inc. 5.893%, 04/29/24 (144A) (a)		452,000		474,148
Hyundai Steel Co. 4.625%, 04/21/16 (144A)		400,000		418,080
Samarco Mineracao S.A. 4.125%, 11/01/22 (144A)		300,000		284,250
United States Steel Corp. 7.500%, 03/15/22		290,000		316,100
Vale Overseas, Ltd. 6.875%, 11/21/36		585,000		647,618
Vale S.A. 5.625%, 09/11/42 (a)		525,000		514,343
				3,331,789
Machinery-Diversified—0.0%
Cleaver-Brooks, Inc. 8.750%, 12/15/19 (144A)		65,000		72,719
Media—0.3%
Columbus International, Inc. 7.375%, 03/30/21 (144A) (a)		200,000		215,500
Dex Media, Inc. 14.000%, 01/29/17 (e)		5,337		3,629
Grupo Televisa S.A.B. 7.250%, 05/14/43 (MXN)		6,000,000		400,553
Myriad International Holding B.V. 6.000%, 07/18/20 (144A)		200,000		220,500
Shaw Communications, Inc. 5.650%, 10/01/19 (CAD)		250,000		266,651
VTR Finance BV 6.875%, 01/15/24 (144A)		200,000		214,748
				1,321,581

See accompanying notes to financial statements.

MIST-8

Met Investors Series Trust

Loomis Sayles Global Markets Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Mining—0.2%
AngloGold Ashanti Holdings plc 5.125%, 08/01/22 (a)		285,000	$	277,983
Hecla Mining Co. 6.875%, 05/01/21		320,000		317,600
Minera y Metalurgica del Boleo S.A. de C.V. 2.875%, 05/07/19 (144A)		480,000		483,496
				1,079,079
Multi-National—0.2%
Central American Bank for Economic Integration 3.875%, 02/09/17 (144A)		550,000		573,487
International Finance Corp. 7.800%, 06/03/19 (INR)		29,000,000		506,276
				1,079,763
Oil & Gas—1.5%
Ecopetrol S.A. 5.875%, 09/18/23 (a)		740,000		830,650
Halcon Resources Corp. 8.875%, 05/15/21		185,000		198,875
Korea National Oil Corp. 3.125%, 04/03/17 (144A)		200,000		208,156
NGC Corp. Capital Trust I 8.316%, 06/01/27 (f) (g)		520,000		0
Odebrecht Drilling Norbe VIII/IX, Ltd. 6.350%, 06/30/21 (144A)		175,000		188,125
Pacific Rubiales Energy Corp. 5.125%, 03/28/23 (144A)		570,000		565,725
5.375%, 01/26/19 (144A)		500,000		521,250
Pertamina Persero PT 4.300%, 05/20/23 (144A)		1,115,000		1,052,281
Petrobras Global Finance B.V. 4.375%, 05/20/23 (a)		1,080,000		1,040,094
7.250%, 03/17/44 (a)		500,000		551,250
Petrobras International Finance Co. 5.750%, 01/20/20		365,000		390,112
6.250%, 12/14/26 (GBP)		200,000		349,745
Petroleos Mexicanos 3.500%, 07/18/18		210,000		220,710
Reliance Holdings USA, Inc. 5.400%, 02/14/22 (144A)		500,000		539,879
Rosetta Resources, Inc. 5.625%, 05/01/21		245,000		252,044
Thai Oil PCL 3.625%, 01/23/23 (144A)		350,000		334,625
YPF S.A. 8.750%, 04/04/24 (144A)		490,000		512,001
				7,755,522
Pharmaceuticals—0.0%
Valeant Pharmaceuticals International, Inc. 6.375%, 10/15/20 (144A)		150,000		159,375
Pipelines—0.1%
Transportadora de Gas del Sur S.A. 9.625%, 05/14/20 (144A)		263,674		268,947
Real Estate Investment Trusts—0.0%
iStar Financial, Inc. 4.875%, 07/01/18		70,000		70,175
Retail—1.1%
J.C. Penney Corp., Inc. 7.625%, 03/01/97		175,000		143,500
Lotte Shopping Co., Ltd. 3.375%, 05/09/17 (144A)		430,000		446,138
New Albertsons, Inc. 7.450%, 08/01/29		5,470,000		5,182,825
Parkson Retail Group, Ltd. 4.500%, 05/03/18		200,000		184,112
Toys “R” Us, Inc. 7.375%, 10/15/18 (a)		100,000		75,000
				6,031,575
Software—0.1%
First Data Corp. 10.625%, 06/15/21		675,000		786,375
Telecommunications—2.6%
Alcatel-Lucent USA, Inc. 6.450%, 03/15/29		55,000		54,450
Altice Financing S.A. 7.875%, 12/15/19 (144A)		200,000		218,900
Altice S.A. 7.750%, 05/15/22 (144A)		200,000		213,500
Bharti Airtel International Netherlands B.V. 5.125%, 03/11/23 (144A)		500,000		512,225
5.350%, 05/20/24 (144A)		390,000		404,644
British Telecommunications plc 5.750%, 12/07/28 (GBP)		540,000		1,061,940
CenturyLink, Inc. 6.875%, 01/15/28		45,000		45,900
7.600%, 09/15/39		475,000		476,781
7.650%, 03/15/42		185,000		184,538
Colombia Telecomunicaciones S.A. E.S.P. 5.375%, 09/27/22 (144A)		250,000		249,625
Indosat Palapa Co. B.V. 7.375%, 07/29/20 (144A)		200,000		216,760
Level 3 Financing, Inc. 7.000%, 06/01/20		380,000		415,150
Millicom International Cellular S.A. 4.750%, 05/22/20 (144A)		225,000		225,000
Oi S.A. 9.750%, 09/15/16 (144A) (BRL)		300,000		127,291
Philippine Long Distance Telephone Co. 8.350%, 03/06/17		95,000		110,200
Qwest Capital Funding, Inc. 7.750%, 02/15/31		1,445,000		1,495,575
SoftBank Corp. 4.500%, 04/15/20 (144A)		800,000		813,000

See accompanying notes to financial statements.

MIST-9

Met Investors Series Trust

Loomis Sayles Global Markets Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Telecommunications—(Continued)
Sprint Capital Corp. 6.875%, 11/15/28		1,250,000	$	1,262,500
8.750%, 03/15/32		350,000		404,250
Sprint Communications, Inc. 7.000%, 08/15/20		1,500,000		1,659,375
11.500%, 11/15/21		2,000,000		2,700,000
Telecom Italia Capital S.A. 6.000%, 09/30/34		350,000		350,875
Telefonica Emisiones SAU 4.375%, 02/02/16 (EUR)		140,000		202,543
Turk Telekomunikasyon A/S 3.750%, 06/19/19 (144A) (a)		495,000		489,258
				13,894,280
Transportation—0.2%
Jack Cooper Holdings Corp. 9.250%, 06/01/20 (144A)		360,000		396,000
Transnet SOC, Ltd. 4.000%, 07/26/22 (144A)		555,000		521,145
				917,145
Total Corporate Bonds & Notes (Cost $86,222,888)				94,330,123
Foreign Government—7.8%
Regional Government—0.2%
Autonomous Community of Madrid Spain 4.300%, 09/15/26 (EUR)		190,000		280,828
New South Wales Treasury Corp. 6.000%, 02/01/18 (AUD)		845,000		878,578
				1,159,406
Sovereign—7.6%
Banco Nacional de Desenvolvimento Economico e Social 5.750%, 09/26/23 (144A)		500,000		537,500
Brazil Letras do Tesouro Nacional Zero Coupon, 07/01/16 (BRL)		2,900,000		1,054,950
Brazil Notas do Tesouro Nacional 6.000%, 05/15/15 (BRL)		715,000		802,025
10.000%, 01/01/19 (BRL)		1,000,000		404,149
10.000%, 01/01/21 (BRL)		1,635,000		640,326
Brazilian Government International Bonds 8.500%, 01/05/24 (BRL) (a)		350,000		153,259
10.250%, 01/10/28 (BRL) (a)		1,000,000		475,221
Bundesrepublik Deutschland 3.750%, 01/04/17 (EUR)		375,000		561,170
Canadian Government Bonds 1.000%, 08/01/16 (CAD)		745,000		696,720
3.000%, 12/01/15 (CAD)		750,000		722,286
Chile Government International Bond 5.500%, 08/05/20 (CLP)		130,000,000		245,418
Sovereign—(Continued)
Dominican Republic International Bond 8.625%, 04/20/27 (144A)		200,000		248,000
European Financial Stability Facility 1.625%, 07/17/20 (EUR)		1,375,000		1,970,119
Finland Government Bond 1.500%, 04/15/23 (144A) (EUR)		625,000		871,258
Hungary Government International Bonds 5.375%, 03/25/24		540,000		577,800
5.750%, 11/22/23		410,000		452,025
7.625%, 03/29/41		220,000		281,736
Iceland Government International Bond 5.875%, 05/11/22 (144A)		500,000		551,755
Indonesia Treasury Bonds 6.125%, 05/15/28 (IDR)		5,300,000,000		353,184
8.375%, 03/15/24 (IDR)		5,900,000,000		504,399
11.500%, 09/15/19 (IDR)		2,901,000,000		281,413
Italy Buoni Poliennali Del Tesoro 4.000%, 02/01/37 (EUR)		380,000		549,525
4.500%, 08/01/18 (EUR)		1,040,000		1,612,207
4.750%, 08/01/23 (144A) (EUR)		625,000		1,003,920
5.000%, 03/01/22 (EUR)		855,000		1,395,185
Korea Treasury Bonds 2.750%, 09/10/17 (KRW)		1,200,000,000		1,186,312
4.000%, 03/10/16 (KRW)		345,000,000		348,534
Malaysia Government Bonds 3.434%, 08/15/14 (MYR)		1,600,000		498,506
4.012%, 09/15/17 (MYR)		2,495,000		787,399
Mexican Bonos 6.500%, 06/10/21 (MXN)		11,200,000		924,803
6.500%, 06/09/22 (MXN)		10,420,000		853,683
8.000%, 12/07/23 (MXN)		11,500,000		1,035,598
8.500%, 12/13/18 (MXN)		19,350,000		1,726,096
Netherlands Government Bonds 1.250%, 01/15/19 (144A) (EUR)		350,000		496,991
New Zealand Government Bonds 3.000%, 09/20/30 (NZD)		1,195,000		1,086,303
5.000%, 03/15/19 (NZD)		1,015,000		922,569
5.500%, 04/15/23 (NZD)		1,070,000		1,009,472
Norwegian Government Bonds 2.000%, 05/24/23 (NOK)		7,237,000		1,146,329
4.250%, 05/19/17 (NOK)		760,000		133,585
4.500%, 05/22/19 (NOK)		4,280,000		787,199
Philippine Government International Bond 4.950%, 01/15/21 (PHP)		30,000,000		729,382
Poland Government Bonds 4.000%, 10/25/23 (PLN)		2,965,000		1,018,307
4.750%, 04/25/17 (PLN)		1,000,000		348,184
5.500%, 10/25/19 (PLN)		1,330,000		490,325
Romania Government Bonds 5.850%, 04/26/23 (RON)		1,010,000		349,161
Singapore Government Bonds 2.500%, 06/01/19 (SGD)		1,075,000		915,936
3.250%, 09/01/20 (SGD)		1,760,000		1,540,224
South Africa Government Bond 7.750%, 02/28/23 (ZAR)		4,750,000		435,397

See accompanying notes to financial statements.

MIST-10

Met Investors Series Trust

Loomis Sayles Global Markets Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Foreign Government—(Continued)

Security Description	Principal Amount*		Value
Sovereign—(Continued)
South Africa Government International Bond 5.875%, 09/16/25 (a)		200,000	$	222,300
Spain Government Bonds 4.200%, 01/31/37 (EUR)		355,000		523,823
4.300%, 10/31/19 (EUR)		875,000		1,374,683
Sweden Government Bonds 4.500%, 08/12/15 (SEK)		6,080,000		951,316
5.000%, 12/01/20 (SEK)		2,650,000		487,162
Turkey Government International Bond 3.250%, 03/23/23		880,000		811,360
United Kingdom Gilt 1.000%, 09/07/17 (GBP)		305,000		513,693
				40,600,182
Total Foreign Government (Cost $40,863,022)				41,759,588
Convertible Bonds—2.3%
Auto Manufacturers—0.5%
Ford Motor Co. 4.250%, 11/15/16 (a)		1,305,000		2,607,553
Chemicals—0.0%
RPM International, Inc. 2.250%, 12/15/20 (a)		20,000		24,863
Home Builders—0.0%
KB Home 1.375%, 02/01/19		80,000		80,400
Insurance—0.4%
Old Republic International Corp. 3.750%, 03/15/18 (a)		1,875,000		2,333,203
Iron/Steel—0.0%
United States Steel Corp. 2.750%, 04/01/19		95,000		117,978
Miscellaneous Manufacturing—0.0%
Trinity Industries, Inc. 3.875%, 06/01/36		45,000		83,784
Oil & Gas—0.0%
Chesapeake Energy Corp. 2.500%, 05/15/37		50,000		53,563
2.750%, 11/15/35		60,000		63,600
				117,163
Pharmaceuticals—0.2%
Omnicare, Inc. 3.750%, 12/15/25		365,000		930,522
Semiconductors—0.8%
Intel Corp. 3.250%, 08/01/39		2,670,000		4,118,475
Telecommunications—0.4%
Ciena Corp. 3.750%, 10/15/18 (144A)		115,000		157,909
Level 3 Communications, Inc. 7.000%, 03/15/15 (144A) (h)		1,015,000		1,669,675
				1,827,584
Total Convertible Bonds (Cost $7,657,694)				12,241,525
U.S. Treasury & Government Agencies—0.7%
U.S. Treasury—0.7%
U.S. Treasury Note 0.375%, 02/15/16 (a) (Cost $3,605,766)		3,600,000		3,604,219
Municipals—0.2%
Tobacco Settlement Financing Corp. 6.706%, 06/01/46 (Cost $1,329,706)		1,330,000		987,631
Preferred Stock—0.2%
Consumer Finance—0.2%
Ally Financial, Inc., 7.000% (144A) (Cost $211,643)		906		908,293
Floating Rate Loans (c)—0.1%
Multi-Utilities—0.0%
PowerTeam Services LLC 1st Lien Term Loan, 4.250%, 05/06/20		232,650		227,997
2nd Lien Term Loan, 8.250%, 11/06/20		60,000		58,800
Delayed Draw Term Loan, 4.250%, 05/06/20		12,623		12,370
				299,167
Telecommunications—0.1%
FairPoint Communications, Inc. Term Loan, 7.500%, 02/14/19		449,313		466,256
Total Floating Rate Loans (Cost $753,628)				765,423

See accompanying notes to financial statements.

MIST-11

Met Investors Series Trust

Loomis Sayles Global Markets Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Convertible Preferred Stocks—0.1%

Security Description	Shares/ Principal Amount*		Value
Oil, Gas & Consumable Fuels—0.0%
Chesapeake Energy Corp. 5.000%, 12/31/49		694	$	71,760
Chesapeake Energy Corp. 5.750%, 12/31/49 (144A)		20		25,337
				97,097
Real Estate Investment Trusts—0.1%
Weyerhaeuser Co. 6.375%, 07/01/16		2,829		160,546
Total Convertible Preferred Stocks (Cost $219,961)				257,643
Mortgage-Backed Securities—0.0%
Commercial Mortgage-Backed Securities—0.0%
GS Mortgage Securities Trust 5.997%, 08/10/45 (c)		40,000		42,125
Total Mortgage-Backed Securities (Cost $38,364)				42,125
Short-Term Investments—11.8%
Mutual Fund—11.0%
State Street Navigator Securities Lending MET Portfolio (i)		58,736,602		58,736,602
Repurchase Agreement—0.8%
Fixed Income Clearing Corp. Repurchase Agreement dated 06/30/14 at 0.000% to be repurchased at $4,273,131 on 07/01/14, collateralized by $4,355,000 U.S. Treasury Note at 2.000% due 11/30/20 with a value of $4,360,444.		4,273,131		4,273,131
Total Short-Term Investments (Cost $63,009,733)				63,009,733
Total Investments—110.3% (Cost $499,901,980) (j)				588,508,346
Other assets and liabilities (net)—(10.3)%				(54,758,831	)
Net Assets—100.0%			$	533,749,515

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

(a) All or a portion of the security was held on loan. As of June 30, 2014, the market value of securities loaned was $57,120,961 and the collateral received consisted of cash in the amount of $58,736,602 and non-cash collateral with a value of $59,400. 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) Variable or floating rate security. The stated rate represents the rate at June 30, 2014. Maturity date shown for callable securities reflects the earliest possible call date.

(d) Illiquid security. As of June 30, 2014, these securities represent 0.9% of net assets.

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

(f) Security was valued in good faith under procedures approved by the Board of Trustees. As of June 30, 2014, these securities represent 0.0% of net assets.

(g) Non-income producing; Security is in default and/or issuer is in bankruptcy.

(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 June 30, 2014, the market value of restricted securities was $1,669,675, which is 0.3% of net assets. See details shown in the Restricted Securities table that follows.

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

(j) As of June 30, 2014, the aggregate cost of investments was $499,901,980. The aggregate unrealized appreciation and depreciation of investments were $92,984,870 and $(4,378,504), respectively, resulting in net unrealized appreciation of $88,606,366.

(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 June 30, 2014, the market value of 144A securities was $39,228,697, which is 7.3% of net assets.

(AUD)— Australian Dollar

(BRL)— Brazilian Real

(CAD)— Canadian Dollar

(CLP)— Chilean Peso

(COP)— Colombian Peso

(EUR)— Euro

(GBP)— British Pound

(IDR)— Indonesian Rupiah

(INR)— Indian Rupee

(KRW)— South Korea Won

(MXN)— Mexican Peso

(MYR)— Malaysian Ringgit

(NOK)— Norwegian Krone

(NZD)— New Zealand Dollar

(PHP)— Philippine Peso

(PLN)— Polish Zloty

(RON)— New Romanian Leu

(SEK)— Swedish Krona

(SGD)— Singapore Dollar

(ZAR)— South African Rand

See accompanying notes to financial statements.

MIST-12

Met Investors Series Trust

Loomis Sayles Global Markets Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Restricted Securities	Acquisition Date	Principal Amount		Cost		Value
Level 3 Communications, Inc.	06/22/09	$	1,015,000	$	1,012,021	$	1,669,675

Countries Diversification as of June 30, 2014 (Unaudited)	% of Net Assets
United States		53.0
United Kingdom		6.6
Germany		3.7
Japan		3.6
Switzerland		3.1
Mexico		2.6
Ireland		2.4
Canada		2.4
Italy		2.2
Sweden		1.8

Forward Foreign Currency Exchange Contracts

Contracts to Buy		Counterparty	Settlement Date		In Exchange for		Unrealized Appreciation/ (Depreciation)
BRL	6,080,000	Credit Suisse International		07/07/14	$	2,755,495	$	(7,670	)
EUR	5,795,000	Barclays Bank plc		09/17/14		7,843,080		94,304
GBP	580,000	Credit Suisse International		09/11/14		973,161		18,882
JPY	954,000,000	Credit Suisse International		09/17/14		9,308,452		113,852
Contracts to Deliver
AUD	1,695,000	Credit Suisse International		09/17/14		1,588,791		(829	)
BRL	6,080,000	Credit Suisse International		07/07/14		2,650,046		(97,779	)
BRL	6,080,000	Credit Suisse International		10/07/14		2,684,801		7,281
NZD	3,390,000	Barclays Bank plc		09/17/14		2,918,604		(28,250	)
Net Unrealized Appreciation							$	99,791

(AUD)— Australian Dollar

(BRL)— Brazilian Real

(EUR)— Euro

(GBP)— British Pound

(JPY)— Japanese Yen

(NZD)— New Zealand Dollar

See accompanying notes to financial statements.

MIST-13

Met Investors Series Trust

Loomis Sayles Global Markets Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

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 June 30, 2014:

Description	Level 1		Level 2		Level 3		Total
Common Stocks
Aerospace & Defense	$	18,183,076	$	—	$	—	$	18,183,076
Banks		14,658,968		7,737,471		—		22,396,439
Beverages		7,479,209		21,935,379		—		29,414,588
Biotechnology		6,896,620		—		—		6,896,620
Capital Markets		9,446,630		—		—		9,446,630
Chemicals		10,582,237		—		—		10,582,237
Communications Equipment		3,533,270		—		—		3,533,270
Construction Materials		—		2,356,506		—		2,356,506
Consumer Finance		8,641,234		—		—		8,641,234
Diversified Financial Services		—		6,785,030		—		6,785,030
Energy Equipment & Services		24,066,753		—		—		24,066,753
Health Care Equipment & Supplies		1,853,921		—		—		1,853,921
Health Care Providers & Services		6,237,198		—		—		6,237,198
Hotels, Restaurants & Leisure		7,087,619		—		—		7,087,619
Insurance		6,029,948		12,149,275		—		18,179,223
Internet & Catalog Retail		18,193,839		—		—		18,193,839
Internet Software & Services		17,223,779		—		—		17,223,779
IT Services		9,300,378		10,885,038		—		20,185,416
Machinery		6,595,209		7,451,768		—		14,046,977
Multiline Retail		3,430,615		—		—		3,430,615
Oil, Gas & Consumable Fuels		12,054,983		—		—		12,054,983
Personal Products		—		7,045,592		—		7,045,592
Pharmaceuticals		7,550,112		30,497,643		—		38,047,755
Road & Rail		8,134,140		—		—		8,134,140
Semiconductors & Semiconductor Equipment		6,043,858		—		—		6,043,858
Software		5,634,276		—		—		5,634,276
Specialty Retail		18,790,399		—		—		18,790,399
Textiles, Apparel & Luxury Goods		—		12,128,382		—		12,128,382
Trading Companies & Distributors		7,136,087		6,845,601		—		13,981,688
Total Common Stocks		244,784,358		125,817,685		—		370,602,043
Total Corporate Bonds & Notes*		—		94,330,123		0		94,330,123
Total Foreign Government*		—		41,759,588		—		41,759,588
Total Convertible Bonds*		—		12,241,525		—		12,241,525
Total U.S. Treasury & Government Agencies*		—		3,604,219		—		3,604,219
Total Municipals		—		987,631		—		987,631
Total Preferred Stock*		—		908,293		—		908,293

See accompanying notes to financial statements.

MIST-14

Met Investors Series Trust

Loomis Sayles Global Markets Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Fair Value Hierarchy—(Continued)

Description	Level 1		Level 2			Level 3		Total
Total Floating Rate Loans*	$	—	$	765,423		$	—	$	765,423
Convertible Preferred Stocks
Oil, Gas & Consumable Fuels		—		97,097			—		97,097
Real Estate Investment Trusts		160,546		—			—		160,546
Total Convertible Preferred Stocks		160,546		97,097			—		257,643
Total Mortgage-Backed Securities*		—		42,125			—		42,125
Short-Term Investments
Mutual Fund		58,736,602		—			—		58,736,602
Repurchase Agreement		—		4,273,131			—		4,273,131
Total Short-Term Investments		58,736,602		4,273,131			—		63,009,733
Total Investments	$	303,681,506	$	284,826,840		$	0	$	588,508,346
Collateral for securities loaned (Liability)	$	—	$	(58,736,602	)	$	—	$	(58,736,602	)
Forward Contracts
Forward Foreign Currency Exchange Contracts (Unrealized Appreciation)	$	—	$	234,319		$	—	$	234,319
Forward Foreign Currency Exchange Contracts (Unrealized Depreciation)		—		(134,528	)		—		(134,528	)
Total Forward Contracts	$	—	$	99,791		$	—	$	99,791

* See Schedule of Investments for additional detailed categorizations.

Transfers from Level 2 to Level 1 in the amount of $3,951,776 were due to the discontinuation of a systematic fair valuation model factor.

As of June 30, 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 June 30, 2014 have not been presented.

See accompanying notes to financial statements.

MIST-15

Met Investors Series Trust

Loomis Sayles Global Markets Portfolio

Statement of Assets and Liabilities

June 30, 2014 (Unaudited)

Assets
Investments at value (a) (b)	$	588,508,346
Cash		5,000
Cash denominated in foreign currencies (c)		2,667,082
Unrealized appreciation on forward foreign currency exchange contracts		234,319
Receivable for:
Investments sold		3,779,357
Fund shares sold		15,345
Dividends and interest		2,772,507
Total Assets		597,981,956
Liabilities
Unrealized depreciation on forward foreign currency exchange contracts		134,528
Collateral for securities loaned		58,736,602
Payables for:
Investments purchased		4,479,658
Fund shares redeemed		218,659
Foreign taxes		42,110
Accrued expenses:
Management fees		303,544
Distribution and service fees		71,619
Deferred trustees’ fees		100,232
Other expenses		145,489
Total Liabilities		64,232,441
Net Assets	$	533,749,515
Net assets consist of:
Paid in surplus	$	467,307,343
Undistributed net investment income		6,823,798
Accumulated net realized loss		(29,075,849	)
Unrealized appreciation on investments and foreign currency transactions (d)		88,694,223
Net Assets	$	533,749,515
Net Assets
Class A	$	182,584,200
Class B		351,165,315
Capital Shares Outstanding*
Class A		11,876,387
Class B		23,009,996
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	15.37
Class B		15.26

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

(a) Identified cost of investments was $499,901,980.

(b) Includes securities loaned at value of $57,120,961.

(c) Identified cost of cash denominated in foreign currencies was $2,646,350.

(d) Includes foreign capital gains tax of $42,110

Statement of Operations

Six Months Ended June 30, 2014 (Unaudited)

Investment Income
Dividends (a)	$	4,494,661
Interest (b)		4,394,624
Securities lending income		94,165
Total investment income		8,983,450
Expenses
Management fees		1,805,104
Administration fees		6,315
Custodian and accounting fees		102,582
Distribution and service fees—Class B		426,152
Audit and tax services		27,260
Legal		17,210
Trustees’ fees and expenses		22,549
Shareholder reporting		34,343
Insurance		1,745
Miscellaneous		8,983
Total expenses		2,452,243
Less broker commission recapture		(6,160	)
Net expenses		2,446,083
Net Investment Income		6,537,367
Net Realized and Unrealized Gain
Net realized gain (loss) on:
Investments		10,232,862
Foreign currency transactions		(300,743	)
Net realized gain		9,932,119
Net change in unrealized appreciation on:
Investments (c)		10,753,712
Foreign currency transactions		217,542
Net change in unrealized appreciation		10,971,254
Net realized and unrealized gain		20,903,373
Net Increase in Net Assets From Operations	$	27,440,740

(a) Net of foreign withholding taxes of $203,790.

(b) Net of foreign withholding taxes of $12,135.

(c) Includes change in foreign capital gains tax of $(40,328).

See accompanying notes to financial statements.

MIST-16

Met Investors Series Trust

Loomis Sayles Global Markets Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2014 (Unaudited)			Year Ended December 31, 2013
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	6,537,367		$	11,698,420
Net realized gain		9,932,119			40,808,219
Net change in unrealized appreciation		10,971,254			26,374,690
Increase in net assets from operations		27,440,740			78,881,329
From Distributions to Shareholders
Net investment income
Class A		(4,091,618	)		(4,577,342	)
Class B		(7,158,160	)		(5,962,694	)
Total distributions		(11,249,778	)		(10,540,036	)
Increase (decrease) in net assets from capital share transactions		(16,741,818	)		49,411,912
Total increase (decrease) in net assets		(550,856	)		117,753,205
Net Assets
Beginning of period		534,300,371			416,547,166
End of period	$	533,749,515		$	534,300,371
Undistributed net investment income
End of period	$	6,823,798		$	11,536,209

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2014 (Unaudited)						Year Ended December 31, 2013
	Shares			Value			Shares			Value
Class A
Sales		858,594		$	12,782,387			292,995		$	4,060,134
Shares issued through acquisition		0			0			162,507			2,169,470
Reinvestments		282,570			4,091,618			350,217			4,577,342
Redemptions		(1,425,171	)		(21,178,387	)		(1,950,300	)		(26,866,584	)
Net decrease		(284,007	)	$	(4,304,382	)		(1,144,581	)	$	(16,059,638	)
Class B
Sales		797,173		$	11,704,854			2,423,008		$	32,970,925
Shares issued through acquisition		0			0			8,430,155			111,783,861
Reinvestments		497,786			7,158,160			459,022			5,962,694
Redemptions		(2,130,743	)		(31,300,450	)		(6,212,433	)		(85,245,930	)
Net increase (decrease)		(835,784	)	$	(12,437,436	)		5,099,752		$	65,471,550
Increase (decrease) derived from capital shares transactions				$	(16,741,818	)				$	49,411,912

See accompanying notes to financial statements.

MIST-17

Met Investors Series Trust

Loomis Sayles Global Markets Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2014 (Unaudited)			Year Ended December 31,
				2013			2012			2011			2010			2009
Net Asset Value, Beginning of Period	$	14.92		$	13.06		$	11.42		$	11.84		$	10.00		$	7.29
Income (Loss) from Investment Operations
Net investment income (a)		0.20			0.35			0.36			0.27			0.23			0.27
Net realized and unrealized gain (loss) on investments		0.60			1.87			1.59			(0.39	)		1.96			2.64
Total from investment operations		0.80			2.22			1.95			(0.12	)		2.19			2.91
Less Distributions
Distributions from net investment income		(0.35	)		(0.36	)		(0.31	)		(0.30	)		(0.35	)		(0.20	)
Total distributions		(0.35	)		(0.36	)		(0.31	)		(0.30	)		(0.35	)		(0.20	)
Net Asset Value, End of Period	$	15.37		$	14.92		$	13.06		$	11.42		$	11.84		$	10.00
Total Return (%) (b)		5.47	(c)		17.34			17.24			(1.25	)		22.39			41.00
Ratios/Supplemental Data
Ratio of expenses to average net assets (%)		0.78	(d)		0.78			0.79			0.80			0.79			0.76
Ratio of net investment income to average net assets (%)		2.69	(d)		2.53			2.93			2.22			2.20			3.35
Portfolio turnover rate (%)		21	(c)		59			33			58			101			108
Net assets, end of period (in millions)	$	182.6		$	181.4		$	173.7		$	168.9		$	187.6		$	565.4
	Class B
	Six Months Ended June 30, 2014 (Unaudited)			Year Ended December 31,
				2013			2012			2011			2010			2009
Net Asset Value, Beginning of Period	$	14.80		$	12.95		$	11.33		$	11.77		$	9.95		$	7.24
Income (Loss) from Investment Operations
Net investment income (a)		0.18			0.31			0.33			0.24			0.19			0.25
Net realized and unrealized gain (loss) on investments		0.59			1.86			1.58			(0.40	)		1.96			2.64
Total from investment operations		0.77			2.17			1.91			(0.16	)		2.15			2.89
Less Distributions
Distributions from net investment income		(0.31	)		(0.32	)		(0.29	)		(0.28	)		(0.33	)		(0.18	)
Total distributions		(0.31	)		(0.32	)		(0.29	)		(0.28	)		(0.33	)		(0.18	)
Net Asset Value, End of Period	$	15.26		$	14.80		$	12.95		$	11.33		$	11.77		$	9.95
Total Return (%) (b)		5.33	(c)		17.13			16.93			(1.48	)		22.01			40.82
Ratios/Supplemental Data
Ratio of expenses to average net assets (%)		1.03	(d)		1.03			1.04			1.05			1.04			1.01
Ratio of net investment income to average net assets (%)		2.44	(d)		2.26			2.67			1.99			1.83			2.95
Portfolio turnover rate (%)		21	(c)		59			33			58			101			108
Net assets, end of period (in millions)	$	351.2		$	352.9		$	242.8		$	218.5		$	181.2		$	101.6

(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) Periods less than one year are not computed on an annualized basis.

(d) Computed on an annualized basis.

See accompanying notes to financial statements.

MIST-18

Met Investors Series Trust

Loomis Sayles Global Markets Portfolio

Notes to Financial Statements—June 30, 2014 (Unaudited)

1. Organization

Met Investors Series Trust (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 currently offers forty-seven series, each of which operates as a distinct investment vehicle of the Trust. The portfolio included in this report is Loomis Sayles Global Markets 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 four classes of shares: Class A, B, C and E shares. Class A and B shares are currently offered by the Portfolio. 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 June 30, 2014 through the date the financial statements were issued.

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 (other than short term obligations with a remaining maturity of sixty days or less), 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 MetLife Advisers, LLC (“MetLife Advisers” or the “Adviser”), an affiliate of MetLife, Inc., pursuant to authorization of 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 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.

MIST-19

Met Investors Series Trust

Loomis Sayles Global Markets Portfolio

Notes to Financial Statements—June 30, 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, which 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 and futures contracts that are traded over-the-counter 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 has delegated the determination of the fair value of a security to a 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

MIST-20

Met Investors Series Trust

Loomis Sayles Global Markets Portfolio

Notes to Financial Statements—June 30, 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, passive foreign investment companies (PFICs), premium amortization adjustment, broker commission recapture, convertible preferred stock and defaulted bonds. 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 June 30, 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 Master Repurchase Agreement 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 June 30, 2014, the Portfolio had investments in repurchase agreements with a gross value of $4,273,131, 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 June 30, 2014.

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. As of June 30, 2014, the Portfolio had no when-issued and delayed-delivery securities.

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.

MIST-21

Met Investors Series Trust

Loomis Sayles Global Markets Portfolio

Notes to Financial Statements—June 30, 2014 (Continued)

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. 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 at least equal to 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 six months ended June 30, 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 June 30, 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 June 30, 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 has agreed to 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.

MIST-22

Met Investors Series Trust

Loomis Sayles Global Markets Portfolio

Notes to Financial Statements—June 30, 2014 (Continued)

At June 30, 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
Foreign Exchange	Unrealized appreciation on forward foreign currency exchange contracts	$	234,319	Unrealized depreciation on forward foreign currency exchange contracts	$	134,528

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”), or similar agreement, and net of the related collateral received by the Portfolio as of June 30, 2014.

Counterparty	Derivative Assets subject to a MNA by Counterparty		Financial Instruments available for offset			Collateral Received†		Net Amount*
Barclays Bank plc	$	94,304	$	(28,250	)	$	—	$	66,054
Credit Suisse International		140,015		(106,278	)		—		33,737
	$	234,319	$	(134,528	)	$	—	$	99,791

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 June 30, 2014.

Counterparty	Derivative Liabilities subject to a MNA by Counterparty		Financial Instruments available for offset			Collateral Pledged†		Net Amount**
Barclays Bank plc	$	28,250	$	(28,250	)	$	—	$	—
Credit Suisse International		106,278		(106,278	)		—		—
	$	134,528	$	(134,528	)	$	—	$	—

* 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 six months ended June 30, 2014 were as follows:

Statement of Operations Location—Net Realized Gain (Loss)	Foreign Exchange
Forward foreign currency transactions	$	(269,548	)
Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)	Foreign Exchange
Forward foreign currency transactions	$	184,739

For the six months ended June 30, 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	$	28,622,908

‡ Averages are based on activity levels during the period.

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

MIST-23

Met Investors Series Trust

Loomis Sayles Global Markets Portfolio

Notes to Financial Statements—June 30, 2014 (Continued)

whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; 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 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 over-the-counter traded derivatives (e.g., forward foreign currency exchange contracts, swap agreements and over-the-counter 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.

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 six months ended June 30, 2014 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$7,433,387	$	98,764,839	$	9,320,158	$	118,535,016

MIST-24

Met Investors Series Trust

Loomis Sayles Global Markets Portfolio

Notes to Financial Statements—June 30, 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 six months ended June 30,  2014	% per annum			Average Daily Net Assets
$1,805,104		0.700	%	First $500 million
		0.650	%	$ 500 million to $1 billion
		0.600	%	Over $1 billion

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.

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 Agreement and Plan - 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 Class B Shares. MIDC is a wholly-owned subsidiary of MetLife Investors Group, Inc., an affiliate of the Adviser. The Class B distribution plan provides that the Trust, on behalf of the Portfolio, may pay annually up to 0.50% of the average daily net assets of the Portfolio attributable to its Class B Shares with respect to activities primarily intended to result in the sale of Class B Shares. However, under the Class B distribution agreement, payments to the Distributor for activities pursuant to the Class B distribution plan are currently limited to payments at an annual rate equal to 0.25% of average daily net assets of the Portfolio attributable to its Class B Shares. Amounts incurred by the Portfolio for the six months ended June 30, 2014 are shown as Distribution and service fees in the Statement of Operations.

Under the terms of the Class B distribution plan and distribution agreement, the Portfolio is authorized to make payments monthly to the Distributor that may be used to pay or reimburse entities providing distribution and shareholder servicing with respect to the Class B Shares for such entities’ fees or expenses incurred.

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 Metropolitan Series Fund, 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, 2013 and 2012 were as follows:

Ordinary Income			Long-Term Capital Gains				Total
2013	2012		2013		2012		2013		2012
$10,540,036	$	9,961,695	$	—	$	—	$	10,540,036	$	9,961,695

MIST-25

Met Investors Series Trust

Loomis Sayles Global Markets Portfolio

Notes to Financial Statements—June 30, 2014 (Continued)

As of December 31, 2013, 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
$12,100,340	$	—	$	76,579,759	$	(38,333,766	)	$	50,346,333

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, 2013, the Portfolio utilized capital loss carryforwards of $39,684,287.

As of December 31, 2013, the Portfolio had no post-enactment accumulated capital losses and the pre-enactment accumulated capital loss carryforwards and expiration dates were as follows:

Expiring 12/31/2017
$	38,333,766

9. Acquisition

At the close of business on April 26, 2013, the Portfolio, with aggregate Class A and Class B net assets of $175,934,064 and $250,560,658, respectively, acquired all of the assets and liabilities of Met/Franklin Income Portfolio of the Trust (“Met/Franklin Income”).

The acquisition was accomplished by a tax-free exchange of 162,507 Class A shares of the Portfolio (valued at $2,169,470) for 430,814 Class A shares of Met/Franklin Income and 8,430,155 Class B shares of the Portfolio (valued at $111,783,861) for 22,467,578 of Class B shares of Met/Franklin Income. Each shareholder of Met/Franklin Income 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 Met/Franklin Income 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 Met/Franklin Income. All other costs associated with the merger were not borne by the shareholders of either portfolio.

Met/Franklin Income’s net assets on April 26, 2013, were $2,169,470 and $111,783,861 for Class A and Class B shares, respectively, including investments valued at $112,769,128 with a cost basis of $105,846,223. 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 Met/Franklin Income 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 $540,448,053, which included $6,920,215 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	$	17,420,201	(a)
Net realized and unrealized gain on investments	$	82,440,620	(b)
Net increase in net assets from operations	$	99,860,821

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 Met/Franklin Income that have been included in the Portfolio’s Statement of Operations since April 26, 2013.

(a) $11,698,420 net investment income as reported December 31, 2013, plus $5,676,177 from Met/Franklin Income pre-merger net investment income plus $98,528 in lower advisory fees, minus $52,924 of pro-forma additional other expenses.

(b) $77,722,969 Unrealized appreciation, as reported December 31, 2013, minus $70,640,321 pro-forma December 31, 2012 Unrealized appreciation, plus $40,808,219 Net realized gain as reported December 31, 2013, plus $34,549,753 in Net Realized gain from Met/Franklin Income pre-merger.

MIST-26

Met Investors Series Trust

Loomis Sayles Global Markets Portfolio

Notes to Financial Statements—June 30, 2014 (Continued)

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 January 1, 2015, and interim periods within those fiscal years. Management is evaluating the impact, if any, of this guidance on the Portfolio’s financial statement disclosures.

MIST-27

Met Investors Series Trust

Lord Abbett Bond Debenture Portfolio

Managed by Lord, Abbett & Co. LLC

Portfolio Manager Commentary*

PERFORMANCE

For the six month period ended June 30, 2014, the Class A, B, and E shares of the Lord Abbett Bond Debenture Portfolio returned 6.17%, 5.97%, and 6.04%, respectively. The Portfolio’s benchmarks, the Barclays U.S. Aggregate Bond Index¹, Bank of America (BofA) Merrill Lynch High Yield Master II Constrained Index² and the Hybrid Index³, returned 3.93%, 5.64%, and 6.07%, respectively.

MARKET ENVIRONMENT / CONDITIONS

In the first half of 2014, the fixed-income markets finally saw the long-anticipated tapering from the U.S. Federal Reserve (the “Fed”). Expectations that the Fed would unwind its quantitative easing program had fueled a rise in interest rates in 2013, pushing rates on long-term Treasury securities higher. Through a series of policy actions, the central bank reduced its monthly purchases of longer-dated Treasuries and mortgage-related securities, from $85 billion to $35 billion.

Yields on longer-maturity Treasury issues fell in early 2014 as the market had widely anticipated the Fed’s actions and as investors sought the perceived haven of U.S. government debt amid uneven economic data and an increase in geopolitical tensions. Additionally, lower yields on longer-maturity Treasury issues suggested that investors anticipated that an uneven U.S. economic expansion would prevent the Fed from increasing interest rates at a faster pace. U.S. Treasuries (as represented by the BofA Merrill Lynch U.S. Treasury Index) posted a gain of 3.22% for the first half of the year, according to Bloomberg. The municipal bond market (as represented by the BofA Merrill Lynch U.S. Municipal Securities Index) continued its recovery from its mid-2013 slump, posting a return of 6.59%.

Credit-sensitive segments of the fixed-income market continued to outperform government-related securities in the first half of the year. The high-yield bond market (as represented by the BofA Merrill Lynch U.S. High Yield Index) posted a 5.64% return, reflecting a positive environment for corporate credit and demand for yield in a low interest-rate environment. The convertible bond market (as represented by the BofA Merrill Lynch All Convertibles, All Qualities Index) returned 9.51%. However, the floating-rate loan market (as represented by the Credit Suisse Leveraged Loan Index) was a relative laggard, returning 2.77% in the first half of the year, as investors favored longer-duration asset classes in a declining yield environment.

Among higher credit-quality securities, investment-grade corporate debt (as represented by the Barclays U.S. Corporate Bond Index) posted a strong performance, returning 5.70%. Agency mortgage-backed securities (“MBS”) (as represented by the Barclays MBS Index) returned 4.03%. Commercial MBS (“CMBS”) (as represented by the Barclays U.S. CMBS Investment Grade Index) returned 2.62%.

Inflation pressures remained well-contained in the first quarter. In February, the overall Consumer Price Index (“CPI”) increased 1.1% over the prior 12 months, below the Fed’s target. The rate of U.S. inflation rose modestly in the second quarter. In May, the overall CPI increased 2.1% over the prior 12 months, just above the Fed’s target of 2.0%. Excluding food and energy, the index rose 2.0% over the prior 12 months.

The U.S. labor market continued to experience modest growth. The U.S. Bureau of Labor Statistics reported that non-farm payrolls increased by 175,000 in February, below the average monthly gain of 189,000 over the prior 12-month period. Later in the year, the U.S. Bureau of Labor Statistics reported that non-farm payrolls increased by 217,000 in May, above the average monthly gain of 197,000 over the prior 12-month period, while the unemployment rate held at 6.3%.

Corporate credit quality remained consistent with an improving economic environment as the default rate in the high-yield bond market was expected to remain below 2% in 2014, 2015, and the first six months of 2016, according to J.P. Morgan. These estimates are well below the market’s average long-term default rate of 4.0%.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Portfolio’s overweight to high yield bonds added to relative performance during the period. Security selection within High Yield bonds was the largest contributor to relative performance, while an underweight to Convertibles and security selection within Investment Grade Bonds slightly detracted.

The high yield market benefited from good credit fundamentals, historically low default rates, low volatility, and investors’ reach for yield during the period. Within the Portfolio’s high yield allocation, top performing names included Energy company Kerr-McGee, automotive company Stanadyne Holdings, and Tenet Health Care Corp. Detracting from absolute performance were certain Services, Technology, and Electronics holdings. The Portfolio maintained an overweight in high yield relative to the Hybrid Index as of June 30, 2014, as we believed a shortage of yield and favorable credit fundamentals remained supportive of the high yield market.

Despite a sell-off in growth-oriented industries in late March, Convertibles continued to post strong returns throughout the remainder of the period. The Portfolio’s Convertible allocation, more equity-sensitive than the index, as well as select holdings within the Health Care, Services and Technology sectors, contributed to absolute performance. However, an underweight to convertible bonds, especially in the first quarter, proved to be a mild detractor to relative performance during the period.

MIST-1

Met Investors Series Trust

Lord Abbett Bond Debenture Portfolio

Managed by Lord, Abbett & Co. LLC

Portfolio Manager Commentary*—(Continued)

The Portfolio maintained an overweight to high quality corporate bonds, although their shorter duration caused such bonds to lag the high quality corporate components of the Hybrid Index, as the yield curve flattened during the period, causing the Portfolio’s investment grade bonds to slightly underperform on a relative basis. Within the Portfolio’s Investment Grade Bond allocation, which has been largely devoted to ‘BBB’ rated corporate bonds, we maintained little to no exposure to U.S. Treasuries during the period. This mitigated the relative underperformance of investment grade bonds relative to the investment grade component of the Hybrid Index, as Corporates outperformed Treasuries.

At period-end, we continued to look for opportunities within the credit sectors on episodic weakness, emphasizing security selection rather than material sector over- and underweights. We did, however, maintain an overweight to high yield corporate bonds as corporate credit fundamentals remained positive. Additionally, at period end we continued to feature intermediate investment-grade corporate bonds and focus on ‘BBB’ rated issuers where there is reasonable spread and opportunity for further credit improvement.

Christopher J. Towle

Portfolio Manager

Lord, Abbett & Co. 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 and 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 those of the subadvisory firm as of June 30, 2014 and 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 statements) 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 applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable annuity or insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

MIST-2

Met Investors Series Trust

Lord Abbett Bond Debenture Portfolio

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

THE BOFA MERRILL LYNCH HIGH YIELD MASTER II CONSTRAINED INDEX & THE HYBRID INDEX

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2014

	6 Month		1 Year		5 Year		10 Year
Lord Abbett Bond Debenture Portfolio
Class A		6.17		12.92		12.58		8.25
Class B		5.97		12.60		12.29		7.98
Class E		6.04		12.66		12.39		8.08
Barclays U.S. Aggregate Bond Index		3.93		4.37		4.85		4.93
BofA Merrill Lynch High Yield Master II Constrained Index		5.64		11.79		13.89		8.91
Hybrid Index		6.07		12.73		12.65		7.99

¹ The 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 The Bank of America Merrill Lynch U.S. High Yield Master II Constrained Index is a market value-weighted index of all domestic and yankee high-yield bonds with maturities of one year or more and have a credit rating lower than BBB-/Baa3, but are not in default. This index limits any individual issuer to a maximum of 2% benchmark exposure.

³ The Hybrid Index is comprised of 60% Merrill Lynch High Yield Master II Constrained Index, 20% Barclays U.S. Aggregate Bond Index, 20% BofA Merrill Lynch All Convertible Index. The BofA Merrill Lynch All Convertible Index is composed of approximately 700 issues of only convertible bonds and preferreds of all qualities.

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 JUNE 30, 2014

Top Sectors

	% of Net Assets
Corporate Bonds & Notes		75.9
Convertible Bonds		13.1
Convertible Preferred Stocks		3.4
Common Stocks		3.4
U.S. Treasury & Government Agencies		1.5
Floating Rate Loans		0.7
Preferred Stocks		0.5
Foreign Government		0.2
Warrants		0.1

MIST-3

Met Investors Series Trust

Lord Abbett Bond Debenture Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

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, January 1, 2014 through June 30, 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.

Lord Abbett Bond Debenture Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2014		Ending Account Value June 30, 2014		Expenses Paid During Period** January 1, 2014 to June 30, 2014
Class A	Actual		0.55	%	$	1,000.00	$	1,061.70	$	2.81
	Hypothetical*		0.55	%	$	1,000.00	$	1,022.07	$	2.76
Class B	Actual		0.80	%	$	1,000.00	$	1,059.70	$	4.09
	Hypothetical*		0.80	%	$	1,000.00	$	1,020.83	$	4.01
Class E	Actual		0.70	%	$	1,000.00	$	1,060.40	$	3.58
	Hypothetical*		0.70	%	$	1,000.00	$	1,021.32	$	3.51

* 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 (181 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

MIST-4

Met Investors Series Trust

Lord Abbett Bond Debenture Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Corporate Bonds & Notes—75.9% of Net Assets

Security Description	Principal Amount*		Value
Aerospace/Defense—1.8%
Accudyne Industries Borrower / Accudyne Industries LLC 7.750%, 12/15/20 (144A) (a)		3,750,000	$	4,012,500
BE Aerospace, Inc. 5.250%, 04/01/22		5,000,000		5,443,750
Esterline Technologies Corp. 7.000%, 08/01/20 (a)		2,100,000		2,247,000
GenCorp, Inc. 7.125%, 03/15/21		3,250,000		3,550,625
Spirit Aerosystems, Inc. 6.750%, 12/15/20		4,500,000		4,837,500
TransDigm, Inc. 6.000%, 07/15/22 (144A)		1,250,000		1,284,375
6.500%, 07/15/24 (144A)		1,900,000		1,978,375
Triumph Group, Inc. 4.875%, 04/01/21 (a)		3,000,000		2,992,500
				26,346,625
Airlines—0.3%
UAL Pass-Through Trust 6.636%, 01/02/24		1,695,957		1,874,032
United Continental Holdings, Inc. 6.000%, 07/15/28		2,000,000		1,925,000
				3,799,032
Apparel—0.2%
Perry Ellis International, Inc. 7.875%, 04/01/19		2,050,000		2,121,750
William Carter Co. (The) 5.250%, 08/15/21 (144A)		1,300,000		1,355,250
				3,477,000
Auto Manufacturers—0.5%
Chrysler Group LLC / CG Co. - Issuer, Inc. 8.250%, 06/15/21		2,500,000		2,825,000
Jaguar Land Rover Automotive plc 5.625%, 02/01/23 (144A) (a)		2,000,000		2,125,000
Oshkosh Corp. 5.375%, 03/01/22		2,000,000		2,060,000
				7,010,000
Auto Parts & Equipment—0.8%
Accuride Corp. 9.500%, 08/01/18 (a)		1,250,000		1,316,750
Dana Holding Corp. 5.375%, 09/15/21 (a)		3,300,000		3,448,500
International Automotive Components Group S.A. 9.125%, 06/01/18 (144A) (b)		2,000,000		2,125,000
Lear Corp. 5.375%, 03/15/24		1,900,000		1,952,250
Meritor, Inc. 6.250%, 02/15/24		1,500,000		1,571,250
Auto Parts & Equipment—(Continued)
Tenneco, Inc. 6.875%, 12/15/20		1,250,000		1,360,938
				11,774,688
Banks—2.5%
CIT Group, Inc. 5.000%, 08/15/22		8,000,000		8,280,000
Discover Bank 7.000%, 04/15/20		1,500,000		1,801,743
JPMorgan Chase & Co. 6.750%, 02/01/24 (c)		3,000,000		3,228,750
Lloyds Banking Group plc 7.500%, 06/27/24 (c)		888,000		944,832
M&T Bank Corp. 6.450%, 02/15/24 (c)		1,450,000		1,546,062
Nordea Bank AB 4.250%, 09/21/22 (144A)		1,700,000		1,761,253
Popular, Inc. 7.000%, 07/01/19		1,725,000		1,750,875
Regions Bank 6.450%, 06/26/37 (a)		4,000,000		4,752,760
7.500%, 05/15/18		1,950,000		2,320,913
Royal Bank of Scotland Group plc 6.125%, 12/15/22		1,000,000		1,093,734
7.640%, 09/30/17 (c)		2,000,000		2,137,500
SVB Financial Group 5.375%, 09/15/20 (a)		2,150,000		2,433,095
Synovus Financial Corp. 7.875%, 02/15/19		1,500,000		1,717,500
Wachovia Capital Trust III 5.570%, 07/31/14 (c)		3,143,000		3,048,710
				36,817,727
Beverages—0.2%
Constellation Brands, Inc. 4.250%, 05/01/23		2,500,000		2,509,375
Biotechnology—0.3%
STHI Holding Corp. 8.000%, 03/15/18 (144A)		3,500,000		3,710,000
Building Materials—0.6%
Louisiana-Pacific Corp. 7.500%, 06/01/20		1,500,000		1,650,000
Masco Corp. 7.125%, 03/15/20		3,000,000		3,530,160
Owens Corning 4.200%, 12/15/22		1,875,000		1,925,323
9.000%, 06/15/19		1,625,000		2,043,327
				9,148,810
Chemicals—2.2%
Airgas, Inc. 3.650%, 07/15/24 (a)		1,250,000		1,261,683

See accompanying notes to financial statements.

MIST-5

Met Investors Series Trust

Lord Abbett Bond Debenture Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Chemicals—(Continued)
Ashland, Inc. 4.750%, 08/15/22		1,000,000	$	1,005,000
Axiall Corp. 4.875%, 05/15/23		3,900,000		3,880,500
Braskem Finance, Ltd. 6.450%, 02/03/24 (a)		450,000		480,938
Chemtura Corp. 5.750%, 07/15/21		3,000,000		3,112,500
Eagle Spinco, Inc. 4.625%, 02/15/21		4,400,000		4,367,000
Hexion U.S. Finance Corp. / Hexion Nova Scotia Finance ULC 8.875%, 02/01/18		2,200,000		2,288,000
Methanex Corp. 5.250%, 03/01/22		1,875,000		2,073,037
Monsanto Co. 2.750%, 07/15/21		1,750,000		1,749,317
Mosaic Global Holdings, Inc. 7.300%, 01/15/28		4,000,000		5,011,488
Nufarm Australia, Ltd. 6.375%, 10/15/19 (144A)		2,200,000		2,301,750
PetroLogistics L.P. / PetroLogistics Finance Corp. 6.250%, 04/01/20		950,000		1,035,500
Rockwood Specialties Group, Inc. 4.625%, 10/15/20		2,250,000		2,334,375
TPC Group, Inc. 8.750%, 12/15/20 (144A)		1,390,000		1,539,425
				32,440,513
Coal—0.2%
Arch Coal, Inc. 7.250%, 06/15/21 (a)		1,000,000		730,000
CONSOL Energy, Inc. 5.875%, 04/15/22 (144A)		2,700,000		2,828,250
				3,558,250
Commercial Services—2.8%
Alliance Data Systems Corp. 6.375%, 04/01/20 (144A)		8,500,000		9,052,500
Avis Budget Car Rental LLC / Avis Budget Finance, Inc. 5.500%, 04/01/23 (a)		2,000,000		2,045,000
Ceridian LLC / Comdata, Inc. 8.125%, 11/15/17 (144A)		750,000		757,500
Envision Healthcare Corp. 5.125%, 07/01/22 (144A)		1,250,000		1,260,937
FTI Consulting, Inc. 6.000%, 11/15/22		2,000,000		2,057,500
6.750%, 10/01/20 (a)		1,000,000		1,067,500
Great Lakes Dredge & Dock Corp. 7.375%, 02/01/19		2,300,000		2,415,000
Hertz Corp. (The) 5.875%, 10/15/20 (a)		3,500,000		3,657,500
Iron Mountain, Inc. 5.750%, 08/15/24		3,000,000		3,090,000
Commercial Services—(Continued)
NES Rentals Holdings, Inc. 7.875%, 05/01/18 (144A)		1,400,000		1,484,000
Sotheby’s 5.250%, 10/01/22 (144A)		2,500,000		2,431,250
Truven Health Analytics, Inc. 10.625%, 06/01/20		3,300,000		3,621,750
United Rentals North America, Inc. 5.750%, 11/15/24		1,700,000		1,765,875
6.125%, 06/15/23		3,000,000		3,217,500
7.625%, 04/15/22		2,000,000		2,245,000
8.250%, 02/01/21		1,000,000		1,112,500
				41,281,312
Computers—0.9%
Compiler Finance Sub, Inc. 7.000%, 05/01/21 (144A) (b)		2,000,000		2,030,000
NCR Corp. 6.375%, 12/15/23 (144A) (a)		2,250,000		2,441,250
SRA International, Inc. 11.000%, 10/01/19 (a)		3,550,000		3,807,375
SunGard Data Systems, Inc. 6.625%, 11/01/19		3,750,000		3,946,875
7.625%, 11/15/20		1,450,000		1,580,500
				13,806,000
Cosmetics/Personal Care—0.5%
Avon Products, Inc. 4.600%, 03/15/20		2,050,000		2,125,854
Elizabeth Arden, Inc. 7.375%, 03/15/21		4,500,000		4,758,750
				6,884,604
Distribution/Wholesale—0.2%
HD Supply, Inc. 7.500%, 07/15/20 (a)		1,450,000		1,584,125
LKQ Corp. 4.750%, 05/15/23		1,650,000		1,626,900
				3,211,025
Diversified Financial Services—4.2%
Affiliated Managers Group, Inc. 4.250%, 02/15/24		3,000,000		3,103,872
Affinion Investments LLC 13.500%, 08/15/18 (144A) (a) (b)		1,000,000		1,040,000
Air Lease Corp. 3.875%, 04/01/21 (a)		1,700,000		1,734,000
4.750%, 03/01/20 (a)		1,500,000		1,620,000
Cantor Fitzgerald L.P. 7.875%, 10/15/19 (144A)		2,550,000		2,829,235
Discover Financial Services 3.850%, 11/21/22		4,451,000		4,531,714
International Lease Finance Corp. 6.250%, 05/15/19		4,000,000		4,480,000
8.250%, 12/15/20		3,000,000		3,705,000

See accompanying notes to financial statements.

MIST-6

Met Investors Series Trust

Lord Abbett Bond Debenture Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Diversified Financial Services—(Continued)
Legg Mason, Inc. 2.700%, 07/15/19		1,200,000	$	1,208,437
5.500%, 05/21/19		2,000,000		2,311,480
Macquarie Group, Ltd. 6.000%, 01/14/20 (144A)		2,500,000		2,832,095
Nationstar Mortgage LLC / Nationstar Capital Corp. 6.500%, 07/01/21 (a)		4,200,000		4,210,500
6.500%, 06/01/22		2,250,000		2,250,000
7.875%, 10/01/20		2,500,000		2,628,125
Navient Corp. 5.500%, 01/15/19		2,400,000		2,550,000
8.450%, 06/15/18		1,700,000		2,010,250
Neuberger Berman Group LLC / Neuberger Berman Finance Corp. 5.875%, 03/15/22 (144A)		4,500,000		4,803,750
Nuveen Investments, Inc. 9.125%, 10/15/17 (144A)		4,500,000		4,876,875
9.500%, 10/15/20 (144A)		2,500,000		2,962,500
Ocwen Financial Corp. 6.625%, 05/15/19 (144A) (a)		1,500,000		1,548,750
Raymond James Financial, Inc. 8.600%, 08/15/19		4,075,000		5,145,939
				62,382,522
Electric—1.1%
Black Hills Corp. 5.875%, 07/15/20		2,000,000		2,310,548
DPL, Inc. 7.250%, 10/15/21		2,650,000		2,915,000
Duquesne Light Holdings, Inc. 6.400%, 09/15/20 (144A)		5,000,000		5,936,815
FirstEnergy Transmission LLC 4.350%, 01/15/25 (144A)		700,000		707,225
ITC Holdings Corp. 3.650%, 06/15/24		425,000		423,545
NSG Holdings LLC / NSG Holdings, Inc. 7.750%, 12/15/25 (144A)		3,175,000		3,429,000
				15,722,133
Electrical Components & Equipment—0.7%
Anixter, Inc. 5.625%, 05/01/19		2,125,000		2,281,719
Artesyn Escrow, Inc. 9.750%, 10/15/20 (144A)		2,450,000		2,407,125
Belden, Inc. 5.500%, 09/01/22 (144A)		2,500,000		2,587,500
WESCO Distribution, Inc. 5.375%, 12/15/21 (144A)		2,950,000		3,016,375
				10,292,719
Electronics—0.1%
Stoneridge, Inc. 9.500%, 10/15/17 (144A) (b)		1,725,000		1,837,125
Energy-Alternate Sources—0.2%
Alta Wind Holdings LLC 7.000%, 06/30/35 (144A)		1,992,244		2,209,787
Engineering & Construction—0.4%
Dycom Investments, Inc. 7.125%, 01/15/21		3,375,000		3,628,125
MasTec, Inc. 4.875%, 03/15/23 (a)		2,400,000		2,364,000
				5,992,125
Entertainment—1.6%
CCM Merger, Inc. 9.125%, 05/01/19 (144A)		1,500,000		1,608,750
Cedar Fair L.P. / Canada’s Wonderland Co. / Magnum Management Corp. 5.250%, 03/15/21		1,700,000		1,751,000
Graton Economic Development Authority 9.625%, 09/01/19 (144A)		3,755,000		4,271,313
Mohegan Tribal Gaming Authority 9.750%, 09/01/21 (a)		1,325,000		1,470,750
MU Finance plc 8.375%, 02/01/17 (144A) (b)		2,568,511		2,684,094
Pinnacle Entertainment, Inc. 6.375%, 08/01/21		2,300,000		2,426,500
7.750%, 04/01/22 (a)		1,500,000		1,631,250
Regal Entertainment Group 5.750%, 03/15/22		1,500,000		1,556,250
River Rock Entertainment Authority (The) 9.000%, 11/01/18 (d) (e)		1,397,000		335,280
Rivers Pittsburgh Borrower L.P. / Rivers Pittsburgh Finance Corp. 9.500%, 06/15/19 (144A)		1,676,000		1,826,840
Speedway Motorsports, Inc. 6.750%, 02/01/19		1,600,000		1,696,000
WMG Acquisition Corp. 6.750%, 04/15/22 (144A)		2,200,000		2,200,000
				23,458,027
Environmental Control—0.3%
Clean Harbors, Inc. 5.250%, 08/01/20		2,000,000		2,062,500
Covanta Holding Corp. 5.875%, 03/01/24		2,750,000		2,842,813
				4,905,313
Food—1.4%
B&G Foods, Inc. 4.625%, 06/01/21 (a)		4,250,000		4,260,625
Cencosud S.A. 4.875%, 01/20/23 (144A) (a)		900,000		909,949
Diamond Foods, Inc. 7.000%, 03/15/19 (144A)		2,000,000		2,095,000
Ingles Markets, Inc. 5.750%, 06/15/23		1,000,000		1,015,000

See accompanying notes to financial statements.

MIST-7

Met Investors Series Trust

Lord Abbett Bond Debenture Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Food—(Continued)
JBS USA LLC / JBS USA Finance, Inc. 5.875%, 07/15/24 (144A) (a)		2,100,000	$	2,094,750
Land O’ Lakes, Inc. 6.000%, 11/15/22 (144A)		1,750,000		1,885,625
Post Holdings, Inc. 7.375%, 02/15/22 (a)		1,250,000		1,351,562
R&R Ice Cream plc 5.500%, 05/15/20 (144A) (GBP)		400,000		678,741
Shearer’s Foods LLC / Chip Fin Corp. 9.000%, 11/01/19 (144A)		1,850,000		2,025,750
U.S. Foods, Inc. 8.500%, 06/30/19		4,500,000		4,817,250
				21,134,252
Forest Products & Paper—0.3%
Cascades, Inc. 5.500%, 07/15/22 (144A) (a)		2,500,000		2,493,750
Millar Western Forest Products, Ltd. 8.500%, 04/01/21		2,000,000		2,135,000
				4,628,750
Gas—0.5%
LBC Tank Terminals Holding Netherlands B.V. 6.875%, 05/15/23 (144A)		1,350,000		1,424,250
National Fuel Gas Co. 6.500%, 04/15/18		4,000,000		4,608,844
NGL Energy Partners L.P. / NGL Energy Finance Corp. 5.125%, 07/15/19 (144A)		900,000		902,250
				6,935,344
Hand/Machine Tools—0.3%
Mcron Finance Sub LLC / Mcron Finance Corp. 8.375%, 05/15/19 (144A)		2,800,000		3,066,000
Milacron LLC / Mcron Finance Corp. 7.750%, 02/15/21 (144A)		1,100,000		1,204,500
				4,270,500
Healthcare - Products—0.4%
Crimson Merger Sub, Inc. 6.625%, 05/15/22 (144A)		2,800,000		2,779,000
Mallinckrodt International Finance S.A. 4.750%, 04/15/23 (a)		3,000,000		2,917,500
Teleflex, Inc. 5.250%, 06/15/24 (144A)		475,000		479,750
				6,176,250
Healthcare - Services—3.5%
Amsurg Corp. 5.625%, 11/30/20		2,365,000		2,388,650
Centene Corp. 5.750%, 06/01/17		3,250,000		3,534,375
Healthcare - Services—(Continued)
CHS/Community Health Systems, Inc. 6.875%, 02/01/22 (144A)		2,000,000		2,120,000
8.000%, 11/15/19		6,000,000		6,570,000
DaVita HealthCare Partners, Inc. 5.125%, 07/15/24		2,500,000		2,515,625
5.750%, 08/15/22		4,500,000		4,809,375
HCA Holdings, Inc. 6.250%, 02/15/21		1,400,000		1,503,250
7.750%, 05/15/21		6,150,000		6,741,937
HCA, Inc. 7.500%, 02/15/22		4,400,000		5,076,500
7.580%, 09/15/25		375,000		416,250
7.690%, 06/15/25		1,542,000		1,738,605
Kindred Healthcare, Inc. 6.375%, 04/15/22 (144A)		2,000,000		2,010,000
LifePoint Hospitals, Inc. 5.500%, 12/01/21 (144A)		2,000,000		2,095,000
MPH Acquisition Holdings LLC 6.625%, 04/01/22 (144A)		2,675,000		2,802,063
Tenet Healthcare Corp. 8.125%, 04/01/22 (a)		7,000,000		8,102,500
				52,424,130
Holding Companies - Diversified—0.1%
Nielsen Co. Luxembourg S.a.r.l. (The) 5.500%, 10/01/21 (144A)		1,525,000		1,574,563
Home Builders—0.7%
Brookfield Residential Properties, Inc. 6.500%, 12/15/20 (144A)		1,600,000		1,692,000
K Hovnanian Enterprises, Inc. 5.000%, 11/01/21 (d)		1,650,000		1,501,500
7.000%, 01/15/19 (144A) (a)		625,000		637,500
KB Home 9.100%, 09/15/17		2,000,000		2,355,000
Lennar Corp. 12.250%, 06/01/17 (a)		900,000		1,143,000
Ryland Group, Inc. (The) 5.375%, 10/01/22		2,000,000		1,985,000
Taylor Morrison Communities, Inc. / Monarch Communities, Inc. 5.250%, 04/15/21 (144A)		1,500,000		1,522,500
				10,836,500
Household Products/Wares—1.2%
Prestige Brands, Inc. 5.375%, 12/15/21 (144A) (a)		2,200,000		2,244,000
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC 5.750%, 10/15/20		1,250,000		1,318,750
8.250%, 02/15/21 (a)		1,975,000		2,147,813
8.500%, 05/15/18		3,150,000		3,295,687
9.875%, 08/15/19		1,650,000		1,827,375
Scotts Miracle-Gro Co. (The) 6.625%, 12/15/20		3,500,000		3,793,125

See accompanying notes to financial statements.

MIST-8

Met Investors Series Trust

Lord Abbett Bond Debenture Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Household Products/Wares—(Continued)
Spectrum Brands, Inc. 6.375%, 11/15/20		2,500,000	$	2,687,500
6.625%, 11/15/22		1,000,000		1,082,500
				18,396,750
Insurance—0.5%
A-S Co-Issuer Subsidiary, Inc. / A-S Merger Sub LLC 7.875%, 12/15/20 (144A)		1,785,000		1,885,406
American Equity Investment Life Holding Co. 6.625%, 07/15/21		1,950,000		2,120,381
Hockey Merger Sub 2, Inc. 7.875%, 10/01/21 (144A) (a)		2,200,000		2,356,750
Trinity Acquisition plc 4.625%, 08/15/23 (a)		1,300,000		1,346,820
				7,709,357
Internet—0.4%
Equinix, Inc. 7.000%, 07/15/21 (a)		2,000,000		2,210,000
Netflix, Inc. 5.375%, 02/01/21		3,700,000		3,875,750
				6,085,750
Investment Company Security—0.2%
Ares Capital Corp. 4.875%, 11/30/18		2,000,000		2,126,084
Iron/Steel—0.7%
Allegheny Ludlum Corp. 6.950%, 12/15/25		1,500,000		1,708,149
ArcelorMittal 5.750%, 08/05/20		7,000,000		7,525,000
Essar Steel Algoma, Inc. 9.875%, 06/15/15 (144A) (a)		1,000,000		640,000
				9,873,149
Leisure Time—0.2%
Royal Caribbean Cruises, Ltd. 5.250%, 11/15/22		1,375,000		1,443,750
7.500%, 10/15/27 (a)		1,525,000		1,738,500
				3,182,250
Lodging—1.0%
Hilton Worldwide Finance LLC / Hilton Worldwide Finance Corp. 5.625%, 10/15/21 (144A)		3,000,000		3,187,500
MCE Finance, Ltd. 5.000%, 02/15/21 (144A) (a)		3,250,000		3,282,500
MTR Gaming Group, Inc. 11.500%, 08/01/19 (a)		1,525,000		1,713,719
Playa Resorts Holding B.V. 8.000%, 08/15/20 (144A)		2,300,000		2,478,250
Lodging—(Continued)
Seminole Hard Rock Entertainment, Inc. / Seminole Hard Rock International LLC 5.875%, 05/15/21 (144A)		1,100,000		1,102,750
Sugarhouse HSP Gaming Prop Mezz L.P. / Sugarhouse HSP Gaming Finance Corp. 6.375%, 06/01/21 (144A)		2,950,000		2,891,000
				14,655,719
Machinery - Diversified—1.0%
Cleaver-Brooks, Inc. 8.750%, 12/15/19 (144A)		1,750,000		1,957,812
Flowserve Corp. 3.500%, 09/15/22 (a)		1,500,000		1,481,399
Gardner Denver, Inc. 6.875%, 08/15/21 (144A) (a)		2,000,000		2,100,000
Manitowoc Co., Inc. (The) 5.875%, 10/15/22 (a)		2,225,000		2,425,250
8.500%, 11/01/20		4,900,000		5,463,500
Waterjet Holdings, Inc. 7.625%, 02/01/20 (144A) (a)		1,725,000		1,832,812
				15,260,773
Media—4.5%
21st Century Fox America, Inc. 4.500%, 02/15/21		1,500,000		1,645,307
AMC Networks, Inc. 4.750%, 12/15/22 (a)		2,000,000		2,000,000
7.750%, 07/15/21		1,500,000		1,678,125
Cablevision Systems Corp. 5.875%, 09/15/22 (a)		4,000,000		4,075,000
CCO Holdings LLC / CCO Holdings Capital Corp. 5.750%, 09/01/23 (a)		3,000,000		3,108,750
6.625%, 01/31/22		1,600,000		1,720,000
8.125%, 04/30/20		2,000,000		2,165,000
Clear Channel Communications, Inc. 9.000%, 12/15/19 (a)		5,500,000		5,864,375
10.000%, 01/15/18 (144A) (a)		2,225,000		2,149,906
11.250%, 03/01/21 (a)		3,250,000		3,684,687
DISH DBS Corp. 5.125%, 05/01/20		5,800,000		6,097,250
5.875%, 07/15/22		1,500,000		1,627,500
6.750%, 06/01/21		3,350,000		3,819,000
Harron Communications L.P. / Harron Finance Corp. 9.125%, 04/01/20 (144A)		1,575,000		1,756,125
Mediacom Broadband LLC / Mediacom Broadband Corp. 6.375%, 04/01/23		5,050,000		5,327,750
Mediacom LLC / Mediacom Capital Corp. 7.250%, 02/15/22		400,000		436,000
9.125%, 08/15/19		4,350,000		4,567,500
Nielsen Finance LLC / Nielsen Finance Co. 5.000%, 04/15/22 (144A) (a)		2,600,000		2,619,500

See accompanying notes to financial statements.

MIST-9

Met Investors Series Trust

Lord Abbett Bond Debenture Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Media—(Continued)
Numericable Group S.A. 6.000%, 05/15/22 (144A)		1,700,000	$	1,768,000
6.250%, 05/15/24 (144A)		500,000		521,875
Ono Finance II plc 10.875%, 07/15/19 (144A)		1,750,000		1,911,875
ProQuest LLC / ProQuest Notes Co. 9.000%, 10/15/18 (144A)		3,150,000		3,331,125
SiTV LLC / SiTV Finance, Inc. 10.375%, 07/01/19 (144A)		750,000		768,750
Unitymedia Hessen GmbH & Co. KG / Unitymedia NRW GmbH 5.500%, 01/15/23 (144A)		3,500,000		3,622,500
				66,265,900
Metal Fabricate/Hardware—0.4%
Constellation Enterprises LLC 10.625%, 02/01/16 (144A)		1,500,000		1,387,500
Valmont Industries, Inc. 6.625%, 04/20/20		3,500,000		4,159,043
				5,546,543
Mining—0.5%
First Quantum Minerals, Ltd. 7.250%, 05/15/22 (144A)		900,000		938,250
FMG Resources (August 2006) Pty, Ltd. 8.250%, 11/01/19 (144A) (a)		3,000,000		3,266,250
Kinross Gold Corp. 5.950%, 03/15/24 (144A)		1,425,000		1,482,772
Mirabela Nickel, Ltd. 8.750%, 04/15/18 (144A) (b) (e)		2,550,000		586,500
Teck Resources, Ltd. 4.750%, 01/15/22		1,400,000		1,468,995
				7,742,767
Miscellaneous Manufacturing—0.8%
Actuant Corp. 5.625%, 06/15/22		1,725,000		1,811,250
Park-Ohio Industries, Inc. 8.125%, 04/01/21 (a)		1,500,000		1,653,750
Polymer Group, Inc. 6.875%, 06/01/19 (144A)		1,250,000		1,270,313
7.750%, 02/01/19		3,000,000		3,187,500
SPX Corp. 6.875%, 09/01/17		3,750,000		4,218,750
				12,141,563
Office Furnishings—0.2%
Steelcase, Inc. 6.375%, 02/15/21		3,000,000		3,448,596
Oil & Gas—9.9%
Antero Resources Finance Corp. 5.375%, 11/01/21		3,000,000		3,112,500
Oil & Gas—(Continued)
Athlon Holdings LP / Athlon Finance Corp. 6.000%, 05/01/22 (144A)		2,600,000		2,691,000
Atlas Energy Holdings Operating Co. LLC / Atlas Resource Finance Corp. 7.750%, 01/15/21 (a)		3,400,000		3,519,000
Berry Petroleum Co. LLC 6.375%, 09/15/22		1,100,000		1,171,500
6.750%, 11/01/20		5,250,000		5,525,625
BreitBurn Energy Partners L.P. / BreitBurn Finance Corp. 7.875%, 04/15/22 (a)		4,600,000		4,979,500
Chaparral Energy, Inc. 7.625%, 11/15/22 (a)		1,700,000		1,836,000
8.250%, 09/01/21 (a)		5,675,000		6,228,312
Concho Resources, Inc. 5.500%, 04/01/23		5,600,000		6,020,000
7.000%, 01/15/21		3,000,000		3,292,500
Continental Resources, Inc. 4.500%, 04/15/23		1,500,000		1,602,279
CrownRock L.P. / CrownRock Finance, Inc. 7.125%, 04/15/21 (144A) (b)		4,600,000		4,853,000
Diamondback Energy, Inc. 7.625%, 10/01/21 (144A)		3,500,000		3,850,000
Energy XXI Gulf Coast, Inc. 7.750%, 06/15/19		4,000,000		4,280,000
EOG Resources, Inc. 4.400%, 06/01/20		1,500,000		1,660,997
Forest Oil Corp. 7.250%, 06/15/19 (a)		788,000		780,120
Halcon Resources Corp. 9.750%, 07/15/20		3,000,000		3,273,750
Hilcorp Energy I L.P. / Hilcorp Finance Co. 5.000%, 12/01/24 (144A)		1,500,000		1,500,000
Kerr-McGee Corp. 6.950%, 07/01/24		4,850,000		6,229,146
Kodiak Oil & Gas Corp. 5.500%, 01/15/21 (a)		2,500,000		2,606,250
8.125%, 12/01/19		3,250,000		3,599,375
Laredo Petroleum, Inc. 5.625%, 01/15/22		900,000		930,375
7.375%, 05/01/22		1,300,000		1,452,750
Legacy Reserves L.P. / Legacy Reserves Finance Corp. 6.625%, 12/01/21		2,000,000		2,030,000
8.000%, 12/01/20		3,600,000		3,870,000
MEG Energy Corp. 6.500%, 03/15/21 (144A)		3,675,000		3,895,500
Newfield Exploration Co. 5.625%, 07/01/24		3,500,000		3,841,250
Oasis Petroleum, Inc. 6.500%, 11/01/21		1,500,000		1,612,500
7.250%, 02/01/19		5,825,000		6,174,500
Pacific Rubiales Energy Corp. 5.125%, 03/28/23 (144A) (a)		1,000,000		992,500
PDC Energy, Inc. 7.750%, 10/15/22		2,400,000		2,676,000

See accompanying notes to financial statements.

MIST-10

Met Investors Series Trust

Lord Abbett Bond Debenture Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Oil & Gas—(Continued)
Pioneer Natural Resources Co. 7.200%, 01/15/28		1,510,000	$	1,925,895
Plains Exploration & Production Co. 6.500%, 11/15/20		4,000,000		4,465,000
6.750%, 02/01/22		1,100,000		1,249,875
QEP Resources, Inc. 6.800%, 03/01/20 (d)		1,450,000		1,584,125
6.875%, 03/01/21		1,000,000		1,122,500
Range Resources Corp. 5.000%, 03/15/23 (a)		2,450,000		2,609,250
Rice Energy, Inc. 6.250%, 05/01/22 (144A) (a)		2,000,000		2,050,000
Seadrill, Ltd. 6.625%, 09/15/20 (144A) (a)		3,500,000		3,561,250
Seventy Seven Energy, Inc. 6.500%, 07/15/22 (144A) (a)		1,500,000		1,537,500
SM Energy Co. 6.500%, 11/15/21		2,250,000		2,435,625
6.500%, 01/01/23		800,000		866,000
6.625%, 02/15/19		4,775,000		5,061,500
Stone Energy Corp. 7.500%, 11/15/22		6,675,000		7,359,187
Tesoro Corp. 5.125%, 04/01/24 (a)		1,560,000		1,577,550
5.375%, 10/01/22 (a)		1,500,000		1,567,500
Ultra Petroleum Corp. 5.750%, 12/15/18 (144A)		750,000		787,500
W&T Offshore, Inc. 8.500%, 06/15/19 (a)		2,250,000		2,430,000
WPX Energy, Inc. 6.000%, 01/15/22		3,500,000		3,736,250
				146,012,736
Oil & Gas Services—1.4%
Dresser-Rand Group, Inc. 6.500%, 05/01/21		2,600,000		2,782,000
FMC Technologies, Inc. 3.450%, 10/01/22		2,200,000		2,178,722
Gulfmark Offshore, Inc. 6.375%, 03/15/22		2,500,000		2,600,000
Hiland Partners L.P. / Hiland Partner Finance Corp. 5.500%, 05/15/22 (144A)		375,000		379,687
7.250%, 10/01/20 (144A)		2,290,000		2,496,100
Hornbeck Offshore Services, Inc. 5.000%, 03/01/21 (a)		3,000,000		2,992,500
5.875%, 04/01/20		3,700,000		3,829,500
SEACOR Holdings, Inc. 7.375%, 10/01/19		3,500,000		3,920,000
				21,178,509
Packaging & Containers—1.7%
AEP Industries, Inc. 8.250%, 04/15/19		2,500,000		2,637,500
Packaging & Containers—(Continued)
Ball Corp. 4.000%, 11/15/23		2,750,000		2,619,375
Crown Cork & Seal Co., Inc. 7.375%, 12/15/26		8,000,000		8,870,000
Pactiv LLC 7.950%, 12/15/25		1,300,000		1,391,000
Rock Tenn Co. 4.900%, 03/01/22 (a)		1,500,000		1,637,244
Sealed Air Corp. 6.875%, 07/15/33 (144A) (b)		4,900,000		5,096,000
8.375%, 09/15/21 (144A)		2,700,000		3,091,500
				25,342,619
Pharmaceuticals—1.5%
Bristol-Myers Squibb Co. 1.750%, 03/01/19 (a)		2,000,000		1,983,144
Endo Finance Co. 5.750%, 01/15/22 (144A)		2,000,000		2,040,000
Grifols Worldwide Operations, Ltd. 5.250%, 04/01/22 (144A)		3,000,000		3,112,500
JLL/Delta Dutch Newco B.V. 7.500%, 02/01/22 (144A)		2,000,000		2,070,000
Par Pharmaceutical Cos., Inc. 7.375%, 10/15/20 (a)		4,150,000		4,461,250
Salix Pharmaceuticals, Ltd. 6.000%, 01/15/21 (144A)		2,000,000		2,145,000
Valeant Pharmaceuticals International, Inc. 5.625%, 12/01/21 (144A) (a)		3,000,000		3,086,250
6.375%, 10/15/20 (144A)		3,350,000		3,559,375
				22,457,519
Pipelines—2.9%
Crestwood Midstream Partners L.P. / Crestwood Midstream Finance Corp. 6.000%, 12/15/20		2,000,000		2,100,000
El Paso LLC 6.500%, 09/15/20 (a)		5,000,000		5,537,500
Energy Transfer Partners L.P. 5.200%, 02/01/22		4,500,000		4,979,736
IFM U.S. Colonial Pipeline 2 LLC 6.450%, 05/01/21 (144A) (b)		4,900,000		5,246,062
Kinder Morgan, Inc. 5.000%, 02/15/21 (144A)		2,000,000		2,075,000
MarkWest Energy Partners L.P. / MarkWest Energy Finance Corp. 5.500%, 02/15/23		1,475,000		1,570,875
6.750%, 11/01/20		3,000,000		3,255,000
Panhandle Eastern Pipeline Co. L.P. 7.000%, 06/15/18		1,850,000		2,148,755
Regency Energy Partners L.P. / Regency Energy Finance Corp. 5.875%, 03/01/22		2,000,000		2,172,500
Rose Rock Midstream L.P. / Rose Rock Finance Corp. 5.625%, 07/15/22 (144A)		600,000		607,500

See accompanying notes to financial statements.

MIST-11

Met Investors Series Trust

Lord Abbett Bond Debenture Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Pipelines—(Continued)
Sabine Pass Liquefaction LLC 5.625%, 02/01/21		1,925,000	$	2,035,688
5.750%, 05/15/24 (144A) (a)		4,500,000		4,691,250
Southeast Supply Header LLC 4.250%, 06/15/24 (144A)		2,450,000		2,493,742
Southern Star Central Corp. 5.125%, 07/15/22 (144A)		900,000		906,750
Tesoro Logistics L.P. / Tesoro Logistics Finance Corp. 5.875%, 10/01/20 (a)		1,500,000		1,582,500
5.875%, 10/01/20 (144A)		500,000		527,500
6.125%, 10/15/21		1,200,000		1,281,000
				43,211,358
Real Estate—0.1%
Jones Lang LaSalle, Inc. 4.400%, 11/15/22		1,100,000		1,111,524
Real Estate Investment Trusts—1.2%
American Tower Corp. 4.700%, 03/15/22		2,750,000		2,957,273
Crown Castle International Corp. 5.250%, 01/15/23 (a)		1,350,000		1,407,375
DDR Corp. 7.875%, 09/01/20		2,625,000		3,321,573
Goodman Funding Pty, Ltd. 6.375%, 11/12/20 (144A)		1,500,000		1,737,030
Health Care REIT, Inc. 4.950%, 01/15/21		2,150,000		2,388,147
6.125%, 04/15/20		1,500,000		1,743,780
Omega Healthcare Investors, Inc. 4.950%, 04/01/24 (144A)		1,325,000		1,353,305
6.750%, 10/15/22		1,675,000		1,810,172
RHP Hotel Properties L.P. / RHP Finance Corp. 5.000%, 04/15/21		1,000,000		997,500
				17,716,155
Retail—4.4%
Bon-Ton Department Stores, Inc. (The) 8.000%, 06/15/21 (a)		1,350,000		1,285,875
Brookstone Co., Inc. 13.000%, 10/15/14 (144A) (b) (e)		2,041,798		908,600
Brown Shoe Co., Inc. 7.125%, 05/15/19		3,500,000		3,692,500
Chinos Intermediate Holdings A, Inc. 7.750%, 05/01/19 (144A) (a) (f)		2,425,000		2,431,062
Claire’s Stores, Inc. 7.750%, 06/01/20 (144A) (a)		1,000,000		727,500
8.875%, 03/15/19 (a)		3,000,000		2,610,000
CST Brands, Inc. 5.000%, 05/01/23		2,000,000		2,000,000
DBP Holding Corp. 7.750%, 10/15/20 (144A) (a)		1,957,000		1,702,590
Ferrellgas L.P. / Ferrellgas Finance Corp. 6.500%, 05/01/21		1,750,000		1,826,563
Retail—(Continued)
Ferrellgas Partners L.P. / Ferrellgas Partners Finance Corp. 8.625%, 06/15/20		2,000,000		2,135,000
Hillman Group, Inc. (The) 6.375%, 07/15/22 (144A)		650,000		650,000
JC Penney Corp., Inc. 5.650%, 06/01/20 (a)		1,435,000		1,255,625
L Brands, Inc. 7.000%, 05/01/20		3,200,000		3,676,000
8.500%, 06/15/19 (a)		1,050,000		1,288,875
Men’s Wearhouse, Inc. (The) 7.000%, 07/01/22 (144A) (a) (b)		525,000		543,375
Michaels FinCo Holdings LLC / Michaels FinCo, Inc. 7.500%, 08/01/18 (144A) (f)		1,600,000		1,634,000
Michaels Stores, Inc. 7.750%, 11/01/18 (a)		1,400,000		1,480,500
Neiman Marcus Group Ltd., Inc. 8.000%, 10/15/21 (144A)		4,000,000		4,310,000
New Albertsons, Inc. 7.450%, 08/01/29 (a)		1,000,000		947,500
7.750%, 06/15/26		3,000,000		2,940,000
Petco Animal Supplies, Inc. 9.250%, 12/01/18 (144A) (a)		1,500,000		1,610,625
Petco Holdings, Inc. 8.500%, 10/15/17 (144A) (f)		1,500,000		1,537,500
QVC, Inc. 4.375%, 03/15/23		1,750,000		1,777,647
7.375%, 10/15/20 (144A)		2,500,000		2,683,572
Rite Aid Corp. 6.875%, 12/15/28 (144A)		1,250,000		1,265,625
7.700%, 02/15/27		5,500,000		6,146,250
Sally Holdings LLC / Sally Capital, Inc. 5.500%, 11/01/23		1,325,000		1,364,750
5.750%, 06/01/22		1,475,000		1,570,875
Suburban Propane Partners L.P. / Suburban Energy Finance Corp. 5.500%, 06/01/24 (a)		1,275,000		1,290,938
7.375%, 08/01/21		3,009,000		3,272,287
Tops Holding Corp. / Tops Markets LLC 8.875%, 12/15/17		2,000,000		2,175,000
Tops Holding II Corp. 8.750%, 06/15/18		1,875,000		1,954,688
				64,695,322
Savings & Loans—0.0%
Washington Mutual Bank 6.875%, 06/15/11 (d) (e) (g)		6,000,000		600
Semiconductors—0.8%
Entegris, Inc. 6.000%, 04/01/22 (144A)		1,900,000		1,957,000
Freescale Semiconductor, Inc. 6.000%, 01/15/22 (144A)		3,000,000		3,195,000
10.750%, 08/01/20		4,400,000		4,972,000

See accompanying notes to financial statements.

MIST-12

Met Investors Series Trust

Lord Abbett Bond Debenture Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Semiconductors—(Continued)
Micron Technology, Inc. 5.875%, 02/15/22 (144A) (a)		2,000,000	$	2,145,000
				12,269,000
Shipbuilding—0.2%
Huntington Ingalls Industries, Inc. 7.125%, 03/15/21		2,500,000		2,731,250
Software—2.2%
Activision Blizzard, Inc. 5.625%, 09/15/21 (144A)		4,000,000		4,310,000
Audatex North America, Inc. 6.000%, 06/15/21 (144A)		1,300,000		1,387,750
BMC Software Finance, Inc. 8.125%, 07/15/21 (144A) (a)		1,500,000		1,543,125
Boxer Parent Co., Inc. 9.000%, 10/15/19 (144A) (a) (f)		1,000,000		975,000
Dun & Bradstreet Corp. (The) 4.375%, 12/01/22 (a)		1,500,000		1,538,218
First Data Corp. 8.250%, 01/15/21 (144A)		8,300,000		9,088,500
11.250%, 01/15/21 (a)		1,850,000		2,159,875
12.625%, 01/15/21		6,425,000		7,910,781
First Data Holdings, Inc. 14.500%, 09/24/19 (144A) (a) (f)		1,388,508		1,542,980
Sophia L.P. / Sophia Finance, Inc. 9.750%, 01/15/19 (144A)		2,200,000		2,420,000
				32,876,229
Telecommunications—7.6%
Alcatel-Lucent USA, Inc. 6.450%, 03/15/29		2,700,000		2,673,000
Altice S.A. 7.750%, 05/15/22 (144A)		3,500,000		3,736,250
Avaya, Inc. 7.000%, 04/01/19 (144A)		1,000,000		1,000,000
CC Holdings GS V LLC / Crown Castle GS III Corp. 3.849%, 04/15/23		2,795,000		2,805,853
CenturyLink, Inc. 6.150%, 09/15/19		1,500,000		1,635,000
6.450%, 06/15/21 (a)		4,500,000		4,882,500
6.750%, 12/01/23 (a)		2,500,000		2,731,250
CommScope, Inc. 5.500%, 06/15/24 (144A) (a)		2,200,000		2,235,750
CPI International, Inc. 8.750%, 02/15/18		2,500,000		2,618,750
Digicel Group, Ltd. 7.125%, 04/01/22 (144A) (a)		1,500,000		1,563,750
8.250%, 09/30/20 (144A)		2,000,000		2,180,000
Digicel, Ltd. 7.000%, 02/15/20 (144A) (a)		3,000,000		3,165,000
DigitalGlobe, Inc. 5.250%, 02/01/21 (a)		1,900,000		1,881,000
Telecommunications—(Continued)
Frontier Communications Corp. 7.625%, 04/15/24 (a)		1,400,000		1,506,750
9.250%, 07/01/21		1,225,000		1,466,938
Hughes Satellite Systems Corp. 7.625%, 06/15/21		4,000,000		4,580,000
Inmarsat Finance plc 4.875%, 05/15/22 (144A)		1,300,000		1,313,000
Intelsat Luxembourg S.A. 7.750%, 06/01/21 (a)		7,000,000		7,411,250
8.125%, 06/01/23 (a)		1,320,000		1,427,250
MetroPCS Wireless, Inc. 6.625%, 11/15/20		2,000,000		2,135,000
Sable International Finance, Ltd. 8.750%, 02/01/20 (144A)		2,515,000		2,829,375
SBA Telecommunications, Inc. 5.750%, 07/15/20		2,000,000		2,120,000
8.250%, 08/15/19		1,950,000		2,043,600
SES S.A. 3.600%, 04/04/23 (144A) (a)		1,585,000		1,602,704
SoftBank Corp. 4.500%, 04/15/20 (144A) (a)		2,300,000		2,337,375
Sprint Capital Corp. 6.900%, 05/01/19		3,300,000		3,638,250
Sprint Communications, Inc. 7.000%, 03/01/20 (144A)		3,000,000		3,450,000
7.000%, 08/15/20		2,250,000		2,489,062
Sprint Corp. 7.250%, 09/15/21 (144A)		2,700,000		2,976,750
7.875%, 09/15/23 (144A)		5,750,000		6,396,875
T-Mobile USA, Inc. 6.500%, 01/15/24 (a)		5,500,000		5,878,125
6.542%, 04/28/20 (a)		4,750,000		5,130,000
Telemovil Finance Co., Ltd. 8.000%, 10/01/17 (144A)		2,700,000		2,835,000
UPCB Finance V, Ltd. 7.250%, 11/15/21 (144A)		2,850,000		3,135,000
Verizon Communications, Inc. 3.450%, 03/15/21 (a)		3,000,000		3,100,212
ViaSat, Inc. 6.875%, 06/15/20		2,000,000		2,155,000
Virgin Media Secured Finance plc 5.375%, 04/15/21 (144A)		3,000,000		3,150,000
Wind Acquisition Finance S.A. 7.375%, 04/23/21 (144A)		3,900,000		4,163,250
				112,378,869
Textiles—0.1%
Springs Industries, Inc. 6.250%, 06/01/21 (a)		900,000		918,000
Transportation—0.5%
Kansas City Southern de Mexico S.A. de C.V. 2.350%, 05/15/20		2,000,000		1,915,906
Viterra, Inc. 5.950%, 08/01/20 (144A)		4,250,000		4,850,780

See accompanying notes to financial statements.

MIST-13

Met Investors Series Trust

Lord Abbett Bond Debenture Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Transportation—(Continued)
Watco Cos. LLC / Watco Finance Corp. 6.375%, 04/01/23 (144A) (b)		1,125,000	$	1,147,500
				7,914,186
Total Corporate Bonds & Notes (Cost $1,068,787,847)				1,123,804,078
Convertible Bonds—13.1%
Airlines—0.4%
United Airlines, Inc. 4.500%, 01/15/15		2,600,000		5,702,125
Apparel—0.2%
Iconix Brand Group, Inc. 1.500%, 03/15/18 (a)		2,500,000		3,631,250
Auto Manufacturers—0.6%
Ford Motor Co. 4.250%, 11/15/16 (a)		1,200,000		2,397,750
Tesla Motors, Inc. 1.250%, 03/01/21		2,600,000		2,513,875
Volkswagen International Finance NV 5.500%, 11/09/15 (144A) (EUR)		2,600,000		4,171,535
				9,083,160
Auto Parts & Equipment—0.1%
Meritor, Inc. 4.000%, 02/15/27 (h)		1,800,000		1,912,500
Banks—0.0%
LBG Capital No.1 plc 8.000%, 06/15/20 (144A) (c)		560,000		619,360
Biotechnology—1.5%
BioMarin Pharmaceutical, Inc. 0.750%, 10/15/18		300,000		310,313
1.875%, 04/23/17		800,000		2,458,500
Cubist Pharmaceuticals, Inc. 1.875%, 09/01/20 (144A) (a)		3,000,000		3,420,000
Gilead Sciences, Inc. 1.625%, 05/01/16		1,250,000		4,556,250
Illumina, Inc. 0.250%, 03/15/16		1,750,000		3,761,406
0.500%, 06/15/21 (144A)		625,000		643,750
Incyte Corp., Ltd. 1.250%, 11/15/20 (144A) (a)		725,000		976,484
Isis Pharmaceuticals, Inc. 2.750%, 10/01/19		800,000		1,761,000
Medivation, Inc. 2.625%, 04/01/17		3,000,000		4,781,250
				22,668,953
Computers—0.2%
SanDisk Corp. 0.500%, 10/15/20 (144A) (a)		2,650,000		3,334,031
Electrical Components & Equipment—0.2%
SunPower Corp. 0.750%, 06/01/18		1,500,000		2,595,938
0.875%, 06/01/21 (144A) (a)		800,000		936,500
				3,532,438
Electronics—0.2%
Fluidigm Corp. 2.750%, 02/01/34 (a)		2,500,000		2,370,313
Energy - Alternate Sources—0.2%
JinkoSolar Holding Co., Ltd. 4.000%, 02/01/19 (144A)		2,200,000		2,179,375
Healthcare - Products—0.2%
Cepheid, Inc. 1.250%, 02/01/21 (144A) (a)		2,250,000		2,323,125
Healthcare - Services—0.5%
Brookdale Senior Living, Inc. 2.750%, 06/15/18 (a)		4,000,000		5,447,500
WellPoint, Inc. 2.750%, 10/15/42		1,500,000		2,297,813
				7,745,313
Household Products/Wares—0.1%
Jarden Corp. 1.125%, 03/15/34 (144A) (a)		2,000,000		2,042,500
Insurance—0.1%
MGIC Investment Corp. 2.000%, 04/01/20		1,000,000		1,488,750
Internet—0.7%
HomeAway, Inc. 0.125%, 04/01/19 (144A) (a)		650,000		634,969
priceline.com, Inc. 1.000%, 03/15/18		2,750,000		3,896,406
1.250%, 03/15/15		237,280		936,070
Web.com Group, Inc. 1.000%, 08/15/18		2,300,000		2,468,187
Yahoo!, Inc. Zero Coupon, 12/01/18 (144A) (a)		2,300,000		2,288,500
				10,224,132
Investment Company Security—0.1%
Ares Capital Corp. 4.875%, 03/15/17		1,500,000		1,597,500
Lodging—0.2%
MGM Resorts International 4.250%, 04/15/15		2,000,000		2,936,250

See accompanying notes to financial statements.

MIST-14

Met Investors Series Trust

Lord Abbett Bond Debenture Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Convertible Bonds—(Continued)

Security Description	Principal Amount*		Value
Machinery - Diversified—0.5%
Altra Industrial Motion Corp. 2.750%, 03/01/31		2,400,000	$	3,465,000
Chart Industries, Inc. 2.000%, 08/01/18		3,050,000		4,260,469
				7,725,469
Media—0.2%
Liberty Interactive LLC 0.750%, 03/30/43		2,200,000		2,948,000
Mining—0.1%
Stillwater Mining Co. 1.750%, 10/15/32		1,350,000		1,964,250
Miscellaneous Manufacturing—0.6%
Danaher Corp. Zero Coupon, 01/22/21 (a)		2,500,000		5,721,875
Trinity Industries, Inc. 3.875%, 06/01/36 (a)		2,000,000		3,723,750
				9,445,625
Oil & Gas—0.7%
Chesapeake Energy Corp. 2.500%, 05/15/37 (a)		3,000,000		3,213,750
Energy XXI Bermuda, Ltd. 3.000%, 12/15/18 (144A) (a)		4,025,000		3,969,656
PDC Energy, Inc. 3.250%, 05/15/16 (144A)		2,000,000		3,212,500
				10,395,906
Oil & Gas Services—0.2%
Hornbeck Offshore Services, Inc. 1.500%, 09/01/19 (a)		2,000,000		2,418,750
Pharmaceuticals—1.1%
ALZA Corp. Zero Coupon, 07/28/20		5,000,000		7,190,625
Mylan, Inc. 3.750%, 09/15/15		1,200,000		4,652,250
Omnicare, Inc. 3.500%, 02/15/44 (a)		2,500,000		2,831,250
Salix Pharmaceuticals, Ltd. 1.500%, 03/15/19		1,000,000		1,963,125
				16,637,250
Real Estate Investment Trusts—0.7%
Host Hotels & Resorts L.P. 2.500%, 10/15/29 (144A)		4,800,000		8,127,000
ProLogis L.P. 3.250%, 03/15/15 (a)		1,300,000		1,455,187
				9,582,187
Retail—0.2%
Restoration Hardware Holdings, Inc. Zero Coupon, 06/15/19 (144A)		2,250,000		2,335,781
Semiconductors—1.6%
Intel Corp. 3.250%, 08/01/39 (a)		4,250,000		6,555,625
Micron Technology, Inc. 3.000%, 11/15/43		4,000,000		5,152,500
Novellus Systems, Inc. 2.625%, 05/15/41		1,300,000		2,630,875
NVIDIA Corp. 1.000%, 12/01/18 (144A) (a)		1,750,000		1,931,563
SunEdison, Inc. 0.250%, 01/15/20 (144A)		2,000,000		2,141,250
Xilinx, Inc. 2.625%, 06/15/17 (a)		3,500,000		5,799,062
				24,210,875
Software—1.2%
Citrix Systems, Inc. 0.500%, 04/15/19 (144A)		1,000,000		1,058,750
Concur Technologies, Inc. 0.500%, 06/15/18 (a)		2,650,000		2,958,063
NetSuite, Inc. 0.250%, 06/01/18 (a)		3,275,000		3,358,922
Proofpoint, Inc. 1.250%, 12/15/18 (144A) (a)		2,750,000		3,284,531
Salesforce.com, Inc. 0.750%, 01/15/15		1,425,000		3,884,906
Verint Systems, Inc. 1.500%, 06/01/21		1,000,000		1,025,000
Workday, Inc. 0.750%, 07/15/18		1,500,000		1,916,250
				17,486,422
Telecommunications—0.5%
Ciena Corp. 4.000%, 12/15/20 (a)		1,275,000		1,766,672
Nortel Network s Corp. 2.125%, 04/15/14 (e)		3,300,000		3,337,125
Palo Alto Networks, Inc. Zero Coupon, 07/01/19 (144A)		1,900,000		1,960,562
				7,064,359
Total Convertible Bonds (Cost $160,527,673)				195,605,949
Convertible Preferred Stocks—3.4%
Aerospace & Defense—0.4%
United Technologies Corp. 7.500%, 08/01/15 (a)		100,000		6,519,000

See accompanying notes to financial statements.

MIST-15

Met Investors Series Trust

Lord Abbett Bond Debenture Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Convertible Preferred Stocks—(Continued)

Security Description	Shares		Value
Banks—0.7%
Bank of America Corp. 7.250%, 12/31/49 (d)		3,500	$	4,084,500
Wells Fargo & Co., Series L 7.500%, 12/31/49		5,000		6,070,000
				10,154,500
Diversified Financial Services—0.5%
AMG Capital Trust II 5.150%, 10/15/37		123,500		7,757,344
Electric Utilities—0.4%
Exelon Corp. 6.500%, 06/01/17 (a)		34,900		1,882,736
NextEra Energy, Inc. 5.889%, 09/01/15		70,000		4,549,300
				6,432,036
Iron/Steel—0.0%
ArcelorMittal 6.000%, 01/15/16		25,000		563,280
Multi-Utilities—0.2%
Dominion Resources, Inc. 6.000%, 07/01/16 (a) (d)		50,000		2,901,000
Real Estate Investment Trusts—0.9%
Alexandria Real Estate Equities, Inc. 7.000%, 12/31/49 (a)		70,000		1,918,000
American Tower Corp. 5.250%, 05/15/17 (a)		8,300		883,120
Crown Castle International Corp. 4.500%, 11/01/16		25,000		2,548,000
Health Care REIT, Inc. 6.500%, 12/31/49 (d)		75,000		4,330,500
Weyerhaeuser Co. 6.375%, 07/01/16 (a) (d)		50,000		2,837,500
				12,517,120
Road & Rail—0.3%
Genesee & Wyoming, Inc. 5.000%, 10/01/15 (a)		30,000		4,048,200
Telecommunications—0.0%
Intelsat S.A. 5.750%, 05/01/16 (a)		6,000		305,460
Total Convertible Preferred Stocks (Cost $46,072,257)				51,197,940
Common Stocks—3.4%
Aerospace & Defense—0.2%
Precision Castparts Corp.		10,000		2,524,000
Auto Components—0.1%
Cooper-Standard Holding, Inc. (i)		15,000		992,400
Banks—0.2%
Fifth Third Bancorp (a)		150,000		3,202,500
Biotechnology—0.1%
Vertex Pharmaceuticals, Inc. (a) (i)		10,500		994,140
Chemicals—0.3%
Monsanto Co. (a)		33,000		4,116,420
Communications Equipment—0.0%
Palo Alto Networks, Inc. (a) (i)		7,000		586,950
Diversified Consumer Services—0.0%
LifeLock, Inc. (a) (i)		42,000		586,320
Electrical Equipment—0.2%
Emerson Electric Co.		20,000		1,327,200
Generac Holdings, Inc. (a) (i)		23,000		1,121,020
				2,448,220
Energy Equipment & Services—0.1%
Dresser-Rand Group, Inc. (a) (i)		20,000		1,274,600
Food Products—0.1%
Boulder Brands, Inc. (a) (i)		64,400		913,192
Health Care Providers & Services—0.2%
Express Scripts Holding Co. (i)		25,000		1,733,250
Team Health Holdings, Inc. (a) (i)		40,000		1,997,600
				3,730,850
Industrial Conglomerates—0.1%
General Electric Co.		50,000		1,314,000
IT Services—0.3%
Alliance Data Systems Corp. (a) (i)		10,000		2,812,500
VeriFone Systems, Inc. (a) (i)		33,000		1,212,750
				4,025,250
Machinery—0.0%
Mueller Water Products, Inc. - Class A		60,000		518,400
Media—0.1%
Twenty-First Century Fox, Inc. - Class A (a)		42,000		1,476,300
Oil, Gas & Consumable Fuels—0.7%
Antero Resources Corp. (i)		12,000		787,560
Diamondback Energy, Inc. (a) (i)		33,000		2,930,400
EOG Resources, Inc.		20,000		2,337,200
Kodiak Oil & Gas Corp. (a) (i)		100,000		1,455,000
Whiting Petroleum Corp. (i)		47,000		3,771,750
				11,281,910

See accompanying notes to financial statements.

MIST-16

Met Investors Series Trust

Lord Abbett Bond Debenture Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares/ Principal Amount*		Value
Paper & Forest Products—0.0%
PT Indah Kiat Pulp and Paper Corp. (i)		1,867,500	$	210,165
Pharmaceuticals—0.4%
Bristol-Myers Squibb Co. (a)		70,000		3,395,700
Teva Pharmaceutical Industries, Ltd. (ADR)		40,000		2,096,800
				5,492,500
Software—0.2%
FireEye, Inc. (a) (i)		12,000		486,600
Fortinet, Inc. (a) (i)		70,000		1,759,100
Informatica Corp. (a) (i)		47,000		1,675,550
				3,921,250
Water Utilities—0.1%
American Water Works Co., Inc. (a)		23,000		1,137,350
Total Common Stocks (Cost $42,768,537)				50,746,717
U.S. Treasury & Government Agencies—1.5%
Agency Sponsored Mortgage - Backed—1.5%
Fannie Mae 30 Yr. Pool 3.500%, 07/01/43		11,423,009		11,776,945
4.000%, 04/01/44		9,971,508		10,597,382
Total U.S. Treasury & Government Agencies (Cost $22,003,490)				22,374,327
Floating Rate Loans (c)—0.7%
Electronics—0.2%
Generac Power Systems, Inc. Term Loan B, 3.250%, 05/31/20		3,013,376		2,999,815
Insurance—0.1%
Asurion LLC 2nd Lien Term Loan, 8.500%, 03/03/21		1,350,000		1,403,156
Retail—0.3%
BJ’s Wholesale Club, Inc. 2nd Lien Term Loan, 8.500%, 03/26/20		1,425,000		1,463,746
Brookstone Co., Inc. DIP Term Loan A, 5.500%, 04/04/15 (g)		1,744,405		1,744,405
DIP Term Loan B, 0.300%, 04/04/15 (g)		1,053,911		1,053,911
				4,262,062
Trading Companies & Distributors—0.1%
Neff Rental LLC 2nd Lien Term Loan, 7.250%, 06/09/21		1,500,000		1,499,063
Total Floating Rate Loans (Cost $10,064,301)				10,164,096
Preferred Stocks — 0.5%
Security Description	Shares/ Principal Amount*		Value
Banks—0.4%
GMAC Capital Trust I, 8.125% (c)		50,000		1,365,000
Texas Capital Bancshares, Inc., 6.500% (a)		86,800		2,101,428
U.S. Bancorp. Series A, 3.500% (a) (c)		2,305		1,918,913
				5,385,341
Thrifts & Mortgage Finance—0.1%
Federal National Mortgage Association Series S, 8.250% (c) (i)		136,300		1,410,705
Total Preferred Stocks (Cost $8,670,566)				6,796,046
Foreign Government—0.2%
Sovereign—0.2%
Bermuda Government International Bond 4.138%, 01/03/23 (144A) (a)		1,750,000		1,750,000
Commonwealth of the Bahamas 5.750%, 01/16/24 (144A)		800,000		852,000
Total Foreign Government (Cost $2,550,000)				2,602,000
Warrants—0.1%
Auto Components—0.1%
Cooper-Standard Holding, Inc., Strike Price $27.33, Expires 11/27/17 (d) (i)		20,875		826,233
Media—0.0%
Ion Media Second Lien, Expires 12/18/16 (d) (g) (i)		395		38,726
Ion Media Unsecured Debt, Expires 12/18/16 (d) (g) (i)		390		38,235
				76,961
Total Warrants (Cost $2,394,059)				903,194
Short-Term Investment—16.7%
Mutual Fund—16.7%
State Street Navigator Securities Lending MET Portfolio (j)		247,043,007		247,043,007
Total Short-Term Investment (Cost $247,043,007)				247,043,007
Total Investments—115.5% (Cost $1,610,881,737) (k)				1,711,237,354
Other assets and liabilities (net)—(15.5)%				(229,350,100	)
Net Assets—100.0%			$	1,481,887,254

See accompanying notes to financial statements.

MIST-17

Met Investors Series Trust

Lord Abbett Bond Debenture Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

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

(a) All or a portion of the security was held on loan. As of June 30, 2014, the market value of securities loaned was $239,542,284 and the collateral received consisted of cash in the amount of $247,043,007 and non-cash collateral with a value of $5,524,238. 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) 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 June 30, 2014, the market value of restricted securities was $28,097,256, which is 1.9% of net assets. See details shown in the Restricted Securities table that follows.

(c) Variable or floating rate security. The stated rate represents the rate at June 30, 2014. Maturity date shown for callable securities reflects the earliest possible call date.

(d) Illiquid security. As of June 30, 2014, these securities represent 1.2% of net assets.

(e) Non-income producing; Security is in default and/or issuer is in bankruptcy.

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

(g) Security was valued in good faith under procedures approved by the Board of Trustees. As of June 30, 2014, these securities represent 0.2% of net assets.

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

(i) Non-income producing security.

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

(k) As of June 30, 2014, the aggregate cost of investments was $1,610,881,737. The aggregate unrealized appreciation and depreciation of investments were $119,168,872 and $(18,813,255), respectively, resulting in net unrealized appreciation of $100,355,617.

(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 June 30, 2014, the market value of 144A securities was $419,190,417, which is 28.3% of net assets.

(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.

(EUR)— Euro

(GBP)— British Pound

Restricted Securities	Acquisition Date		Principal Amount		Cost		Value
Affinion Investments LLC		12/09/13	$	1,000,000	$	1,012,500	$	1,040,000
Brookstone Co., Inc.		11/02/06		2,041,798		2,292,766		908,600
Compiler Finance Sub, Inc.		05/02/13		2,000,000		2,048,469		2,030,000
CrownRock L.P. / CrownRock Finance, Inc.		04/05/13		4,600,000		4,654,863		4,853,000
IFM U.S. Colonial Pipeline 2 LLC		04/14/11		4,900,000		4,897,987		5,246,062
International Automotive Components Group S.A.		04/13/12		2,000,000		1,944,849		2,125,000
MU Finance plc		01/22/10		2,568,511		2,546,648		2,684,094
Men’s Wearhouse, Inc. (The)		06/11/14		525,000		525,000		543,375
Mirabela Nickel, Ltd.		04/07/12		2,550,000		2,578,639		586,500
Sealed Air Corp.		02/02/12		4,900,000		4,548,616		5,096,000
Stoneridge, Inc.		09/24/10		1,725,000		1,725,000		1,837,125
Watco Cos. LLC / Watco Finance Corp.		03/19/13		1,125,000		1,126,375		1,147,500
							$	28,097,256

Futures Contracts

Futures Contracts – Short	Expiration Date		Number of Contracts			Notional Amount				Unrealized Depreciation
U.S. Treasury Note 10 Year Futures		09/19/14		(419	)		USD	(52,084,404	)	$	(362,611	)

(USD)— United States Dollar

See accompanying notes to consolidated financial statements.

MIST-18

Met Investors Series Trust

Lord Abbett Bond Debenture Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

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 June 30, 2014:

Description	Level 1		Level 2		Level 3		Total
Corporate Bonds & Notes
Aerospace/Defense	$	—	$	26,346,625	$	—	$	26,346,625
Airlines		—		3,799,032		—		3,799,032
Apparel		—		3,477,000		—		3,477,000
Auto Manufacturers		—		7,010,000		—		7,010,000
Auto Parts & Equipment		—		11,774,688		—		11,774,688
Banks		—		36,817,727		—		36,817,727
Beverages		—		2,509,375		—		2,509,375
Biotechnology		—		3,710,000		—		3,710,000
Building Materials		—		9,148,810		—		9,148,810
Chemicals		—		32,440,513		—		32,440,513
Coal		—		3,558,250		—		3,558,250
Commercial Services		—		41,281,312		—		41,281,312
Computers		—		13,806,000		—		13,806,000
Cosmetics/Personal Care		—		6,884,604		—		6,884,604
Distribution/Wholesale		—		3,211,025		—		3,211,025
Diversified Financial Services		—		62,382,522		—		62,382,522
Electric		—		15,722,133		—		15,722,133
Electrical Components & Equipment		—		10,292,719		—		10,292,719
Electronics		—		1,837,125		—		1,837,125
Energy-Alternate Sources		—		2,209,787		—		2,209,787
Engineering & Construction		—		5,992,125		—		5,992,125
Entertainment		—		23,458,027		—		23,458,027
Environmental Control		—		4,905,313		—		4,905,313
Food		—		21,134,252		—		21,134,252
Forest Products & Paper		—		4,628,750		—		4,628,750
Gas		—		6,935,344		—		6,935,344
Hand/Machine Tools		—		4,270,500		—		4,270,500
Healthcare-Products		—		6,176,250		—		6,176,250
Healthcare-Services		—		52,424,130		—		52,424,130
Holding Companies-Diversified		—		1,574,563		—		1,574,563
Home Builders		—		10,836,500		—		10,836,500
Household Products/Wares		—		18,396,750		—		18,396,750
Insurance		—		7,709,357		—		7,709,357
Internet		—		6,085,750		—		6,085,750
Investment Company Security		—		2,126,084		—		2,126,084
Iron/Steel		—		9,873,149		—		9,873,149
Leisure Time		—		3,182,250		—		3,182,250

See accompanying notes to financial statements.

MIST-19

Met Investors Series Trust

Lord Abbett Bond Debenture Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Fair Value Hierarchy—(Continued)

Description	Level 1		Level 2		Level 3		Total
Lodging	$	—	$	14,655,719	$	—	$	14,655,719
Machinery-Diversified		—		15,260,773		—		15,260,773
Media		—		66,265,900		—		66,265,900
Metal Fabricate/Hardware		—		5,546,543		—		5,546,543
Mining		—		7,742,767		—		7,742,767
Miscellaneous Manufacturing		—		12,141,563		—		12,141,563
Office Furnishings		—		3,448,596		—		3,448,596
Oil & Gas		—		146,012,736		—		146,012,736
Oil & Gas Services		—		21,178,509		—		21,178,509
Packaging & Containers		—		25,342,619		—		25,342,619
Pharmaceuticals		—		22,457,519		—		22,457,519
Pipelines		—		43,211,358		—		43,211,358
Real Estate		—		1,111,524		—		1,111,524
Real Estate Investment Trusts		—		17,716,155		—		17,716,155
Retail		—		64,695,322		—		64,695,322
Savings & Loans		—		—		600		600
Semiconductors		—		12,269,000		—		12,269,000
Shipbuilding		—		2,731,250		—		2,731,250
Software		—		32,876,229		—		32,876,229
Telecommunications		—		112,378,869		—		112,378,869
Textiles		—		918,000		—		918,000
Transportation		—		7,914,186		—		7,914,186
Total Corporate Bonds & Notes		—		1,123,803,478		600		1,123,804,078
Total Convertible Bonds*		—		195,605,949		—		195,605,949
Convertible Preferred Stocks
Aerospace & Defense		6,519,000		—		—		6,519,000
Banks		10,154,500		—		—		10,154,500
Diversified Financial Services		—		7,757,344		—		7,757,344
Electric Utilities		6,432,036		—		—		6,432,036
Iron/Steel		—		563,280		—		563,280
Multi-Utilities		2,901,000		—		—		2,901,000
Real Estate Investment Trusts		12,517,120		—		—		12,517,120
Road & Rail		4,048,200		—		—		4,048,200
Telecommunications		305,460		—		—		305,460
Total Convertible Preferred Stocks		42,877,316		8,320,624		—		51,197,940
Common Stocks
Aerospace & Defense		2,524,000		—		—		2,524,000
Auto Components		992,400		—		—		992,400
Banks		3,202,500		—		—		3,202,500
Biotechnology		994,140		—		—		994,140
Chemicals		4,116,420		—		—		4,116,420
Communications Equipment		586,950		—		—		586,950
Diversified Consumer Services		586,320		—		—		586,320
Electrical Equipment		2,448,220		—		—		2,448,220
Energy Equipment & Services		1,274,600		—		—		1,274,600
Food Products		913,192		—		—		913,192
Health Care Providers & Services		3,730,850		—		—		3,730,850
Industrial Conglomerates		1,314,000		—		—		1,314,000
IT Services		4,025,250		—		—		4,025,250
Machinery		518,400		—		—		518,400
Media		1,476,300		—		—		1,476,300
Oil, Gas & Consumable Fuels		11,281,910		—		—		11,281,910
Paper & Forest Products		—		210,165		—		210,165
Pharmaceuticals		5,492,500		—		—		5,492,500
Software		3,921,250		—		—		3,921,250
Water Utilities		1,137,350		—		—		1,137,350
Total Common Stocks		50,536,552		210,165		—		50,746,717
Total U.S. Treasury & Government Agencies*		—		22,374,327		—		22,374,327

See accompanying notes to financial statements.

MIST-20

Met Investors Series Trust

Lord Abbett Bond Debenture Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Fair Value Hierarchy—(Continued)

Description	Level 1			Level 2			Level 3		Total
Floating Rate Loans
Electronics	$	—		$	2,999,815		$	—	$	2,999,815
Insurance		—			1,403,156			—		1,403,156
Retail		—			1,463,746			2,798,316		4,262,062
Trading Companies & Distributors		—			1,499,063			—		1,499,063
Total Floating Rate Loans		—			7,365,780			2,798,316		10,164,096
Total Preferred Stocks*		6,796,046			—			—		6,796,046
Total Foreign Government*		—			2,602,000			—		2,602,000
Warrants
Auto Components		826,233			—			—		826,233
Media		—			—			76,961		76,961
Total Warrants		826,233			—			76,961		903,194
Total Short-Term Investment*		247,043,007			—			—		247,043,007
Total Investments	$	348,079,154		$	1,360,282,323		$	2,875,877	$	1,711,237,354
Collateral for securities loaned (Liability)	$	—		$	(247,043,007	)	$	—	$	(247,043,007	)
Futures Contracts
Futures Contracts (Unrealized Depreciation)	$	(362,611	)	$	—		$	—	$	(362,611	)

* See Schedule of Investments for additional detailed categorizations.

Transfers from Level 1 to Level 2 in the amount of $644,530 were due to decreased trading activity. Transfers from Level 2 to Level 1 in the amount of $1,691,893 were due to increased trading activity.

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		Accrued Discounts/ (Premiums)			Change in Unrealized Appreciation		Purchases		Balance as of June 30, 2014		Change in Unrealized Appreciation from Investments still held at June 30, 2014
Corporate Bonds & Notes
Saving & Loans	$	600	$	(363	)	$	363	$	—	$	600	$	363
Floating Rate Loans
Retail		—		—			—		2,798,316		2,798,316		—
Warrants
Media		76,961		—			—		—		76,961		—
Total	$	77,561	$	(363	)	$	363	$	2,798,316	$	2,875,877	$	363

See accompanying notes to financial statements.

MIST-21

Met Investors Series Trust

Lord Abbett Bond Debenture Portfolio

Statement of Assets and Liabilities

June 30, 2014 (Unaudited)

Assets
Investments at value (a) (b)	$	1,711,237,354
Cash		251,704
Receivable for:
Investments sold		13,318,708
Fund shares sold		166,952
Principal paydowns		34,274
Dividends and interest		18,841,120
Total Assets		1,743,850,112
Liabilities
Collateral for securities loaned		247,043,007
Payables for:
Investments purchased		12,565,118
Fund shares redeemed		1,237,318
Variation margin on futures contracts		32,736
Accrued expenses:
Management fees		619,243
Distribution and service fees		172,234
Deferred trustees’ fees		58,994
Other expenses		234,208
Total Liabilities		261,962,858
Net Assets	$	1,481,887,254
Net assets consist of:
Paid in surplus	$	1,330,874,769
Undistributed net investment income		34,121,436
Accumulated net realized gain		16,897,696
Unrealized appreciation on investments, futures contracts and foreign currency transactions		99,993,353
Net Assets	$	1,481,887,254
Net Assets
Class A	$	634,238,136
Class B		825,222,005
Class E		22,427,113
Capital Shares Outstanding*
Class A		48,141,622
Class B		63,298,404
Class E		1,715,161
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	13.17
Class B		13.04
Class E		13.08

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

(a) Identified cost of investments was $1,610,881,737.

(b) Includes securities loaned at value of $239,542,284.

Statement of Operations

Six Months Ended June 30, 2014 (Unaudited)

Investment Income
Dividends	$	1,710,409
Interest		39,184,462
Securities lending income		324,390
Total investment income		41,219,261
Expenses
Management fees		3,734,978
Administration fees		17,134
Custodian and accounting fees		88,154
Distribution and service fees—Class B		1,015,302
Distribution and service fees—Class E		16,729
Audit and tax services		32,026
Legal		15,668
Trustees’ fees and expenses		22,091
Shareholder reporting		76,646
Insurance		4,786
Miscellaneous		7,261
Total expenses		5,030,775
Net Investment Income		36,188,486
Net Realized and Unrealized Gain
Net realized gain (loss) on:
Investments		21,219,955
Futures contracts		(574,609	)
Foreign currency transactions		1,080
Net realized gain		20,646,426
Net change in unrealized appreciation (depreciation) on:
Investments		30,590,631
Futures contracts		(1,127,040	)
Foreign currency transactions		(3,160	)
Net change in unrealized appreciation		29,460,431
Net realized and unrealized gain		50,106,857
Net Increase in Net Assets From Operations	$	86,295,343

See accompanying notes to financial statements.

MIST-22

Met Investors Series Trust

Lord Abbett Bond Debenture Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2014 (Unaudited)			Year Ended December 31, 2013
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	36,188,486		$	79,862,605
Net realized gain		20,646,426			44,063,075
Net change in unrealized appreciation (depreciation)		29,460,431			(7,066,080	)
Increase in net assets from operations		86,295,343			116,859,600
From Distributions to Shareholders
Net investment income
Class A		(36,660,759	)		(42,518,412	)
Class B		(45,157,543	)		(53,791,660	)
Class E		(1,256,379	)		(1,589,195	)
Net realized capital gains
Class A		(17,089,978	)		0
Class B		(21,987,704	)		0
Class E		(602,285	)		0
Total distributions		(122,754,648	)		(97,899,267	)
Increase (decrease) in net assets from capital share transactions		49,794,019			(109,762,823	)
Total increase (decrease) in net assets		13,334,714			(90,802,490	)
Net Assets
Beginning of period		1,468,552,540			1,559,355,030
End of period	$	1,481,887,254		$	1,468,552,540
Undistributed net investment income
End of period	$	34,121,436		$	81,007,631

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2014 (Unaudited)						Year Ended December 31, 2013
	Shares			Value			Shares			Value
Class A
Sales		1,453,483		$	19,153,735			4,364,094		$	58,692,112
Reinvestments		4,202,560			53,750,737			3,285,812			42,518,412
Redemptions		(4,578,269	)		(60,409,374	)		(14,420,147	)		(196,904,953	)
Net increase (decrease)		1,077,774		$	12,495,098			(6,770,241	)	$	(95,694,429	)
Class B
Sales		2,312,189		$	30,839,563			6,559,278		$	85,792,951
Reinvestments		5,303,732			67,145,247			4,195,917			53,791,660
Redemptions		(4,577,824	)		(60,980,260	)		(11,626,686	)		(152,201,329	)
Net increase (decrease)		3,038,097		$	37,004,550			(871,491	)	$	(12,616,718	)
Class E
Sales		70,474		$	944,352			261,672		$	3,472,694
Reinvestments		146,352			1,858,664			123,673			1,589,195
Redemptions		(187,854	)		(2,508,645	)		(494,024	)		(6,513,565	)
Net increase (decrease)		28,972		$	294,371			(108,679	)	$	(1,451,676	)
Increase (decrease) derived from capital shares transactions				$	49,794,019					$	(109,762,823	)

See accompanying notes to financial statements.

MIST-23

Met Investors Series Trust

Lord Abbett Bond Debenture Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2014 (Unaudited)			Year Ended December 31,
				2013			2012			2011			2010			2009
Net Asset Value, Beginning of Period	$	13.55		$	13.43		$	12.80		$	12.98		$	12.24		$	9.72
Income (Loss) from Investment Operations
Net investment income (a)		0.34			0.73			0.75			0.80			0.79			0.78
Net realized and unrealized gain (loss) on investments		0.45			0.32			0.86			(0.17	)		0.76			2.61
Total from investment operations		0.79			1.05			1.61			0.63			1.55			3.39
Less Distributions
Distributions from net investment income		(0.80	)		(0.93	)		(0.98	)		(0.81	)		(0.81	)		(0.87	)
Distributions from net realized capital gains		(0.37	)		0.00			0.00			0.00			0.00			0.00
Total distributions		(1.17	)		(0.93	)		(0.98	)		(0.81	)		(0.81	)		(0.87	)
Net Asset Value, End of Period	$	13.17		$	13.55		$	13.43		$	12.80		$	12.98		$	12.24
Total Return (%) (b)		6.17	(c)		8.17			13.19			4.83			13.18			37.12
Ratios/Supplemental Data
Ratio of expenses to average net assets (%)		0.55	(d)		0.54			0.54			0.54			0.53			0.55
Ratio of net investment income to average net assets (%)		5.07	(d)		5.50			5.76			6.18			6.40			7.21
Portfolio turnover rate (%)		25	(c)		46			47			36			42			39
Net assets, end of period (in millions)	$	634.2		$	637.9		$	722.9		$	715.6		$	1,163.2		$	1,006.5
	Class B
	Six Months Ended June 30, 2014 (Unaudited)			Year Ended December 31,
				2013			2012			2011			2010			2009
Net Asset Value, Beginning of Period	$	13.41		$	13.29		$	12.67		$	12.87		$	12.14		$	9.65
Income (Loss) from Investment Operations
Net investment income (a)		0.32			0.69			0.71			0.76			0.76			0.74
Net realized and unrealized gain (loss) on investments		0.44			0.33			0.86			(0.19	)		0.76			2.59
Total from investment operations		0.76			1.02			1.57			0.57			1.52			3.33
Less Distributions
Distributions from net investment income		(0.76	)		(0.90	)		(0.95	)		(0.77	)		(0.79	)		(0.84	)
Distributions from net realized capital gains		(0.37	)		0.00			0.00			0.00			0.00			0.00
Total distributions		(1.13	)		(0.90	)		(0.95	)		(0.77	)		(0.79	)		(0.84	)
Net Asset Value, End of Period	$	13.04		$	13.41		$	13.29		$	12.67		$	12.87		$	12.14
Total Return (%) (b)		5.97	(c)		7.98			12.95			4.46			12.97			36.77
Ratios/Supplemental Data
Ratio of expenses to average net assets (%)		0.80	(d)		0.79			0.79			0.79			0.78			0.80
Ratio of net investment income to average net assets (%)		4.82	(d)		5.24			5.51			5.98			6.16			6.93
Portfolio turnover rate (%)		25	(c)		46			47			36			42			39
Net assets, end of period (in millions)	$	825.2		$	808.0		$	812.6		$	780.4		$	805.0		$	740.0

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

MIST-24

Met Investors Series Trust

Lord Abbett Bond Debenture Portfolio

Financial Highlights

Selected per share data
	Class E
	Six Months Ended June 30, 2014 (Unaudited)			Year Ended December 31,
				2013			2012			2011			2010			2009
Net Asset Value, Beginning of Period	$	13.45		$	13.33		$	12.71		$	12.89		$	12.16		$	9.67
Income (Loss) from Investment Operations
Net investment income (a)		0.33			0.71			0.72			0.78			0.77			0.76
Net realized and unrealized gain (loss) on investments		0.45			0.32			0.86			(0.18	)		0.76			2.58
Total from investment operations		0.78			1.03			1.58			0.60			1.53			3.34
Less Distributions
Distributions from net investment income		(0.78	)		(0.91	)		(0.96	)		(0.78	)		(0.80	)		(0.85	)
Distributions from net realized capital gains		(0.37	)		0.00			0.00			0.00			0.00			0.00
Total distributions		(1.15	)		(0.91	)		(0.96	)		(0.78	)		(0.80	)		(0.85	)
Net Asset Value, End of Period	$	13.08		$	13.45		$	13.33		$	12.71		$	12.89		$	12.16
Total Return (%) (b)		6.04	(c)		8.06			13.01			4.69			13.03			36.87
Ratios/Supplemental Data
Ratio of expenses to average net assets (%)		0.70	(d)		0.69			0.69			0.69			0.68			0.70
Ratio of net investment income to average net assets (%)		4.92	(d)		5.34			5.61			6.07			6.26			7.03
Portfolio turnover rate (%)		25	(c)		46			47			36			42			39
Net assets, end of period (in millions)	$	22.4		$	22.7		$	23.9		$	24.3		$	30.0		$	32.7

(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) Periods less than one year are not computed on an annualized basis.

(d) Computed on an annualized basis.

See accompanying notes to financial statements.

MIST-25

Met Investors Series Trust

Lord Abbett Bond Debenture Portfolio

Notes to Financial Statements—June 30, 2014 (Unaudited)

1. Organization

Met Investors Series Trust (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 currently offers forty-seven series, each of which operates as a distinct investment vehicle of the Trust. The portfolio included in this report is Lord Abbett Bond Debenture 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 four classes of shares: Class A, B, C and E shares. Class A, B and E shares are currently offered by the Portfolio. 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 June 30, 2014 through the date the financial statements were issued.

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 (other than short term obligations with a remaining maturity of sixty days or less), 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 MetLife Advisers, LLC (“MetLife Advisers” or the “Adviser”), an affiliate of MetLife, Inc., pursuant to authorization of 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 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.

MIST-26

Met Investors Series Trust

Lord Abbett Bond Debenture Portfolio

Notes to Financial Statements—June 30, 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, which 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 and futures contracts that are traded over-the-counter 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 has delegated the determination of the fair value of a security to a 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.

MIST-27

Met Investors Series Trust

Lord Abbett Bond Debenture Portfolio

Notes to Financial Statements—June 30, 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 convertible preferred stocks, foreign currency transactions, premium amortization adjustments, contingent payment debt instruments, 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 June 30, 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 Master Repurchase Agreement 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.

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. 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 at least equal to 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

MIST-28

Met Investors Series Trust

Lord Abbett Bond Debenture Portfolio

Notes to Financial Statements—June 30, 2014 (Continued)

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 six months ended June 30, 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 June 30, 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 June 30, 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 has agreed to 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 Consolidated 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 Consolidated Statement of Operations. These contracts involve markets and/or credit risk in excess of the amount recognized in the Consolidated 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. Futures contracts are exchange-traded and 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 June 30, 2014, the Portfolio had the following derivatives, categorized by risk exposure:

	Liability Derivatives
Risk Exposure	Statement of Assets & Liabilities Location	Fair Value
Interest Rate	Unrealized depreciation on futures contracts* (a)	$	362,611

* 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) Financial instrument not subject to a master netting agreement.

MIST-29

Met Investors Series Trust

Lord Abbett Bond Debenture Portfolio

Notes to Financial Statements—June 30, 2014 (Continued)

Transactions in derivative instruments during the six months ended June 30, 2014 were as follows:

Statement of Operations Location—Net Realized Gain (Loss)	Interest Rate			Foreign Exchange			Total
Forward foreign currency transactions	$	—		$	(6,023	)	$	(6,023	)
Futures contracts		(574,609	)		—			(574,609	)
	$	(574,609	)	$	(6,023	)	$	(580,632	)
Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)	Interest Rate			Foreign Exchange			Total
Futures contracts	$	(1,127,040	)	$	—		$	(1,127,040	)
	$	(1,127,040	)	$	—		$	(1,127,040	)

For the six months ended June 30, 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 short	$	39,933,333

‡ Averages are based on activity levels during the period.

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; 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 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 over-the-counter traded derivatives (e.g., forward foreign currency exchange contracts, swap agreements and over-the-counter 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

MIST-30

Met Investors Series Trust

Lord Abbett Bond Debenture Portfolio

Notes to Financial Statements—June 30, 2014 (Continued)

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 addendums 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 six months ended June 30, 2014 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$20,714,844	$	339,456,461	$	10,737,993	$	354,625,068

The Portfolio engaged in security transactions with other accounts managed by Lord, Abbett & Co. LLC. that amounted to $85,522 in purchases and $1,565,981in 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 six months ended June 30, 2014	% per annum			Average Daily Net Assets
$3,734,978		0.600	%	First $250 million
		0.550	%	$250 million to $500 million
		0.500	%	$500 million to $1 billion
		0.450	%	Over $1 billion

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

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 Agreements and Plans - The Trust has distribution agreements with MetLife Investors Distribution Company (“MIDC” or the “Distributor”) in which MIDC serves as the distributor for the Portfolio’s Class A, Class B and Class E Shares. MIDC is a wholly-owned subsidiary of MetLife Investors Group, Inc., an affiliate of the Adviser. The Class B and Class E distribution plans provide that the Trust, on behalf of the Portfolio, may pay annually up to 0.50% and 0.25%, respectively, of the average daily net assets of the Portfolio attributable to its Class B and Class E Shares with respect to activities primarily intended to result in the sale of Class B and

MIST-31

Met Investors Series Trust

Lord Abbett Bond Debenture Portfolio

Notes to Financial Statements—June 30, 2014 (Continued)

Class E Shares. However, under the Class B and Class E distribution agreements, payments to the Distributor for activities pursuant to the Class B and Class E distribution plans are currently limited to payments at an annual rate equal to 0.25% and 0.15% of average daily net assets of the Portfolio attributable to its Class B and Class E Shares, respectively. Amounts incurred by the Portfolio for the six months ended June 30, 2014 are shown as Distribution and service fees in the Statement of Operations.

Under the terms of the Class B and Class E distribution plans and distribution agreements, the Portfolio is authorized to make payments monthly to the Distributor that may be used to pay or reimburse entities providing distribution and shareholder servicing with respect to the Class B and Class E Shares for such entities’ fees or expenses incurred.

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 Metropolitan Series Fund, 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, 2013 and 2012 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2013	2012		2013		2012		2013		2012
$97,899,267	$	113,483,572	$	—	$	—	$	97,899,267	$	113,483,572

As of December 31, 2013, 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
$90,962,884	$	31,366,952	$	65,195,839	$	—	$	187,525,675

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, 2013, the Portfolio utilized capital loss carryforwards of $1,720,960. As of December 31, 2013, the Portfolio had no 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 January 1, 2015, and interim periods within those fiscal years. Management is evaluating the impact, if any, of this guidance on the Portfolio’s financial statement disclosures.

MIST-32

Met Investors Series Trust

Met/Artisan International Portfolio

Managed by Artisan Partners Limited Partnership

Portfolio Manager Commentary*

PERFORMANCE

Since its inception on April 29, 2014, the Class A shares of the Met/Artisan International Portfolio returned 4.70%. The Portfolio’s benchmark, the MSCI AC World (ex-U.S.) Index¹, returned 4.59%.

MARKET ENVIRONMENT / CONDITIONS

Equity markets climbed steadily in the period from April 29 to June 30, 2014. Despite several factors which could have shaken investor confidence, markets chose to view the glass as half full. Positive sentiment was driven by statements from the Federal Reserve (the “Fed”) and the European Central Bank (the “ECB”) echoing an ongoing commitment to low interest rates. The lack of central bank hawkishness lifted several global indices toward multi-year highs and pushed measures of volatility to historic lows. Global mergers and acquisitions volume was also a tailwind with over $1 trillion in deals announced during the period. Headlines touted geopolitical tensions between Russia and Ukraine, plus unrest in Iraq, but did not deter overall sentiment.

The euro zone continues to face an uphill recovery battle as its two largest economies, Germany and France, are slowing. The ECB unveiled a package of extraordinary measures in June, cutting a main interest rate below zero and offering up to €400 billion in loans in a major effort to combat deflation. The Chinese economy was mixed in the second quarter, with improving industrial production and retail sales but a faltering real estate market. For now, it seems the government’s mini-stimulus measures are having a positive impact. Markets in Japan erased much of their year-to-date losses as domestic consumption stayed relatively firm after a sales tax hike. Prime Minister Shinzo Abe’s latest economic package also boosted sentiment.

In the U.S., a dismal first quarter gross domestic product (“GDP”) print was largely ignored. The U.S. economy contracted at a 2.9% pace, the sharpest decline in five years, but markets instead focused on strength in other areas of the economy such as employment, housing and auto sales. Measures of U.S. inflation ticked up, but investors were placated by the Fed’s dismissal of the so-called noisy data.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Portfolio benefited from positive stock selection in the majority of sectors, highlighting the depth of our bottom-up investment process. Holdings from multiple themes contributed positively to overall results, including our technology, demographics, air travel and environmental themes. A rebound in several high-conviction Technology and Consumer Staples holdings worked in our favor. Baidu (China), SABMiller (U.K.) and Anheuser-Busch InBev (Belgium) were counted among our leading individual contributors. Health Care stocks Covidien (U.S.) and Actelion (Switzerland) were also standout holdings. Regionally, our exposure to emerging markets was a source of strength.

Our Health Care holdings were also a source of strength. Investors responded positively to news that medical device manufacturer Covidien will be bought by U.S.-based rival Medtronic in a deal worth $43 billion. The combined company will be based in Ireland, where overall tax rates are lower than in the U.S. The combined company will also enjoy a meaningful footprint in terms of market share: it is expected to take the number one or two position in several key categories for hospital purchases. Shares of biotechnology company Actelion rose after one of its developmental drugs performed well in a late-stage study. A Phase III trial showed that Selexipag, used to treat a heart and lung disease, met its targets and could be a viable replacement for Tracleer^®, which will begin losing patent protection in 2015.

On the down side, our minimal exposure to the Index-leading Energy sector was a drawback. As always, our sector weightings are a residual of our bottom-up stock selection process. We have historically identified limited opportunities in the Energy sector, finding the companies to often be commodity-driven and lacking the necessary characteristics to generate long-term sustainable earnings growth. Only a handful of individual positions detracted from our overall results, including financial services provider UBS and specialty chemicals company Croda.

MIST-1

Met Investors Series Trust

Met/Artisan International Portfolio

Managed by Artisan Partners Limited Partnership

Portfolio Manager Commentary*—(Continued)

At period end, the Portfolio was notably overweight the Industrials and Consumer Staples sectors, and underweight the Financials and Energy sectors. As always, sector weights are a residual of our bottom-up stock selection process.

Mark L. Yockey

Charles-Henri Hamker

Andrew Euretig

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 and 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 those of the subadvisory firm as of June 30, 2014 and 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 statements) 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 applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable annuity or insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

MIST-2

Met Investors Series Trust

Met/Artisan International Portfolio

A $10,000 INVESTMENT COMPARED TO THE MSCI AC WORLD (EX-U.S.) INDEX

CUMULATIVE RETURNS (%) FOR THE PERIOD ENDED JUNE 30, 2014

	Since Inception2
Met/Artisan International Portfolio
Class A		4.70
MSCI AC World (ex-U.S.) Index		4.59

¹ The MSCI AC 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.

² Inception date of the Class A shares is 4/29/2014. 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.

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 JUNE 30, 2014

Top Holdings

	% of Net Assets
Baidu, Inc. (ADR)		4.5
Bayer AG		3.8
Linde AG		3.8
AIA Group, Ltd.		3.1
Nestle S.A.		3.1
Rolls-Royce Holdings plc		3.1
Roche Holding AG		2.9
Deutsche Post AG		2.7
SABMiller plc		2.6
Toyota Motor Corp.		2.6

Top Sectors

	% of Net Assets
Industrials		20.6
Consumer Discretionary		17.5
Consumer Staples		16.9
Health Care		15.6
Information Technology		9.4
Financials		7.3
Materials		7.2
Telecommunication Services		2.8
Energy		1.0

MIST-3

Met Investors Series Trust

Met/Artisan International Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

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, April 29, 2014 through June 30, 2014.

Actual Expenses

The first line 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 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 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 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 International Portfolio		Annualized Expense Ratio			Beginning Account Value April 29, 2014		Ending Account Value June 30, 2014		Expenses Paid During Period** April 29, 2014 to June 30, 2014
Class A(a)	Actual		0.83	%	$	1,000.00	$	1,023.50	$	1.45
	Hypothetical*		0.83	%	$	1,000.00	$	1,007.20	$	1.44

* 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 (63 days) in the most recent fiscal half-year, divided by 365 (to reflect the two month period).

^(a) Commencement of operations was April 29, 2014.

MIST-4

Met Investors Series Trust

Met/Artisan International Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Common Stocks—96.3% of Net Assets

Security Description	Shares		Value
Belgium—4.4%
Anheuser-Busch InBev NV		224,048	$	25,752,311
Telenet Group Holding NV (a)		137,515		7,831,932
UCB S.A.		125,576		10,623,368
				44,207,611
China—4.5%
Baidu, Inc. (ADR) (a)		240,647		44,955,266
Denmark—1.0%
ISS A/S (a)		125,694		4,489,916
Rockwool International A/S - B Shares		31,186		5,758,895
				10,248,811
France—7.0%
L’Oreal S.A.		42,355		7,303,368
LVMH Moet Hennessy Louis Vuitton S.A.		42,753		8,235,533
Pernod-Ricard S.A.		83,647		10,045,262
Publicis Groupe S.A.		57,902		4,915,312
Schneider Electric SE		232,545		21,932,298
Zodiac Aerospace		528,401		17,871,465
				70,303,238
Germany—12.9%
Bayer AG		272,819		38,535,250
Beiersdorf AG		146,425		14,170,085
Deutsche Post AG		752,542		27,217,907
Linde AG		178,650		37,991,517
MTU Aero Engines AG		129,362		11,902,872
				129,817,631
Hong Kong—9.2%
AIA Group, Ltd.		6,148,972		30,982,645
Beijing Enterprises Holdings, Ltd.		1,980,000		18,721,836
China Resources Land, Ltd.		990,000		1,815,962
Hongkong Land Holdings, Ltd.		604,000		4,029,175
Sands China, Ltd.		2,573,500		19,506,340
Tencent Holdings, Ltd.		1,136,300		17,419,954
				92,475,912
Indonesia—0.6%
PT Bank Rakyat Indonesia Persero Tbk		7,221,700		6,293,237
Ireland—3.2%
Covidien plc		258,451		23,307,111
CRH plc		326,698		8,380,455
				31,687,566
Japan—14.7%
Honda Motor Co., Ltd.		436,600		15,272,408
IHI Corp.		4,470,000		20,866,454
KDDI Corp.		194,700		11,901,675
LIXIL Group Corp.		386,200		10,445,288
NGK Insulators, Ltd.		1,075,000		24,462,972
Olympus Corp. (a)		665,800		22,993,356
Japan—(Continued)
Ono Pharmaceutical Co., Ltd.		107,000		9,441,160
SoftBank Corp.		84,764		6,306,652
Toyota Motor Corp.		429,900		25,860,272
				147,550,237
Mexico—2.4%
Grupo Televisa S.A.B. (ADR)		709,393		24,339,274
Netherlands—6.2%
ASML Holding NV		275,278		25,618,420
Nielsen Holdings NV		71,873		3,479,372
Unilever NV		527,955		23,093,524
Ziggo NV		221,984		10,258,324
				62,449,640
South Korea—0.9%
NAVER Corp.		7,119		5,890,585
Orion Corp.		3,221		2,931,556
Samsung Electronics Co., Ltd.		77		100,680
				8,922,821
Spain—1.0%
Grifols S.A.		113,994		6,223,591
Grifols S.A. (ADR)		89,109		3,925,251
				10,148,842
Sweden—1.2%
Electrolux AB - Series B		170,055		4,296,818
Volvo AB - B Shares		578,335		7,957,669
				12,254,487
Switzerland—9.8%
Actelion, Ltd. (a)		94,519		11,948,336
Holcim, Ltd. (a)		1,144		100,564
Nestle S.A.		397,272		30,781,809
Roche Holding AG		98,722		29,458,794
Swatch Group AG (The)		22,423		13,543,254
Syngenta AG		2,285		853,721
UBS AG (a)		624,315		11,440,008
				98,126,486
United Kingdom—16.3%
Croda International plc		287,121		10,825,218
Diageo plc		31,581		1,005,327
Imperial Tobacco Group plc		320,801		14,425,938
InterContinental Hotels Group plc		252,910		10,464,451
Johnson Matthey plc		276,391		14,650,753
Liberty Global plc - Class A (a)		216,803		9,587,028
Liberty Global plc - Series C (a)		378,364		16,008,581
Prudential plc		415,883		9,539,851
Rolls-Royce Holdings plc (a)		1,678,683		30,659,588
Royal Mail plc (a)		115,057		981,812
SABMiller plc		456,074		26,423,770
Saga plc (a)		1,125,789		3,347,598

See accompanying notes to financial statements.

MIST-5

Met Investors Series Trust

Met/Artisan International Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
United Kingdom—(Continued)
WPP plc		752,533	$	16,386,372
				164,306,287
United States—1.0%
Schlumberger, Ltd.		82,100		9,683,695
Total Common Stocks (Cost $926,314,821)				967,771,041
Preferred Stock—1.4%
Germany—1.4%
Henkel AG & Co. KGaA (Cost $13,279,362)		119,846		13,863,075
Equity Linked Security—0.6%
Ireland—0.6%
Ryanair Holdings plc (HSBC Bank plc), 11/17/16 (b) (Cost $6,526,158)		680,600		6,407,127
Short-Term Investment—1.2%
Security Description	Principal Amount*		Value
Repurchase Agreement—1.2%
Fixed Income Clearing Corp. Repurchase Agreement dated 06/30/14 at 0.000% to be repurchased at $11,969,667 on 07/01/14, collateralized by $11,855,000 U.S. Government Agency obligations with rates ranging from 0.500% - 4.250%, maturity dates ranging from 07/31/15 - 09/28/15 with a value of $12,211,269.		11,969,667		11,969,667
Total Short-Term Investment (Cost $11,969,667)				11,969,667
Total Investments—99.5% (Cost $958,090,008) (c)				1,000,010,910
Other assets and liabilities (net)—0.5%				4,695,828
Net Assets—100.0%			$	1,004,706,738

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

(a) Non-income producing security.

(b) Security whose performance, including redemption at maturity, is linked to the price of the underlying equity security. The investment is subject to credit risk of the issuing financial institution (HSBC Bank plc) in addition to the market risk of the underlying security.

(c) As of June 30, 2014, the aggregate cost of investments was $958,090,008. The aggregate unrealized appreciation and depreciation of investments were $52,735,289 and $(10,814,387), respectively, resulting in net unrealized appreciation of $41,920,902.

(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.

MIST-6

Met Investors Series Trust

Met/Artisan International Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

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 June 30, 2014:

Description	Level 1		Level 2		Level 3		Total
Common Stocks
Belgium	$	—	$	44,207,611	$	—	$	44,207,611
China		44,955,266		—		—		44,955,266
Denmark		—		10,248,811		—		10,248,811
France		—		70,303,238		—		70,303,238
Germany		—		129,817,631		—		129,817,631
Hong Kong		—		92,475,912		—		92,475,912
Indonesia		—		6,293,237		—		6,293,237
Ireland		23,307,111		8,380,455		—		31,687,566
Japan		—		147,550,237		—		147,550,237
Mexico		24,339,274		—		—		24,339,274
Netherlands		3,479,372		58,970,268		—		62,449,640
South Korea		—		8,922,821		—		8,922,821
Spain		3,925,251		6,223,591		—		10,148,842
Sweden		—		12,254,487		—		12,254,487
Switzerland		—		98,126,486		—		98,126,486
United Kingdom		28,943,207		135,363,080		—		164,306,287
United States		9,683,695		—		—		9,683,695
Total Common Stocks		138,633,176		829,137,865		—		967,771,041
Total Preferred Stock*		—		13,863,075		—		13,863,075
Total Equity Linked Security*		6,407,127		—		—		6,407,127
Total Short-Term Investment*		—		11,969,667		—		11,969,667
Total Investments	$	145,040,303	$	854,970,607	$	—	$	1,000,010,910

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

MIST-7

Met Investors Series Trust

Met/Artisan International Portfolio

Statement of Assets and Liabilities

June 30, 2014 (Unaudited)

Assets
Investments at value (a)	$	1,000,010,910
Cash denominated in foreign currencies (b)		285,650
Receivable for:
Investments sold		7,015,263
Fund shares sold		3,245
Dividends		1,304,588
Prepaid expenses		465
Total Assets		1,008,620,121
Liabilities
Payables for:
Investments purchased		3,147,465
Fund shares redeemed		30,628
Accrued expenses:
Management fees		610,001
Deferred trustees’ fees		5,589
Other expenses		119,700
Total Liabilities		3,913,383
Net Assets	$	1,004,706,738
Net assets consist of:
Paid in surplus	$	959,177,288
Undistributed net investment income		3,898,937
Accumulated net realized loss		(304,741	)
Unrealized appreciation on investments and foreign currency transactions		41,935,254
Net Assets	$	1,004,706,738
Net Assets
Class A	$	1,004,706,738
Capital Shares Outstanding*
Class A		95,916,187
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	10.47

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

(a) Identified cost of investments, was $958,090,008.

(b) Identified cost of cash denominated in foreign currencies was $285,615.

Statement of Operations

Period Ended June 30, 2014 (Unaudited)^(a)

Investment Income
Dividends (b)	$	5,259,063
Total investment income		5,259,063
Expenses
Management fees		1,225,633
Administration fees		3,823
Custodian and accounting fees		87,603
Audit and tax services		12,011
Legal		12,515
Trustees’ fees and expenses		6,046
Shareholder reporting		10,500
Miscellaneous		1,995
Total expenses		1,360,126
Net Investment Income		3,898,937
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments		(1,371,058	)
Futures contracts		(1,019,622	)
Foreign currency transactions		2,085,939
Net realized loss		(304,741	)
Net change in unrealized appreciation on:
Investments		41,920,902
Foreign currency transactions		14,352
Net change in unrealized appreciation		41,935,254
Net realized and unrealized gain		41,630,513
Net Increase in Net Assets From Operations	$	45,529,450

(a) Commencement of operations was April 29, 2014.

(b) Net of foreign withholding taxes of $461,047.

See accompanying notes to financial statements.

MIST-8

Met Investors Series Trust

Met/Artisan International Portfolio

Statements of Changes in Net Assets

	Period Ended June 30, 2014 (Unaudited)(a)
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	3,898,937
Net realized loss		(304,741	)
Net change in unrealized appreciation		41,935,254
Increase in net assets from operations		45,529,450
Increase in net assets from capital share transactions		959,177,288
Total increase in net assets		1,004,706,738
Net Assets
Beginning of period		—
End of period	$	1,004,706,738
Undistributed net investment income
End of period	$	3,898,937

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Period Ended June 30, 2014 (Unaudited)(a)
	Shares			Value
Class A
Sales		96,601,191		$	966,067,165
Redemptions		(685,004	)		(6,889,877	)
Net increase		95,916,187		$	959,177,288
Increase derived from capital shares transactions				$	959,177,288

(a) Commencement of operations was April 29, 2014.

See accompanying notes to financial statements.

MIST-9

Met Investors Series Trust

Met/Artisan International Portfolio

Financial Highlights

Selected per share data
	Class A
	Period Ended June 30, 2014(a) (Unaudited)
Net Asset Value, Beginning of Period	$	10.00
Income (Loss) from Investment Operations
Net investment income (b)		0.04
Net realized and unrealized gain on investments		0.43
Total from investment operations		0.47
Net Asset Value, End of Period	$	10.47
Total Return (%) (c)		4.70	(d)
Ratios/Supplemental Data
Ratio of expenses to average net assets (%)		0.83	(e)
Ratio of net investment income to average net assets (%)		2.35	(e)
Portfolio turnover rate (%)		7	(d)
Net assets, end of period (in millions)	$	1,004.7

(a) Commencement of operations was April 29, 2014.

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

(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) Periods less than one year are not computed on an annualized basis.

(e) Computed on an annualized basis.

See accompanying notes to financial statements.

MIST-10

Met Investors Series Trust

Met/Artisan International Portfolio

Notes to Financial Statements—June 30, 2014 (Unaudited)

1. Organization

Met Investors Series Trust (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 currently offers forty-seven series, each of which operates as a distinct investment vehicle of the Trust. The portfolio included in this report is Met/Artisan International Portfolio (the “Portfolio”) (commenced operations on April 29, 2014), 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 four classes of shares: Class A, B, C, and E shares. Class A shares are currently offered by the Portfolio.

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 June 30, 2014 through the date the financial statements were issued.

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 (other than short term obligations with a remaining maturity of sixty days or less), 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 MetLife Advisers, LLC (“MetLife Advisers” or the “Adviser”), an affiliate of MetLife, Inc., pursuant to authorization of 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 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.

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.

MIST-11

Met Investors Series Trust

Met/Artisan International Portfolio

Notes to Financial Statements—June 30, 2014—(Continued)

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, which 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 and futures contracts that are traded over-the-counter 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 has delegated the determination of the fair value of a security to a 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.

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

MIST-12

Met Investors Series Trust

Met/Artisan International Portfolio

Notes to Financial Statements—June 30, 2014—(Continued)

distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to foreign currency transactions, foreign capital gain tax 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 remain subject to examination by the Internal Revenue Service for three years after the returns are filed. As of June 30, 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 Master Repurchase Agreement 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 June 30, 2014, the Portfolio had investments in repurchase agreements with a gross value of $11,969,667, 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 June 30, 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. Futures contracts are exchange-traded and 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 period ended June 30, 2014, the Portfolio entered into equity index futures contracts which were subject to equity price risk. During the period April 29, 2014 through May 7, 2014, the Portfolio had bought and sold $699,968,700 in notional cost on equity index futures contracts. At June 30, 2014, the Portfolio did not have any open futures contracts. For the period ended June 30, 2014, the Portfolio had realized losses in the amount of $1,019,622 which are shown under Net realized loss on futures contracts in the Statement of Operations.

MIST-13

Met Investors Series Trust

Met/Artisan International Portfolio

Notes to Financial Statements—June 30, 2014—(Continued)

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; 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 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.

5. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the period ended June 30, 2014 were as follows:

Purchases				Sales
U.S. Government		Non U.S. Government		U.S. Government		Non U.S. Government
$	0	$	1,013,720,934	$	0	$	66,308,102

During the period ended June 30, 2014, the Portfolio engaged in security transactions with other affiliated portfolios. These amounted to $83,995,996 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 annual rates:

Management Fees earned by MetLife Advisers for the period ended June 30, 2014	% per annum			Average Daily Net Assets
$1,225,633		0.750	%	ALL

MIST-14

Met Investors Series Trust

Met/Artisan International Portfolio

Notes to Financial Statements—June 30, 2014—(Continued)

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 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.

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 Metropolitan Series Fund, 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. 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 January 1, 2015, and interim periods within those fiscal years. Management is evaluating the impact, if any, of this guidance on the Portfolio’s financial statement disclosures.

MIST-15

Met Investors Series Trust

Met/Artisan International Portfolio

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

At an in-person meeting of the Boards of Trustees (the “Board”) of Met Investors Series Trust (the “Trust”) held on February 12-13, 2014, the Board, including a majority of the Trustees who are not considered to be “interested persons” of the Trust (the “Independent Trustees”) under the Investment Company Act of 1940, as amended (the “1940 Act”), initially approved the Trust’s advisory agreement (the “Advisory Agreement”) with MetLife Advisers, LLC (the “Adviser”) and the investment sub-advisory agreement (the “Sub-Advisory Agreement,” and collectively with the Advisory Agreement, the “Agreements”) between the Adviser and Artisan Partners Limited Partnership (the “Sub-Adviser”) for the Met/Artisan International Portfolio, a new series of the Trust (the “Portfolio”).

In considering the Agreements, the Board reviewed a variety of materials provided by the Adviser and the Sub-Adviser relating to the Portfolio, the Adviser and the Sub-Adviser, including comparative fee and expense information for an appropriate peer group of similar mutual funds, performance information for another fund with strategies similar to the Portfolio’s proposed strategy, and other information regarding the nature, extent and quality of services to be provided by the Adviser and the Sub-Adviser under their respective Agreements. The Independent Trustees also assessed a report provided by the Board’s independent consultant, Bobroff Consulting, Inc., who reviewed and provided analyses regarding investment fees and expenses, and other information provided by, or at the direction of, the Adviser and the Sub-Adviser, as more fully discussed below.

The Independent Trustees were separately advised by independent legal counsel throughout the process. The Board also met telephonically with personnel of the Adviser on February 6, 2014 for the specific purpose of giving preliminary consideration to the proposed initial approval of the Agreements and to request additional information they considered reasonably necessary to their deliberations. During this meeting, the Board received a presentation from the Adviser regarding the Portfolio, during which representatives of the Adviser responded to questions from the Independent Trustees. In addition, the Board received a presentation regarding the Portfolio at a meeting on February 12, 2014, during which representatives from the Adviser and the Sub-Adviser responded to questions from the Independent Trustees. The Independent Trustees also discussed the proposed initial approval of the Agreements in private sessions with their independent legal counsel at which no representatives of management were present.

In considering whether to approve the Agreements, the Board reviewed and analyzed the factors it deemed relevant, including: (1) the nature, extent and quality of the services to be provided to the Portfolio by the Adviser and Sub-Adviser; (2) the Sub-Adviser’s performance for the proposed strategy; (3) the Adviser’s and the Sub-Adviser’s personnel and operations; (4) the financial condition of the Adviser and the Sub-Adviser; (5) the level and method of computing the Portfolio’s proposed advisory and sub-advisory fees; (6) any “fall-out” benefits to the Adviser, the Sub-Adviser and their affiliates (i.e., ancillary benefits realized by the Adviser, the Sub-Adviser or their affiliates from the Adviser’s or Sub-Adviser’s relationship with the Trusts); (7) the effect of growth in size on the Portfolio’s expenses; (8) fees paid by any comparable accounts; and (9) possible conflicts of interest. The Board also considered the nature, quality, and extent of the services to be provided to the Portfolio by the Adviser’s affiliates.

The Board evaluated the nature, extent and quality of the services that the Adviser and the Sub-Adviser would provide to the Portfolio. The Board considered the Adviser’s services as investment manager to the Portfolio, including services relating to the selection and oversight of the Sub-Adviser. The Board considered, among other things, the adviser’s oversight of the provision of services to the Portfolio by the Sub-Adviser, including with respect to investment activities and trading practices, and the Sub-Adviser’s compliance with fund policies, objectives and Board directives, compliance policies and procedures and applicable law. The Adviser’s role in coordinating the activities of the Portfolio’s other service providers was also considered. The Board also evaluated the expertise and performance of the personnel of the Adviser who have performed services for the other portfolios of the Trust and would be performing similar services to the Portfolio (e.g., overseeing the Sub-Adviser). In addition, the Board considered information received from the Trust’s Chief Compliance Officer (the “CCO”) regarding the Portfolio’s compliance policies and procedures established pursuant to Rule 38a-l under the 1940 Act.

With respect to the services to be provided by the Sub-Adviser, the Board considered, among other things, information provided to the Board by the Sub-Adviser. The Board considered the Sub-Adviser’s current level of staffing and its overall resources, as well as its compensation program. The Board reviewed the 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 would be providing services to the Portfolio. The Board also took into account its knowledge of the Sub-Adviser in connection with the Sub-Adviser’s provision of sub-advisory services to another portfolio managed by the Adviser and overseen by the Board. The Board also considered the Sub-Adviser’s compliance program and regulatory history. The Board also took into account the financial condition of the Sub-Adviser.

The Board considered the Sub-Adviser’s investment process and philosophy. The Board took into account that the Sub-Adviser’s responsibilities would include the development and maintenance of an investment program for the Portfolio that would be consistent with the Portfolio’s investment objective, 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.

MIST-16

Met Investors Series Trust

Met/Artisan International Portfolio

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

The Board took into account the investment strategy of the proposed Portfolio and noted the performance of the Sub-Adviser’s proprietary mutual fund that pursues a similar investment strategy to the Portfolio’s proposed strategy. The Board took into consideration that the proprietary fund had outperformed both the MSCI All Country World (ex. U.S.) and MSCI EAFE Indices over the one-, three-, five- and ten-year periods ended December 31, 2012. The Board also considered that the proprietary fund performed strongly against funds in the Morningstar U.S. Open-End Foreign Large Blend peer group.

The Board gave consideration to the proposed management fee payable under the Advisory Agreement and the proposed sub-advisory fees payable under the Sub-Advisory Agreement. In addition, the Independent Trustees, with the assistance of an independent consultant, also examined the proposed fees to be paid by the Portfolio in light of fees paid to other investment managers by comparable funds and the method of computing the Portfolio’s proposed fee. In comparing the Portfolio’s actual and contractual management fee to that of comparable funds, the Board noted that such a fee includes both advisory and administrative fees.

With respect to the Portfolio, the Board took into account that the proposed management fee (i.e., the advisory fee plus a small administrative fee) would be below the median of comparable funds and that the total expenses, before distribution and/or service fees, would be below the median of the same set of comparable funds. The Board also considered the probable effect of the Portfolio’s growth in size on its fees.

The Board noted that the sub-advisory fee for the Portfolio would be paid by the Adviser, not the Portfolios, out of the advisory fee. It was further noted that the Adviser negotiates the sub-advisory fee at arm’s length. The Board further considered the amount of the sub-advisory fee to be paid out by the Adviser and the amount of the management fees that it would retain in light of the services performed by the Sub-Adviser and Adviser, respectively.

As part of its evaluation of the Adviser’s compensation, the Board considered other benefits that may be realized by the Adviser and its affiliates from their relationship with the Trust. The Board also took into account the costs borne by the Adviser’s affiliates that support the operations of the Adviser. The Board noted that the Distributor, MetLife Investors Distribution Company, would receive Rule 12b-1 payments to support the distribution of the insurance products that invest in the Portfolio.

The Board considered other benefits that may be realized by the Sub-Adviser and its affiliates from their relationship with the Trust, including the opportunity to provide advisory services to additional portfolios of the Trust and reputational benefits. In conjunction with these considerations, the Board noted the anticipated costs of providing sub-advisory services to the Portfolio and the ongoing commitment of the Sub-Adviser in providing such services to another portfolio managed by the Adviser.

The Board considered any 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-Adviser’s affiliations and the services to be provided to the Trusts and the manner in which such conflicts would be mitigated.

After full consideration of the factors discussed above, the Board, including a majority of the Independent Trustees, approved the Agreements with respect to the Portfolio. In making its approvals, the Board concluded that the nature, extent and quality of services to be provided by the Adviser and the Sub-Adviser supported the initial approval of the Agreements. In addition, the Board concluded that the proposed fees to be paid by the Portfolio to the Adviser and the Sub-Adviser appeared to be acceptable in light of the nature, extent and quality of the services to be provided by the Adviser and Sub-Adviser. Finally, the Board concluded that the proposed Advisory and Sub-Advisory fees in some measure share economies of scale with contract holders. In approving the Agreements, the Board, including the Independent Trustees, did not identify any single factor as controlling.

MIST-17

Met Investors Series Trust

Met/Eaton Vance Floating Rate Portfolio

Managed by Eaton Vance Management

Portfolio Manager Commentary*

PERFORMANCE

For the six month period ended June 30, 2014, the Class A and B shares of the Met/Eaton Vance Floating Rate Portfolio returned 1.50% and 1.42%, respectively. The Portfolio’s benchmark, the S&P/LSTA Leveraged Loan Index¹, returned 2.60%.

MARKET ENVIRONMENT / CONDITIONS

The loan market registered gains in each of the first six months of 2014. The 2.60% return was primarily derived through income as opposed to price appreciation, with the Index’s average loan price edging up modestly, from $98.29 as of December 31, 2013 to $99.01 as of June 30, 2014. Midway through the year, the return of the loan market is approximately halfway to the calendar year coupon-based return expectation of many loan investors.

Aside from a brief bout of weakness in technical conditions as the second quarter opened, overall market tone was firm for the period as a whole. Investor demand in retail funds eased during the period, turning modestly net negative in the second quarter following nearly two years of positive demand. However, collateralized loan obligation (“CLO”) demand provided an offset to the mild ebb in retail attention to the asset class, helping keep volatility at bay.

During the period, Energy Future Holdings (“EFH”, formerly TXU Corp.), one of the largest leveraged loan deals ever completed, filed for bankruptcy. This was not unexpected with investors aware of the tangible likelihood of a bankruptcy for some time. Following EFH’s default, the trailing-twelve-month default rate by principal amount rose to 4.41% as of the end of the period. Excluding the EFH default, the measure stood at a very modest 1.08%.

PORTFOLIO REVIEW / PERIOD END POSITIONING

During the first six months of 2014, lower quality loans continued their outperformance vs. higher quality loans as CCC-rated loans outpaced BB and B loans by a wide margin, 7.33% vs. 1.54% and 2.34%, respectively. As BB and B loans began the year at par, with little to no room to move higher, price appreciation was relegated to the more speculative segment of the market. With retail demand having slowed and higher-yield-seeking CLOs accounting for a greater percentage of the demand composition, there were fewer dollars chasing the lower credit-risk/higher quality segment of the market, contributing to the CCC loan group outperformance. Despite the near term outperformance of lower quality loans, we believe the optimal risk/return profile can be achieved predominately through interest income realized through investments of higher quality loans, rather than seeking the capital gains associated with distressed loans.

With performance dispersion across industry groups remaining fairly tight during the six-month period, and with the majority of industry returns falling in the 1.5% to 2.5% range, industry allocation had a fairly negligible impact on relative performance, with one notable exception. The Portfolio’s largest underweight exposure was to the Utilities industry, which weighed on relative performance, as the industry delivered a robust 9.4% return. A sizeable underweight to loans issued by EFH, by far the largest issuer in the Utilities segment of the Index, was the biggest single detractor during the period as investors pushed EFH loan prices higher following its bankruptcy filing in April. The Portfolio’s overweight exposure to Business Equipment and Services also detracted, with an overweight position in for-profit post-secondary education provider, Education Management, representing a drag on relative performance. Contributing to relative performance results were sizeable underweight positions in Lodging & Casinos and Telecommunications, which lagged the broader leveraged loan market.

The cornerstones of the strategy’s investment philosophy include intense internal credit research and diversification. As of June 30, 2014, the Portfolio remained diversified across 437 loan issuer positions and 34 industry groups. The Portfolio continued to maintain an overweight position in the BB (42.9% vs. 35.9%) loan group, while maintaining limited exposure to the lower quality CCC segment (1.0% vs. 6.0%). The Portfolio’s higher quality positioning was also exhibited in its average loan price of $99.63 vs. a $99.01 average loan price for the Index at period end.

Given the floating-rate nature of the asset class, the Portfolio is exposed to minimal interest rate risk as the loans in the Portfolio reset their coupons every 59 days on average as of June 30, 2014.

Scott H. Page

Craig P. Russ

Andrew N. Sveen

Portfolio Managers

Eaton Vance Management

MIST-1

* 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 and 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 those of the subadvisory firm as of June 30, 2014 and 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 statements) 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 applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable annuity or insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

Met Investors Series Trust

Met/Eaton Vance Floating Rate Portfolio

A $10,000 INVESTMENT COMPARED TO THE S&P/LSTA LEVERAGED LOAN INDEX

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2014

	6 Month		1 Year		Since Inception2
Met/Eaton Vance Floating Rate Portfolio
Class A		1.50		3.75		4.52
Class B		1.42		3.58		4.26
S&P/LSTA Leveraged Loan Index		2.60		5.59		5.46

¹ The Standard & Poor’s/Loan Syndications and Trading Association (S&P/LSTA) Leveraged Loan Index is a weekly total return index that uses mark-to-market pricing to calculate market value change. The Index tracks the current outstanding balance and spread over LIBOR for fully funded term loans. The facilities included represent a broad cross section of leveraged loans syndicated in the U.S., including dollar-denominated loans to overseas issuers.

² Inception date of the Class A and Class B shares is 4/30/2010. 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 JUNE 30, 2014

Top Sectors

	% of Net Assets
Floating Rate Loans		97.5
Corporate Bonds & Notes		0.0

MIST-2

Met Investors Series Trust

Met/Eaton Vance Floating Rate Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

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, January 1, 2014 through June 30, 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/Eaton Vance Floating Rate Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2014		Ending Account Value June 30, 2014		Expenses Paid During Period** January 1, 2014 to June 30, 2014
Class A	Actual		0.66	%	$	1,000.00	$	1,015.00	$	3.30
	Hypothetical*		0.66	%	$	1,000.00	$	1,021.52	$	3.31
Class B	Actual		0.91	%	$	1,000.00	$	1,014.20	$	4.54
	Hypothetical*		0.91	%	$	1,000.00	$	1,020.28	$	4.56

* 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 (181 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

MIST-3

Met Investors Series Trust

Met/Eaton Vance Floating Rate Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Floating Rate Loans (a)—97.5% of Net Assets

Security Description	Principal Amount*		Value
Advertising—0.4%
inVentiv Health, Inc. Incremental Term Loan B3, 7.750%, 05/15/18		1,555,356	$	1,559,244
Term Loan, 7.500%, 08/04/16		1,681,243		1,691,751
				3,250,995
Aerospace/Defense—2.3%
DAE Aviation Holdings, Inc. Term Loan B1, 5.000%, 11/02/18		1,169,836		1,184,459
Term Loan B2, 5.000%, 11/02/18		305,511		309,330
Ducommun, Inc. Term Loan, 4.750%, 06/28/17		309,539		311,861
Flying Fortress, Inc. Term Loan, 3.500%, 06/30/17		2,729,167		2,730,873
Silver II U.S. Holdings LLC Term Loan, 4.000%, 12/13/19		5,712,468		5,703,288
Transdigm, Inc. Term Loan C, 3.750%, 02/28/20		8,759,663		8,737,220
Term Loan D, 3.750%, 06/04/21		1,800,000		1,793,925
				20,770,956
Auto Components—0.7%
CS Intermediate Holdco 2 LLC Term Loan B, 4.000%, 04/04/21		700,000		700,438
Federal-Mogul Holdings Corp. Term Loan C, 4.750%, 04/15/21		4,300,000		4,307,168
Visteon Corp. Delayed Draw Term Loan B, 3.500%, 05/27/21		1,175,000		1,168,574
				6,176,180
Auto Manufacturers—1.2%
ASP HHI Acquisition Co., Inc. Term Loan, 5.000%, 10/05/18		2,197,541		2,210,359
Chrysler Group LLC Term Loan B, 3.250%, 12/31/18		4,264,313		4,258,965
Term Loan B, 3.500%, 05/24/17		4,792,941		4,817,764
				11,287,088
Auto Parts & Equipment—2.4%
Affinia Group Intermediate Holdings, Inc. Term Loan B2, 4.750%, 04/27/20		482,918		488,350
Gates Investments, Inc. Term Loan B2, 3.850%, 09/29/16		2,775,509		2,781,753
Goodyear Tire & Rubber Co. (The) 2nd Lien Term Loan, 4.750%, 04/30/19		7,300,000		7,354,692
INA Beteiligungsgesellschaft mbH Term Loan E, 3.750%, 05/15/20		925,000		930,203
Metaldyne LLC Term Loan, 4.250%, 12/18/18		4,007,879		4,027,918
Tower Automotive Holdings USA LLC Term Loan, 4.000%, 04/23/20		1,537,377		1,537,057
UCI International, Inc. Term Loan B, 5.500%, 07/26/17		1,488,432		1,495,253
Auto Parts & Equipment—(Continued)
Veyance Technologies, Inc. 1st Lien Term Loan, 5.250%, 09/08/17		3,242,813		3,254,954
				21,870,180
Beverages—0.1%
Virtuoso U.S. LLC Term Loan, 4.750%, 02/11/21		473,813		477,958
Biotechnology—0.1%
Ikaria, Inc. 1st Lien Term Loan, 5.000%, 02/12/21		900,000		907,312
Building Materials—0.4%
Armstrong World Industries, Inc. Term Loan B, 3.500%, 03/15/20		790,000		792,835
CPG International, Inc. Term Loan, 4.750%, 09/30/20		620,313		622,154
Quikrete Holdings, Inc. 1st Lien Term Loan, 4.000%, 09/28/20		992,500		995,292
Summit Materials Cos. I LLC Term Loan B, 5.000%, 01/30/19		441,042		443,385
Tank Holding Corp. Term Loan, 4.250%, 07/09/19		817,352		818,374
				3,672,040
Capital Markets—0.6%
Armor Holding II LLC 1st Lien Term Loan, 5.750%, 06/26/20		654,062		652,427
Corporate Capital Trust, Inc. Term Loan B, 4.000%, 05/15/19		947,625		949,402
Guggenheim Partners LLC Term Loan, 4.250%, 07/22/20		843,625		847,491
NXT Capital, Inc. Incremental Term Loan, 6.250%, 09/04/18		124,686		125,933
Term Loan B, 6.250%, 09/04/18		744,375		751,819
RCS Capital Corp. 1st Lien Term Loan, 6.500%, 04/29/19		1,150,000		1,176,594
Sheridan Investment Partners II L.P. Term Loan A, 4.250%, 12/16/20		101,689		101,880
Term Loan B, 4.250%, 12/16/20		731,012		732,382
Term Loan M, 4.250%, 12/16/20		37,924		37,995
				5,375,923
Chemicals—4.3%
AIlnex (Luxembourg) & Cy SCA Term Loan B1, 4.500%, 10/03/19		930,405		935,058
AIlnex USA, Inc. Term Loan B2, 4.500%, 10/03/19		482,743		485,156
Arysta LifeScience Corp. 1st Lien Term Loan, 4.500%, 05/29/20		2,227,498		2,242,785
Axalta Coating Systems U.S. Holdings, Inc. Term Loan, 4.000%, 02/01/20		4,974,750		4,983,734
AZ Chem U.S., Inc. 1st Lien Term Loan, 5.750%, 06/12/21		689,452		696,634

See accompanying notes to financial statements.

MIST-4

Met Investors Series Trust

Met/Eaton Vance Floating Rate Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Floating Rate Loans (a)—(Continued)

Security Description	Principal Amount*		Value
Chemicals—(Continued)
Chemtura Corp. Term Loan B, 3.500%, 08/27/16		717,425	$	719,667
Emerald Performance Materials LLC Term Loan B, 6.750%, 05/18/18		661,502		664,810
Huntsman International LLC Incremental Term Loan, 0.000%, 10/15/20 (b)		2,050,000		2,051,271
Ineos U.S. Finance LLC Term Loan, 3.750%, 05/04/18		8,022,070		8,012,596
Kronos Worldwide, Inc. Term Loan, 4.750%, 02/18/20		324,188		327,328
MacDermid, Inc. 1st Lien Term Loan, 4.000%, 06/07/20		742,500		743,985
Minerals Technologies, Inc. Term Loan B, 4.000%, 05/09/21		2,125,000		2,140,938
Momentive Performance Materials, Inc. Term Loan B, 4.000%, 04/15/15		275,000		275,946
Omnova Solutions, Inc. Term Loan B1, 4.250%, 05/31/18		1,763,544		1,767,952
OXEA Finance LLC Term Loan B2, 4.250%, 01/15/20		2,164,125		2,174,043
PQ Corp. Term Loan, 4.000%, 08/07/17		1,844,905		1,851,823
Tata Chemicals North America, Inc. Term Loan B, 3.750%, 08/07/20		1,163,250		1,163,250
Tronox Pigments (Netherlands) B.V. Term Loan, 4.000%, 03/19/20		4,225,146		4,237,821
Unifrax Corp. Term Loan, 4.250%, 11/28/18		274,079		274,679
Univar, Inc. Term Loan B, 5.000%, 06/30/17		3,934,169		3,954,190
				39,703,666
Coal—1.2%
Alpha Natural Resources LLC Term Loan B, 3.500%, 05/22/20		2,740,313		2,654,108
Arch Coal, Inc. Term Loan B, 6.250%, 05/16/18		2,794,349		2,748,242
Murray Energy Corp. 1st Lien Term Loan, 5.250%, 12/05/19		1,471,313		1,491,543
Patriot Coal Corp. Term Loan, 9.000%, 12/15/18		995,000		984,221
Walter Energy, Inc. Term Loan B, 7.250%, 04/02/18		3,336,381		3,233,607
				11,111,721
Commercial Services—6.4%
Altegrity, Inc. Term Loan, 5.000%, 02/21/15		352,128		349,707
Term Loan D, 7.750%, 02/21/15		393,945		392,468
BakerCorp International, Inc. Term Loan, 4.250%, 02/14/20		1,746,648		1,727,726
Booz Allen Hamilton, Inc. Term Loan, 3.750%, 07/31/19		656,537		660,148
Commercial Services—(Continued)
Brickman Group, Ltd. LLC 1st Lien Term Loan, 4.000%, 12/18/20		895,500		888,057
Bright Horizons Family Solutions, Inc. Term Loan B, 3.750%, 01/30/20		1,481,203		1,482,592
Ceridian Corp. Term Loan B, 4.400%, 05/09/17		1,186,589		1,190,720
ClientLogic Corp. Extended Term Loan, 6.977%, 01/30/17		2,394,165		2,412,122
Education Management LLC Term Loan C3, 8.250%, 03/29/18		1,975,658		1,450,463
Garda World Security Corp. Delayed Draw Term Loan, 4.000%, 11/06/20		732,722		732,494
Term Loan B, 4.000%, 11/06/20		2,864,278		2,863,384
Genpact International, Inc. Term Loan B, 3.500%, 08/30/19		1,526,828		1,531,591
Hertz Corp. (The) Term Loan B, 3.750%, 03/12/18		1,773,000		1,774,801
Term Loan B2, 3.000%, 03/11/18		2,516,150		2,502,447
IAP Worldwide Services, Inc. 2nd Lien Term Loan, 0.000%, 06/30/16 (c)		791,469		16,225
Term Loan, 0.000%, 12/31/15 (c)		1,307,062		379,048
Interactive Data Corp. Term Loan, 4.750%, 05/02/21		1,650,000		1,666,243
KAR Auction Services, Inc. Term Loan B2, 3.500%, 03/11/21		4,686,590		4,682,901
Language Line LLC 1st Lien Term Loan B, 6.250%, 06/20/16		1,908,658		1,915,339
Laureate Education, Inc. Term Loan B, 5.000%, 06/15/18		6,788,121		6,648,116
Live Nation Entertainment, Inc. Term Loan B1, 3.500%, 08/17/20		2,703,193		2,707,135
McGraw-Hill Global Education Holdings LLC 1st Lien Term Loan, 5.750%, 03/22/19		676,035		688,077
Merrill Communications LLC 1st Lien Term Loan, 5.750%, 03/08/18		654,940		666,947
Moneygram International, Inc. Term Loan B, 4.250%, 03/27/20		914,675		903,356
Monitronics International, Inc. Term Loan B, 4.250%, 03/23/18		2,140,470		2,147,829
Rent-A-Center, Inc. Term Loan B, 3.750%, 03/19/21		548,625		545,882
ServiceMaster Co. Extended Term Loan, 6.500%, 01/31/17		2,881,444		2,886,126
Term Loan, 5.500%, 01/31/17		406,157		406,918
Term Loan B, 0.000%, 07/01/21 (b)		2,425,000		2,400,750
SunEdison Semiconductor B.V. 1st Lien Term Loan, 6.500%, 05/22/19		850,000		850,531
Truven Health Analytics, Inc. Term Loan B, 4.500%, 06/06/19		1,596,644		1,583,671
U.S. Security Holdings, Inc. Delayed Draw Term Loan, 6.000%, 07/28/17		111,533		112,276
Term Loan, 6.000%, 07/28/17		569,792		573,591
Visant Corp. Term Loan B, 5.250%, 12/22/16		1,831,515		1,825,220

See accompanying notes to financial statements.

MIST-5

Met Investors Series Trust

Met/Eaton Vance Floating Rate Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Floating Rate Loans (a)—(Continued)

Security Description	Principal Amount*		Value
Commercial Services—(Continued)
Weight Watchers International, Inc. Term Loan B2, 4.000%, 04/02/20		7,085,313	$	5,623,967
				59,188,868
Communications Equipment—0.3%
Blue Coat Systems, Inc. 1st Lien Term Loan, 4.000%, 05/31/19		2,481,252		2,485,388
Mitel U.S. Holdings, Inc. Term Loan, 5.250%, 01/31/20		324,477		327,722
				2,813,110
Computers—2.9%
Attachmate Corp. 1st Lien Term Loan, 7.250%, 11/22/17		2,463,163		2,487,795
Dell, Inc. Term Loan B, 4.500%, 04/29/20		9,652,747		9,711,436
Term Loan C, 3.750%, 10/29/18		1,080,321		1,081,671
Expert Global Solutions, Inc. Term Loan B, 8.500%, 04/03/18		1,809,072		1,801,533
Sirius Computer Solutions, Inc. Term Loan B, 7.000%, 11/30/18		451,154		457,357
SkillSoft Corp. 1st Lien Term Loan, 4.500%, 04/28/21		1,525,000		1,527,542
Smart Technologies ULC Term Loan, 10.500%, 01/31/18		589,844		611,963
SunGard Data Systems, Inc. Term Loan C, 3.902%, 02/28/17		2,213,819		2,221,660
Term Loan E, 4.000%, 03/08/20		5,949,290		5,978,108
TNS, Inc. 1st Lien Term Loan, 5.000%, 02/14/20		1,000,568		1,011,199
				26,890,264
Construction Materials—0.3%
Fairmount Minerals, Ltd. Term Loan B1, 3.750%, 03/15/17		397,000		399,316
Term Loan B2, 4.500%, 09/05/19		2,009,813		2,032,109
				2,431,425
Cosmetics/Personal Care—0.1%
Revlon Consumer Products Corp. Term Loan, 4.000%, 10/08/19		1,194,000		1,198,105
Distribution/Wholesale—0.1%
ABC Supply Co., Inc. Term Loan, 3.500%, 04/16/20		1,240,625		1,238,977
Distributors—0.0%
PFS Holding Corp. 1st Lien Term Loan, 4.500%, 01/31/21		249,375		245,323
Diversified Consumer Services—0.1%
Nord Anglia Education, Ltd. Term Loan, 4.500%, 03/19/21		925,000		928,180
Diversified Consumer Services—(Continued)
WASH Multifamily Laundry Systems LLC Term Loan, 4.500%, 02/21/19		296,250		297,176
				1,225,356
Diversified Financial Services—4.0%
Altisource Solutions S.a.r.l. Term Loan B, 4.500%, 12/09/20		1,807,805		1,810,065
American Beacon Advisors, Inc. Term Loan B, 4.750%, 11/22/19		487,206		489,934
Citco Funding LLC Term Loan, 4.250%, 06/29/18		2,433,795		2,442,314
Clipper Acquisitions Corp. Term Loan B, 3.000%, 02/06/20		1,504,670		1,493,836
Delos Finance S.a.r.l. Term Loan B, 3.500%, 03/06/21		2,675,000		2,676,672
Grosvenor Capital Management Holdings LLP Term Loan B, 3.750%, 01/04/21		4,308,362		4,286,821
Hamilton Lane Advisors LLC Term Loan, 4.000%, 02/28/18		522,227		524,185
Harbourvest Partners LLC Term Loan, 3.250%, 02/04/21		921,672		917,064
Home Loan Servicing Solutions, Ltd. Term Loan B, 4.500%, 06/19/20		1,039,500		1,045,673
La Frontera Generation LLC Term Loan, 4.500%, 09/30/20		603,935		606,577
LPL Holdings, Inc. Term Loan B, 3.250%, 03/29/19		3,429,094		3,429,094
MIP Delaware LLC Term Loan B1, 4.000%, 03/09/20		517,614		519,555
Nuveen Investments, Inc. Term Loan, 4.150%, 05/15/17		7,025,000		7,045,000
Ocwen Financial Corp. Term Loan, 5.000%, 02/15/18		1,185,000		1,191,754
Shield Finance Co. S.a.r.l. Term Loan, 5.000%, 01/29/21		748,125		752,489
TransUnion LLC Term Loan, 4.000%, 04/09/21		4,588,500		4,596,530
Walker & Dunlop, Inc. Term Loan B, 5.500%, 12/11/20		696,500		708,689
Walter Investment Management Corp. Term Loan, 4.750%, 12/11/20		2,252,654		2,231,253
				36,767,505
Electric—2.0%
Calpine Construction Finance Co. L.P. Term Loan B1, 3.000%, 05/03/20		1,014,750		998,442
Term Loan B2, 3.250%, 01/31/22		1,017,874		1,009,222
Calpine Corp. Delayed Draw Term Loan, 4.000%, 10/30/20		373,125		374,732
Term Loan B1, 4.000%, 04/01/18		3,966,750		3,986,032
Term Loan B2, 4.000%, 04/01/18		873,000		877,365
Term Loan B3, 4.000%, 10/09/19		786,000		789,330
Dynegy Holdings, Inc. Term Loan B2, 4.000%, 04/23/20		944,308		948,523

See accompanying notes to financial statements.

MIST-6

Met Investors Series Trust

Met/Eaton Vance Floating Rate Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Floating Rate Loans (a)—(Continued)

Security Description	Principal Amount*		Value
Electric—(Continued)
EFS Cogen Holdings I LLC Term Loan B, 3.750%, 12/17/20		597,104	$	599,593
Energy Future Intermediate Holding Co. LLC Term Loan, 4.250%, 06/19/16		1,725,000		1,738,584
Equipower Resources Holdings LLC Term Loan C, 4.250%, 12/31/19		569,252		572,098
NRG Energy, Inc. Term Loan B, 2.750%, 07/02/18		4,026,408		4,022,494
Raven Power Finance LLC Term Loan, 6.500%, 12/19/20		1,389,366		1,393,708
Texas Competitive Electric Holdings Co. LLC Delayed Draw Term Loan, 0.000%, 05/05/16 (d)		326,733		328,162
Term Loan, 3.750%, 05/05/16		423,267		425,781
				18,064,066
Electrical Components & Equipment—0.4%
Custom Sensors & Technologies, Inc. 1st Lien Term Loan, 0.000%, 05/30/21 (b)		350,000		352,625
Electrical Components International, Inc. Term Loan B, 5.750%, 05/28/21		350,000		353,500
Pelican Products, Inc. Term Loan, 5.250%, 03/20/20		617,573		623,749
Tallgrass Operations LLC Term Loan B, 4.250%, 11/13/18		2,037,634		2,051,431
				3,381,305
Electronics—2.4%
Aeroflex, Inc. Term Loan B, 4.500%, 11/11/19		1,783,830		1,792,749
Allflex Holdings III, Inc. 1st Lien Term Loan, 4.250%, 07/17/20		620,313		621,863
CDW LLC Term Loan, 3.250%, 04/29/20		3,284,190		3,252,488
CompuCom Systems, Inc. Term Loan B, 4.250%, 05/11/20		2,175,219		2,154,374
Eagle Parent, Inc. Term Loan, 4.000%, 05/16/18		2,513,016		2,521,498
EIG Investors Corp. Term Loan, 5.000%, 11/09/19		4,922,800		4,949,467
Excelitas Technologies Corp. 1st Lien Term Loan, 6.000%, 10/30/20		1,841,200		1,856,543
Fender Musical Instruments Corp. Term Loan B, 5.750%, 04/03/19		422,750		425,392
Sensata Technologies Finance Co. LLC Term Loan, 3.250%, 05/12/19		1,709,818		1,719,130
Sensus USA, Inc. 1st Lien Term Loan, 4.750%, 05/09/17		2,074,447		2,085,684
Vantiv LLC Term Loan B, 3.750%, 05/12/21		900,000		903,797
				22,282,985
Energy Equipment & Services—0.7%
EnergySolutions LLC Term Loan, 6.750%, 05/29/20		850,000		862,750
Energy Equipment & Services—(Continued)
Floatel international, Ltd. Term Loan B, 0.000%, 05/02/20 (b)		1,050,000		1,059,187
Seadrill Partners Finco LLC Term Loan B, 4.000%, 02/21/21		3,909,625		3,888,990
Seventy Seven Operating LLC Term Loan B, 3.750%, 06/25/21		500,000		502,969
				6,313,896
Engineering & Construction—0.1%
Brock Holdings III, Inc. Term Loan B, 6.000%, 03/16/17		799,381		802,124
Entertainment—1.7%
Affinity Gaming LLC Term Loan B, 4.250%, 11/09/17		388,333		389,304
Bally Technologies, Inc. Term Loan B, 4.250%, 11/25/20		990,652		995,760
Cedar Fair L.P. Term Loan B, 3.250%, 03/06/20		1,178,762		1,185,534
Dave & Buster’s, Inc. Term Loan, 4.250%, 06/01/16		575,004		577,160
National CineMedia LLC Term Loan, 2.900%, 11/26/19		500,000		494,187
Pinnacle Entertainment, Inc. Term Loan B2, 3.750%, 08/13/20		830,991		833,412
Scientific Games International, Inc. Term Loan B, 4.250%, 10/18/20		3,532,250		3,501,894
SeaWorld Parks & Entertainment, Inc. Term Loan B2, 3.000%, 05/14/20		3,021,454		2,983,417
Seminole Hard Rock Entertainment, Inc. Term Loan B, 3.500%, 05/14/20		272,250		271,853
Six Flags Theme Parks, Inc. Term Loan B, 3.501%, 12/20/18		2,017,094		2,024,343
U.S. Finco LLC 1st Lien Term Loan, 4.000%, 05/29/20		445,500		445,361
WMG Acquisition Corp. Term Loan, 3.750%, 07/01/20		2,387,487		2,354,063
				16,056,288
Environmental Control—0.4%
Darling International, Inc. Term Loan B, 3.250%, 01/06/21		748,125		749,060
Tervita Corp. Term Loan, 6.250%, 05/15/18		2,569,975		2,582,825
				3,331,885
Food—4.2%
AdvancePierre Foods, Inc. Term Loan, 5.750%, 07/10/17		2,248,318		2,254,220
American Seafoods Group LLC Term Loan B, 4.502%, 03/18/18		388,125		382,546
Aramark Corp. Extended Synthetic LOC 2, 3.734%, 07/26/16		154,267		153,588
Extended Synthetic LOC 3, 3.734%, 07/26/16		160,084		160,008

See accompanying notes to financial statements.

MIST-7

Met Investors Series Trust

Met/Eaton Vance Floating Rate Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Floating Rate Loans (a)—(Continued)

Security Description	Principal Amount*		Value
Food—(Continued)
Blue Buffalo Co., Ltd. Term Loan B3, 4.000%, 08/08/19		1,228,242	$	1,234,383
Centerplate, Inc. Term Loan A, 4.753%, 11/26/19		470,072		472,422
Clearwater Seafoods L.P. Term Loan B, 4.750%, 06/24/19		445,500		448,377
CSM Bakery Supplies LLC 1st Lien Term Loan, 4.750%, 07/03/20		992,500		999,448
Del Monte Foods, Inc. 1st Lien Term Loan, 4.250%, 02/18/21		773,063		771,420
Diamond Foods, Inc. Term Loan, 4.250%, 08/20/18		1,221,938		1,223,709
Dole Food Co., Inc. Term Loan B, 4.500%, 11/01/18		2,841,458		2,847,837
H.J. Heinz Co. Term Loan B2, 3.500%, 06/05/20		8,177,288		8,247,285
High Liner Foods, Inc. Term Loan B, 4.250%, 04/24/21		872,813		872,813
JBS USA Holdings, Inc. Incremental Term Loan, 3.750%, 09/18/20		1,588,000		1,585,353
Term Loan, 3.750%, 05/25/18		4,960,810		4,979,414
NPC International, Inc. Term Loan B, 4.000%, 12/28/18		2,110,753		2,114,711
Pinnacle Foods Finance LLC Incremental Term Loan H, 3.250%, 04/29/20		694,750		692,393
Post Holdings, Inc. Incremental Term Loan, 3.750%, 06/02/21		550,000		555,113
Supervalu, Inc. Term Loan B, 4.500%, 03/21/19		4,110,864		4,114,395
U.S. Foods, Inc. Term Loan, 4.500%, 03/29/19		4,853,481		4,865,615
				38,975,050
Food Service—0.1%
OSI Restaurant Partners LLC Term Loan, 3.500%, 10/25/19		596,250		597,475
Forest Products & Paper—0.1%
Expera Specialty Solutions LLC Term Loan B, 7.500%, 12/21/18		519,750		526,247
Hand/Machine Tools—0.2%
Apex Tool Group LLC Term Loan B, 4.500%, 01/31/20		1,686,212		1,670,053
Milacron LLC Term Loan, 4.000%, 03/30/20		519,698		519,590
				2,189,643
Healthcare-Products—3.0%
Alere, Inc. Term Loan B, 4.250%, 06/30/17		4,620,965		4,639,449
Biomet, Inc. Term Loan B2, 3.661%, 07/25/17		6,969,047		6,988,079
BSN Medical, Inc. Term Loan B1B, 4.000%, 08/28/19		544,144		544,824
Healthcare-Products—(Continued)
CeramTec Acquisition Corp. Term Loan B2, 4.250%, 08/28/20		31,433		31,557
CHG Buyer Corp. Term Loan, 4.250%, 11/19/19		836,732		841,961
Convatec, Inc. Term Loan, 4.000%, 12/22/16		3,099,203		3,105,944
DJO Finance LLC Term Loan, 4.250%, 09/15/17		2,763,156		2,778,353
Faenza Acquisition GmbH Term Loan B1, 4.250%, 08/31/20		317,166		318,422
Term Loan B3, 4.250%, 08/28/20		96,144		96,524
Hologic, Inc. Term Loan B, 3.250%, 08/01/19		1,454,980		1,455,889
Kinetic Concepts, Inc. Term Loan E1, 4.000%, 05/04/18		4,837,250		4,849,846
Mallinckrodt International Finance S.A. Term Loan B, 3.500%, 03/19/21		1,670,813		1,672,437
Sage Products Holdings III LLC Term Loan B, 4.250%, 12/13/19		416,497		417,364
				27,740,649
Healthcare-Services—6.8%
Alliance Healthcare Services, Inc. Term Loan B, 4.250%, 06/03/19		1,188,003		1,189,340
Ardent Medical Services, Inc. Term Loan, 6.750%, 07/02/18		3,697,405		3,721,671
ATI Holdings, Inc. Term Loan, 5.000%, 12/20/19		418,625		423,509
Community Health Systems, Inc. Term Loan D, 4.250%, 01/27/21		8,029,175		8,088,768
Term Loan E, 3.478%, 01/25/17		2,023,173		2,030,438
DaVita HealthCare Partners, Inc. Term Loan B, 3.500%, 06/24/21		3,200,000		3,219,142
Emdeon Business Services LLC Term Loan B2, 3.750%, 11/02/18		2,406,192		2,410,403
Envision Healthcare Corp. Term Loan, 4.000%, 05/25/18		5,362,070		5,377,711
Gentiva Health Services, Inc. Term Loan B, 6.500%, 10/18/19		1,440,256		1,442,957
HCA, Inc. Extended Term Loan A2, 2.650%, 05/02/16		837,500		839,175
Extended Term Loan B4, 2.984%, 05/01/18		5,018,619		5,031,166
Iasis Healthcare LLC Term Loan B2, 4.500%, 05/03/18		1,521,788		1,529,625
IMS Health, Inc. Term Loan, 3.500%, 03/17/21		3,189,588		3,175,234
Kindred Healthcare, Inc. Term Loan, 4.000%, 04/09/21		1,625,000		1,630,078
LHP Hospital Group, Inc. Term Loan, 9.000%, 07/03/18		841,826		806,048
Millennium Laboratories, Inc. Term Loan B, 5.250%, 04/16/21		2,200,000		2,222,897
MMM Holdings, Inc. Term Loan, 9.750%, 12/12/17		1,372,478		1,384,487
MSO of Puerto Rico, Inc. Term Loan, 9.750%, 12/12/17		997,828		1,006,558

See accompanying notes to financial statements.

MIST-8

Met Investors Series Trust

Met/Eaton Vance Floating Rate Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Floating Rate Loans (a)—(Continued)

Security Description	Principal Amount*		Value
Healthcare-Services—(Continued)
National Mentor Holdings, Inc. Term Loan B, 4.750%, 01/31/21		573,563	$	577,386
Onex Carestream Finance L.P. 1st Lien Term Loan, 5.000%, 06/07/19		2,626,174		2,635,749
Opal Acquisition, Inc. 1st Lien Term Loan, 5.000%, 11/27/20		1,766,125		1,772,086
Ortho-Clinical Diagnostics, Inc. Term Loan B, 4.750%, 06/30/21		3,050,000		3,074,561
Radnet Management, Inc. Term Loan B, 4.266%, 10/10/18		1,757,811		1,764,953
Regionalcare Hospital Partners, Inc. 1st Lien Term Loan, 6.000%, 04/19/19		450,000		451,125
Select Medical Corp. Term Loan B, 3.750%, 06/01/18		1,650,000		1,648,969
Sheridan Holdings, Inc. 1st Lien Term Loan, 4.500%, 06/29/18		612,921		615,220
Steward Health Care System LLC Term Loan B, 6.750%, 04/12/20		1,336,500		1,321,464
TriZetto Group, Inc. (The) Term Loan B, 4.750%, 05/02/18		1,612,162		1,618,543
U.S. Renal Care, Inc. Term Loan, 4.250%, 07/03/19		1,613,807		1,621,373
				62,630,636
Holding Companies-Diversified—0.0%
ARG IH Corp. Term Loan B, 5.000%, 11/15/20		273,625		275,675
Home Furnishings—0.3%
Tempur-Pedic International, Inc. Term Loan B, 3.500%, 03/18/20		2,440,905		2,436,075
Hotels, Restaurants & Leisure—0.1%
CEC Entertainment Concepts L.P. Term Loan, 4.250%, 02/14/21		798,000		794,509
Household Products/Wares—0.8%
Libbey Glass, Inc. Term Loan B, 3.750%, 04/09/21		450,000		450,563
Polarpak, Inc. 1st Lien Canadian Borrower, 4.500%, 06/05/20		234,307		235,039
Prestige Brands, Inc. Term Loan, 3.750%, 01/31/19		206,913		207,818
Spectrum Brands, Inc. Term Loan C, 3.500%, 09/04/19		1,017,313		1,019,534
Spin Holdco, Inc. Term Loan B, 4.250%, 11/14/19		3,152,782		3,162,240
Sun Products Corp. (The) Term Loan, 5.500%, 03/23/20		2,102,007		2,067,849
WNA Holdings, Inc. 1st Lien U.S. Borrower, 4.500%, 06/07/20		121,834		122,215
				7,265,258
Industrial Conglomerates—0.2%
IG Investment Holdings LLC 1st Lien Term Loan, 5.250%, 10/31/19		1,409,215		1,418,684
Insurance—2.6%
Alliant Holdings I, Inc. Term Loan B, 4.250%, 12/20/19		2,877,515		2,888,306
AmWINS Group LLC Term Loan, 5.000%, 09/06/19		1,060,190		1,065,048
Asurion LLC 2nd Lien Term Loan, 8.500%, 03/03/21		1,125,000		1,169,297
Term Loan B1, 5.000%, 05/24/19		8,765,591		8,828,598
Term Loan B2, 4.250%, 07/08/20		940,500		941,759
CNO Financial Group, Inc. Term Loan B2, 3.750%, 09/20/18		1,849,397		1,852,865
Cooper Gay Swett & Crawford, Ltd. 1st Lien Term Loan, 5.000%, 04/16/20		470,250		459,865
Cunningham Lindsey U.S., Inc. 1st Lien Term Loan, 5.000%, 12/10/19		1,879,499		1,873,332
Hub International, Ltd. Term Loan B, 4.250%, 10/02/20		2,853,473		2,863,877
StoneRiver Group L.P. 1st Lien Term Loan, 4.500%, 11/29/19		114,301		114,253
USI, Inc. Term Loan B, 4.250%, 12/27/19		2,318,301		2,324,579
				24,381,779
Internet—2.4%
Ascend Learning, Inc. Term Loan B, 6.000%, 07/31/19		1,393,000		1,412,735
Getty Images, Inc. Term Loan B, 4.750%, 10/18/19		6,634,075		6,417,711
Go Daddy Operating Co. LLC Term Loan B, 4.750%, 05/13/21		5,746,047		5,726,895
Internet Brands, Inc. 1st Lien Term Loan, 0.000%, 06/25/21 (b)		383,333		383,172
Delayed Draw Term Loan, 0.000%, 06/25/21 (b)		41,667		41,649
Micro Holding L.P. Term Loan, 7.250%, 03/18/19		1,900,938		1,905,690
RP Crown Parent LLC Term Loan, 6.000%, 12/21/18		3,657,297		3,661,543
Sabre, Inc. Term Loan B, 4.250%, 02/19/19		1,157,375		1,161,836
SurveyMonkey.com LLC Term Loan B, 5.500%, 02/05/19		532,728		536,723
Web.com Group, Inc. Term Loan B, 4.500%, 10/27/17		932,350		935,263
				22,183,217
Internet Software & Services—0.2%
Answers Corp. Term Loan B, 6.500%, 12/20/18		853,125		860,590
Dealertrack Technologies, Inc. Term Loan B, 3.500%, 02/28/21		524,712		524,873

See accompanying notes to financial statements.

MIST-9

Met Investors Series Trust

Met/Eaton Vance Floating Rate Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Floating Rate Loans (a)—(Continued)

Security Description	Principal Amount*		Value
Internet Software & Services—(Continued)
Extreme Reach, Inc. 1st Lien Term Loan, 6.750%, 02/10/20		822,938	$	833,224
				2,218,687
Iron/Steel—0.1%
Essar Steel Algoma, Inc. Term Loan, 9.250%, 09/20/14		982,500		987,412
Leisure Time—1.4%
Bombardier Recreational Products, Inc. Term Loan B, 4.000%, 01/30/19		3,149,143		3,155,328
Delta 2 (LUX) S.a.r.l. Term Loan B, 4.500%, 04/30/19		3,834,517		3,860,081
Equinox Holdings, Inc. Term Loan B, 4.250%, 01/31/20		3,004,643		3,019,667
SRAM LLC Term Loan B, 4.009%, 04/10/20		1,850,872		1,835,256
Town Sports International, Inc. Term Loan B, 4.500%, 11/16/20		1,293,500		1,207,806
				13,078,138
Lodging—1.8%
Boyd Gaming Corp. Term Loan B, 4.000%, 08/14/20		459,694		461,294
Caesars Entertainment Operating Co. Extended Term Loan B6, 5.531%, 01/26/18		1,437,103		1,344,181
CityCenter Holdings LLC Term Loan B, 5.000%, 10/16/20		818,338		825,755
Four Seasons Holdings, Inc. 1st Lien Term Loan, 3.500%, 06/27/20		694,750		693,881
Golden Nugget, Inc. Delayed Draw Term Loan, 5.500%, 11/21/19		149,250		152,608
Term Loan B, 5.500%, 11/21/19		348,250		356,086
Hilton Worldwide Finance LLC Term Loan B2, 3.500%, 10/26/20		5,860,362		5,856,846
La Quinta Intermediate Holdings LLC Term Loan B, 4.000%, 04/14/21		1,226,429		1,230,452
Las Vegas Sands LLC Term Loan B, 3.250%, 12/19/20		2,039,750		2,040,931
MGM Resorts International Term Loan B, 3.500%, 12/20/19		2,462,500		2,458,498
Playa Resorts Holding B.V. Term Loan B, 4.000%, 08/06/19		471,438		472,616
Sonifi Solutions, Inc. Term Loan, 6.750%, 03/31/18		808,254		343,508
Tropicana Entertainment, Inc. Term Loan, 4.000%, 11/27/20		397,000		398,489
				16,635,145
Machinery—0.9%
Allison Transmission, Inc. Term Loan B3, 3.750%, 08/23/19		4,867,482		4,886,465
Doosan Infracore International, Inc. Term Loan B, 4.500%, 05/28/21		1,100,000		1,105,949
Machinery—(Continued)
Gates Global, Inc. Term Loan B, 0.000%, 07/05/21 (b)		1,500,000		1,496,955
Paladin Brands Holding, Inc. Term Loan B, 6.750%, 08/16/19		698,519		708,123
				8,197,492
Machinery-Diversified—0.8%
Alliance Laundry Systems LLC Term Loan, 4.259%, 12/10/18		1,271,839		1,280,582
CPM Acquisition Corp. 1st Lien Term Loan, 6.250%, 08/29/17		449,103		452,751
Gardner Denver, Inc. Term Loan, 4.250%, 07/30/20		1,537,753		1,538,976
Interline Brands, Inc. Term Loan, 4.000%, 03/17/21		997,500		995,422
Manitowoc Co., Inc. (The) Term Loan B, 3.250%, 01/03/21		349,125		349,771
PRA Holdings, Inc. 1st Lien Term Loan, 4.500%, 09/23/20		2,086,235		2,077,108
WTG Holdings III Corp. 1st Lien Term Loan, 4.750%, 01/15/21		422,875		424,461
				7,119,071
Marine—0.2%
Stena International S.a.r.l. Term Loan B, 4.000%, 03/03/21		1,695,750		1,700,520
Media—5.9%
Acosta, Inc. Term Loan B, 4.250%, 03/02/18		5,229,765		5,258,366
Advanstar Communications, Inc. 1st Lien Term Loan, 5.500%, 04/29/19		740,625		746,180
Advantage Sales & Marketing, Inc. 1st Lien Term Loan, 4.250%, 12/17/17		5,298,944		5,311,640
AMC Entertainment, Inc. Term Loan, 3.500%, 04/30/20		2,345,313		2,348,479
Atlantic Broadband Finance LLC Term Loan B, 3.250%, 12/02/19		741,813		740,422
AVSC Holding Corp. 1st Lien Term Loan, 4.500%, 01/24/21		448,875		450,628
Bragg Communications, Inc. Term Loan B, 3.500%, 02/28/18		391,000		391,978
Cequel Communications LLC Term Loan B, 3.500%, 02/14/19		1,940,008		1,943,768
Charter Communications Operating LLC Term Loan E, 3.000%, 07/01/20		1,311,750		1,294,369
Clear Channel Communications, Inc. Extended Term Loan E, 7.650%, 07/30/19		425,533		427,335
Term Loan B, 3.800%, 01/29/16		23,042		22,906
Term Loan D, 6.900%, 01/30/19		1,323,104		1,319,961
Crossmark Holdings, Inc. 1st Lien Term Loan, 4.500%, 12/20/19		1,455,226		1,452,800
Crown Media Holdings, Inc. Term Loan B, 4.000%, 07/14/18		677,847		676,576

See accompanying notes to financial statements.

MIST-10

Met Investors Series Trust

Met/Eaton Vance Floating Rate Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Floating Rate Loans (a)—(Continued)

Security Description	Principal Amount*		Value
Media—(Continued)
CSC Holdings, Inc. Term Loan B, 2.650%, 04/17/20		2,199,670	$	2,179,048
Cumulus Media Holdings, Inc. Term Loan, 4.250%, 12/23/20		4,603,144		4,625,584
Entercom Radio LLC Term Loan B, 4.032%, 11/23/18		398,933		400,729
Entravision Communications Corp. Term Loan, 3.500%, 05/29/20		2,124,833		2,106,241
Gray Television, Inc. Term Loan B, 0.000%, 06/10/21 (b)		275,000		276,776
Information Resources, Inc. Term Loan B, 4.750%, 09/30/20		1,240,625		1,248,121
ION Media Networks, Inc. Term Loan, 5.000%, 12/18/20		1,616,875		1,623,949
Kasima LLC Term Loan B, 3.250%, 05/17/21		950,000		948,516
LIN Television Corp. Term Loan B, 4.000%, 12/21/18		536,266		537,941
Media General, Inc. Delayed Draw Term Loan B, 4.250%, 07/31/20		1,020,452		1,026,504
Mediacom Illinois LLC Term Loan E, 3.130%, 10/23/17		481,203		481,901
Term Loan G, 0.000%, 06/13/21 (b)		475,000		475,891
Mission Broadcasting, Inc. Term Loan B2, 3.750%, 10/01/20		799,979		801,479
Nexstar Broadcasting, Inc. Term Loan B2, 3.750%, 10/01/20		907,188		908,889
Numericable U.S. LLC Term Loan B1, 4.500%, 05/21/20		1,233,154		1,241,920
Term Loan B2, 4.500%, 05/21/20		1,066,846		1,074,430
Penton Media, Inc. 1st Lien Term Loan, 5.500%, 10/01/19		595,500		601,951
Raycom TV Broadcasting, Inc. Term Loan B, 4.250%, 05/31/17		800,250		802,501
Rentpath, Inc. Term Loan B, 6.250%, 05/29/20		1,014,750		1,024,898
Sinclair Television Group, Inc. Term Loan B, 3.000%, 04/09/20		469,069		464,867
Springer Science+Business Media Deutschland GmbH Term Loan B2, 5.000%, 08/14/20		2,084,250		2,092,391
Sterling Entertainment Enterprises LLC Term Loan A, 3.150%, 12/28/17 (e)		735,000		715,229
TWCC Holdings Corp. 2nd Lien Term Loan, 7.000%, 06/26/20		700,000		694,313
Univision Communications, Inc. Term Loan C4, 4.000%, 03/01/20		4,772,622		4,774,861
Zuffa LLC Term Loan B, 3.750%, 02/25/20		997,470		1,001,210
				54,515,548
Metal Fabricate/Hardware—1.5%
Ameriforge Group, Inc. 1st Lien Term Loan, 5.000%, 12/19/19		2,477,872		2,496,971
Metal Fabricate/Hardware—(Continued)
Grede Holdings LLC Term Loan B, 4.750%, 06/02/21		850,000		854,073
JFB Firth Rixson, Inc. Term Loan, 4.250%, 06/30/17		1,285,450		1,288,127
JMC Steel Group, Inc. Term Loan, 4.750%, 04/03/17		4,422,620		4,455,790
Rexnord LLC 1st Lien Term Loan B, 4.000%, 08/21/20		4,540,688		4,543,526
WireCo WorldGroup, Inc. Term Loan, 6.000%, 02/15/17		608,249		613,951
				14,252,438
Mining—1.5%
FMG Resources (August 2006) Pty, Ltd. Term Loan B, 3.750%, 06/30/19		7,108,012		7,122,818
Neenah Foundry Co. Term Loan, 6.750%, 04/26/17		1,811,061		1,811,061
Noranda Aluminum Acquisition Corp. Term Loan B, 5.750%, 02/28/19		977,500		943,287
Novelis, Inc. Term Loan, 3.750%, 03/10/17		3,786,342		3,796,281
				13,673,447
Miscellaneous Manufacturing—0.6%
Filtration Group Corp. 1st Lien Term Loan, 4.500%, 11/21/20		298,500		301,224
Husky Injection Molding Systems, Ltd. Term Loan B, 0.000%, 06/29/18 (b)		2,800,000		2,809,131
RGIS Services LLC Term Loan C, 5.500%, 10/18/17		2,760,143		2,770,424
				5,880,779
Multi-Utilities—0.0%
PowerTeam Services LLC 1st Lien Term Loan, 4.250%, 05/06/20		264,000		260,700
Delayed Draw Term Loan, 4.250%, 05/06/20		14,025		13,815
				274,515
Office/Business Equipment—0.7%
Quintiles Transnational Corp. Term Loan B3, 3.750%, 06/08/18		6,194,221		6,203,513
Oil & Gas—2.4%
Bronco Midstream Funding LLC Term Loan B, 5.000%, 08/17/20		2,622,386		2,638,776
Citgo Petroleum Corp. Term Loan B, 8.000%, 06/24/15		80,000		80,900
Term Loan C, 9.000%, 06/23/17		1,341,714		1,365,194
Crestwood Holdings LLC Term Loan B1, 7.000%, 06/19/19		1,853,952		1,886,976
Emerald Expositions Holdings, Inc. Term Loan B, 5.500%, 06/17/20		1,023,220		1,033,665

See accompanying notes to financial statements.

MIST-11

Met Investors Series Trust

Met/Eaton Vance Floating Rate Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Floating Rate Loans (a)—(Continued)

Security Description	Principal Amount*		Value
Oil & Gas—(Continued)
Fieldwood Energy LLC 1st Lien Term Loan, 3.875%, 09/28/18		1,067,562	$	1,072,316
2nd Lien Term Loan, 8.375%, 09/30/20		675,000		698,020
MEG Energy Corp. Term Loan, 3.750%, 03/31/20		7,929,001		7,951,654
Obsidian Natural Gas Trust Term Loan, 7.000%, 11/02/15		1,143,763		1,158,060
Oxbow Carbon LLC Term Loan B, 4.250%, 07/19/19		938,429		941,167
Samson Investments Co. 2nd Lien Term Loan, 5.000%, 09/25/18		825,000		826,695
Sheridan Production Partners I LLC Term Loan B2, 4.250%, 10/01/19		1,913,370		1,919,350
Term Loan B2 I-A, 4.250%, 09/25/19		253,537		254,330
Term Loan B2 I-M, 4.250%, 09/25/19		154,862		155,346
				21,982,449
Packaging & Containers—1.5%
Berry Plastics Holding Corp. Term Loan E, 3.750%, 01/06/21		3,713,195		3,705,238
BWAY Holding Co., Inc. Term Loan B, 4.500%, 08/07/17		2,610,250		2,623,301
Multi Packaging Solutions, Inc. Term Loan B, 4.250%, 09/30/20		349,125		349,998
Reynolds Group Holdings, Inc. Term Loan, 4.000%, 12/01/18		5,368,523		5,382,282
Signode Industrial Group U.S., Inc. Term Loan B, 4.000%, 05/01/21		1,575,000		1,571,719
TricorBraun, Inc. Term Loan B, 4.000%, 05/03/18		594,401		596,382
				14,228,920
Pharmaceuticals—2.3%
Akorn, Inc. Incremental Term Loan, 0.000%, 04/16/21 (b)		375,000		377,187
Term Loan B, 4.500%, 04/16/21		750,000		754,375
Alkermes, Inc. Term Loan, 3.500%, 09/18/19		369,361		369,823
Amneal Pharmaceuticals LLC Term Loan, 5.753%, 11/01/19		570,688		574,849
Auxilium Pharmaceuticals, Inc. Term Loan B, 6.250%, 04/26/17		539,422		543,130
Endo Luxembourg Finance Co. I S.a r.l. Term Loan B, 3.250%, 02/28/21		423,938		422,922
JLL/Delta Dutch Newco B.V. Term Loan, 4.250%, 03/11/21		2,950,000		2,931,562
Par Pharmaceutical Cos., Inc. Term Loan B2, 4.000%, 09/30/19		1,930,815		1,933,983
Pharmaceutical Product Development LLC Term Loan B, 4.000%, 12/05/18		1,822,250		1,829,273
PharMedium Healthcare Corp. 1st Lien Term Loan, 4.250%, 01/28/21		291,750		292,571
Salix Pharmaceuticals, Ltd. Term Loan, 4.250%, 01/02/20		731,250		737,975
Pharmaceuticals—(Continued)
Valeant Pharmaceuticals International, Inc. Term Loan B, 3.750%, 02/13/19		1,688,242		1,688,995
Term Loan B, 3.750%, 12/11/19		4,568,625		4,572,051
Term Loan B, 3.750%, 08/05/20		4,379,943		4,381,586
				21,410,282
Pipelines—0.2%
Energy Transfer Equity L.P. Term Loan, 3.250%, 12/02/19		1,825,000		1,808,927
Ruby Western Pipeline Holdings LLC Term Loan B, 3.500%, 03/27/20		422,928		423,456
				2,232,383
Real Estate—0.9%
MCS AMS Sub-Holdings LLC Term Loan B, 7.000%, 10/15/19		588,750		572,560
RE/MAX International, Inc. Term Loan B, 4.000%, 07/31/20		1,667,816		1,667,274
Realogy Corp. Term Loan B, 3.750%, 03/05/20		3,976,269		3,989,315
RHP Hotel Properties L.P. Term Loan B, 3.750%, 01/15/21		675,000		679,078
Starwood Property Trust, Inc. Term Loan B, 3.500%, 04/17/20		1,065,532		1,061,204
				7,969,431
Retail—7.1%
99 Cents Only Stores Term Loan, 4.500%, 01/11/19		2,417,097		2,436,233
Albertson’s LLC Term Loan B2, 4.750%, 03/21/19		1,091,019		1,098,029
Burger King Corp. Term Loan B, 3.750%, 09/28/19		2,652,750		2,665,823
David’s Bridal, Inc. Term Loan B, 5.000%, 10/11/19		621,040		602,603
DineEquity, Inc. Term Loan B2, 3.750%, 10/19/17		2,590,911		2,604,946
Dunkin’ Brands, Inc. Term Loan B4, 3.250%, 02/07/21		3,025,914		3,003,220
Evergreen Acqco 1 L.P. Term Loan, 5.000%, 07/09/19		638,649		639,248
General Nutrition Centers, Inc. Term Loan, 3.250%, 03/04/19		3,353,872		3,334,483
Harbor Freight Tools USA, Inc. 1st Lien Term Loan, 4.750%, 07/26/19		1,091,750		1,101,849
Hudson’s Bay Co. 1st Lien Term Loan, 4.750%, 11/04/20		3,746,250		3,795,150
J Crew Group, Inc. Term Loan B, 4.000%, 03/05/21		3,150,000		3,113,331
Jo-Ann Stores, Inc. Term Loan, 4.000%, 03/16/18		2,733,285		2,723,003
Landry’s, Inc. Term Loan B, 4.000%, 04/24/18		2,355,314		2,364,146
Men’s Wearhouse, Inc. (The) Term Loan B, 4.500%, 06/18/21		1,500,000		1,507,305

See accompanying notes to financial statements.

MIST-12

Met Investors Series Trust

Met/Eaton Vance Floating Rate Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Floating Rate Loans (a)—(Continued)

Security Description	Principal Amount*		Value
Retail—(Continued)
Michaels Stores, Inc. Delayed Draw Term Loan B2, 0.000%, 01/28/20 (b)		1,000,000	$	1,001,458
Term Loan, 3.750%, 01/28/20		2,475,000		2,474,116
NBTY, Inc. Term Loan B2, 3.500%, 10/01/17		8,115,571		8,139,666
Neiman Marcus Group, Inc. (The) Term Loan, 4.250%, 10/25/20		1,410,403		1,409,521
New Albertson’s, Inc. Term Loan, 0.000%, 06/25/21 (b)		2,450,000		2,461,228
P.F. Chang’s China Bistro, Inc. Term Loan B, 4.250%, 07/02/19		384,246		379,203
Pantry, Inc. (The) Term Loan B, 4.750%, 08/02/19		417,563		420,428
Party City Holdings, Inc. Term Loan, 4.000%, 07/27/19		1,329,818		1,323,881
Pep Boys-Manny, Moe & Jack (The) Term Loan B, 4.250%, 10/11/18		443,250		445,605
Petco Animal Supplies, Inc. Term Loan, 4.000%, 11/24/17		3,681,621		3,696,289
Pier 1 Imports (U.S.), Inc. Term Loan B, 4.500%, 04/30/21		525,000		527,625
Pilot Travel Centers LLC Term Loan B, 3.750%, 03/30/18		4,282,032		4,295,362
Term Loan B2, 4.250%, 08/07/19		442,125		443,599
Rite Aid Corp. 2nd Lien Term Loan, 5.750%, 08/21/20		450,000		460,575
Term Loan 7, 3.500%, 02/21/20		3,712,570		3,714,504
Serta Simmons Holdings LLC Term Loan, 4.250%, 10/01/19		1,527,119		1,532,960
Toys “R” Us Property Co. I LLC Term Loan B, 6.000%, 08/21/19		1,592,000		1,539,596
				65,254,985
Semiconductors—1.5%
Avago Technologies Cayman, Ltd. Term Loan B, 3.750%, 05/06/21		6,500,000		6,530,154
Entegris, Inc. Term Loan B, 3.500%, 04/30/21		525,000		522,812
Freescale Semiconductor, Inc. Term Loan B4, 4.250%, 02/28/20		2,391,793		2,397,275
M/A-COM Technology Solutions Holdings, Inc. Term Loan, 4.500%, 05/07/21		500,000		504,375
Microsemi Corp. Term Loan B1, 3.250%, 02/19/20		1,213,898		1,209,726
NXP B.V. Term Loan D, 3.250%, 01/11/20		2,109,063		2,101,483
Spansion LLC Term Loan, 3.750%, 12/19/19		1,009,678		1,015,357
				14,281,182
Software—4.7%
Activision Blizzard, Inc. Term Loan B, 3.250%, 10/12/20		2,966,250		2,978,168
Software—(Continued)
Applied Systems, Inc. 1st Lien Term Loan, 4.250%, 01/25/21		920,375		924,812
Campaign Monitor Finance Pty, Ltd. 1st Lien Term Loan, 6.250%, 03/18/21		748,125		735,033
CCC Information Services, Inc. Term Loan, 4.000%, 12/20/19		418,934		419,366
Cinedigm Digital Funding I LLC Term Loan, 3.750%, 02/28/18		1,230,230		1,232,537
First Data Corp. Extended Term Loan B, 4.154%, 03/24/18		4,023,844		4,037,195
Term Loan, 4.154%, 09/24/18		1,850,000		1,856,553
Term Loan B, 3.654%, 03/24/17		500,000		500,402
Hyland Software, Inc. Term Loan B, 4.750%, 02/19/21		495,259		498,870
Infor (U.S.), Inc. Term Loan B3, 3.750%, 06/03/20		441,561		439,353
Term Loan B5, 3.750%, 06/03/20		8,504,111		8,468,233
ION Trading Technologies S.a.r.l. 1st Lien Term Loan, 0.000%, 05/31/20 (b)		1,375,000		1,383,020
IPC Systems, Inc. 1st Lien Term Loan, 6.000%, 10/29/20		1,025,000		1,030,766
Kronos, Inc. Incremental Term Loan, 4.500%, 10/30/19		3,679,877		3,714,376
Magic Newco LLC 1st Lien Term Loan, 5.000%, 12/12/18		2,219,329		2,239,673
MedAssets, Inc. Term Loan B, 4.000%, 12/13/19		361,000		361,301
Open Text Corp. Term Loan B, 3.250%, 01/16/21		1,019,875		1,021,044
Renaissance Learning, Inc. 1st Lien Term Loan, 4.500%, 04/09/21		773,063		774,995
Rocket Software, Inc. Term Loan, 5.750%, 02/08/18		407,293		409,411
Rovi Solutions Corp. Term Loan B3, 3.500%, 03/29/19		658,756		654,845
Sophia L.P. Term Loan B, 4.000%, 07/19/18		1,223,694		1,225,861
SS&C Technologies Holdings Europe S.a.r.l. Term Loan B2, 3.250%, 06/07/19		83,487		83,722
SS&C Technologies, Inc. Term Loan B1, 3.250%, 06/07/19		807,044		808,936
SumTotal Systems LLC 1st Lien Term Loan, 6.250%, 11/16/18		1,186,956		1,160,250
Sybil Software LLC Term Loan, 5.000%, 03/20/20		1,505,938		1,509,702
Transfirst Holdings, Inc. Term Loan B2, 4.000%, 12/27/17		970,283		972,709
Vertafore, Inc. 1st Lien Term Loan, 4.250%, 10/03/19		1,016,083		1,019,152
Wall Street Systems Delaware, Inc. Term Loan B, 4.500%, 04/30/21		1,625,000		1,627,709
Websense, Inc. Term Loan B, 4.500%, 06/25/20		792,374		797,080
				42,885,074

See accompanying notes to financial statements.

MIST-13

Met Investors Series Trust

Met/Eaton Vance Floating Rate Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Floating Rate Loans (a)—(Continued)

Security Description	Principal Amount*		Value
Telecommunications—4.5%
Arris Group, Inc. Term Loan B, 3.500%, 04/17/20		1,336,465	$	1,333,750
Cellular South, Inc. Term Loan, 3.250%, 05/22/20		370,313		369,618
CommScope, Inc. Term Loan B4, 3.250%, 01/26/18		1,240,625		1,245,277
Crown Castle Operating Co. Term Loan B2, 3.000%, 01/31/21		3,466,124		3,469,375
Intelsat Jackson Holdings S.A. Term Loan B2, 3.750%, 06/30/19		8,125,000		8,149,123
MCC Iowa LLC Term Loan H, 3.250%, 01/29/21		940,500		931,672
Term Loan J, 0.000%, 06/30/21 (b)		850,000		852,833
Syniverse Holdings, Inc. Term Loan, 4.000%, 04/23/19		1,751,683		1,753,873
Term Loan B, 4.000%, 04/23/19		1,163,426		1,165,062
Telesat Canada Term Loan B2, 3.500%, 03/28/19		3,650,849		3,650,393
UPC Financing Partnership Term Loan AH, 3.250%, 06/30/21		4,028,489		4,006,333
Virgin Media Bristol LLC Term Loan B, 3.500%, 06/05/20		5,975,000		5,959,692
West Corp. Term Loan B10, 3.250%, 06/30/18		5,166,403		5,145,236
Windstream Corp. Term Loan B5, 3.500%, 08/08/19		884,306		883,886
Ziggo B.V. Term Loan B1A, 3.250%, 01/15/22		961,447		950,888
Term Loan B2A, 3.250%, 01/15/22		619,574		612,770
Term Loan B3, 0.000%, 01/15/22 (b)		1,018,979		1,007,788
				41,487,569
Trading Companies & Distributors—0.0%
STS Operating, Inc. Term Loan, 4.750%, 02/19/21		324,188		326,113
Transportation—0.2%
Atlantic Aviation FBO, Inc. Term Loan B, 3.250%, 06/01/20		644,686		645,734
Swift Transportation Co. LLC Term Loan B, 3.750%, 06/09/21		1,172,063		1,176,092
				1,821,826
Wireless Telecommunication Services—0.2%
SBA Senior Finance II LLC Term Loan B1, 3.250%, 03/24/21		1,975,000		1,967,799
Total Floating Rate Loans (Cost $900,458,398)				898,835,116
Corporate Bonds & Notes—0.0%
Aerospace/Defense—0.0%
Erickson Air-Crane, Inc. 6.000%, 11/02/20 (e) (f) (Cost $56,931)		71,875		55,473
Short-Term Investment—3.8%
Security Description	Principal Amount*		Value
Repurchase Agreement—3.8%
Fixed Income Clearing Corp. Repurchase Agreement dated 06/30/14 at 0.000% to be repurchased at $34,707,664 on 07/01/14, collateralized by $34,795,000 U.S. Treasury Note at 2.215% due 08/31/20 with a value of $35,403,913.		34,707,664		34,707,664
Total Short-Term Investment (Cost $34,707,664)				34,707,664
Total Investments—101.3% (Cost $935,222,993)				933,598,253
Unfunded Loan Commitments—(0.0)% (Cost $(326,733))				(326,733	)
Net Investments—101.3% (Cost $934,896,260) (g)				933,271,520
Other assets and liabilities (net)—(1.3)%				(11,794,626	)
Net Assets—100.0%			$	921,476,894

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

(a) 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.

(b) This loan will settle after June 30, 2014, at which time the interest rate will be determined.

(c) Non-income producing; Security is in default and/or issuer is in bankruptcy.

(d) Unfunded or partially unfunded loan commitments. The Portfolio may enter into certain credit agreements for which all or a portion may be unfunded. The Portfolio is obligated to fund these commitments at the borrower’s discretion.

(e) Security was valued in good faith under procedures approved by the Board of Trustees. As of June 30, 2014, these securities represent 0.1% of net assets.

(f) Illiquid security. As of June 30, 2014, these securities represent 0.0% of net assets.

(g) As of June 30, 2014, the aggregate cost of investments was $934,896,260. The aggregate unrealized appreciation and depreciation of investments were $3,850,782 and $(5,475,522), respectively, resulting in net unrealized depreciation of $(1,624,740).

See accompanying notes to financial statements.

MIST-14

Met Investors Series Trust

Met/Eaton Vance Floating Rate Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

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 June 30, 2014:

Description	Level 1		Level 2		Level 3		Total
Floating Rate Loans
Advertising	$	—	$	3,250,995	$	—	$	3,250,995
Aerospace/Defense		—		20,770,956		—		20,770,956
Auto Components		—		6,176,180		—		6,176,180
Auto Manufacturers		—		11,287,088		—		11,287,088
Auto Parts & Equipment		—		21,870,180		—		21,870,180
Beverages		—		477,958		—		477,958
Biotechnology		—		907,312		—		907,312
Building Materials		—		3,672,040		—		3,672,040
Capital Markets		—		5,375,923		—		5,375,923
Chemicals		—		39,703,666		—		39,703,666
Coal		—		11,111,721		—		11,111,721
Commercial Services		—		59,188,868		—		59,188,868
Communications Equipment		—		2,813,110		—		2,813,110
Computers		—		26,890,264		—		26,890,264
Construction Materials		—		2,431,425		—		2,431,425
Cosmetics/Personal Care		—		1,198,105		—		1,198,105
Distribution/Wholesale		—		1,238,977		—		1,238,977
Distributors		—		245,323		—		245,323
Diversified Consumer Services		—		1,225,356		—		1,225,356
Diversified Financial Services		—		36,767,505		—		36,767,505
Electric (Less Unfunded Loan Commitments of $326,733)		—		17,737,333		—		17,737,333
Electrical Components & Equipment		—		3,381,305		—		3,381,305
Electronics		—		22,282,985		—		22,282,985
Energy Equipment & Services		—		6,313,896		—		6,313,896
Engineering & Construction		—		802,124		—		802,124
Entertainment		—		16,056,288		—		16,056,288
Environmental Control		—		3,331,885		—		3,331,885
Food		—		38,975,050		—		38,975,050
Food Service		—		597,475		—		597,475
Forest Products & Paper		—		526,247		—		526,247
Hand/Machine Tools		—		2,189,643		—		2,189,643
Healthcare-Products		—		27,740,649		—		27,740,649
Healthcare-Services		—		62,630,636		—		62,630,636
Holding Companies-Diversified		—		275,675		—		275,675
Home Furnishings		—		2,436,075		—		2,436,075
Hotels, Restaurants & Leisure		—		794,509		—		794,509
Household Products/Wares		—		7,265,258		—		7,265,258

See accompanying notes to financial statements.

MIST-15

Met Investors Series Trust

Met/Eaton Vance Floating Rate Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Fair Value Hierarchy—(Continued)

Description	Level 1		Level 2		Level 3		Total
Industrial Conglomerates	$	—	$	1,418,684	$	—	$	1,418,684
Insurance		—		24,381,779		—		24,381,779
Internet		—		22,183,217		—		22,183,217
Internet Software & Services		—		2,218,687		—		2,218,687
Iron/Steel		—		987,412		—		987,412
Leisure Time		—		13,078,138		—		13,078,138
Lodging		—		16,635,145		—		16,635,145
Machinery		—		8,197,492		—		8,197,492
Machinery-Diversified		—		7,119,071		—		7,119,071
Marine		—		1,700,520		—		1,700,520
Media		—		53,800,319		715,229		54,515,548
Metal Fabricate/Hardware		—		14,252,438		—		14,252,438
Mining		—		13,673,447		—		13,673,447
Miscellaneous Manufacturing		—		5,880,779		—		5,880,779
Multi-Utilities		—		274,515		—		274,515
Office/Business Equipment		—		6,203,513		—		6,203,513
Oil & Gas		—		21,982,449		—		21,982,449
Packaging & Containers		—		14,228,920		—		14,228,920
Pharmaceuticals		—		21,410,282		—		21,410,282
Pipelines		—		2,232,383		—		2,232,383
Real Estate		—		7,969,431		—		7,969,431
Retail		—		65,254,985		—		65,254,985
Semiconductors		—		14,281,182		—		14,281,182
Software		—		42,885,074		—		42,885,074
Telecommunications		—		41,487,569		—		41,487,569
Trading Companies & Distributors		—		326,113		—		326,113
Transportation		—		1,821,826		—		1,821,826
Wireless Telecommunication Services		—		1,967,799		—		1,967,799
Total Floating Rate Loans (Less Unfunded Loan Commitments)		—		897,793,154		715,229		898,508,383
Total Corporate Bonds & Notes*		—		—		55,473		55,473
Total Short-Term Investment*		—		34,707,664		—		34,707,664
Total Net Investments	$	—	$	932,500,818	$	770,702	$	933,271,520

* 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		Accrued Discounts/ (Premiums)		Change in Unrealized Appreciation/ (Depreciation)			Balance as of June 30, 2014		Change in Unrealized Appreciation/ (Depreciation) from Investments Still Held at June 30, 2014
Corporate Bonds & Notes
Aerospace/Defense	$	55,113	$	346	$	14		$	55,473	$	14
Floating Rate Loans
Media		718,463		1,596		(4,830	)		715,229		(4,830	)
	$	773,576	$	1,942	$	(4,816	)	$	770,702	$	(4,816	)

See accompanying notes to financial statements.

MIST-16

Met Investors Series Trust

Met/Eaton Vance Floating Rate Portfolio

Statement of Assets and Liabilities

June 30, 2014 (Unaudited)

Assets
Investments at value (a) (b)	$	933,271,520
Cash		11,261,756
Receivable for:
Investments sold		4,009,412
Fund shares sold		12,018
Interest		2,280,632
Total Assets		950,835,338
Liabilities
Payables for:
Investments purchased		28,599,143
Fund shares redeemed		61,885
Accrued expenses:
Management fees		455,644
Distribution and service fees		25,135
Deferred trustees’ fees		49,636
Other expenses		167,001
Total Liabilities		29,358,444
Net Assets	$	921,476,894
Net assets consist of:
Paid in surplus	$	906,569,344
Undistributed net investment income		16,892,134
Accumulated net realized loss		(359,844	)
Unrealized depreciation on investments		(1,624,740	)
Net Assets	$	921,476,894
Net Assets
Class A	$	799,762,821
Class B		121,714,073
Capital Shares Outstanding*
Class A		77,210,608
Class B		11,810,091
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	10.36
Class B		10.31

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

(a) Identified cost of investments was $934,896,260.

(b) Investments at value includes unfunded loan commitments of $326,733.

Statement of Operations

Six Months Ended June 30, 2014 (Unaudited)

Investment Income
Interest	$	20,446,418
Total investment income		20,446,418
Expenses
Management fees		2,904,157
Administration fees		11,403
Custodian and accounting fees		163,672
Distribution and service fees—Class B		151,756
Audit and tax services		55,424
Legal		15,668
Trustees’ fees and expenses		21,692
Shareholder reporting		12,765
Insurance		2,883
Miscellaneous		8,150
Total expenses		3,347,570
Net Investment Income		17,098,848
Net Realized and Unrealized Loss
Net realized loss on investments		(160,394	)
Net change in unrealized depreciation on investments		(3,352,123	)
Net realized and unrealized loss		(3,512,517	)
Net Increase in Net Assets From Operations	$	13,586,331

See accompanying notes to financial statements.

MIST-17

Met Investors Series Trust

Met/Eaton Vance Floating Rate Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2014 (Unaudited)			Year Ended December 31, 2013
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	17,098,848		$	35,468,649
Net realized gain (loss)		(160,394	)		4,120,552
Net change in unrealized depreciation		(3,352,123	)		(3,817,470	)
Increase in net assets from operations		13,586,331			35,771,731
From Distributions to Shareholders
Net investment income
Class A		(31,272,718	)		(32,615,338	)
Class B		(4,260,389	)		(3,061,308	)
Net realized capital gains
Class A		(3,693,628	)		(3,689,518	)
Class B		(529,606	)		(364,441	)
Total distributions		(39,756,341	)		(39,730,605	)
Increase (decrease) in net assets from capital share transactions		(41,181,428	)		161,483,079
Total increase (decrease) in net assets		(67,351,438	)		157,524,205
Net Assets
Beginning of period		988,828,332			831,304,127
End of period	$	921,476,894		$	988,828,332
Undistributed net investment income
End of period	$	16,892,134		$	35,326,393

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2014 (Unaudited)						Year Ended December 31, 2013
	Shares			Value			Shares			Value
Class A
Sales		1,935,210		$	20,155,660			9,059,273		$	96,332,060
Reinvestments		3,404,708			34,966,346			3,480,811			36,304,856
Redemptions		(10,047,352	)		(103,372,053	)		(1,675,722	)		(17,659,690	)
Net increase (decrease)		(4,707,434	)	$	(48,250,047	)		10,864,362		$	114,977,226
Class B
Sales		1,714,969		$	18,063,055			6,655,673		$	69,851,416
Reinvestments		468,689			4,789,995			329,716			3,425,749
Redemptions		(1,515,586	)		(15,784,431	)		(2,552,951	)		(26,771,312	)
Net increase		668,072		$	7,068,619			4,432,438		$	46,505,853
Increase (decrease) derived from capital shares transactions				$	(41,181,428	)				$	161,483,079

See accompanying notes to financial statements.

MIST-18

Met Investors Series Trust

Met/Eaton Vance Floating Rate Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2014 (Unaudited)			Year Ended December 31,
				2013			2012			2011			2010(a)
Net Asset Value, Beginning of Period	$	10.63		$	10.69		$	10.34		$	10.34		$	10.00
Income (Loss) from Investment Operations
Net investment income (b)		0.19			0.42			0.46			0.42			0.25
Net realized and unrealized gain (loss) on investments		(0.03	)		0.01			0.30			(0.18	)		0.09
Total from investment operations		0.16			0.43			0.76			0.24			0.34
Less Distributions
Distributions from net investment income		(0.38	)		(0.44	)		(0.38	)		(0.21	)		0.00
Distributions from net realized capital gains		(0.05	)		(0.05	)		(0.03	)		(0.03	)		0.00
Total distributions		(0.43	)		(0.49	)		(0.41	)		(0.24	)		0.00
Net Asset Value, End of Period	$	10.36		$	10.63		$	10.69		$	10.34		$	10.34
Total Return (%) (c)		1.50	(d)		4.13			7.51			2.33			3.40	(d)
Ratios/Supplemental Data
Ratio of expenses to average net assets (%)		0.66	(e)		0.67			0.68			0.68			0.69	(e)
Ratio of net investment income to average net assets (%)		3.58	(e)		3.95			4.42			4.10			3.71	(e)
Portfolio turnover rate (%)		18	(d)		40			42			40			31	(d)
Net assets, end of period (in millions)	$	799.8		$	871.0		$	759.9		$	706.2		$	536.1
	Class B
	Six Months Ended June 30, 2014 (Unaudited)			Year Ended December 31,
				2013			2012			2011			2010(a)
Net Asset Value, Beginning of Period	$	10.58		$	10.64		$	10.29		$	10.32		$	10.00
Income (Loss) from Investment Operations
Net investment income (b)		0.17			0.39			0.44			0.40			0.25
Net realized and unrealized gain (loss) on investments		(0.03	)		0.02			0.30			(0.19	)		0.07
Total from investment operations		0.14			0.41			0.74			0.21			0.32
Less Distributions
Distributions from net investment income		(0.36	)		(0.42	)		(0.36	)		(0.21	)		0.00
Distributions from net realized capital gains		(0.05	)		(0.05	)		(0.03	)		(0.03	)		0.00
Total distributions		(0.41	)		(0.47	)		(0.39	)		(0.24	)		0.00
Net Asset Value, End of Period	$	10.31		$	10.58		$	10.64		$	10.29		$	10.32
Total Return (%) (c)		1.42	(d)		3.84			7.33			2.01			3.20	(d)
Ratios/Supplemental Data
Ratio of expenses to average net assets (%)		0.91	(e)		0.92			0.93			0.93			0.94	(e)
Ratio of net investment income to average net assets (%)		3.33	(e)		3.67			4.18			3.86			3.73	(e)
Portfolio turnover rate (%)		18	(d)		40			42			40			31	(d)
Net assets, end of period (in millions)	$	121.7		$	117.8		$	71.4		$	56.4		$	20.2

(a) Commencement of operations was April 30, 2010.

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

(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) Periods less than one year are not computed on an annualized basis.

(e) Computed on an annualized basis.

See accompanying notes to financial statements.

MIST-19

Met Investors Series Trust

Met/Eaton Vance Floating Rate Portfolio

Notes to Financial Statements—June 30, 2014 (Unaudited)

1. Organization

Met Investors Series Trust (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 currently offers forty-seven series, each of which operates as a distinct investment vehicle of the Trust. The portfolio included in this report is Met/Eaton Vance Floating Rate 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 four classes of shares: Class A, B, C and E shares. Class A and B shares are currently offered by the Portfolio. 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 June 30, 2014 through the date the financial statements were issued.

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 (other than short term obligations with a remaining maturity of sixty days or less), 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 MetLife Advisers, LLC (“MetLife Advisers” or the “Adviser”), an affiliate of MetLife, Inc., pursuant to authorization of 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 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.

MIST-20

Met Investors Series Trust

Met/Eaton Vance Floating Rate Portfolio

Notes to Financial Statements—June 30, 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, which 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 and futures contracts that are traded over-the-counter 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 has delegated the determination of the fair value of a security to a 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. The Portfolio has no permanent book-tax differences at December 31, 2013.

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 June 30, 2014, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

MIST-21

Met Investors Series Trust

Met/Eaton Vance Floating Rate Portfolio

Notes to Financial Statements—June 30, 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 Master Repurchase Agreement 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 June 30, 2014, the Portfolio had investments in repurchase agreements with a gross value of $34,707,664, 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 June 30, 2014.

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.

Unfunded Loan Commitments - The Portfolio may enter into certain credit agreements, all or a portion of which may be unfunded. The Portfolio is obligated to fund these commitments at the borrower’s discretion. These commitments, if any, are disclosed in the Schedule of Investments. As of June 30, 2014, the Portfolio had open unfunded loan commitments of $326,733. At June 30, 2014, the Portfolio had sufficient cash and/or securities to cover these commitments.

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; 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 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.

MIST-22

Met Investors Series Trust

Met/Eaton Vance Floating Rate Portfolio

Notes to Financial Statements—June 30, 2014—(Continued)

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2014 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	167,963,191	$	0	$	216,945,417

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 six months ended June 30, 2014	% per annum			Average Daily Net Assets
$2,904,157		0.625	%	First $100 million
		0.600	%	Over $100 million

MetLife Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. Eaton Vance Management is compensated by MetLife Advisers to provide subadvisory services for the Portfolio.

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 Agreement and Plan - 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 Class B Shares. MIDC is a wholly-owned subsidiary of MetLife Investors Group, Inc., an affiliate of the Adviser. The Class B distribution plan provides that the Trust, on behalf of the Portfolio, may pay annually up to 0.50% of the average daily net assets of the Portfolio attributable to its Class B Shares with respect to activities primarily intended to result in the sale of Class B Shares. However, under the Class B distribution agreement, payments to the Distributor for activities pursuant to the Class B distribution plan are currently limited to payments at an annual rate equal to 0.25% of average daily net assets of the Portfolio attributable to its Class B Shares. Amounts incurred by the Portfolio for the six months ended June 30, 2014 are shown as Distribution and service fees in the Statement of Operations.

Under the terms of the Class B distribution plan and distribution agreement, the Portfolio is authorized to make payments monthly to the Distributor that may be used to pay or reimburse entities providing distribution and shareholder servicing with respect to the Class B Shares for such entities’ fees or expenses incurred.

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 Metropolitan Series Fund, 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.

MIST-23

Met Investors Series Trust

Met/Eaton Vance Floating Rate Portfolio

Notes to Financial Statements—June 30, 2014—(Continued)

7. Income Tax Information

The tax character of distributions paid for the period ended December 31, 2013 and 2012 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2013	2012		2013		2012		2013		2012
$37,136,071	$	30,069,012	$	2,594,534	$	818,561	$	39,730,605	$	30,887,573

As of December 31, 2013, 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
$36,432,367	$	3,015,069	$	1,673,440	$	—	$	41,120,876

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, 2013, the Portfolio had no capital loss carryforwards.

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 January 1, 2015, and interim periods within those fiscal years. Management is evaluating the impact, if any, of this guidance on the Portfolio’s financial statement disclosures.

MIST-24

Met Investors Series Trust

Met/Franklin Low Duration Total Return Portfolio

Managed by Franklin Advisers, Inc.

Portfolio Manager Commentary*

PERFORMANCE

For the six month period ended June 30, 2014, the Class A and B shares of the Met/Franklin Low Duration Total Return Portfolio returned 1.07% and 0.96%, respectively. The Portfolio’s benchmark, the Barclays U.S. Government/Credit 1-3 Year Bond Index¹, returned 0.56%.

MARKET ENVIRONMENT / CONDITIONS

The U.S. economy continued to show signs of recovery during the reporting period. Economic activity increased toward period-end after severe weather conditions and a slowdown in health care spending led to a contraction in the first quarter of 2014. Except for a sharp rebound in March, retail sales rose at a modest pace that missed consensus expectations. The housing market had some weather-related weakness early in 2014, but home sales picked up in the spring and home prices were higher than a year ago. The unemployment rate declined during the period. Inflation, as measured by the Consumer Price Index, picked up toward the end of the period.

The U.S. Federal Reserve Board (the “Fed”) began reducing bond purchases by $10 billion a month in January 2014, based on largely positive economic and employment data. Although economic data in early 2014 was soft, Fed Chair Janet Yellen kept the pace of asset-purchase tapering intact in the March meeting while adopting a more qualitative approach to rate-hike guidance. In June, the Fed lowered projections for near- and long-term economic growth even as it maintained the pace of tapering and remained committed to keeping interest rates low for a considerable amount of time after the asset-purchase program ends.

PORTFOLIO REVIEW / PERIOD END POSITIONING

Most major fixed income sectors delivered positive performance and many outperformed similar-duration U.S. Treasuries during the period. The Portfolio’s allocation and security selection in Senior Secured Floating Rate Corporate Loans boosted performance. The Portfolio’s positioning in non-Agency Residential Mortgage-Backed and Commercial Mortgage-Backed Securities also contributed to results. Investors’ continued search for yield helped High Yield bonds deliver positive performance. During the period, U.S. yield curve movements contributed to returns, and movements in non-U.S. markets benefited the Portfolio’s positions in Non-dollar Developed and Non-dollar Emerging Market securities. In contrast, foreign currencies detracted from results.

Over the period, we increased the Portfolio’s allocation to Asset-Backed Securities and Senior Secured Floating Rate Corporate Loans. We reduced the Portfolio’s exposure to certain Treasury positions as we believed the two-year part of the yield curve might experience volatility in the near term. We also slightly decreased the Portfolio’s Investment Grade Corporate Credit position. Consistent with our strategy, at period-end the Portfolio maintained its heaviest allocations in Investment Grade Corporate Credit and Treasuries. Among the Portfolio’s smallest allocations were Taxable Municipal Bonds and Sovereign Developed Bonds.

The Portfolio utilized derivatives principally as a tool for efficient portfolio management and seeking to manage overall portfolio risk. These derivative transactions may provide the same, or similar, net long or short exposure to select currencies, interest rates, countries, duration or credit risks in a less expensive way than by directly purchasing securities. In those markets where portfolio securities are readily available, the cost difference in normal market conditions may be small.

Roger A. Bayston

Kent Burns

Christopher J. Molumphy

Portfolio Managers

Franklin Advisers, 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 and 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 those of the subadvisory firm as of June 30, 2014 and 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 statements) 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 applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable annuity or insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

MIST-1

Met Investors Series Trust

Met/Franklin Low Duration Total Return Portfolio

A $10,000 INVESTMENT COMPARED TO THE BARCLAYS U.S. GOVERNMENT/CREDIT 1-3 YEAR BOND INDEX

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2014

	6 Month		1 Year		Since Inception2
Met/Franklin Low Duration Total Return Portfolio
Class A		1.07		2.39		1.83
Class B		0.96		2.18		1.59
Barclays U.S. Government/Credit 1-3 Year Bond Index		0.56		1.14		1.07

¹ The Barclays U.S. Government/Credit 1-3 Year Bond Index measures performance of U.S. Dollar-denominated U.S. Treasuries, government-related, and investment grade U.S. corporate securities that have maturities ranging from one to three years.

² Inception date of the Class A and B shares is 4/29/2011. 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 JUNE 30, 2014

Top Sectors

	% of Net Assets
Corporate Bonds & Notes		35.7
U.S. Treasury & Government Agencies		13.8
Asset-Backed Securities		13.4
Mortgage-Backed Securities		11.1
Floating Rate Loans		6.3
Foreign Government		3.6
Municipals		2.3

MIST-2

Met Investors Series Trust

Met/Franklin Low Duration Total Return Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

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, January 1, 2014 through June 30, 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/Franklin Low Duration Total Return Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2014		Ending Account Value June 30, 2014		Expenses Paid During Period** January 1, 2014 to June 30, 2014
Class A(a)	Actual		0.51	%	$	1,000.00	$	1,010.70	$	2.54
	Hypothetical*		0.51	%	$	1,000.00	$	1,022.27	$	2.56
Class B(a)	Actual		0.76	%	$	1,000.00	$	1,009.60	$	3.79
	Hypothetical*		0.76	%	$	1,000.00	$	1,021.03	$	3.81

* 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 (181 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.

MIST-3

Met Investors Series Trust

Met/Franklin Low Duration Total Return Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Corporate Bonds & Notes—35.7% of Net Assets

Security Description	Principal Amount*		Value
Aerospace/Defense—0.1%
Boeing Co. (The) 0.950%, 05/15/18		1,500,000	$	1,465,231
Agriculture—0.6%
Japan Tobacco, Inc. 2.100%, 07/23/18 (144A)		4,000,000		4,034,972
Lorillard Tobacco Co. 3.500%, 08/04/16		3,800,000		3,975,362
Reynolds American, Inc. 1.050%, 10/30/15		1,000,000		999,807
				9,010,141
Auto Manufacturers—0.5%
Hyundai Capital America 1.450%, 02/06/17 (144A)		7,000,000		7,026,369
4.000%, 06/08/17 (144A)		300,000		320,810
				7,347,179
Banks—9.9%
AIB Mortgage Bank 2.625%, 07/29/16 (EUR)		3,000,000		4,265,726
ANZ New Zealand International, Ltd. 1.400%, 04/27/17 (144A)		7,500,000		7,514,295
Banco Popolare SC 3.625%, 03/31/17 (EUR)		1,000,000		1,457,830
4.750%, 03/31/16 (EUR)		3,300,000		4,816,699
Banco Santander Totta S.A. 1.500%, 04/03/17 (EUR)		3,000,000		4,153,979
Bank of America Corp. 1.266%, 01/15/19 (a)		6,600,000		6,684,777
2.600%, 01/15/19		2,500,000		2,529,407
Bank of Ireland Mortgage Bank 2.750%, 03/22/18 (EUR)		3,300,000		4,824,525
3.250%, 06/22/15 (EUR)		2,500,000		3,509,619
BB&T Corp. 0.885%, 02/01/19 (a)		8,000,000		8,054,000
2.050%, 06/19/18		1,000,000		1,011,006
BNP Paribas S.A. 2.700%, 08/20/18		2,700,000		2,762,122
CIT Group, Inc. 3.875%, 02/19/19		3,000,000		3,046,800
4.250%, 08/15/17		700,000		730,188
5.000%, 05/15/17		400,000		426,250
5.250%, 03/15/18		500,000		536,875
Citigroup, Inc. 0.501%, 06/09/16 (a)		6,400,000		6,341,792
1.000%, 04/08/19 (a)		1,600,000		1,602,230
Credit Suisse 0.719%, 05/26/17 (a)		3,900,000		3,908,923
Depfa ACS Bank 2.125%, 10/13/17 (CHF)		2,000,000		2,342,129
Export-Import Bank of Korea 0.977%, 01/14/17 (a)		1,000,000		1,006,767
Fifth Third Bank 0.736%, 11/18/16 (a)		7,300,000		7,330,003
Banks—(Continued)
Goldman Sachs Group, Inc. (The) 3.300%, 05/03/15		4,200,000		4,293,282
5.125%, 10/16/14 (EUR)		3,000,000		4,162,265
HSBC Bank Brasil S.A. - Banco Multiplo 4.000%, 05/11/16 (144A)		4,200,000		4,357,500
Intesa Sanpaolo S.p.A. 0.471%, 05/18/17 (EUR)		1,100,000		1,475,217
1.844%, 07/29/15 (EUR) (a)		3,700,000		5,117,734
JPMorgan Chase & Co. 1.129%, 01/25/18 (a)		8,000,000		8,112,696
3.700%, 01/20/15		5,000,000		5,088,565
Morgan Stanley 1.509%, 04/25/18 (a)		6,500,000		6,628,882
PNC Funding Corp. 2.700%, 09/19/16		1,300,000		1,349,984
Regions Financial Corp. 2.000%, 05/15/18		3,200,000		3,188,733
Royal Bank of Canada 0.601%, 03/08/16 (a)		3,000,000		3,009,573
Royal Bank of Scotland plc (The) 4.875%, 08/25/14 (144A)		4,200,000		4,224,805
6.934%, 04/09/18 (EUR)		1,800,000		2,852,858
Svenska Handelsbanken AB 0.722%, 06/17/19 (a)		4,500,000		4,501,622
U.S. Bank N.A. 3.778%, 04/29/20 (a)		1,000,000		1,023,527
UniCredit S.p.A. 3.375%, 10/31/17 (EUR)		2,000,000		2,966,425
Union Bank N.A. 0.984%, 09/26/16 (a)		2,000,000		2,020,016
Wachovia Corp. 0.597%, 10/15/16 (a)		8,500,000		8,484,802
Woori Bank Co., Ltd. 4.750%, 04/30/24 (144A)		3,000,000		3,028,512
				154,742,940
Beverages—0.8%
Coca-Cola Femsa S.A.B. de C.V. 2.375%, 11/26/18		4,000,000		4,048,216
Constellation Brands, Inc. 7.250%, 09/01/16		2,000,000		2,230,000
7.250%, 05/15/17		2,000,000		2,292,500
Heineken NV 0.800%, 10/01/15 (144A)		4,000,000		4,012,684
				12,583,400
Biotechnology—0.6%
Amgen, Inc. 0.828%, 05/22/19 (a)		6,200,000		6,214,812
Celgene Corp. 2.300%, 08/15/18		3,000,000		3,048,537
Gilead Sciences, Inc. 3.050%, 12/01/16		1,000,000		1,047,924
				10,311,273

See accompanying notes to financial statements.

MIST-4

Met Investors Series Trust

Met/Franklin Low Duration Total Return Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Building Materials—0.1%
Cemex S.A.B. de C.V. 9.000%, 01/11/18 (144A)		1,200,000	$	1,290,000
Coal—0.2%
Peabody Energy Corp. 7.375%, 11/01/16		2,500,000		2,746,875
Commercial Services—0.4%
Block Financial LLC 5.125%, 10/30/14		4,200,000		4,248,964
PHH Corp. 9.250%, 03/01/16		2,450,000		2,744,000
				6,992,964
Computers—0.6%
Apple, Inc. 0.473%, 05/03/18 (a)		9,000,000		9,000,270
Cosmetics/Personal Care—0.3%
Avon Products, Inc. 2.375%, 03/15/16		3,400,000		3,444,945
Colgate-Palmolive Co. 0.900%, 05/01/18		2,000,000		1,947,470
				5,392,415
Diversified Financial Services—2.3%
American Honda Finance Corp. 1.600%, 02/16/18 (144A)		3,500,000		3,511,085
Capital One Bank USA N.A. 2.300%, 06/05/19		5,900,000		5,925,588
Ford Motor Credit Co. LLC 2.375%, 01/16/18		2,000,000		2,043,020
7.000%, 04/15/15		12,000,000		12,601,440
GE Capital European Funding 2.000%, 02/27/15 (EUR)		3,000,000		4,152,759
4.625%, 07/04/14 (EUR)		3,000,000		4,108,032
Navient Corp. 5.500%, 01/15/19		3,000,000		3,187,500
8.450%, 06/15/18		500,000		591,250
				36,120,674
Electric—1.3%
Duke Energy Corp. 2.100%, 06/15/18		1,100,000		1,112,127
GDF Suez 1.625%, 10/10/17 (144A)		1,000,000		1,006,150
Georgia Power Co. 0.625%, 11/15/15		1,000,000		1,000,279
Korea Western Power Co., Ltd. 3.125%, 05/10/17 (144A)		3,100,000		3,218,702
PPL Energy Supply LLC 6.200%, 05/15/16		6,000,000		6,447,624
Southern Co. (The) 2.450%, 09/01/18		3,000,000		3,074,250
Electric—(Continued)
State Grid Overseas Investment 2013, Ltd. 1.750%, 05/22/18 (144A)		2,000,000		1,966,920
State Grid Overseas Investment 2014, Ltd. 2.750%, 05/07/19 (144A)		1,100,000		1,108,945
Virginia Electric and Power Co. 1.200%, 01/15/18		900,000		888,904
				19,823,901
Electronics—0.1%
Thermo Fisher Scientific, Inc. 1.300%, 02/01/17		1,000,000		1,001,474
Food—0.7%
Dean Foods Co. 7.000%, 06/01/16		1,771,000		1,934,817
Kraft Foods Group, Inc. 1.625%, 06/04/15		3,000,000		3,030,879
2.250%, 06/05/17		3,000,000		3,081,747
Mondelez International, Inc. 0.745%, 02/01/19 (a)		2,000,000		1,995,518
TESCO plc 2.000%, 12/05/14 (144A)		1,000,000		1,005,790
				11,048,751
Healthcare-Products—0.3%
Baxter International, Inc. 1.850%, 06/15/18		3,400,000		3,405,199
3.200%, 06/15/23		500,000		495,916
Edwards Lifesciences Corp. 2.875%, 10/15/18		1,400,000		1,430,656
				5,331,771
Healthcare-Services—0.1%
Aetna, Inc. 1.500%, 11/15/17		1,000,000		1,003,787
Laboratory Corp. of America Holdings 2.200%, 08/23/17		1,000,000		1,017,932
				2,021,719
Holding Companies-Diversified—0.1%
Hutchison Whampoa International 09/16, Ltd. 4.625%, 09/11/15 (144A)		2,000,000		2,089,816
Hutchison Whampoa International 11, Ltd. 3.500%, 01/13/17 (144A)		400,000		420,580
				2,510,396
Home Builders—1.4%
Centex Corp. 5.250%, 06/15/15		3,000,000		3,116,250
6.500%, 05/01/16		6,000,000		6,540,000
DR Horton, Inc. 4.750%, 05/15/17		2,000,000		2,120,000
5.625%, 01/15/16		3,425,000		3,634,781

See accompanying notes to financial statements.

MIST-5

Met Investors Series Trust

Met/Franklin Low Duration Total Return Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Home Builders—(Continued)
Toll Brothers Finance Corp. 5.150%, 05/15/15		6,000,000	$	6,187,500
				21,598,531
Household Products/Wares—0.2%
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC 8.500%, 05/15/18		2,000,000		2,092,500
9.000%, 04/15/19		500,000		529,375
				2,621,875
Insurance—1.9%
Jackson National Life Global Funding 2.300%, 04/16/19 (144A)		6,000,000		6,005,412
New York Life Global Funding 2.100%, 01/02/19 (144A)		4,000,000		3,996,640
2.150%, 06/18/19 (144A)		5,000,000		5,025,885
Pricoa Global Funding I 1.600%, 05/29/18 (144A)		3,500,000		3,430,812
Prudential Covered Trust 2.997%, 09/30/15 (144A)		7,968,000		8,161,790
Prudential Financial, Inc. 1.004%, 08/15/18 (a)		3,000,000		3,003,714
				29,624,253
Iron/Steel—0.4%
ArcelorMittal 5.000%, 02/25/17		2,500,000		2,643,750
Glencore Funding LLC 3.125%, 04/29/19 (144A)		3,500,000		3,569,300
				6,213,050
Leisure Time—0.4%
Carnival Corp. 3.950%, 10/15/20		5,800,000		6,130,484
Machinery-Diversified—0.1%
John Deere Capital Corp. 1.300%, 03/12/18		1,100,000		1,088,605
Media—0.8%
DIRECTV Holdings LLC / DIRECTV Financing Co., Inc. 2.400%, 03/15/17		2,700,000		2,780,589
NBCUniversal Enterprise, Inc. 0.912%, 04/15/18 (144A) (a)		3,000,000		3,033,387
Time Warner, Inc. 2.100%, 06/01/19		4,000,000		3,979,644
Viacom, Inc. 2.200%, 04/01/19		2,100,000		2,105,647
2.500%, 09/01/18		500,000		511,048
				12,410,315
Mining—0.6%
Anglo American Capital plc 1.176%, 04/15/16 (144A) (a)		700,000		702,223
FMG Resources (August 2006) Pty, Ltd. 6.000%, 04/01/17 (144A)		900,000		929,250
6.875%, 02/01/18 (144A)		500,000		525,000
8.250%, 11/01/19 (144A)		1,000,000		1,088,750
Rio Tinto Finance USA plc 1.625%, 08/21/17		2,600,000		2,630,532
Xstrata Finance Canada, Ltd. 2.050%, 10/23/15 (144A)		3,000,000		3,033,984
				8,909,739
Oil & Gas—4.0%
BG Energy Capital plc 2.875%, 10/15/16 (144A)		4,500,000		4,683,492
BP Capital Markets plc 0.700%, 11/06/15		4,000,000		4,011,540
Canadian Natural Resources, Ltd. 0.609%, 03/30/16 (a)		4,000,000		4,008,668
Chesapeake Energy Corp. 3.479%, 04/15/19 (a)		2,500,000		2,528,125
6.500%, 08/15/17		500,000		560,000
Chevron Corp. 1.104%, 12/05/17		6,000,000		5,972,418
CNOOC Nexen Finance 2014 ULC 1.625%, 04/30/17		7,100,000		7,118,226
CNPC General Capital, Ltd. 1.125%, 05/14/17 (144A) (a)		5,800,000		5,816,251
1.950%, 04/16/18 (144A)		1,500,000		1,478,037
CNPC HK Overseas Capital, Ltd. 3.125%, 04/28/16 (144A)		500,000		515,411
Lukoil International Finance B.V. 3.416%, 04/24/18 (144A)		2,300,000		2,282,750
Petrobras Global Finance B.V. 3.112%, 03/17/20 (a)		4,100,000		4,212,545
Phillips 66 1.950%, 03/05/15		2,700,000		2,727,019
Quicksilver Resources, Inc. 7.000%, 06/21/19 (144A) (a)		1,500,000		1,455,000
Sinopec Group Overseas Development 2013, Ltd. 2.500%, 10/17/18 (144A)		2,200,000		2,207,625
Sinopec Group Overseas Development 2014, Ltd. 1.750%, 04/10/17 (144A)		2,500,000		2,501,140
Statoil ASA 0.685%, 11/08/18 (a)		5,600,000		5,638,506
Woodside Finance, Ltd. 4.500%, 11/10/14 (144A)		4,200,000		4,258,015
				61,974,768
Oil & Gas Services—0.3%
Petrofac, Ltd. 3.400%, 10/10/18 (144A)		1,200,000		1,245,668
Schlumberger Norge A/S 1.950%, 09/14/16 (144A)		4,000,000		4,093,524
				5,339,192

See accompanying notes to financial statements.

MIST-6

Met Investors Series Trust

Met/Franklin Low Duration Total Return Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Pharmaceuticals—1.1%
AbbVie, Inc. 0.983%, 11/06/15 (a)		6,000,000	$	6,049,944
Actavis, Inc. 1.875%, 10/01/17		3,000,000		3,026,757
McKesson Corp. 1.400%, 03/15/18		2,000,000		1,975,018
Mylan, Inc. 1.350%, 11/29/16		2,700,000		2,704,498
Zoetis, Inc. 1.150%, 02/01/16		1,800,000		1,811,306
1.875%, 02/01/18		1,200,000		1,202,700
				16,770,223
Pipelines—0.6%
EnLink Midstream Partners L.P. 2.700%, 04/01/19		1,800,000		1,825,641
Enterprise Products Operating LLC 1.250%, 08/13/15		3,700,000		3,726,059
Kinder Morgan Energy Partners L.P. 2.650%, 02/01/19		600,000		607,255
Kinder Morgan Finance Co. LLC 5.700%, 01/05/16		500,000		525,000
6.000%, 01/15/18 (144A)		2,000,000		2,185,000
				8,868,955
Real Estate Investment Trusts—1.7%
American Tower Corp. 3.400%, 02/15/19		6,100,000		6,381,545
Boston Properties L.P. 3.700%, 11/15/18		3,900,000		4,163,383
HCP, Inc. 3.750%, 02/01/19		4,000,000		4,262,320
Hospitality Properties Trust 5.625%, 03/15/17		5,000,000		5,472,225
Prologis L.P. 2.750%, 02/15/19		6,000,000		6,113,136
				26,392,609
Retail—0.5%
CVS Caremark Corp. 1.200%, 12/05/16		1,000,000		1,006,112
Dollar General Corp. 1.875%, 04/15/18		2,000,000		1,983,344
Edcon Pty, Ltd. 9.500%, 03/01/18 (144A) (EUR)		1,000,000		1,383,267
Home Depot, Inc. (The) 2.250%, 09/10/18		4,000,000		4,093,324
				8,466,047
Savings & Loans—0.3%
Yorkshire Building Society 2.303%, 03/23/16 (GBP) (a)		3,000,000		5,257,266
Semiconductors—0.3%
Maxim Integrated Products, Inc. 2.500%, 11/15/18		4,200,000		4,249,594
Software—0.4%
Oracle Corp. 0.807%, 01/15/19 (a)		6,000,000		6,048,300
Telecommunications—1.5%
Cisco Systems, Inc. 1.100%, 03/03/17		5,000,000		5,015,535
Embarq Corp. 7.082%, 06/01/16		2,071,000		2,304,344
Orange S.A. 2.750%, 02/06/19		3,000,000		3,073,062
Qwest Corp. 7.500%, 10/01/14		4,200,000		4,271,085
Sprint Communications, Inc. 9.000%, 11/15/18 (144A)		3,000,000		3,637,500
Telefonica Emisiones S.A.U. 3.192%, 04/27/18		2,300,000		2,403,673
Verizon Communications, Inc. 0.700%, 11/02/15		1,000,000		1,002,595
3.650%, 09/14/18		1,300,000		1,390,325
				23,098,119
Trucking & Leasing—0.2%
Aviation Capital Group Corp. 3.875%, 09/27/16 (144A)		3,300,000		3,415,500
Total Corporate Bonds & Notes (Cost $541,161,684)				557,218,799
U.S. Treasury & Government Agencies—13.8%
Agency Sponsored Mortgage-Backed—4.6%
Fannie Mae 15 Yr. Pool 4.000%, 04/01/26		3,383,828		3,625,206
4.000%, 05/01/26		3,287,748		3,498,192
4.500%, 09/01/24		1,704,905		1,827,496
4.500%, 03/01/25		3,345,695		3,586,570
Fannie Mae ARM Pool 1.175%, 03/01/30 (a)		37,565		38,499
1.214%, 02/01/44 (a)		236,110		246,059
1.587%, 11/01/33 (a)		7,039		7,331
1.611%, 03/01/28 (a)		18,766		19,498
1.635%, 11/01/33 (a)		14,121		14,731
1.780%, 03/01/35 (a)		75,517		79,130
1.790%, 06/01/32 (a)		11,609		11,649
1.790%, 09/01/32 (a)		16,887		16,941
1.796%, 12/01/32 (a)		679,731		709,454
1.800%, 11/01/32 (a)		22,690		23,637
1.809%, 02/01/36 (a)		126,526		134,993
1.811%, 03/01/33 (a)		23,443		24,464
1.895%, 12/01/34 (a)		97,106		103,535
1.935%, 11/01/17 (a)		18,112		18,978

See accompanying notes to financial statements.

MIST-7

Met Investors Series Trust

Met/Franklin Low Duration Total Return Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

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

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage-Backed—(Continued)
Fannie Mae ARM Pool 1.945%, 11/01/35 (a)		234,362	$	247,284
1.960%, 03/01/36 (a)		430,277		458,986
1.985%, 09/01/31 (a)		31,815		31,931
1.995%, 11/01/32 (a)		102,708		107,969
2.010%, 06/01/32 (a)		6,114		6,139
2.018%, 03/01/37 (a)		31,936		33,573
2.025%, 04/01/36 (a)		97,357		103,249
2.050%, 08/01/29 (a)		10,716		11,330
2.071%, 02/01/25 (a)		203,259		212,922
2.075%, 05/01/19 (a)		2,255		2,261
2.090%, 12/01/34 (a)		131,129		133,060
2.105%, 12/01/32 (a)		34,368		35,451
2.120%, 05/01/33 (a)		32,579		34,774
2.123%, 10/01/32 (a)		41,082		41,481
2.124%, 12/01/32 (a)		62,167		65,465
2.125%, 05/01/19 (a)		89,340		89,828
2.128%, 06/01/28 (a)		2,889		2,974
2.135%, 06/01/25 (a)		116,617		117,239
2.154%, 10/01/35 (a)		37,618		37,905
2.155%, 02/01/33 (a)		42,818		42,980
2.160%, 07/01/35 (a)		151,851		153,436
2.163%, 05/01/34 (a)		62,848		67,032
2.170%, 10/01/33 (a)		26,545		26,653
2.175%, 07/01/36 (a)		108,822		109,565
2.180%, 01/01/20 (a)		136,503		137,174
2.184%, 07/01/33 (a)		97,123		102,980
2.185%, 09/01/33 (a)		17,444		18,513
2.190%, 12/01/25 (a)		14,690		14,764
2.210%, 02/01/36 (a)		48,765		51,267
2.213%, 03/01/33 (a)		63,803		68,589
2.220%, 04/01/27 (a)		14,612		15,516
2.249%, 06/01/35 (a)		55,094		55,888
2.250%, 01/01/33 (a)		50,868		51,086
2.252%, 04/01/34 (a)		240,878		255,992
2.275%, 04/01/34 (a)		35,893		36,032
2.275%, 01/01/36 (a)		138,236		147,357
2.277%, 12/01/33 (a)		140,904		148,970
2.291%, 08/01/37 (a)		52,325		55,881
2.296%, 07/01/25 (a)		3,146		3,223
2.306%, 08/01/33 (a)		133,663		137,625
2.309%, 03/01/30 (a)		1,803		1,934
2.321%, 07/01/33 (a)		99,355		105,782
2.323%, 06/01/33 (a)		49,583		49,869
2.328%, 11/01/35 (a)		6,069,013		6,453,259
2.333%, 09/01/32 (a)		161,622		162,633
2.335%, 09/01/39 (a)		60,025		64,055
2.336%, 07/01/33 (a)		55,409		57,748
2.336%, 11/01/36 (a)		5,072,500		5,377,139
2.338%, 02/01/25 (a)		45,034		45,198
2.338%, 02/01/32 (a)		88,099		88,516
2.340%, 10/01/33 (a)		57,569		60,934
2.348%, 01/01/32 (a)		17,850		19,162
2.348%, 07/01/35 (a)		90,741		97,404
2.353%, 09/01/36 (a)		2,212		2,374
2.356%, 03/01/38 (a)		55,594		59,025
Agency Sponsored Mortgage-Backed—(Continued)
Fannie Mae ARM Pool 2.359%, 07/01/33 (a)		91,285		91,892
2.363%, 06/01/32 (a)		4,142		4,181
2.364%, 11/01/36 (a)		7,432		8,034
2.365%, 01/01/33 (a)		189,236		190,438
2.368%, 09/01/35 (a)		8,548,863		9,077,294
2.375%, 02/01/34 (a)		89,807		90,380
2.375%, 02/01/36 (a)		33,208		35,076
2.375%, 03/01/36 (a)		32,860		34,717
2.375%, 09/01/37 (a)		88,067		94,270
2.380%, 03/01/34 (a)		107,702		108,389
2.395%, 01/01/29 (a)		18,703		18,830
2.395%, 08/01/30 (a)		28,853		29,049
2.395%, 09/01/30 (a)		107,997		108,963
2.395%, 01/01/32 (a)		15,572		15,647
2.403%, 06/01/30 (a)		24,062		24,187
2.403%, 12/01/35 (a)		223,667		224,813
2.405%, 07/01/32 (a)		4,108		4,126
2.410%, 02/01/35 (a)		91,589		92,804
2.415%, 08/01/32 (a)		87,379		88,570
2.423%, 10/01/36 (a)		17,523		18,587
2.425%, 09/01/32 (a)		16,889		17,137
2.425%, 06/01/34 (a)		43,472		43,629
2.433%, 08/01/34 (a)		31,235		33,297
2.435%, 04/01/35 (a)		1,306,073		1,407,198
2.440%, 06/01/34 (a)		117,779		118,326
2.440%, 11/01/35 (a)		44,675		47,861
2.445%, 12/01/29 (a)		105,896		106,587
2.455%, 08/01/35 (a)		1,102,444		1,180,750
2.457%, 08/01/32 (a)		66,349		66,479
2.475%, 09/01/33 (a)		19,660		21,142
2.481%, 09/01/33 (a)		110,833		111,995
2.485%, 11/01/34 (a)		7,347,282		7,866,423
2.493%, 07/01/28 (a)		15,052		16,159
2.494%, 06/01/26 (a)		5,942		5,959
2.495%, 03/01/37 (a)		24,091		25,639
2.498%, 08/01/33 (a)		125,815		135,606
2.498%, 04/01/36 (a)		8,726		9,442
2.500%, 07/01/24 (a)		7,876		7,910
2.525%, 08/01/35 (a)		62,704		62,941
2.531%, 11/01/35 (a)		3,418,210		3,668,709
2.625%, 10/01/33 (a)		60,602		60,862
2.625%, 05/01/34 (a)		143,875		145,747
2.650%, 05/01/32 (a)		14,507		14,580
2.650%, 08/01/32 (a)		32,813		32,953
2.723%, 01/01/26 (a)		11,943		11,992
2.919%, 02/01/33 (a)		158,312		158,843
3.629%, 05/01/34 (a)		130,008		130,404
3.680%, 04/01/40 (a)		19,174		20,337
5.135%, 11/01/34 (a)		24,802		25,903
5.161%, 09/01/35 (a)		46,575		50,186
5.524%, 09/01/37 (a)		8,362		8,985
5.681%, 03/01/36 (a)		84,114		90,759
5.783%, 03/01/36 (a)		50,063		54,168
Freddie Mac ARM Non-Gold Pool 1.875%, 09/01/22 (a)		21,092		21,139
1.931%, 04/01/18 (a)		6,961		7,124

See accompanying notes to financial statements.

MIST-8

Met Investors Series Trust

Met/Franklin Low Duration Total Return Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

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

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage-Backed—(Continued)
Freddie Mac ARM Non-Gold Pool 1.945%, 02/01/37 (a)		89,676	$	94,464
1.945%, 04/01/37 (a)		35,345		37,251
1.994%, 05/01/37 (a)		17,179		18,032
2.185%, 05/01/28 (a)		71,166		72,678
2.237%, 02/01/26 (a)		28,335		28,604
2.261%, 09/01/30 (a)		3,471		3,703
2.276%, 09/01/27 (a)		7,070		7,584
2.280%, 10/01/22 (a)		3,275		3,494
2.318%, 05/01/25 (a)		28,596		30,327
2.342%, 05/01/31 (a)		47,168		49,639
2.353%, 03/01/34 (a)		24,070		25,584
2.355%, 12/01/33 (a)		1,109		1,160
2.356%, 05/01/38 (a)		82,664		88,172
2.366%, 01/01/35 (a)		147,752		156,897
2.375%, 03/01/19 (a)		4,507		4,549
2.375%, 05/01/34 (a)		287,698		301,811
2.375%, 07/01/36 (a)		50,601		53,970
2.375%, 02/01/37 (a)		31,413		33,561
2.385%, 08/01/18 (a)		19,587		19,622
2.385%, 07/01/31 (a)		23,694		24,574
2.387%, 03/01/35 (a)		988,749		1,049,635
2.390%, 11/01/24 (a)		130,354		133,079
2.401%, 09/01/30 (a)		80,890		85,629
2.409%, 11/01/32 (a)		38,086		40,539
2.438%, 01/01/35 (a)		1,345,214		1,429,625
2.449%, 09/01/37 (a)		535,044		568,365
2.470%, 06/01/37 (a)		495,836		528,565
2.475%, 04/01/34 (a)		1,070,605		1,142,719
2.493%, 07/01/36 (a)		137,842		139,085
2.495%, 05/01/37 (a)		22,206		23,709
2.495%, 07/01/37 (a)		723,876		777,163
2.497%, 07/01/35 (a)		344,403		367,233
2.502%, 09/01/30 (a)		17,600		18,452
2.515%, 07/01/34 (a)		109,868		110,065
2.526%, 06/01/37 (a)		6,353,042		6,794,056
2.534%, 10/01/32 (a)		56,869		58,709
2.564%, 04/01/30 (a)		83,765		89,423
2.567%, 04/01/37 (a)		47,084		50,460
2.591%, 04/01/38 (a)		95,822		102,731
2.694%, 07/01/38 (a)		88,663		89,494
2.866%, 05/01/31 (a)		24,984		25,710
2.953%, 06/01/25 (a)		18,698		19,174
3.077%, 04/01/35 (a)		118,285		119,685
4.827%, 03/01/38 (a)		285,253		302,050
5.121%, 04/01/35 (a)		70,763		74,917
5.195%, 09/01/37 (a)		46,536		48,397
5.499%, 08/01/24 (a)		6,283		6,667
5.525%, 05/01/37 (a)		80,283		85,546
5.910%, 10/01/37 (a)		38,620		40,730
5.927%, 01/01/37 (a)		49,008		51,579
				71,682,024
U.S. Treasury—9.2%
U.S. Treasury Bond 11.250%, 02/15/15		4,000,000		4,277,344
U.S. Treasury—(Continued)
U.S. Treasury Inflation Indexed Notes 0.125%, 04/15/16		3,221,760		3,306,331
U.S. Treasury Notes 0.250%, 07/15/15		3,000,000		3,002,931
1.750%, 07/31/15		11,000,000		11,189,926
1.875%, 06/30/15		32,800,000		33,363,767
4.125%, 05/15/15		25,000,000		25,871,100
4.250%, 08/15/15		33,000,000		34,512,060
4.500%, 11/15/15		27,000,000		28,584,144
				144,107,603
Total U.S. Treasury & Government Agencies (Cost $221,711,125)				215,789,627
Asset-Backed Securities—13.4%
Asset-Backed - Automobile—0.6%
Ford Credit Auto Owner Trust 0.510%, 04/15/17		5,804,195		5,808,247
1.150%, 06/15/17		2,750,000		2,771,315
Mercedes-Benz Auto Lease Trust 0.720%, 12/17/18		380,000		380,644
				8,960,206
Asset-Backed - Credit Card—6.8%
American Express Credit Account Master Trust 1.352%, 02/15/18 (a)		5,550,000		5,612,582
BA Credit Card Trust 0.422%, 09/16/19 (a)		7,010,000		7,015,937
Capital One Multi-Asset Execution Trust 0.202%, 11/15/19 (a)		5,412,000		5,385,162
0.332%, 02/15/19 (a)		2,900,000		2,899,780
5.050%, 12/17/18		5,240,000		5,612,795
Chase Issuance Trust 0.202%, 04/15/19		3,035,000		3,018,371
0.282%, 08/15/17 (a)		7,010,000		7,010,000
0.402%, 04/15/19 (a)		5,700,000		5,664,404
0.432%, 04/15/20 (a)		4,580,000		4,578,708
0.522%, 04/15/21 (a)		5,340,000		5,343,770
0.612%, 04/15/19 (a)		2,600,000		2,580,120
Citibank Credit Card Issuance Trust 0.254%, 04/24/17 (a)		8,410,000		8,407,216
0.391%, 02/07/18 (a)		7,010,000		7,015,482
1.353%, 05/22/17 (a)		4,290,000		4,329,318
4.150%, 07/07/17		2,350,000		2,438,785
5.100%, 11/20/17		5,300,000		5,631,632
5.300%, 03/15/18		1,760,000		1,898,558
Discover Card Execution Note Trust 0.352%, 01/16/18 (a)		7,710,000		7,714,063
0.582%, 07/15/21 (a)		5,610,000		5,628,148
0.602%, 04/15/21 (a)		4,020,000		4,038,355
0.732%, 03/15/18 (a)		4,170,000		4,191,972
Turquoise Card Backed Securities plc 0.902%, 09/15/16 (144A) (a)		1,100,000		1,101,003
				107,116,161

See accompanying notes to financial statements.

MIST-9

Met Investors Series Trust

Met/Franklin Low Duration Total Return Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Asset-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Asset-Backed - Home Equity—0.7%
Argent Securities, Inc. 0.512%, 10/25/35 (a)		1,270,000	$	1,158,392
Bayview Financial Acquisition Trust 0.780%, 08/28/44 (a)		1,408,610		1,407,613
GSAA Home Equity Trust 1.095%, 02/25/35 (a)		2,622,000		2,385,994
Home Loan Trust 5.480%, 06/25/34 (b)		687,585		711,791
MASTR Asset Backed Securities Trust 1.247%, 09/25/34 (a)		1,400,000		1,385,114
Morgan Stanley ABS Capital I, Inc. Trust 1.352%, 05/25/33 (a)		435,581		407,347
NovaStar Mortgage Funding Trust 1.802%, 03/25/35 (a)		800,000		784,410
RAAC Series 0.852%, 03/25/34 (a)		704,803		671,703
Wells Fargo Home Equity Trust 0.522%, 04/25/34 (a)		1,570,000		1,479,888
				10,392,252
Asset-Backed - Other—5.3%
Aames Mortgage Investment Trust 0.855%, 10/25/35 (a)		532,198		531,293
ABSC Manufactured Housing Contract Resecuritization Trust 5.019%, 04/16/30 (144A)		1,931,321		1,960,127
American Homes 4 Rent 1.250%, 06/17/31 (144A) (a)		850,000		851,153
Ameriquest Mortgage Securities, Inc. 0.590%, 08/25/34 (a)		1,355,413		1,332,080
0.975%, 06/25/34 (a)		1,964,028		1,915,119
Anthracite CDO III, Ltd. 0.703%, 03/23/39 (144A) (a)		1,435,860		1,421,659
Anthracite, Ltd. 0.522%, 07/26/45		1,176,906		1,162,006
Apidos CLO XIV 4.850%, 04/15/25 (144A)		1,710,000		1,645,636
ARCap 2004-1 Resecuritization Trust 4.730%, 04/21/24 (144A)		1,493,691		1,530,884
ARES CLO, Ltd. 0.599%, 04/16/21 (144A) (a)		3,340,000		3,207,359
ARES XI CLO, Ltd. 0.498%, 10/11/21 (144A) (a)		2,287,195		2,206,354
Babson CLO, Inc. 2007-I 0.453%, 01/18/21 (144A) (a)		3,691,807		3,655,812
Cent CDO XI, Ltd. 1.029%, 04/25/19 (144A) (a)		1,150,000		1,106,395
Centerline REIT, Inc. 4.760%, 09/21/45 (144A) (a)		4,917,193		5,003,243
Chase Funding Mortgage Loan Asset-Backed Certificates 5.351%, 02/26/35 (a)		255,447		257,118
Chatham Light CLO, Ltd. 0.623%, 08/03/19 (144A) (a)		2,320,000		2,310,119
Citigroup Mortgage Loan Trust, Inc. 0.302%, 10/25/36 (a)		629,117		625,939
Asset-Backed - Other—(Continued)
Colony American Homes 2014-1 1.400%, 05/17/31 (144A) (a)		3,648,767		3,667,073
ColumbusNova CLO IV, Ltd. 2007-II 1.477%, 10/15/21 (144A) (a)		680,000		680,017
Conseco Financial Corp. 6.740%, 02/01/31		425,909		427,472
CountryPlace Manufactured Housing Contract Trust 4.800%, 12/15/35 (144A) (a)		143,721		147,459
Countrywide Asset-Backed Certificates 0.662%, 06/25/35 (a)		1,065,833		1,060,893
0.902%, 03/25/34 (a)		641,899		612,328
1.202%, 12/25/34 (a)		961,738		955,552
CREST 2003-2 Ltd 5.709%, 12/28/38 (144A)		1,512,941		1,528,101
CREST 2004-1, Ltd. 0.558%, 01/28/20 (144A) (a)		887,974		886,154
0.718%, 01/28/40 (144A) (a)		4,500,000		4,441,770
CT CDO III, Ltd. 5.471%, 06/25/35 (144A)		2,470,000		2,471,309
CT CDO IV, Ltd. 0.463%, 10/20/43 (144A) (a)		2,638,190		2,584,134
Emerson Park CLO, Ltd. 5.640%, 07/15/25 (144A)		570,000		582,982
GreenPoint Mortgage Funding Trust 0.872%, 07/25/30 (a)		217,786		216,807
GSAMP Trust 1.157%, 06/25/35 (a)		1,406,929		1,368,038
Highbridge Loan Management, Ltd. 5.800%, 10/20/24 (144A)		510,000		520,808
JP Morgan Mortgage Acquisition Trust 0.300%, 05/25/36 (a)		351,343		344,449
Landmark IX CDO, Ltd. 0.926%, 04/15/21 (144A) (a)		940,000		906,942
Long Beach Mortgage Loan Trust 0.622%, 08/25/35 (a)		1,692,812		1,674,940
Morgan Stanley ABS Capital I, Inc. Trust 0.887%, 01/25/35 (a)		775,848		745,352
N-Star REL CDO VI, Ltd. 0.561%, 06/16/41 (144A) (a)		2,278,274		2,175,706
Newcastle CDO V, Ltd. 0.571%, 12/24/39 (144A) (a)		1,313,466		1,248,896
Ownit Mortgage Loan Trust 1.082%, 03/25/36 (a)		2,500,000		2,455,352
Park Place Securities, Inc. 0.602%, 09/25/35 (a)		675,000		669,617
1.090%, 10/25/34 (a)		385,130		382,684
1.097%, 02/25/35 (a)		2,367,377		2,380,317
Pegasus 2006-1, Ltd. 0.552%, 07/25/49 (144A) (a)		1,900,000		1,688,036
Structured Asset Investment Loan Trust 1.192%, 12/25/34 (a)		3,194,862		3,130,546
Structured Asset Securities Corp. 0.452%, 02/25/36 (a)		1,774,361		1,734,938
Trade MAPS 1, Ltd. 0.854%, 12/10/18 (144A) (a)		5,500,000		5,518,920

See accompanying notes to financial statements.

MIST-10

Met Investors Series Trust

Met/Franklin Low Duration Total Return Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Asset-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Asset-Backed - Other—(Continued)
Vanderbilt Acquisition Loan Trust 7.330%, 05/07/32 (a)		282,925	$	306,486
West CLO, Ltd. 2.333%, 07/18/26 (144A) (a)		1,230,000		1,230,000
3.083%, 07/18/26 (144A) (a)		3,240,000		3,164,800
				82,631,174
Total Asset-Backed Securities (Cost $207,816,241)				209,099,793
Mortgage-Backed Securities—11.1%
Collateralized Mortgage Obligations—3.7%
Adjustable Rate Mortgage Trust 2004-2 2.518%, 02/25/35 (a)		3,190,732		3,173,547
American Home Mortgage Investment Trust 1.837%, 10/25/34 (a)		2,307,177		2,293,581
Banc of America Mortgage 2003-E Trust 2.659%, 06/25/33 (a)		1,349,417		1,361,771
CHL Mortgage Pass-Through Trust 2.457%, 05/25/34 (a)		2,560,095		2,566,134
Credit Suisse First Boston Mortgage Securities Corp. 2.505%, 04/25/34 (a)		2,381,001		2,447,607
5.000%, 09/25/19		799,434		834,742
First Horizon Alternative Mortgage Securities Trust 2.108%, 12/25/34 (a)		2,257,662		2,216,694
Fosse Master Issuer plc 1.628%, 10/18/54 (144A) (a)		2,898,089		2,899,428
Granite Master Issuer plc 0.233%, 12/20/54 (a)		308,689		305,726
Impac Secured Assets CMN Owner Trust 0.662%, 02/25/35 (a)		1,120,000		1,046,634
Kildare Securities, Ltd. 0.350%, 12/10/43 (144A) (a)		1,903,411		1,891,877
MASTR Adjustable Rate Mortgages Trust 0.312%, 01/25/47 (a)		1,676,152		1,648,489
0.352%, 05/25/47 (a)		844,648		817,182
MASTR Alternative Loan Trust 5.000%, 02/25/18		834,838		858,410
5.000%, 08/25/18		1,042,749		1,080,636
5.500%, 12/25/18		814,215		841,358
5.500%, 04/25/19		1,113,116		1,159,954
5.560%, 11/25/19 (a)		1,032,343		1,078,319
Merrill Lynch Mortgage Investors Trust 0.892%, 03/25/28 (a)		769,154		759,116
1.002%, 01/25/29 (a)		1,457,084		1,470,332
2.127%, 04/25/35 (a)		936,130		915,592
New York Mortgage Trust 2005-3 0.602%, 02/25/36 (a)		771,761		705,753
Sequoia Mortgage Trust 0.473%, 11/20/34 (a)		723,160		689,669
0.773%, 07/20/33 (a)		216,986		204,314
0.995%, 07/20/33 (a)		382,053		359,853
Structured Adjustable Rate Mortgage Loan Trust 0.592%, 08/25/35 (a)		1,902,347		1,772,196
Collateralized Mortgage Obligations—(Continued)
Structured Asset Mortgage Investments II Trust 0.855%, 02/19/35 (a)		1,432,001		1,348,573
Thornburg Mortgage Securities Trust 2.321%, 09/25/37 (a)		890,264		878,765
WaMu Mortgage Pass-Through Certificates Trust 0.382%, 04/25/45 (a)		3,191,625		3,028,332
0.442%, 07/25/45 (a)		1,806,443		1,706,557
0.442%, 10/25/45 (a)		5,082,056		4,773,433
0.482%, 01/25/45 (a)		3,383,883		3,114,380
Wells Fargo Mortgage Backed Securities Trust 2.597%, 07/25/34 (a)		1,198,397		1,202,996
2.610%, 02/25/35 (a)		2,255,740		2,273,504
2.614%, 06/25/35 (a)		1,544,174		1,543,830
2.632%, 10/25/34 (a)		2,317,906		2,354,909
				57,624,193
Commercial Mortgage-Backed Securities—7.4%
Banc of America Commercial Mortgage Trust 5.460%, 09/10/45 (a)		5,250,000		5,547,917
5.695%, 07/10/46 (a)		5,224,000		5,471,033
Bear Stearns Commercial Mortgage Securities Trust 5.288%, 10/12/42 (a)		388,206		390,338
5.540%, 09/11/41		2,796,459		3,006,009
5.605%, 03/11/39 (a)		5,211,000		5,449,033
5.611%, 09/11/41 (a)		5,220,000		5,458,930
5.898%, 06/11/40 (a)		4,580,000		5,089,293
5.937%, 09/11/38 (a)		1,194,000		1,257,308
Citigroup Commercial Mortgage Trust 5.482%, 10/15/49		2,000,000		2,024,784
Commercial Mortgage Pass-Through Certificates Trust 5.988%, 12/10/49 (a)		3,157,830		3,500,132
Commercial Mortgage Trust 6.015%, 07/10/38 (a)		8,369,555		8,980,558
Credit Suisse First Boston Mortgage Securities Corp. 4.710%, 11/15/37		5,577,164		5,634,715
G-FORCE 2005-RR LLC 4.830%, 08/22/36 (144A)		163,388		167,115
G-FORCE 2005-RR2 LLC 0.452%, 12/25/39 (144A) (a)		2,417,306		2,305,505
Greenwich Capital Commercial Funding Corp. 5.475%, 03/10/39		4,000,000		4,308,624
6.015%, 07/10/38 (a)		5,015,000		5,276,299
Hilton USA Trust 1.151%, 11/05/30 (144A) (a)		2,000,000		2,002,516
JP Morgan Chase Commercial Mortgage Securities Trust 5.115%, 07/15/41		506,454		506,470
5.464%, 12/12/43		5,000,000		5,289,010
5.560%, 12/15/44 (a)		1,000,000		1,012,641
6.057%, 04/15/45 (a)		3,120,000		3,265,154
LB-UBS Commercial Mortgage Trust 4.739%, 07/15/30		2,625,976		2,685,294
5.276%, 02/15/41 (a)		1,230,000		1,274,914

See accompanying notes to financial statements.

MIST-11

Met Investors Series Trust

Met/Franklin Low Duration Total Return Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Mortgage-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Commercial Mortgage-Backed Securities—(Continued)
LB-UBS Commercial Mortgage Trust 5.497%, 10/15/36 (144A) (a)		650,000	$	671,018
6.049%, 06/15/38 (a)		2,000,000		2,132,222
Mach One 2004-1A ULC 6.228%, 05/28/40 (144A) (a)		3,500,000		3,597,038
Merrill Lynch Mortgage Trust 5.457%, 11/12/37 (a)		1,483,000		1,554,255
ML-CFC Commercial Mortgage Trust 5.409%, 07/12/46 (a)		2,808,870		3,036,110
Morgan Stanley Capital I Trust 4.780%, 12/13/41		2,024,851		2,044,298
5.598%, 03/12/44 (a)		2,650,554		2,787,709
5.678%, 03/12/44 (a)		3,100,000		3,244,522
Seawall 2006 1, Ltd. 1.407%, 04/15/46		1,000,000		990,000
Talisman-6 Finance plc 0.507%, 10/22/16 (EUR) (a)		2,178,841		2,908,900
Wachovia Bank Commercial Mortgage Trust 5.209%, 12/15/35 (a)		9,955		9,950
5.287%, 03/15/42 (a)		1,000,000		1,022,614
5.515%, 01/15/45 (a)		5,300,000		5,593,212
5.792%, 10/15/35 (144A) (a)		1,200,000		1,193,533
5.795%, 07/15/45 (a)		2,400,000		2,598,118
5.904%, 05/15/43 (a)		2,700,000		2,734,236
				116,021,327
Total Mortgage-Backed Securities (Cost $170,291,920)				173,645,520
Floating Rate Loans (a)—6.3%
Aerospace/Defense—0.3%
FGI Operating Co. LLC Term Loan, 5.500%, 04/19/19		2,767,177		2,794,863
Henniges Automotive Holdings, Inc. Term Loan B, 0.000%, 06/12/21 (c)		368,990		373,602
Transdigm, Inc. Term Loan C, 3.750%, 02/28/20		668,587		667,387
Term Loan D, 3.750%, 06/04/21		558,800		557,099
				4,392,951
Building Materials—0.1%
Quikrete Holdings, Inc. 1st Lien Term Loan, 4.000%, 09/28/20		1,568,163		1,572,452
Capital Markets—0.2%
Guggenheim Partners LLC Term Loan, 4.250%, 07/22/20		2,687,595		2,700,361
Chemicals—0.6%
Arysta LifeScience Corp. 1st Lien Term Loan, 4.500%, 05/29/20		2,769,443		2,779,828
Axalta Coating Systems U.S. Holdings, Inc. Term Loan, 4.000%, 02/01/20		1,143,598		1,145,599
AZ Chem U.S., Inc. 1st Lien Term Loan, 0.000%, 06/12/21 (c)		1,264,260		1,277,825
Chemicals—(Continued)
Dialysis Newco, Inc. 1st Lien Term Loan, 6.500%, 04/23/21		354,100		355,281
MacDermid, Inc. 1st Lien Term Loan, 4.000%, 06/07/20		1,571,274		1,574,220
OCI Beaumont LLC Term Loan B3, 5.000%, 08/20/19		668,733		679,600
Tronox Pigments (Netherlands) B.V. Term Loan, 4.000%, 03/19/20		1,308,618		1,312,956
				9,125,309
Coal—0.0%
Bowie Resource Holdings LLC 2nd Lien Delayed Draw Term Loan, 11.750%, 02/16/21		476,191		488,096
Commercial Services—0.7%
CDRH Parent, Inc. 1st Lien Term Loan, 6.500%, 07/01/21		110,800		109,692
Interactive Data Corp. Term Loan, 4.750%, 05/02/21		2,746,347		2,773,824
Moneygram International, Inc. Term Loan B, 4.250%, 03/27/20		3,054,566		3,017,346
Truven Health Analytics, Inc. Term Loan B, 4.500%, 06/06/19		844,053		838,250
Visant Corp. Term Loan B, 5.250%, 12/22/16		3,610,703		3,600,774
				10,339,886
Computers—0.2%
Dell, Inc. Term Loan B, 4.500%, 04/29/20		1,312,002		1,320,576
Sungard Availability Services Capital, Inc. Term Loan B, 6.000%, 03/31/19		2,218,242		2,207,849
				3,528,425
Distribution/Wholesale—0.1%
Autoparts Group Holdings, Inc. 1st Lien Term Loan, 6.500%, 07/28/17		232,528		233,545
WESCO Distribution, Inc. Term Loan B, 3.750%, 12/12/19		1,268,172		1,270,550
				1,504,095
Diversified Financial Services—0.1%
Doncasters Finance U.S. LLC Term Loan, 4.500%, 04/09/20		208,473		209,581
TransUnion LLC Term Loan, 4.000%, 04/09/21		2,058,641		2,062,686
				2,272,267
Entertainment—0.0%
Diamond Resorts Corp. Term Loan, 5.500%, 04/23/21		263,400		265,705

See accompanying notes to financial statements.

MIST-12

Met Investors Series Trust

Met/Franklin Low Duration Total Return Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Floating Rate Loans (a)—(Continued)

Security Description	Principal Amount*		Value
Food—0.1%
Big Heart Pet Brands Term Loan, 3.500%, 03/08/20		1,233,626	$	1,225,528
Post Holdings, Inc. Incremental Term Loan, 3.750%, 06/02/21		254,300		256,571
				1,482,099
Forest Products & Paper—0.2%
Exopack LLC Term Loan B, 5.250%, 05/08/19		2,380,629		2,421,552
Healthcare - Services—1.1%
24 Hour Fitness Worldwide, Inc. Term Loan B, 4.750%, 05/28/21		2,541,535		2,560,596
Community Health Systems, Inc. Term Loan D, 4.250%, 01/27/21		4,423,455		4,453,866
Cyanco Intermediate Corp. Term Loan B, 5.500%, 04/29/20		1,602,838		1,607,646
DaVita HealthCare Partners, Inc. Term Loan B, 0.000%, 06/24/21 (c)		2,816,076		2,832,240
Fitness International LLC Term Loan B, 0.000%, 07/01/20 (c)		1,155,700		1,153,175
Millennium Laboratories, Inc. Term Loan B, 5.250%, 04/16/21		2,945,600		2,979,975
U.S. Renal Care, Inc. Term Loan, 4.250%, 07/03/19		1,337,789		1,343,850
				16,931,348
Insurance—0.1%
Connolly Corp. 1st Lien Term Loan, 5.000%, 05/14/21		1,452,633		1,472,243
Machinery—0.0%
Gates Global, Inc. Term Loan B, 0.000%, 07/05/21 (c)		312,300		311,666
UTEX Industries, Inc. 1st Lien Term Loan, 5.000%, 05/22/21		299,148		303,261
				614,927
Media—0.4%
Cumulus Media Holdings, Inc. Term Loan, 4.250%, 12/23/20		298,047		299,538
Gray Television, Inc. Term Loan B, 0.000%, 06/10/21 (c)		37,700		37,939
William Morris Endeavor Entertainment LLC 1st Lien Term Loan, 6.500%, 05/06/21		4,902,900		4,945,800
Radio One, Inc. Term Loan B, 0.000%, 03/31/16 (c)		115,262		118,000
Zuffa LLC Term Loan B, 3.750%, 02/25/20		353,140		354,134
				5,755,411
Metal Fabricate/Hardware—0.0%
Grede Holdings LLC Term Loan B, 0.000%, 06/02/21 (c)		480,300		483,201
Metal Fabricate/Hardware—(Continued)
WireCo WorldGroup, Inc. Term Loan, 0.000%, 02/15/17 (c)		39,720		40,043
				523,244
Mining—0.1%
FMG Resources (August 2006) Pty, Ltd. Term Loan B, 3.750%, 06/30/19		1,002,461		1,004,385
Miscellaneous Manufacturing—0.0%
Husky Injection Molding Systems 1st Lien Term Loan, 0.000%, 06/30/21 (c)		88,100		88,651
Oil & Gas—0.1%
Alfred Fueling Systems, Inc. 1st Lien Term Loan, 0.000%, 06/20/21 (c)		356,500		357,837
Oxbow Carbon LLC Term Loan B, 4.250%, 07/19/19		1,634,619		1,640,071
				1,997,908
Packaging & Containers—0.3%
Reynolds Group Holdings, Inc. Term Loan, 4.000%, 12/01/18		3,443,101		3,452,621
Signode Industrial Group U.S., Inc. Term Loan B, 4.000%, 05/01/21		903,000		901,587
TGI Friday’s, Inc. 1st Lien Term Loan, 0.000%, 06/05/20 (c)		141,600		141,954
				4,496,162
Pharmaceuticals—0.1%
Akorn, Inc. Term Loan B, 0.000%, 04/16/21 (c)		162,900		162,493
Valeant Pharmaceuticals International, Inc. Term Loan B, 3.750%, 08/05/20		1,534,312		1,535,079
				1,697,572
Real Estate—0.0%
RHP Hotel Properties L.P. Term Loan B, 0.000%, 01/15/21 (c)		137,200		138,086
Retail—0.9%
BJ’s Wholesale Club, Inc. 1st Lien Term Loan, 4.500%, 09/26/19		3,237,018		3,245,111
Evergreen Acqco 1 L.P. Term Loan, 5.000%, 07/09/19		2,332,291		2,330,834
Harbor Freight Tools USA, Inc. 1st Lien Term Loan, 4.750%, 07/26/19		2,259,123		2,280,065
J.C. Penney Corp., Inc. Term Loan, 0.000%, 06/20/19 (c)		1,349,794		1,356,124
Men’s Wearhouse, Inc. (The) Term Loan B, 4.500%, 06/18/21		1,183,500		1,191,761
Party City Holdings, Inc. Term Loan, 4.000%, 07/27/19		796,258		792,651
Sears Holding Corp. Term Loan, 5.500%, 06/30/18		3,649,647		3,695,268
				14,891,814

See accompanying notes to financial statements.

MIST-13

Met Investors Series Trust

Met/Franklin Low Duration Total Return Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Floating Rate Loans (a)—(Continued)

Security Description	Principal Amount*		Value
Semiconductors—0.0%
M/A-COM Technology Solutions Holdings, Inc. Term Loan, 4.500%, 05/07/21		395,300	$	398,759
CD&R Millennium HoldCo 6 S.a.r.l 1st Lien Term Loan, 6.500%, 07/31/21		164,700		163,876
				562,635
Software—0.4%
BMC Foreign Holding Co. Term Loan, 5.000%, 09/10/20		2,975,522		2,970,106
BMC Software Finance, Inc. Revolver, 0.000%, 09/10/18 (c)		1,825,218		1,692,890
Term Loan, 5.000%, 09/10/20		884,605		884,698
				5,547,694
Telecommunications—0.1%
Intelsat Jackson Holdings S.A. Term Loan B2, 3.750%, 06/30/19		1,213,363		1,217,028
Presidio, Inc. Term Loan, 5.000%, 03/31/17		607,143		611,032
				1,828,060
Trucking & Leasing—0.1%
Global TIP Finance B.V. Term Loan C, 7.000%, 10/23/20		879,728		882,477
Total Floating Rate Loans (Cost $98,116,500)				98,525,815
Foreign Government—3.6%
Banks—0.4%
Bank Negara Malaysia Monetary Notes 2.711%, 09/18/14 (MYR) (d)		360,000		111,399
2.713%, 09/09/14 (MYR) (d)		395,000		122,320
2.755%, 11/06/14 (MYR) (d)		985,000		303,568
2.784%, 07/08/14 (MYR) (d)		280,000		87,151
2.785%, 08/14/14 (MYR) (d)		530,000		164,472
2.788%, 10/16/14 (MYR) (d)		1,160,000		358,134
2.789%, 10/02/14 (MYR) (d)		425,000		131,363
2.798%, 07/24/14 (MYR) (d)		580,000		180,294
2.799%, 07/15/14 (MYR) (d)		410,000		127,532
2.813%, 08/05/14 (MYR) (d)		530,000		164,592
2.837%, 08/21/14 (MYR) (d)		190,000		58,928
2.841%, 10/28/14 (MYR) (d)		1,045,000		322,313
Korea Monetary Stabilization Bonds 2.470%, 04/02/15 (KRW)		2,750,000,000		2,715,259
2.740%, 02/02/15 (KRW)		179,540,000		177,579
2.840%, 12/02/14 (KRW)		715,040,000		707,406
				5,732,310
Sovereign—3.2%
Brazil Notas do Tesouro Nacional 6.000%, 08/15/18 (BRL)		600,000		673,890
Sovereign—(Continued)
Hungary Government Bonds 5.500%, 12/22/16 (HUF)		448,490,000		2,118,145
5.500%, 12/20/18 (HUF)		307,110,000		1,483,290
6.750%, 11/24/17 (HUF)		3,690,000		18,344
7.750%, 08/24/15 (HUF)		3,800,000		17,841
8.000%, 02/12/15 (HUF)		12,120,000		55,415
Hungary Government International Bond 6.750%, 07/28/14 (EUR)		700,000		961,577
Korea Treasury Bonds 2.750%, 12/10/15 (KRW)		1,273,840,000		1,261,210
3.000%, 12/10/16 (KRW)		11,490,000,000		11,439,886
3.250%, 12/10/14 (KRW)		62,530,000		61,974
3.250%, 06/10/15 (KRW)		186,850,000		185,760
Malaysia Government Bonds 3.172%, 07/15/16 (MYR)		4,900,000		1,522,380
3.197%, 10/15/15 (MYR)		2,010,000		626,319
3.434%, 08/15/14 (MYR)		1,400,000		436,193
3.741%, 02/27/15 (MYR)		6,115,000		1,911,755
3.835%, 08/12/15 (MYR)		7,255,000		2,276,791
4.720%, 09/30/15 (MYR)		1,130,000		358,634
Mexican Bonos 6.000%, 06/18/15 (MXN)		101,000		7,998
6.250%, 06/16/16 (MXN)		2,287,000		185,864
7.250%, 12/15/16 (MXN)		83,849,000		7,005,087
8.000%, 12/17/15 (MXN)		32,714,000		2,691,969
9.500%, 12/18/14 (MXN)		28,960,000		2,297,306
Philippine Treasury Bill 0.714%, 08/06/14 (PHP) (d)		87,600,000		2,004,774
Poland Government Bonds Zero Coupon, 07/25/14 (PLN)		60,000		19,727
Zero Coupon, 07/25/15 (PLN)		820,000		263,316
Zero Coupon, 01/25/16 (PLN)		6,309,000		2,000,582
2.720%, 01/25/17 (PLN) (a)		5,746,000		1,890,737
2.720%, 01/25/21 (PLN) (a)		5,829,000		1,891,560
5.000%, 04/25/16 (PLN)		8,225,000		2,828,334
5.500%, 04/25/15 (PLN)		561,000		189,291
6.250%, 10/24/15 (PLN)		1,551,000		535,692
Republic of Serbia 5.250%, 11/21/17 (144A)		1,200,000		1,251,000
				50,472,641
Total Foreign Government (Cost $55,116,666)				56,204,951
Municipals—2.3%
Acalanes Union High School District, General Obligation Unlimited 1.427%, 08/01/18		1,000,000		982,360
Alabama Public School & College Authority 5.000%, 12/01/25		2,500,000		2,813,875
California State Public Works Board 3.183%, 12/01/14		3,685,000		3,715,438
City of Cleveland, Ohio, Public Improvements, General Obligation, Ltd. 2.250%, 12/01/15		1,295,000		1,329,421

See accompanying notes to financial statements.

MIST-14

Met Investors Series Trust

Met/Franklin Low Duration Total Return Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Municipals—(Continued)

Security Description	Shares/ Contracts/ Principal Amount*		Value
New York State Dormitory Authority, Revenue, Refunding 4.000%, 10/01/14		2,085,000	$	2,104,286
New York State Urban Development Corp., Revenue, Refunding 5.000%, 01/01/15		2,000,000		2,048,640
Puerto Rico Sales Tax Financing Corp. Zero Coupon, 08/01/45		3,655,000		494,668
Zero Coupon, 08/01/46		500,000		63,455
Reading School District, Refunding, General Obligation Unlimited 5.000%, 04/01/15		2,500,000		2,571,475
State Board of Administration Finance Corp. 2.107%, 07/01/18		2,000,000		2,003,580
State of Arkansas 3.250%, 06/15/22		2,500,000		2,633,625
State of California 0.651%, 07/01/41 (a)		5,875,000		5,882,520
5.000%, 05/15/48 (a)		2,300,000		2,793,419
State of Illinois, Refunding, General Obligation Unlimited 5.000%, 01/01/16		2,500,000		2,664,175
State of Minnesota 2.500%, 08/01/18		1,250,000		1,293,738
State of Rhode Island 5.000%, 08/01/19		2,250,000		2,638,417
Total Municipals (Cost $36,087,383)				36,033,092
Common Stock—0.0%
Paper & Forest Products—0.0%
NewPage Holding, Inc. (Cost $554,408) (d)		2,400		180,000
Purchased Options—0.0%
Call Options—0.0%
USD Currency, Strike Price KRW 1,040, Expires 10/16/14 (Counterparty - Barclays Bank plc)		1,000,000		4,691
USD Currency, Strike Price KRW 1,068, Expires 12/15/14 (Counterparty - Barclays Bank plc)		1,600,000		7,374
USD Currency, Strike Price MXN 13.80, Expires 12/15/14 (Counterparty - Citibank N.A.)		1,200,000		9,343
USD Currency, Strike Price MYR 3.37, Expires 12/15/14 (Counterparty - Citibank N.A.)		1,200,000		5,730
				27,138
Put Options—0.0%
EUR Currency, Strike Price PLN 4.13, Expires 10/22/14 (EUR) (Counterparty - Barclays Bank plc)		2,812,971		23,134
Markit CDX North America Investment Grade Index Series 22, Exercise Rate 0.900%, Expires 9/17/14 (Counterparty - JPMorgan Chase Bank N.A.)		24,000,000		9,769
Markit CDX North America High Yield Index Series 22, Exercise Price 103.00, Expires 9/17/14 (Counterparty - Citibank N.A.)		7,700,000		19,083
				51,986
Total Purchased Options (Cost $158,633)				79,124
Short-Term Investments—16.5%
Discount Note—5.6%
Federal Home Loan Bank 0.010%, 07/01/14 (e)		87,535,000		87,535,000
U.S. Treasury—3.3%
U.S. Treasury Bills 0.026%, 07/17/14 (e)		29,000,000		28,999,652
0.038%, 10/02/14 (e)		22,500,000		22,497,682
				51,497,334
Repurchase Agreement—7.6%
Fixed Income Clearing Corp. Repurchase Agreement dated 06/30/14 at 0.000% to be repurchased at $118,619,572 on 07/01/14, collateralized by $109,495,000 U.S. Treasury Note at 3.750% due 11/15/18 with a value of $120,991,975.		118,619,572		118,619,572
Total Short-Term Investments (Cost $257,652,091)				257,651,906
Total Investments—102.7% (Cost $1,588,666,651)(f)				1,604,428,627
Other assets and liabilities (net)—(2.7)%				(41,984,967	)
Net Assets—100.0%			$	1,562,443,660

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

(a) Variable or floating rate security. The stated rate represents the rate at June 30, 2014. Maturity date shown for callable securities reflects the earliest possible call date.

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

See accompanying notes to financial statements.

MIST-15

Met Investors Series Trust

Met/Franklin Low Duration Total Return Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

(c) This loan will settle after June 30, 2014, at which time the interest rate will be determined.

(d) Non-income producing security.

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

(f) As of June 30, 2014, the aggregate cost of investments was $1,588,666,651. The aggregate unrealized appreciation and depreciation of investments were $29,008,105 and $(13,246,129), respectively, resulting in net unrealized appreciation of $15,761,976.

(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 June 30, 2014, the market value of 144A securities was $206,220,429, which is 13.2% of net assets.

(ARM)— Adjustable-Rate Mortgage

(BRL)— Brazilian Real

(CDO)— Collateralized Debt Obligation

(CHF)— Swiss Franc

(CLO)— Collateralized Loan Obligation

(EUR)— Euro

(GBP)— British Pound

(HUF)— Hungarian Forint

(KRW)— South Korea Won

(MXN)— Mexican Peso

(MYR)— Malaysian Ringgit

(PHP)— Philippine Peso

(PLN)— Polish Zloty

(USD)— United States Dollar

Forward Foreign Currency Exchange Contracts

Contracts to Buy		Counterparty	Settlement Date		In Exchange for			Unrealized Appreciation/ (Depreciation)
CAD	131,000	Barclays Bank plc		01/09/15		USD	118,535	$	3,653
CAD	185,000	Barclays Bank plc		01/09/15		USD	167,406		5,150
CAD	211,000	Barclays Bank plc		01/09/15		USD	190,929		5,878
CAD	262,000	Barclays Bank plc		01/09/15		USD	237,052		7,325
CAD	259,000	Citibank N.A.		01/09/15		USD	231,271		10,307
CAD	130,000	Deutsche Bank AG		01/09/15		USD	116,885		4,371
CAD	132,000	Deutsche Bank AG		01/09/15		USD	119,457		3,664
CAD	194,000	Deutsche Bank AG		01/09/15		USD	173,471		7,480
CAD	260,000	Deutsche Bank AG		01/09/15		USD	234,023		8,488
CAD	261,000	Deutsche Bank AG		01/09/15		USD	235,666		7,778
CAD	165,000	Barclays Bank plc		02/09/15		USD	147,668		6,115
CAD	132,000	HSBC Bank plc		02/09/15		USD	118,126		4,900
CAD	144,000	HSBC Bank plc		02/09/15		USD	128,868		5,343
CAD	1,042,200	Deutsche Bank AG		03/09/15		USD	950,046		20,632
CHF	1,440,250	Deutsche Bank AG		04/16/15		USD	1,593,197		35,811
CLP	387,880,000	Deutsche Bank AG		03/09/15		USD	671,537		13,503
CLP	1,133,875,000	JPMorgan Chase Bank N.A.		03/09/15		USD	1,965,121		37,431
EUR	755,100	Deutsche Bank AG		07/03/14		USD	1,027,314		6,648
EUR	626,821	Deutsche Bank AG		07/08/14		USD	852,790		5,536
EUR	410,000	Deutsche Bank AG		07/29/14		USD	570,638		(9,168	)
EUR	5,500,000	Deutsche Bank AG		01/09/15		USD	7,534,725		2,209
EUR	2,211,174	Deutsche Bank AG		02/09/15		USD	3,076,738		(46,150	)
SGD	3,496,264	Morgan Stanley & Co. LLC		11/17/14		USD	2,805,203		(945	)
SGD	631,300	Deutsche Bank AG		01/09/15		USD	500,436		5,951
SGD	1,623,132	Deutsche Bank AG		03/09/15		USD	1,290,248		11,851
SGD	2,637,300	Deutsche Bank AG		03/09/15		USD	2,103,781		11,897
SGD	1,629,622	Morgan Stanley & Co. LLC		03/09/15		USD	1,297,367		9,938
Contracts to Deliver
CHF	1,440,250	Deutsche Bank AG		04/16/15		USD	1,621,355		(7,653	)
DKK	20,000,000	Deutsche Bank AG		09/11/14		USD	3,564,872		(109,813	)
DKK	19,000,000	Deutsche Bank AG		09/26/14		USD	3,448,276		(42,969	)
EUR	755,100	Deutsche Bank AG		07/03/14		USD	986,463		(47,500	)
EUR	626,821	Deutsche Bank AG		07/08/14		USD	856,457		(1,869	)
EUR	1,905,310	Deutsche Bank AG		07/17/14		USD	2,508,721		(100,368	)
EUR	923,000	Barclays Bank plc		07/28/14		USD	1,222,421		(41,567	)
EUR	410,000	Deutsche Bank AG		07/29/14		USD	543,394		(18,076	)
EUR	1,046,650	Barclays Bank plc		08/04/14		USD	1,389,794		(43,562	)
EUR	46,169	Citibank N.A.		08/08/14		USD	61,465		(1,763	)

See accompanying notes to financial statements.

MIST-16

Met Investors Series Trust

Met/Franklin Low Duration Total Return Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Contracts to Deliver		Counterparty	Settlement Date		In Exchange for			Unrealized Appreciation/ (Depreciation)
EUR	5,933	Citibank N.A.		08/11/14		USD	7,906	$	(219	)
EUR	1,000,000	Deutsche Bank AG		08/20/14		USD	1,334,000		(35,553	)
EUR	17,272	Barclays Bank plc		08/25/14		USD	23,155		(500	)
EUR	31,978	Barclays Bank plc		09/19/14		USD	42,723		(1,077	)
EUR	21,514	Barclays Bank plc		09/24/14		USD	29,125		(343	)
EUR	1,618,079	JPMorgan Chase Bank N.A.		10/23/14		USD	2,223,968		7,376
EUR	183,001	Barclays Bank plc		01/09/15		USD	251,884		1,108
EUR	6,173,855	Deutsche Bank AG		01/09/15		USD	8,434,473		(25,879	)
EUR	3,539,000	Deutsche Bank AG		01/09/15		USD	4,798,884		(50,790	)
EUR	3,112,056	Deutsche Bank AG		01/09/15		USD	4,250,664		(13,947	)
EUR	2,174,938	Deutsche Bank AG		01/09/15		USD	2,941,822		(38,608	)
EUR	2,105,000	Deutsche Bank AG		01/09/15		USD	2,844,276		(40,314	)
EUR	1,439,000	Deutsche Bank AG		01/09/15		USD	1,949,269		(22,667	)
EUR	434,458	Deutsche Bank AG		01/09/15		USD	587,040		(8,320	)
EUR	87,929	JPMorgan Chase Bank N.A.		01/09/15		USD	120,979		485
EUR	3,060,000	Deutsche Bank AG		02/09/15		USD	4,250,034		56,063
EUR	2,752,764	Deutsche Bank AG		02/09/15		USD	3,796,502		23,622
EUR	395,300	Deutsche Bank AG		02/09/15		USD	547,945		6,155
EUR	178,275	Deutsche Bank AG		02/09/15		USD	247,606		3,266
EUR	198,000	JPMorgan Chase Bank N.A.		02/09/15		USD	274,731		3,356
EUR	198,000	JPMorgan Chase Bank N.A.		02/09/15		USD	276,230		4,855
EUR	198,000	JPMorgan Chase Bank N.A.		02/09/15		USD	275,305		3,930
EUR	158,000	JPMorgan Chase Bank N.A.		02/09/15		USD	219,688		3,137
EUR	118,600	JPMorgan Chase Bank N.A.		02/09/15		USD	164,561		2,010
EUR	2,909,965	Citibank N.A.		03/09/15		USD	4,037,315		48,381
EUR	3,500,000	Deutsche Bank AG		03/09/15		USD	4,797,800		55
EUR	2,433,206	Deutsche Bank AG		03/09/15		USD	3,314,756		(20,644	)
EUR	1,824,000	Deutsche Bank AG		03/09/15		USD	2,520,768		20,458
EUR	1,687,455	Deutsche Bank AG		03/09/15		USD	2,300,339		(12,798	)
EUR	1,070,160	Deutsche Bank AG		03/09/15		USD	1,458,735		(8,224	)
EUR	843,663	Deutsche Bank AG		03/09/15		USD	1,164,676		8,196
EUR	755,100	Deutsche Bank AG		03/09/15		USD	1,028,295		(6,784	)
EUR	715,290	Deutsche Bank AG		03/09/15		USD	980,520		11
EUR	626,821	Deutsche Bank AG		03/09/15		USD	853,605		(5,632	)
EUR	513,104	Deutsche Bank AG		03/09/15		USD	711,522		8,167
EUR	400,000	Deutsche Bank AG		03/09/15		USD	552,240		3,926
EUR	366,000	Deutsche Bank AG		03/09/15		USD	495,666		(6,041	)
EUR	346,239	Deutsche Bank AG		03/09/15		USD	479,991		5,372
EUR	300,000	Deutsche Bank AG		03/09/15		USD	414,600		3,365
EUR	203,152	Deutsche Bank AG		03/09/15		USD	281,609		3,132
EUR	93,500	Deutsche Bank AG		03/09/15		USD	127,459		(709	)
EUR	35,796	Deutsche Bank AG		03/09/15		USD	48,781		(288	)
EUR	6,170,000	Goldman Sachs & Co.		03/09/15		USD	8,525,398		67,659
EUR	2,350,000	Goldman Sachs & Co.		03/09/15		USD	3,247,113		25,770
EUR	693,000	Goldman Sachs & Co.		03/09/15		USD	949,791		(162	)
GBP	2,053,243	Deutsche Bank AG		01/09/15		USD	3,358,901		(148,201	)
GBP	1,030,342	Deutsche Bank AG		02/09/15		USD	1,707,431		(51,558	)
JPY	42,660,000	Barclays Bank plc		01/09/15		USD	417,703		(4,054	)
JPY	21,350,000	Barclays Bank plc		01/09/15		USD	209,049		(2,027	)
JPY	85,250,000	Citibank N.A.		01/09/15		USD	834,500		(8,322	)
JPY	42,570,000	Citibank N.A.		01/09/15		USD	415,865		(5,002	)
JPY	3,025,280,000	Deutsche Bank AG		01/09/15		USD	29,064,079		(845,295	)
JPY	40,500,000	Deutsche Bank AG		01/09/15		USD	399,448		(954	)
JPY	14,279,000	Deutsche Bank AG		01/09/15		USD	139,798		(1,371	)
JPY	42,760,000	Goldman Sachs & Co.		01/09/15		USD	417,639		(5,107	)
JPY	64,350,000	HSBC Bank plc		01/09/15		USD	637,148		953
JPY	64,319,000	JPMorgan Chase Bank N.A.		01/09/15		USD	637,043		1,154
JPY	42,710,000	JPMorgan Chase Bank N.A.		01/09/15		USD	417,489		(4,763	)
JPY	42,690,000	JPMorgan Chase Bank N.A.		01/09/15		USD	418,038		(4,016	)

See accompanying notes to financial statements.

MIST-17

Met Investors Series Trust

Met/Franklin Low Duration Total Return Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Contracts to Deliver		Counterparty	Settlement Date		In Exchange for			Unrealized Appreciation/ (Depreciation)
JPY	480,350,000	Deutsche Bank AG		03/09/15		USD	4,695,503	$	(56,050	)
JPY	436,983,750	Deutsche Bank AG		03/09/15		USD	4,277,863		(44,718	)
JPY	55,178,000	Deutsche Bank AG		03/09/15		USD	541,758		(4,055	)
JPY	29,200,000	Deutsche Bank AG		03/09/15		USD	285,575		(3,267	)
JPY	88,300,000	HSBC Bank plc		03/09/15		USD	863,823		(9,628	)
JPY	82,910,000	JPMorgan Chase Bank N.A.		03/09/15		USD	810,614		(9,520	)
JPY	81,810,000	JPMorgan Chase Bank N.A.		03/09/15		USD	800,067		(9,186	)
JPY	59,880,000	JPMorgan Chase Bank N.A.		03/09/15		USD	585,603		(6,721	)
JPY	34,500,000	JPMorgan Chase Bank N.A.		03/09/15		USD	337,897		(3,372	)
JPY	281,655,500	Morgan Stanley & Co. LLC		03/09/15		USD	2,765,463		(20,633	)
JPY	265,900,000	Morgan Stanley & Co. LLC		03/09/15		USD	2,618,750		(11,495	)
Cross Currency Contracts to Buy
SEK	29,334,800	Deutsche Bank AG		03/09/15		EUR	3,216,253		(27,675	)
Net Unrealized Depreciation								$	(1,504,071	)

Futures Contracts

Futures Contracts—Short	Expiration Date		Number of Contracts			Notional Amount				Unrealized Appreciation
U.S. Treasury Note 10 Year Futures		09/19/14		(361	)		USD	(45,355,363	)	$	168,316
U.S. Treasury Note 5 Year Futures		09/30/14		(359	)		USD	(43,033,048	)		146,571
U.S. Treasury Ultra Long Bond Futures		09/19/14		(8	)		USD	(1,205,105	)		5,605
Net Unrealized Appreciation										$	320,492

Written Options

Foreign Currency Written Options

Strike Price

Counterparty

Expiration Date

Notional Amount

Premiums Received

Market Value

Unrealized Appreciation

USD Call/KRW Put

KRW 1,100.00

Barclays Bank plc

10/16/14

USD(1,000,000)

$

(10,043)

$

(653

)

$

9,390

Swap Agreements

OTC 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 Depreciation)

Floating rate equal to 3-Month USD-LIBOR based on the notional amount of currency delivered

Fixed rate equal to 2.125% based on the notional amount of currency received

10/13/17

Citibank N.A.

$

2,241,399

CHF

2,000,000

$

(42)

$

—

$

(42)

(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.

Total Return Swap Agreements

Pay/Receive Floating Rate

Floating Rate

Maturity Date

Counterparty

Underlying Reference Instrument

Notional Amount

Market Value

Upfront Premium Paid/ (Received)

Unrealized Appreciation

Pay

USD-LIBOR-BBA

09/20/14

JPMorgan Chase Bank N.A.

iBoxx USD Liquid Leveraged Loan Index

USD

5,255,206

$

31,967

$

—

$

31,967

See accompanying notes to financial statements.

MIST-18

Met Investors Series Trust

Met/Franklin Low Duration Total Return Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Credit Default Swaps on corporate issues—Buy Protection (a)
Reference Obligation	Fixed Deal (Pay) Rate		Maturity Date		Counterparty	Implied Credit Spread at June 30, 2014(b)		Notional Amount(c)			Market Value		Upfront Premium Paid/ (Received)		Unrealized Appreciation/ (Depreciation)
Bank of America Corp. 5.000%, due 01/15/2015		(1.000%)		09/20/17	Credit Suisse International		4.273%		USD	2,000,000	$	(36,655)	$	4,498	$	(41,153)
Centex Corp. 5.250%, due 06/15/2015		(5.000%)		06/20/15	JPMorgan Chase Bank N.A.		0.635%		USD	3,000,000		(145,572)		(137,578)		(7,994)
Centex Corp. 5.250%, due 06/15/2015		(5.000%)		06/20/16	Credit Suisse International		1.093%		USD	6,000,000		(583,416)		(737,831)		154,415
Constellation Brands, Inc. 7.250%, due 09/01/2016		(5.000%)		09/20/16	Barclays Bank plc		2.611%		USD	2,000,000		(211,723)		(241,928)		30,205
Constellation Brands, Inc. 7.250%, due 09/01/2016		(5.000%)		06/20/17	Barclays Bank plc		4.142%		USD	2,000,000		(271,699)		(262,181)		(9,518)
D.R. Horton, Inc. 5.250% due 02/15/2015		(5.000%)		03/20/16	JPMorgan Chase Bank N.A.		4.043%		USD	3,425,000		(272,563)		(394,626)		122,063
D.R. Horton, Inc. 5.250% due 02/15/2015		(5.000%)		06/20/17	Citibank N.A.		7.756%		USD	2,000,000		(248,976)		(281,353)		32,377
Dean Foods Co. 7.000%, due 06/01/2016		(5.000%)		06/20/16	JPMorgan Chase Bank N.A.		6.595%		USD	1,771,000		(151,862)		(171,491)		19,629
Embarq Corp. 7.082%, due 06/01/2016		(5.000%)		06/20/16	Credit Suisse International		2.640%		USD	2,071,000		(194,674)		(247,588)		52,914
First Data Corp. 12.625%, due 01/15/2021		(5.000%)		03/20/15	Barclays Bank plc		4.196%		USD	400,000		(13,331)		(24,925)		11,594
First Data Corp. 12.625%, due 01/15/2021		(5.000%)		03/20/15	Barclays Bank plc		4.196%		USD	2,600,000		(86,653)		(120,307)		33,654
Ford Motor Credit Co. LLC 5.000%, due 05/15/2018		(5.000%)		06/20/15	Credit Suisse International		1.138%		USD	10,000,000		(479,994)		(837,653)		357,659
Hospitality Properties Trust 5.125%, due 02/15/2015		(5.000%)		03/20/17	Credit Suisse International		7.027%		USD	5,000,000		(572,537)		(663,898)		91,361
PHH Corp. 7.375%, due 09/01/2019		(5.000%)		03/20/16	Barclays Bank plc		10.214%		USD	2,450,000		(167,969)		(175,646)		7,677
PPL Energy Supply LLC 6.500%, due 05/01/2018		(5.000%)		06/20/16	JPMorgan Chase Bank N.A.		N/A		USD	3,000,000		(253,214)		(253,214)		—
PPL Energy Supply LLC 5.500%, due 05/01/2018		(5.000%)		06/20/16	JPMorgan Chase Bank N.A.		5.410%		USD	3,000,000		(264,820)		(252,981)		(11,839)
Tenet Healthcare Corp. 6.875%, due 11/15/2031		(5.000%)		12/05/16	Barclays Bank plc		10.215%		USD	3,500,000		(341,795)		(322,116)		(19,679)
Toll Brothers, Inc. 5.150%, due 05/15/2015		(5.000%)		06/20/15	Credit Suisse International		1.786%		USD	3,000,000		(142,064)		(330,262)		188,198
Toll Brothers, Inc. 5.150%, due 05/15/2015		(5.000%)		06/20/15	Credit Suisse International		1.786%		USD	3,000,000		(142,064)		(316,024)		173,960
Totals											$	(4,581,581)	$	(5,767,104)	$	1,185,523

Credit Default Swaps on corporate and sovereign issues—Sell Protection (d)

Reference Obligation	Fixed Deal Receive Rate		Maturity Date		Counterparty	Implied Credit Spread at June 30, 2014(b)		Notional Amount(c)			Market Value		Upfront Premium Paid/ (Received)		Unrealized Appreciation/ (Depreciation)
Bank of America Corp. 5.650%, due 05/01/2018		1.000%		09/20/17	Credit Suisse International		4.273%		USD	2,000,000	$	36,655	$	(4,498)	$	41,153
Berkshire Hathaway, Inc. 1.900%, due 01/31/2017		1.000%		09/20/15	Barclays Bank plc		0.976%		USD	1,800,000		20,079		21,363		(1,284)
Berkshire Hathaway, Inc. 2.450%, due 05/15/2015		1.000%		09/20/17	Barclays Bank plc		2.389%		USD	6,000,000		146,776		(84,614)		231,390
Celanese U.S. Holdings LLC 3.246%, due 10/31/2016		1.800%		06/20/16	Credit Suisse International		11.837%		USD	500,000		5,957		—		5,957

See accompanying notes to financial statements.

MIST-19

Met Investors Series Trust

Met/Franklin Low Duration Total Return Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

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

Reference Obligation	Fixed Deal Receive Rate		Maturity Date		Counterparty	Implied Credit Spread at June 30, 2014(b)		Notional Amount(c)			Market Value		Upfront Premium Paid/ (Received)		Unrealized Appreciation/ (Depreciation)
First Data Corp. 12.625%, due 01/15/2021		5.000%		03/20/16	Barclays Bank plc		9.630%		USD	2,000,000	$	139,226	$	(5,000)	$	144,226
First Data Corp. 12.625%, due 01/15/2021		5.000%		03/20/16	Barclays Bank plc		9.630%		USD	1,000,000		69,613		39,817		29,796
Ford Motor Credit Co. LLC 5.000%, due 05/15/2018		5.000%		03/20/19	Barclays Bank plc		6.243%		USD	3,000,000		599,634		596,396		3,238
PSEG Power LLC 5.500%, due 12/01/2015		1.000%		06/20/19	JPMorgan Chase Bank N.A.		9.625%		USD	4,000,000		7,178		(15,384)		22,562
Republic of Lithuania 4.500%, due 03/05/2013		1.000%		06/20/16	Credit Suisse International		3.795%		USD	400,000		4,922		(18,566)		23,488
Tenet Healthcare Corp. 6.875%, due 11/15/2031		5.000%		12/20/18	Barclays Bank plc		23.361%		USD	2,500,000		279,891		169,065		110,826
Totals											$	1,309,931	$	698,579	$	611,352

Credit Default Swaps on Credit Indices—Sell Protection (d)

Reference Obligation	Fixed Deal Receive Rate		Maturity Date		Counterparty	Implied Credit Spread at June 30, 2014(b)		Notional Amount(c)			Market Value		Upfront Premium Paid/ (Received)		Unrealized Appreciation
Markit CMBX North America, AJ Tranche, Series 2		1.090%		03/15/49	Credit Suisse International		0.000%		USD	575,000	$	(44,131)	$	(80,877)	$	36,746
Markit CMBX North America, AJ Tranche, Series 2		1.090%		03/15/49	Credit Suisse International		0.000%		USD	1,100,000		(84,425)		(165,688)		81,263
Markit CMBX North America, AM Tranche, Series 2		0.500%		03/15/49	Credit Suisse International		0.000%		USD	1,900,000		(23,964)		(27,907)		3,943
Markit CMBX North America, AM Tranche, Series 2		0.500%		03/15/49	Credit Suisse International		0.000%		USD	3,460,000		(43,639)		(48,656)		5,017
Markit LCDX North America, Series 19		2.500%		12/20/17	Barclays Bank plc		0.000%		USD	2,280,000		111,150		31,350		79,800
Markit LCDX North America, Series 21		2.500%		12/20/18	Credit Suisse International		0.000%		USD	6,138,000		301,146		283,883		17,263
Markit LCDX North America, Series 21		2.500%		12/20/18	Credit Suisse International		0.000%		USD	1,683,000		82,572		67,320		15,252
Markit MCDX North America, Series 21		1.000%		12/20/18	Citibank N.A.		11.329%		USD	4,000,000		(21,303)		(78,611)		57,308
Totals											$	277,406	$	(19,186)	$	296,592

(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.

See accompanying notes to financial statements.

MIST-20

Met Investors Series Trust

Met/Franklin Low Duration Total Return Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

(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.

(CAD)— Canadian Dollar

(CHF)— Swiss Franc

(CLP)— Chilean Peso

(CMBX)— Commercial Mortgage-Backed Index

(DKK)— Danish Krone

(EUR)— Euro

(GBP)— British Pound

(JPY)— Japanese Yen

(KRW)— South Korea Won

(LCDX)— First Lien Leveraged Loan Index

(LIBOR)— London InterBank Offered Rate

(MCDX)— Municipal Single Name Index

(SEK)— Swedish Krona

(SGD)— Singapore Dollar

(USD)— United States Dollar

MIST-21

Met Investors Series Trust

Met/Franklin Low Duration Total Return Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

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 June 30, 2014:

Description	Level 1		Level 2			Level 3		Total
Total Corporate Bonds & Notes*	$	—	$	557,218,799		$	—	$	557,218,799
Total U.S. Treasury & Government Agencies*		—		215,789,627			—		215,789,627
Total Asset-Backed Securities*		—		209,099,793			—		209,099,793
Total Mortgage-Backed Securities*		—		173,645,520			—		173,645,520
Total Floating Rate Loans*		—		98,525,815			—		98,525,815
Total Foreign Government*		—		56,204,951			—		56,204,951
Total Municipals		—		36,033,092			—		36,033,092
Total Common Stock*		—		180,000			—		180,000
Total Purchased Options*		—		79,124			—		79,124
Short-Term Investments
Discount Note		—		87,535,000			—		87,535,000
U.S. Treasury		—		51,497,334			—		51,497,334
Repurchase Agreement		—		118,619,572			—		118,619,572
Total Short-Term Investments		—		257,651,906			—		257,651,906
Total Investments	$	—	$	1,604,428,627		$	—	$	1,604,428,627
Forward Contracts
Forward Foreign Currency Exchange Contracts (Unrealized Appreciation)	$	—	$	553,821		$	—	$	553,821
Forward Foreign Currency Exchange Contracts (Unrealized Depreciation)		—		(2,057,892	)		—		(2,057,892	)
Total Forward Contracts	$	—	$	(1,504,071	)	$	—	$	(1,504,071	)
Futures Contracts
Futures Contracts (Unrealized Appreciation)	$	320,492	$	—		$	—	$	320,492
Written Options at Value		—		(653	)		—		(653	)
OTC Swap Contracts
OTC Swap Contracts at Value (Assets)	$	—	$	1,836,766		$	—	$	1,836,766
OTC Swap Contracts at Value (Liabilities)		—		(4,799,085	)		—		(4,799,085	)
Total OTC Swap Contracts	$	—	$	(2,962,319	)	$	—	$	(2,962,319	)

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

MIST-22

Met Investors Series Trust

Met/Franklin Low Duration Total Return Portfolio

Statement of Assets and Liabilities

June 30, 2014 (Unaudited)

Assets
Investments at value (a)	$	1,604,428,627
Cash		3,169,753
Cash denominated in foreign currencies (b)		6,789,564
Cash collateral (c)		3,491,663
OTC swap contracts at market value (d)		1,836,766
Unrealized appreciation on forward foreign currency exchange contracts		553,821
Receivable for:
Investments sold		5,914,963
Fund shares sold		337,652
Principal paydowns		185,078
Dividends and interest		6,886,938
Interest on OTC swap contracts		37,044
Prepaid expenses		148
Total Assets		1,633,632,017
Liabilities
Written options at value (e)		653
OTC swap contracts at market value (f)		4,799,085
Unrealized depreciation on forward foreign currency exchange contracts		2,057,892
Payables for:
Investments purchased		63,228,357
Fund shares redeemed		27,848
Variation margin on futures contracts		58,695
Interest on OTC swap contracts		92,135
Accrued Expenses:
Management fees		601,679
Distribution and service fees		70,138
Deferred trustees’ fees		41,823
Other expenses		210,052
Total Liabilities		71,188,357
Net Assets	$	1,562,443,660
Net assets consist of:
Paid in surplus	$	1,568,995,002
Undistributed net investment income		11,530,198
Accumulated net realized loss		(34,793,889	)
Unrealized appreciation on investments, written options, futures contracts, swap contracts and foreign currency transactions		16,712,349
Net Assets	$	1,562,443,660
Net Assets
Class A	$	1,221,190,915
Class B		341,252,745
Capital Shares Outstanding*
Class A		122,698,359
Class B		34,436,503
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	9.95
Class B		9.91

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

(a) Identified cost of investments was $1,588,666,651.

(b) Identified cost of cash denominated in foreign currencies was $6,769,613.

(c) Includes collateral of $815,600 for futures contracts and $2,676,063 for OTC swap contracts.

(d) Net premium paid on OTC swap contracts was $1,213,692.

(e) Premiums received on written options were $10,043.

(f) Net premium received on OTC swap contracts was $6,301,403.

Statement of Operations

Six Months Ended June 30, 2014 (Unaudited)

Investment Income
Dividends (a)	$	59,407
Interest (b)		14,974,349
Total investment income		15,033,756
Expenses
Management fees		3,536,827
Administration fees		16,634
Custodian and accounting fees		187,256
Distribution and service fees—Class B		404,057
Audit and tax services		45,151
Legal		15,634
Trustees’ fees and expenses		21,288
Shareholder reporting		9,436
Insurance		3,573
Miscellaneous		6,524
Total expenses		4,246,380
Less management fee waiver		(135,044	)
Net expenses		4,111,336
Net Investment Income		10,922,420
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments		3,518,051
Futures contracts		(1,664,413	)
Written options		73,889
Swap contracts		(650,574	)
Foreign currency transactions		(3,192,809	)
Net realized loss		(1,915,856	)
Net change in unrealized appreciation (depreciation) on:
Investments		3,740,038
Futures contracts		(439,373	)
Written options		(19,031	)
Swap contracts		1,131,768
Foreign currency transactions		1,340,329
Net change in unrealized appreciation		5,753,731
Net realized and unrealized gain		3,837,875
Net Increase in Net Assets From Operations	$	14,760,295

(a) Net of foreign withholding taxes of $23,043.

(b) Net of foreign withholding taxes of $60,277.

See accompanying notes to financial statements.

MIST-23

Met Investors Series Trust

Met/Franklin Low Duration Total Return Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2014 (Unaudited)			Year Ended December 31, 2013
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	10,922,420		$	17,663,197
Net realized gain (loss)		(1,915,856	)		2,299,964
Net change in unrealized appreciation (depreciation)		5,753,731			(3,186,750	)
Increase in net assets from operations		14,760,295			16,776,411
From Distributions to Shareholders
Net investment income
Class A		(24,484,757	)		(17,639,187	)
Class B		(7,133,230	)		(1,756,188	)
Total distributions		(31,617,987	)		(19,395,375	)
Increase in net assets from capital share transactions		227,910,374			327,760,599
Total increase in net assets		211,052,682			325,141,635
Net Assets
Beginning of period		1,351,390,978			1,026,249,343
End of period	$	1,562,443,660		$	1,351,390,978
Undistributed net investment income
End of period	$	11,530,198		$	32,225,765

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2014 (Unaudited)						Year Ended December 31, 2013
	Shares			Value			Shares			Value
Class A
Sales		15,185,527		$	150,884,470			14,696,535		$	147,589,727
Reinvestments		2,470,712			24,484,757			1,763,919			17,639,187
Redemptions		(1,716,584	)		(17,151,913	)		(2,592,610	)		(25,943,588	)
Net increase		15,939,655		$	158,217,314			13,867,844		$	139,285,326
Class B
Sales		9,504,332		$	95,211,137			22,871,088		$	228,235,754
Reinvestments		722,718			7,133,230			176,147			1,756,188
Redemptions		(3,271,318	)		(32,651,307	)		(4,153,055	)		(41,516,669	)
Net increase		6,955,732		$	69,693,060			18,894,180		$	188,475,273
Increase derived from capital shares transactions				$	227,910,374					$	327,760,599

See accompanying notes to financial statements.

MIST-24

Met Investors Series Trust

Met/Franklin Low Duration Total Return Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2014 (Unaudited)			Year Ended December 31,
				2013			2012			2011(a)
Net Asset Value, Beginning of Period	$	10.08		$	10.12		$	9.88		$	10.00
Income (Loss) from Investment Operations
Net investment income (b)		0.08			0.16			0.17			0.09
Net realized and unrealized gain (loss) on investments		0.02			(0.02	)		0.29			(0.21	)
Total from investment operations		0.10			0.14			0.46			(0.12	)
Less Distributions
Distributions from net investment income		(0.23	)		(0.18	)		(0.22	)		0.00
Total distributions		(0.23	)		(0.18	)		(0.22	)		0.00
Net Asset Value, End of Period	$	9.95		$	10.08		$	10.12		$	9.88
Total Return (%) (c)		1.07	(d)		1.33			4.67			(1.20	) (d)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.53	(e)		0.55			0.57			0.59	(e)
Net ratio of expenses to average net assets (%) (f)		0.51	(e)		0.52			0.53			0.56	(e)
Ratio of net investment income to average net assets (%)		1.57	(e)		1.55			1.70			1.40	(e)
Portfolio turnover rate (%)		40	(d)		67			60			76	(d)
Net assets, end of period (in millions)	$	1,221.2		$	1,075.7		$	939.7		$	809.9

	Class B
	Six Months Ended June 30, 2014 (Unaudited)			Year Ended December 31,
				2013			2012			2011(a)
Net Asset Value, Beginning of Period	$	10.03		$	10.08		$	9.86		$	10.00
Income (Loss) from Investment Operations
Net investment income (b)		0.07			0.13			0.14			0.09
Net realized and unrealized gain (loss) on investments		0.03			(0.01	)		0.29			(0.23	)
Total from investment operations		0.10			0.12			0.43			(0.14	)
Less Distributions
Distributions from net investment income		(0.22	)		(0.17	)		(0.21	)		0.00
Total distributions		(0.22	)		(0.17	)		(0.21	)		0.00
Net Asset Value, End of Period	$	9.91		$	10.03		$	10.08		$	9.86
Total Return (%) (c)		0.96	(d)		1.16			4.40			(1.40	) (d)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.78	(e)		0.80			0.82			0.84	(e)
Net ratio of expenses to average net assets (%) (f)		0.76	(e)		0.77			0.78			0.81	(e)
Ratio of net investment income to average net assets (%)		1.32	(e)		1.32			1.45			1.37	(e)
Portfolio turnover rate (%)		40	(d)		67			60			76	(d)
Net assets, end of period (in millions)	$	341.3		$	275.7		$	86.6		$	52.5

(a) Commencement of operations was April 29, 2011.

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

(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) Periods less than one year are not computed on an annualized basis.

(e) Computed on an annualized basis.

(f) Includes the effects of management fee waivers and expenses reimbursed by the Adviser (see Note 6 of the Notes to Financial Statements).

See accompanying notes to financial statements.

MIST-25

Met Investors Series Trust

Met/Franklin Low Duration Total Return Portfolio

Notes to Financial Statements—June 30, 2014 (Unaudited)

1. Organization

Met Investors Series Trust (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 currently offers forty-seven series, each of which operates as a distinct investment vehicle of the Trust. The portfolio included in this report is Met/Franklin Low Duration 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 two classes of shares: Class A and B shares. Class A and B shares are currently offered by the Portfolio. 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 June 30, 2014 through the date the financial statements were issued.

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 (other than short term obligations with a remaining maturity of sixty days or less), 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 MetLife Advisers, LLC (“MetLife Advisers” or the “Adviser”), an affiliate of MetLife, Inc., pursuant to authorization of 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 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.

MIST-26

Met Investors Series Trust

Met/Franklin Low Duration Total Return Portfolio

Notes to Financial Statements—June 30, 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, which 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 and futures contracts that are traded over-the-counter 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. 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 has delegated the determination of the fair value of a security to a 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.

MIST-27

Met Investors Series Trust

Met/Franklin Low Duration Total Return Portfolio

Notes to Financial Statements—June 30, 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, swap transactions, defaulted bonds, premium amortization adjustments and paydown 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 June 30, 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 Master Repurchase Agreement 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 June 30, 2014, the Portfolio had investments in repurchase agreements with a gross value of $118,619,572, 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 June 30, 2014.

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.

MIST-28

Met Investors Series Trust

Met/Franklin Low Duration Total Return Portfolio

Notes to Financial Statements—June 30, 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.

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.

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

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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. Futures contracts are exchange-traded and 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.

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.

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 over-the-counter 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

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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 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

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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 June 30, 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.

Total Return Swaps: The Portfolio may enter into total return swap agreements to obtain exposure to a security or market without owning such security or investing directly in that market or to transfer the risk/return of one market (e.g., fixed income) to another market (e.g., equity) (equity risk and/or interest rate risk). Total return swaps are agreements in which one party agrees to make periodic payments to another party based on the change in market value of the assets underlying the contract, which may include a specified security, basket of securities or securities indices during the specific period, in return for periodic payments based on a fixed or floating rate or the total return from other underlying assets. When a Portfolio pays interest in exchange for the total return of an underlying asset and the value of the underlying asset decreases, the Portfolio may be required to pay the change in value to the counterparty in addition to the interest payment; conversely, when a Portfolio receives interest in exchange for the total return of an underlying asset and the value of the underlying asset decreases, the Portfolio may receive the change in value in addition to the interest payment. To the extent the total return of the instrument or index underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the Portfolio will receive a payment from or make a payment to the counterparty. Total return swaps can also be structured without an interest payment, so that one party pays the other party if the value of the underlying asset increases and receives payment from the other party if the value of the underlying asset decreases.

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At June 30, 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 * (b)	$	320,492
Credit	Investments at market value (c)		28,852
	OTC swap contracts at market value (a)		1,836,766	OTC swap contracts at market value (a)	$	4,799,043
Foreign Exchange	Investments at market value (c)		50,272
				OTC swap contracts at market value (a)		42
	Unrealized appreciation on forward foreign currency exchange contracts		553,821	Unrealized depreciation on forward foreign currency exchange contracts		2,057,892
				Written options at value		653
Total		$	2,790,203		$	6,857,630

* 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) Excludes OTC swap interest receivable of $37,044 and OTC swap interest payable of $92,135.

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

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

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”), or similar agreement, and net of the related collateral received by the Portfolio as of June 30, 2014.

Counterparty	Derivative Assets subject to a MNA by Counterparty		Financial Instruments available for offset			Collateral Received†		Net Amount*
Barclays Bank plc	$	1,430,797	$	(1,186,953	)	$	—	$	243,844
Citibank N.A.		92,844		(92,844	)		—		—
Credit Suisse International		431,252		(431,252	)		—		—
Deutsche Bank AG		287,607		(287,607	)		—		—
Goldman Sachs & Co.		93,429		(5,269	)		—		88,160
HSBC Bank plc		11,196		(9,628	)		—		1,568
JPMorgan Chase Bank N.A.		112,648		(112,648	)		—		—
Morgan Stanley & Co. LLC		9,938		(9,938	)		—		—
	$	2,469,711	$	(2,136,139	)	$	—	$	333,572

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 June 30, 2014.

Counterparty	Derivative Liabilities subject to a MNA by Counterparty		Financial Instruments available for offset			Collateral Pledged†			Net Amount**
Barclays Bank plc	$	1,186,953	$	(1,186,953	)	$	—		$	—
Citibank N.A.		285,627		(92,844	)		(190,000	)		2,783
Credit Suisse International		2,347,563		(431,252	)		(1,916,311	)		—
Deutsche Bank AG		1,863,908		(287,607	)		(1,063	)		1,575,238
Goldman Sachs & Co.		5,269		(5,269	)		—			—
HSBC Bank plc		9,628		(9,628	)		—			—
JPMorgan Chase Bank N.A.		1,125,609		(112,648	)		(490,000	)		522,961
Morgan Stanley & Co. LLC		33,073		(9,938	)		—			23,135
	$	6,857,630	$	(2,136,139	)	$	(2,597,374	)	$	2,124,117

* 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.

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Transactions in derivative instruments during the six months ended June 30, 2014 were as follows:

Statement of Operations Location—Net Realized Gain (Loss)	Interest Rate			Credit			Foreign Exchange			Total
Investments (a)	$	—		$	(62,860	)	$	(813,768	)	$	(876,628	)
Forward foreign currency transactions		—			—			(3,194,960	)		(3,194,960	)
Futures contracts		(1,664,413	)		—			—			(1,664,413	)
Swap contracts		—			(375,162	)		(275,412	)		(650,574	)
Written options		—			—			73,889			73,889
	$	(1,664,413	)	$	(438,022	)	$	(4,210,251	)	$	(6,312,686	)
Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)	Interest Rate			Credit			Foreign Exchange			Total
Investments (a)	$	—		$	(41,938	)	$	436,993		$	395,055
Forward foreign currency transactions		—			—			1,390,553			1,390,553
Futures contracts		(439,373	)		—			—			(439,373	)
Swap contracts		31,967			946,175			153,626			1,131,768
Written options		—			—			(19,031	)		(19,031	)
	$	(407,406	)	$	904,237		$	1,962,141		$	2,458,972

For the six months ended June 30, 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)	$	46,395,086
Forward foreign currency transactions		203,131,722
Futures contracts long		156,100,000
Futures contracts short		(69,583,333	)
Swap contracts		111,920,035
Written options		(5,617,096	)

‡ Averages are based on activity levels during the period.

(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 six months June 30, 2014:

Call Options	Notional Amount			Number of Contracts		Premium Received
Options outstanding December 31, 2013		6,700,000			—	$	70,946
Options written		1,000,000			—		10,043
Options bought back		(6,700,000	)		—		(70,946	)
Options outstanding June 30, 2014		1,000,000			—	$	10,043
Put Options	Notional Amount			Number of Contracts		Premium Received
Options outstanding December 31, 2013		—			—	$	—
Options written		2,812,971			—		34,432
Options expired		(2,812,971	)		—		(34,432	)
Options outstanding June 30, 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

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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; 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 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 over-the-counter traded derivatives (e.g., forward foreign currency exchange contracts, swap agreements and over-the-counter 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 addendums 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.

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5. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2014 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$110,997,056	$	447,293,133	$	242,683,330	$	282,815,254

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 six months ended June 30, 2014	% per annum			Average Daily Net Assets
$3,536,827		0.520	%	First $100 million
		0.510	%	$100 million to $250 million
		0.500	%	$250 million to $500 million
		0.490	%	$500 million to $1 billion
		0.470	%	$1 billion to $1.5 billion
		0.450	%	Over $1.5 billion

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

The subadvisory fee the Adviser pays to the Subadviser in connection with the investment management of the Portfolio is calculated based on the aggregate average daily net assets of the Portfolio and certain other portfolios of the Trust that are managed by the Subadviser and/or its affiliates.

Management Fee Waiver - For the period April 28, 2014 to April 30, 2015, MetLife Advisers has contractually agreed to waive a portion of the management fee reflecting the difference, if any, between the subadvisory fee payable by the Adviser to the Subadviser that was calculated based solely on the assets of the Portfolio and the fee that was calculated when the Portfolio’s assets were aggregated with those of the Met/Templeton International Bond Portfolio, a series of the Trust.

An identical agreement was in place for the period April 29, 2013 through April 27, 2014. Amounts waived for the six months ended June 30, 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 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 Agreement and Plan - 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 Class B Shares. MIDC is a wholly-owned subsidiary of MetLife Investors Group, Inc., an affiliate of the Adviser. The Class B distribution plan provides that the Trust, on behalf of the Portfolio, may pay annually up to 0.50% of the average daily net assets of the Portfolio attributable to its Class B Shares with respect to activities primarily intended to result in the sale of Class B Shares. However, under the Class B distribution agreement, payments to the Distributor for activities pursuant to the Class B distribution plan are currently limited to payments at an annual rate equal to 0.25% of average daily net assets of the Portfolio attributable to its Class B Shares. Amounts incurred by the Portfolio for the six months ended June 30, 2014 are shown as Distribution and service fees in the Statement of Operations.

Under the terms of the Class B distribution plan and distribution agreement, the Portfolio is authorized to make payments monthly to the Distributor that may be used to pay or reimburse entities providing distribution and shareholder servicing with respect to the Class B Shares for such entities’ fees or expenses incurred.

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

MIST-36

Met Investors Series Trust

Met/Franklin Low Duration Total Return Portfolio

Notes to Financial Statements—June 30, 2014—(Continued)

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 Metropolitan Series Fund, 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, 2013 and 2012 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2013	2012		2013		2012		2013		2012
$19,395,375	$	20,008,284	$	—	$	—	$	19,395,375	$	20,008,284

As of December 31, 2013, 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
$31,361,975	$	—	$	(4,036,180	)	$	(16,984,953	)	$	10,340,842

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.

As of December 31, 2013, the accumulated short-term capital losses were $9,165,190 and the accumulated long-term capital losses were $7,819,763.

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 January 1, 2015, and interim periods within those fiscal years. Management is evaluating the impact, if any, of this guidance on the Portfolio’s financial statement disclosures.

MIST-37

Met Investors Series Trust

Met/Templeton International Bond Portfolio

Managed by Franklin Advisers, Inc.

Portfolio Manager Commentary*

PERFORMANCE

For the six month period ended June 30, 2014, the Class A and B shares of the Met/Templeton International Bond Portfolio returned 2.84% and 2.76%, respectively. The Portfolio’s benchmark, the Citigroup World Government Bond Index (“WGBI”) ex-U.S.¹, returned 5.95%.

MARKET ENVIRONMENT / CONDITIONS

The global economic recovery was mixed during the period under review. The recovery in emerging markets moderated from fairly strong levels. Although some developed economies, such as those of Australia and some Scandinavian countries, also enjoyed relatively strong recoveries, the G-3 (U.S., eurozone and Japan) continued to experience growth that was slow by the standards of previous recoveries. As fears eased surrounding the issues of European sovereign debt, the possibility of another U.S. recession and a potential Chinese “hard landing,” financial market performance was positive. Improving sentiment, relatively strong fundamentals and continued provision of global liquidity supported risk assets as equity markets performed well. Policymakers in the largest developed economies adjusted their unprecedented efforts to supply liquidity. The European Central Bank (the “ECB”) took the unusual step of charging banks to hold their deposits. Actions elsewhere in the world were mixed, with some policymakers less willing to reverse previous tightening efforts in response to the external environment. During the period, investors became concerned with geopolitical issues surrounding rising tensions between Russia and Ukraine.

Reductions in stimulative government policies contributed to periods of risk aversion, when credit spreads widened and assets perceived as risky sold off, alternating with periods of heightened risk appetite, when spreads narrowed and investors again favored risk assets. Against this backdrop, extensive liquidity creation continued, in particular from the Bank of Japan’s commitment to increase inflation and the ECB’s interest rate cut. Economic data among the largest economies remained inconsistent with predictions of a severe global economic slowdown.

During the period, the Federal Reserve initiated the reduction of its quantitative easing program. The Federal Reserve has announced further gradual reductions to its bond buying program from $85 billion per month last year to $35 billion per month in total purchases.

PORTFOLIO REVIEW / PERIOD END POSITIONING

As part of the Portfolio’s investment strategy, we used currency forward contracts to hedge or gain exposure to various currencies. Overall, our diversified currency exposure detracted from relative performance. The Japanese yen appreciated against the U.S. dollar during the period and the Portfolio’s net-negative position in the yen hurt absolute and relative performance. Conversely, positions in Asian currencies other than the yen contributed to absolute and relative performance. The Portfolio’s net-negative position in the euro contributed to relative performance as the monetary union’s currency depreciated against the U.S. dollar. This effect was offset by overweighted exposure to peripheral European currencies. We maintained a defensive posture with respect to interest rate risk in developed and emerging markets. Consequently, underweighted duration exposures in Europe and Japan detracted from relative performance. Sovereign credit exposures were largely neutral in terms of absolute and relative results.

At period-end, the Portfolio had a shorter duration position than the benchmark index, a stance arising from our assessment that there is limited scope for further global interest rate reductions. However, we maintained some duration exposure in countries where we believed long-term bond yields could benefit from declining risk premiums. During the reporting period, we also built positions in currencies of countries we believed to have attractive medium-term growth prospects and rising short-term interest rate differentials. In particular, we favored Asian, some Latin American and non-euro European currencies. At period end, the Portfolio’s our net-negative position in the yen reflected our pessimistic view on the relative prospects for the Japanese economy and served as an implicit hedge against potential rising yields in the U.S., given the yen’s historically strong correlation to long-term U.S. Treasury yields.

Michael Hasenstab

Canyon Chan

Christine Zhu

Portfolio Managers

Franklin Advisers, 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 and 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 those of the subadvisory firm as of June 30, 2014 and 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 statements) 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 applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable annuity or insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

MIST-1

Met Investors Series Trust

Met/Templeton International Bond Portfolio

A $10,000 INVESTMENT COMPARED TO THE CITIGROUP WORLD GOVERNMENT BOND INDEX (“WGBI”) EX-U.S.

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2014

	6 Month		1 Year		5 Year		Since Inception2
Met/Templeton International Bond Portfolio
Class A		2.84		5.91		8.25		8.10
Class B		2.76		5.67		7.98		7.84
Citigroup World Government Bond Index (“WGBI”) ex-U.S.		5.95		8.88		3.59		4.41

¹ The Citigroup World Government Bond Index (“WGBI”) ex-U.S. is an index of bonds issued by governments primarily in Europe and Asia.

² Inception date of the Class A and Class B shares is 5/1/2009. 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 JUNE 30, 2014

Top Countries

	% of Net Assets
United States		17.1
South Korea		15.1
Poland		9.8
Ireland		8.0
Mexico		7.8
Hungary		7.6
Malaysia		4.8
Brazil		4.8
Singapore		4.7
Sweden		3.9

MIST-2

Met Investors Series Trust

Met/Templeton International Bond Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

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, January 1, 2014 through June 30, 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/Templeton International Bond Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2014		Ending Account Value June 30, 2014		Expenses Paid During Period** January 1, 2014 to June 30, 2014
Class A	Actual		0.72	%	$	1,000.00	$	1,028.40	$	3.62
	Hypothetical*		0.72	%	$	1,000.00	$	1,021.22	$	3.61
Class B	Actual		0.97	%	$	1,000.00	$	1,027.60	$	4.88
	Hypothetical*		0.97	%	$	1,000.00	$	1,019.98	$	4.86

* 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 (181 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

MIST-3

Met Investors Series Trust

Met/Templeton International Bond Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Foreign Government—81.6% of Net Assets

Security Description	Principal Amount*		Value
Brazil—4.8%
Brazil Letras do Tesouro Nacional Zero Coupon, 01/01/16 (BRL)		9,490,000	$	3,653,175
Zero Coupon, 07/01/16 (BRL)		15,040,000		5,471,191
Zero Coupon, 01/01/17 (BRL)		17,580,000		6,038,123
Zero Coupon, 01/01/18 (BRL)		10,440,000		3,190,817
Brazil Notas do Tesouro Nacional 6.000%, 05/15/15 (BRL)		13,495,000		15,137,515
6.000%, 08/15/16 (BRL)		3,245,000		3,652,421
6.000%, 08/15/18 (BRL)		4,225,000		4,745,306
6.000%, 08/15/22 (BRL)		5,230,000		5,825,435
6.000%, 05/15/45 (BRL)		6,400,000		6,945,396
10.000%, 01/01/17 (BRL)		19,225,000		8,409,622
10.000%, 01/01/19 (BRL)		6,700,000		2,854,591
10.000%, 01/01/21 (BRL)		3,480,000		1,439,142
10.000%, 01/01/23 (BRL)		8,090,000		3,276,807
				70,639,541
Canada—3.3%
Canadian Government Bonds 1.000%, 11/01/14 (CAD)		7,165,000		6,714,506
1.000%, 02/01/15 (CAD)		17,581,000		16,478,573
2.000%, 12/01/14 (CAD)		6,372,000		5,996,983
2.250%, 08/01/14 (CAD)		12,188,000		11,434,710
Canadian Treasury Bills 0.897%, 07/31/14 (CAD) (a)		3,040,000		2,846,782
0.897%, 08/14/14 (CAD) (a)		920,000		861,216
0.902%, 09/11/14 (CAD) (a)		2,750,000		2,572,431
0.906%, 08/28/14 (CAD) (a)		1,510,000		1,413,008
				48,318,209
Hungary—7.6%
Hungary Government Bonds 4.000%, 04/25/18 (HUF)		606,870,000		2,759,391
5.500%, 02/12/16 (HUF)		168,700,000		783,817
5.500%, 12/22/16 (HUF)		5,482,200,000		25,891,539
5.500%, 12/20/18 (HUF)		1,325,670,000		6,402,764
5.500%, 06/24/25 (HUF)		2,394,480,000		11,631,846
6.000%, 11/24/23 (HUF)		71,030,000		355,562
6.500%, 06/24/19 (HUF)		316,400,000		1,599,223
6.750%, 08/22/14 (HUF)		358,250,000		1,591,931
6.750%, 02/24/17 (HUF)		226,970,000		1,106,463
6.750%, 11/24/17 (HUF)		1,796,830,000		8,932,607
7.000%, 06/24/22 (HUF)		2,637,420,000		13,921,873
7.500%, 11/12/20 (HUF)		129,680,000		693,071
7.750%, 08/24/15 (HUF)		200,360,000		940,687
8.000%, 02/12/15 (HUF)		109,300,000		499,737
Hungary Government International Bonds 3.875%, 02/24/20 (EUR) (b)		6,510,000		9,515,850
4.375%, 07/04/17 (EUR) (b)		580,000		850,264
5.750%, 06/11/18 (EUR)		4,840,000		7,513,830
6.250%, 01/29/20		10,995,000		12,428,528
6.375%, 03/29/21 (b)		4,058,000		4,626,120
				112,045,103
Iceland—0.2%
Iceland Government International Bond 5.875%, 05/11/22 (144A)		3,080,000	$	3,398,808
Indonesia—2.1%
Indonesia Treasury Bonds 10.000%, 09/15/24 (IDR)		186,070,000,000		17,359,209
10.000%, 02/15/28 (IDR)		34,960,000,000		3,263,445
12.800%, 06/15/21 (IDR)		93,010,000,000		9,807,043
				30,429,697
Ireland—8.0%
Ireland Government Bonds 4.400%, 06/18/19 (EUR)		1,532,000		2,452,438
4.500%, 10/18/18 (EUR)		1,042,000		1,656,339
4.500%, 04/18/20 (EUR)		5,387,000		8,726,748
5.000%, 10/18/20 (EUR)		25,040,000		41,826,366
5.400%, 03/13/25 (EUR)		21,787,510		37,802,210
5.500%, 10/18/17 (EUR)		12,324,600		19,638,186
5.900%, 10/18/19 (EUR)		3,639,000		6,244,789
				118,347,076
Lithuania—1.1%
Lithuania Government International Bonds 6.125%, 03/09/21 (144A)		930,000		1,086,612
6.750%, 01/15/15 (144A)		7,480,000		7,708,140
7.375%, 02/11/20 (144A)		6,420,000		7,864,500
				16,659,252
Malaysia—4.8%
Bank Negara Malaysia Monetary Notes 2.715%, 09/09/14 (MYR) (a)		10,335,000		3,200,435
2.725%, 09/18/14 (MYR) (a)		11,000,000		3,403,871
2.752%, 02/17/15 (MYR) (a)		6,900,000		2,106,223
2.755%, 11/06/14 (MYR) (a)		525,000		161,800
2.759%, 01/29/15 (MYR) (a)		70,000		21,405
2.762%, 01/08/15 (MYR) (a)		1,010,000		309,468
2.764%, 11/18/14 (MYR) (a)		460,000		141,616
2.767%, 12/02/14 (MYR) (a)		460,000		141,436
2.772%, 09/25/14 (MYR) (a)		5,450,000		1,685,892
2.780%, 01/20/15 (MYR) (a)		100,000		30,605
2.782%, 12/16/14 (MYR) (a)		540,000		165,818
2.782%, 04/28/15 (MYR) (a)		28,250,000		8,567,008
2.784%, 07/08/14 (MYR) (a)		1,060,000		329,929
2.786%, 09/11/14 (MYR) (a)		5,070,000		1,569,769
2.787%, 08/14/14 (MYR) (a)		2,710,000		840,979
2.789%, 10/02/14 (MYR) (a)		11,150,000		3,446,350
2.790%, 10/16/14 (MYR) (a)		670,000		206,853
2.801%, 07/03/14 (MYR) (a)		1,510,000		470,182
2.804%, 03/24/15 (MYR) (a)		60,000		18,256
2.807%, 07/24/14 (MYR) (a)		1,050,000		326,394
2.808%, 08/05/14 (MYR) (a)		2,780,000		863,330
2.814%, 07/15/14 (MYR) (a)		670,000		208,405
2.819%, 07/10/14 (MYR) (a)		165,000		51,349
2.824%, 03/12/15 (MYR) (a)		1,290,000		392,935

See accompanying notes to financial statements.

MIST-4

Met Investors Series Trust

Met/Templeton International Bond Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Foreign Government—(Continued)

Security Description	Principal Amount*		Value
Malaysia—(Continued)
Bank Negara Malaysia Monetary Notes 2.826%, 10/28/14 (MYR) (a)		2,170,000	$	669,301
2.836%, 08/21/14 (MYR) (a)		965,000		299,293
2.852%, 04/16/15 (MYR) (a)		2,700,000		819,726
2.866%, 07/17/14 (MYR) (a)		880,000		273,704
2.883%, 05/05/15 (MYR) (a)		760,000		230,104
2.884%, 03/05/15 (MYR) (a)		4,880,000		1,487,420
2.954%, 05/19/15 (MYR) (a)		19,110,000		5,790,189
2.987%, 06/16/15 (MYR) (a)		3,710,000		1,120,276
2.991%, 06/03/15 (MYR) (a)		1,510,000		456,923
Malaysia Government Bonds 3.172%, 07/15/16 (MYR)		20,000,000		6,213,796
3.197%, 10/15/15 (MYR)		3,185,000		992,451
3.434%, 08/15/14 (MYR)		14,380,000		4,480,326
3.741%, 02/27/15 (MYR)		22,420,000		7,009,249
3.835%, 08/12/15 (MYR)		14,030,000		4,402,947
4.720%, 09/30/15 (MYR)		24,680,000		7,832,829
				70,738,842
Mexico—7.8%
Mexican Bonos 6.000%, 06/18/15 (MXN)		133,665,000		10,584,710
6.250%, 06/16/16 (MXN)		38,378,000		3,118,979
7.250%, 12/15/16 (MXN)		25,000		2,089
7.750%, 12/14/17 (MXN)		195,000,000		16,792,471
8.000%, 12/17/15 (MXN)		83,978,000		6,910,379
9.500%, 12/18/14 (MXN)		38,610,000		3,062,810
Mexican Udibonos 2.500%, 12/10/20 (MXN)		12,617,399		1,016,158
3.500%, 12/14/17 (MXN)		23,305,502		1,968,052
4.000%, 06/13/19 (MXN)		15,983,408		1,389,535
4.500%, 12/18/14 (MXN)		9,100,024		720,314
5.000%, 06/16/16 (MXN)		23,300,371		1,970,985
Mexico Cetes 2.989%, 12/24/14 (MXN) (a)		72,089,000		547,662
3.007%, 05/28/15 (MXN) (a)		77,060,000		577,586
3.379%, 09/18/14 (MXN) (a)		270,000		2,068
3.451%, 07/10/14 (MXN) (a)		195,820,000		1,508,177
3.477%, 04/01/15 (MXN) (a)		533,220,000		4,016,649
3.568%, 12/11/14 (MXN) (a)		4,435,609,000		33,724,099
3.578%, 10/16/14 (MXN) (a)		3,516,991,000		26,874,002
				114,786,725
Peru—0.2%
Peru Government Bond 7.840%, 08/12/20 (PEN)		5,663,000		2,324,106
Philippines—1.0%
Philippine Government Bond 1.625%, 04/25/16 (PHP)		478,130,000		10,792,199
Philippine Treasury Bill 0.151%, 10/08/14 (PHP) (a)		185,250,000		4,228,661
				15,020,860
Poland—9.8%
Poland Government Bonds Zero Coupon, 07/25/14 (PLN)		9,090,000		2,988,694
Zero Coupon, 07/25/15 (PLN)		65,950,000		21,177,661
Zero Coupon, 01/25/16 (PLN)		58,547,000		18,565,235
Zero Coupon, 07/25/16 (PLN)		107,520,000		33,652,000
2.720%, 01/25/17 (PLN) (c)		28,518,000		9,383,923
2.720%, 01/25/21 (PLN) (c)		28,929,000		9,387,708
4.750%, 10/25/16 (PLN)		59,080,000		20,422,860
5.000%, 04/25/16 (PLN)		22,340,000		7,682,065
5.500%, 04/25/15 (PLN)		9,432,000		3,182,512
6.250%, 10/24/15 (PLN)		53,896,000		18,614,875
				145,057,533
Russia—1.4%
Russian Foreign Bond - Eurobond 7.500%, 03/31/30 (144A)		17,262,000		19,991,813
Serbia—0.6%
Republic of Serbia 4.875%, 02/25/20 (144A)		3,150,000		3,189,375
5.250%, 11/21/17 (144A) (b)		1,720,000		1,793,100
7.250%, 09/28/21 (144A)		3,740,000		4,263,600
				9,246,075
Singapore—4.7%
Monetary Authority of Singapore 0.246%, 08/19/14 (SGD) (a)		15,465,000		12,398,592
0.304%, 08/01/14 (SGD) (a)		23,435,000		18,790,626
0.306%, 07/25/14 (SGD) (a)		6,000,000		4,811,144
0.315%, 11/25/14 (SGD) (a)		16,830,000		13,482,760
Singapore Government Bond 3.625%, 07/01/14 (SGD)		23,750,000		19,047,237
				68,530,359
Slovenia—0.4%
Slovenia Government International Bonds 5.500%, 10/26/22 (144A)		3,200,000		3,504,000
5.850%, 05/10/23 (144A) (b)		1,850,000		2,076,625
				5,580,625
South Korea—15.1%
Korea Monetary Stabilization Bonds 2.470%, 04/02/15 (KRW)		40,784,600,000		40,269,371
2.660%, 06/09/15 (KRW)		9,015,500,000		8,928,802
2.720%, 09/09/14 (KRW)		8,131,000,000		8,038,070
2.740%, 02/02/15 (KRW)		481,310,000		476,052
2.760%, 06/02/15 (KRW)		6,555,600,000		6,487,459
2.780%, 10/02/14 (KRW)		2,536,400,000		2,508,008
2.780%, 02/02/16 (KRW)		5,175,740,000		5,125,532
2.800%, 08/02/15 (KRW)		23,319,650,000		23,090,717
2.800%, 04/02/16 (KRW)		13,568,690,000		13,442,417
2.810%, 10/02/15 (KRW)		1,092,000,000		1,081,602
2.820%, 08/02/14 (KRW)		636,300,000		629,007
2.840%, 12/02/14 (KRW)		1,407,530,000		1,392,502

See accompanying notes to financial statements.

MIST-5

Met Investors Series Trust

Met/Templeton International Bond Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Foreign Government—(Continued)

Security Description	Principal Amount*		Value
South Korea—(Continued)
Korea Monetary Stabilization Bonds 2.900%, 12/02/15 (KRW)		50,092,900,000	$	49,685,394
4.000%, 06/02/16 (KRW)		5,925,600,000		5,870,760
Korea Treasury Bonds 2.750%, 12/10/15 (KRW)		11,222,000,000		11,110,734
2.750%, 06/10/16 (KRW)		16,927,400,000		16,758,042
3.000%, 12/10/16 (KRW)		18,945,200,000		18,862,570
3.250%, 12/10/14 (KRW)		2,150,000,000		2,130,876
3.250%, 06/10/15 (KRW)		2,412,300,000		2,398,226
4.000%, 09/10/15 (KRW)		2,754,400,000		2,765,850
4.000%, 03/10/16 (KRW)		1,043,200,000		1,053,886
4.500%, 03/10/15 (KRW)		521,600,000		522,125
				222,628,002
Sri Lanka—1.1%
Sri Lanka Government Bonds 6.400%, 08/01/16 (LKR)		56,200,000		423,480
6.400%, 10/01/16 (LKR)		35,400,000		269,030
6.500%, 07/15/15 (LKR)		80,900,000		617,366
7.500%, 08/15/18 (LKR)		9,900,000		73,383
8.000%, 11/15/18 (LKR)		243,630,000		1,821,919
8.250%, 03/01/17 (LKR)		540,000		4,237
8.500%, 11/01/15 (LKR)		71,720,000		559,636
8.500%, 04/01/18 (LKR)		156,800,000		1,232,566
8.500%, 06/01/18 (LKR)		1,410,000		10,907
8.500%, 07/15/18 (LKR)		45,000,000		345,847
9.000%, 05/01/21 (LKR)		3,530,000		26,017
10.600%, 07/01/19 (LKR)		7,600,000		62,663
11.000%, 08/01/15 (LKR)		522,600,000		4,170,189
11.000%, 09/01/15 (LKR)		762,125,000		6,095,692
11.200%, 07/01/22 (LKR)		26,640,000		223,065
11.750%, 03/15/15 (LKR)		11,590,000		91,821
				16,027,818
Sweden—3.9%
Sweden Government Bonds 4.500%, 08/12/15 (SEK)		234,670,000		36,717,968
Sweden Treasury Bills 0.540%, 09/17/14 (SEK) (a)		63,130,000		9,432,892
0.592%, 08/20/14 (SEK) (a)		71,300,000		10,660,740
				56,811,600
Ukraine—3.3%
Financing of Infrastrucural Projects State Enterprise 7.400%, 04/20/18 (144A) (b)		400,000		376,000
8.375%, 11/03/17 (144A)		440,000		415,800
Ukraine Government International Bonds 4.950%, 10/13/15 (144A) (EUR)		150,000		193,790
6.250%, 06/17/16 (144A)		3,440,000		3,320,288
6.580%, 11/21/16 (144A)		5,050,000		4,873,250
7.500%, 04/17/23 (144A) (b)		3,400,000		3,196,000
7.750%, 09/23/20 (144A) (b)		6,949,000		6,629,346
7.800%, 11/28/22 (144A) (b)		4,150,000		3,921,750
Ukraine—(Continued)
Ukraine Government International Bonds 7.950%, 02/23/21 (144A) (b)		9,904,000		9,458,320
9.250%, 07/24/17 (144A) (b)		16,560,000		16,767,000
				49,151,544
Vietnam—0.4%
Vietnam Government International Bond 6.750%, 01/29/20 (144A) (b)		5,080,000		5,740,400
Total Foreign Government (Cost $1,129,588,903)				1,201,473,988
Short-Term Investments—21.1%
Discount Note—13.6%
Federal Home Loan Bank Zero Coupon, 07/01/14 (a)		199,750,000		199,750,000
Mutual Fund—4.0%
State Street Navigator Securities Lending MET Portfolio (d)		58,967,506		58,967,506
Repurchase Agreement—3.5%
Fixed Income Clearing Corp. Repurchase Agreement dated 06/30/14 at 0.000% to be repurchased at $51,287,392 on 07/01/14, collateralized by $52,120,000 Federal National Mortgagae Association at 0.500% due 09/28/15 with a value of $52,315,450.		51,287,392		51,287,392
Total Short-Term Investments (Cost $310,004,898)				310,004,898
Total Investments—102.7% (Cost $1,439,593,801) (e)				1,511,478,886
Other assets and liabilities (net)—(2.7)%				(39,561,387	)
Net Assets—100.0%			$	1,471,917,499

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

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

(b) All or a portion of the security was held on loan. As of June 30, 2014, the market value of securities loaned was $56,498,303 and the collateral received consisted of cash in the amount of $58,967,506. The cash collateral is invested in a money market fund managed by an affiliate of the custodian.

(c) Variable or floating rate security. The stated rate represents the rate at June 30, 2014. Maturity date shown for callable securities reflects the earliest possible call date.

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

(e) As of June 30, 2014, the aggregate cost of investments was $1,439,593,801. The aggregate unrealized appreciation and depreciation of investments were $81,961,035 and $(10,075,950), respectively, resulting in net unrealized appreciation of $71,885,085.

See accompanying notes to financial statements.

MIST-6

Met Investors Series Trust

Met/Templeton International Bond Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

(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 June 30, 2014, the market value of 144A securities was $109,768,517, which is 7.5% of net assets.

(BRL)— Brazilian Real

(CAD)— Canadian Dollar

(EUR)— Euro

(HUF)— Hungarian Forint

(IDR)— Indonesian Rupiah

(KRW)— South Korea Won

(LKR)— Sri Lankan Rupee

(MXN)— Mexican Peso

(MYR)— Malaysian Ringgit

(PEN)— Peruvian Nuevo Sol

(PHP)— Philippine Peso

(PLN)— Polish Zloty

(SEK)— Swedish Krona

(SGD)— Singapore Dollar

Top Industries as of June 30, 2014 (Unaudited)	% of Net Assets
Global Government Investment Grade		51.3%
Global Government High Yield		30.3%
		81.6%

Forward Foreign Currency Exchange Contracts

Contracts to Buy		Counterparty	Settlement Date		In Exchange for			Unrealized Appreciation/ (Depreciation)
CLP	753,400,000	Morgan Stanley & Co.		07/31/14		USD	1,416,033	$	(57,805	)
CLP	438,900,000	Deutsche Bank AG		08/12/14		USD	777,571		12,683
CLP	433,400,000	Deutsche Bank AG		08/18/14		USD	769,668		10,192
CLP	405,100,000	JPMorgan Chase Bank N.A.		08/20/14		USD	726,441		2,343
CLP	376,530,000	Morgan Stanley & Co.		08/20/14		USD	707,537		(30,151	)
CLP	245,250,000	Deutsche Bank AG		08/27/14		USD	435,149		5,738
CLP	246,100,000	JPMorgan Chase Bank N.A.		08/28/14		USD	436,270		6,098
CLP	39,050,000	Deutsche Bank AG		09/05/14		USD	68,811		1,324
CLP	303,150,000	Deutsche Bank AG		11/28/14		USD	532,683		7,532
CLP	303,150,000	Deutsche Bank AG		12/01/14		USD	531,749		8,322
CLP	864,300,000	Morgan Stanley & Co.		01/12/15		USD	1,567,038		(33,000	)
CLP	438,100,000	Barclays Bank plc		02/10/15		USD	753,656		21,928
CLP	993,900,000	Morgan Stanley & Co.		02/12/15		USD	1,726,720		32,504
CLP	370,000,000	Deutsche Bank AG		02/17/15		USD	643,926		10,692
CLP	488,550,000	Morgan Stanley & Co.		02/23/15		USD	855,305		8,598
CLP	687,600,000	JPMorgan Chase Bank N.A.		02/24/15		USD	1,204,625		11,150
CLP	313,500,000	Morgan Stanley & Co.		02/25/15		USD	546,786		7,478
CLP	360,850,000	Deutsche Bank AG		02/26/15		USD	628,221		9,701
CLP	39,050,000	Deutsche Bank AG		03/03/15		USD	67,397		1,606
CLP	408,600,000	JPMorgan Chase Bank N.A.		03/20/15		USD	693,130		27,804
CLP	9,313,680,000	JPMorgan Chase Bank N.A.		05/11/15		USD	15,893,652		460,668
CLP	440,900,000	Morgan Stanley & Co.		05/11/15		USD	752,518		21,679
CLP	9,249,063,000	Deutsche Bank AG		05/12/15		USD	15,776,653		462,683
CLP	1,155,000,000	Barclays Bank plc		06/04/15		USD	2,032,378		(8,805	)
CLP	113,400,000	Morgan Stanley & Co.		06/05/15		USD	198,685		(26	)
EUR	10,382,000	Deutsche Bank AG		02/09/15		USD	14,320,412		(91,062	)
INR	34,949,750	HSBC Bank plc		07/03/14		USD	590,034		(9,079	)
INR	14,658,000	JPMorgan Chase Bank N.A.		07/22/14		USD	238,204		4,364
INR	201,041,000	HSBC Bank plc		07/30/14		USD	3,225,103		95,602
INR	71,467,067	Deutsche Bank AG		07/31/14		USD	1,157,754		22,431
INR	1,228,565,000	HSBC Bank plc		08/12/14		USD	20,153,196		78,221
INR	16,661,000	Deutsche Bank AG		08/27/14		USD	281,030		(7,619	)
INR	71,467,067	Deutsche Bank AG		08/28/14		USD	1,194,802		(22,284	)
INR	27,220,000	HSBC Bank plc		08/28/14		USD	454,978		(8,396	)
INR	35,346,000	Deutsche Bank AG		09/03/14		USD	591,332		(12,258	)
INR	34,949,750	HSBC Bank plc		09/03/14		USD	584,459		(11,876	)
INR	16,661,000	Deutsche Bank AG		09/26/14		USD	273,355		(2,063	)

See accompanying notes to financial statements.

MIST-7

Met Investors Series Trust

Met/Templeton International Bond Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Forward Foreign Currency Exchange Contracts—(Continued)

Contracts to Buy		Counterparty	Settlement Date		In Exchange for			Unrealized Appreciation/ (Depreciation)
INR	79,797,767	Deutsche Bank AG		09/30/14		USD	1,308,015	$	(10,039	)
KRW	2,328,000,000	HSBC Bank plc		09/26/14		USD	2,129,918		163,023
KRW	2,321,000,000	Deutsche Bank AG		06/29/15		USD	2,241,646		20,210
MXN	16,965,000	HSBC Bank plc		09/10/14		USD	1,271,739		29,723
MXN	285,397,780	HSBC Bank plc		10/07/14		USD	20,951,547		903,164
MXN	35,485,000	Deutsche Bank AG		10/14/14		USD	2,620,753		95,300
MXN	521,116,000	Citibank N.A.		02/17/15		USD	38,054,331		1,502,787
MXN	205,379,143	HSBC Bank plc		05/19/15		USD	15,372,000		123,433
MYR	13,780,000	JPMorgan Chase Bank N.A.		07/02/14		USD	4,199,939		91,559
MYR	4,429,000	JPMorgan Chase Bank N.A.		07/31/14		USD	1,312,064		64,357
MYR	7,610,828	HSBC Bank plc		08/06/14		USD	2,251,724		112,436
MYR	7,165,900	JPMorgan Chase Bank N.A.		08/27/14		USD	2,133,788		88,166
MYR	21,469,000	HSBC Bank plc		10/01/14		USD	6,538,450		100,776
MYR	58,458,531	JPMorgan Chase Bank N.A.		10/16/14		USD	18,060,594		(3,220	)
MYR	3,043,000	JPMorgan Chase Bank N.A.		10/20/14		USD	940,620		(950	)
MYR	5,541,000	HSBC Bank plc		10/22/14		USD	1,727,675		(16,892	)
MYR	4,132,000	Deutsche Bank AG		10/24/14		USD	1,283,031		(7,472	)
MYR	2,756,789	HSBC Bank plc		10/24/14		USD	851,386		(358	)
MYR	2,837,000	JPMorgan Chase Bank N.A.		10/31/14		USD	887,117		(11,798	)
MYR	2,742,080	Deutsche Bank AG		11/19/14		USD	841,464		3,339
MYR	1,632,000	HSBC Bank plc		11/20/14		USD	501,229		1,533
MYR	3,409,400	Deutsche Bank AG		01/08/15		USD	1,016,124		30,277
MYR	1,900,500	JPMorgan Chase Bank N.A.		01/08/15		USD	567,178		16,117
MYR	1,022,000	JPMorgan Chase Bank N.A.		01/09/15		USD	305,220		8,425
MYR	306,000	JPMorgan Chase Bank N.A.		01/12/15		USD	91,480		2,408
MYR	697,000	JPMorgan Chase Bank N.A.		01/16/15		USD	210,009		3,783
MYR	3,758,000	JPMorgan Chase Bank N.A.		02/04/15		USD	1,110,553		40,507
MYR	10,421,193	HSBC Bank plc		02/27/15		USD	3,121,800		64,681
MYR	6,890,000	JPMorgan Chase Bank N.A.		04/02/15		USD	2,114,535		(13,124	)
MYR	13,780,000	JPMorgan Chase Bank N.A.		04/02/15		USD	4,134,289		68,532
MYR	48,436,950	JPMorgan Chase Bank N.A.		05/06/15		USD	14,550,000		184,375
MYR	50,424,120	JPMorgan Chase Bank N.A.		05/14/15		USD	15,293,012		36,425
MYR	99,141,840	HSBC Bank plc		06/08/15		USD	29,992,993		89,332
MYR	6,890,000	JPMorgan Chase Bank N.A.		07/02/15		USD	2,103,560		(16,788	)
SGD	2,190,000	JPMorgan Chase Bank N.A.		07/24/14		USD	1,714,232		42,133
SGD	12,676,300	JPMorgan Chase Bank N.A.		07/31/14		USD	10,043,020		123,304
SGD	10,161,130	Morgan Stanley & Co.		08/01/14		USD	8,013,509		135,664
SGD	7,822,083	Deutsche Bank AG		08/06/14		USD	6,136,652		136,626
SGD	2,353,000	Deutsche Bank AG		08/07/14		USD	1,855,064		32,033
SGD	2,353,000	HSBC Bank plc		08/07/14		USD	1,855,679		31,418
SGD	8,472,703	Barclays Bank plc		08/12/14		USD	6,670,370		124,714
SGD	4,687,000	Deutsche Bank AG		08/12/14		USD	3,703,382		55,579
SGD	1,863,000	Barclays Bank plc		08/18/14		USD	1,466,929		27,194
SGD	1,398,000	Deutsche Bank AG		08/19/14		USD	1,102,697		18,497
SGD	1,398,000	HSBC Bank plc		08/19/14		USD	1,102,871		18,323
SGD	2,961,000	Deutsche Bank AG		08/27/14		USD	2,316,357		58,366
SGD	4,013,100	HSBC Bank plc		09/15/14		USD	3,163,408		55,139
SGD	3,488,000	HSBC Bank plc		09/19/14		USD	2,755,134		42,286
SGD	569,250	Deutsche Bank AG		11/28/14		USD	453,304		3,283
SGD	2,180,000	JPMorgan Chase Bank N.A.		12/19/14		USD	1,740,936		7,660
SGD	2,625,000	HSBC Bank plc		12/22/14		USD	2,094,972		10,571
SGD	1,398,000	HSBC Bank plc		02/18/15		USD	1,106,013		15,446
SGD	10,928,651	Deutsche Bank AG		05/06/15		USD	8,730,000		38,389
SGD	3,014,189	Morgan Stanley & Co.		05/08/15		USD	2,418,412		(22	)
SGD	3,051,000	Deutsche Bank AG		05/19/15		USD	2,442,069		5,939
SGD	569,250	Deutsche Bank AG		05/29/15		USD	453,495		3,264

See accompanying notes to financial statements.

MIST-8

Met Investors Series Trust

Met/Templeton International Bond Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Forward Foreign Currency Exchange Contracts—(Continued)

Contracts to Deliver		Counterparty	Settlement Date		In Exchange for			Unrealized Appreciation/ (Depreciation)
EUR	776,000	Barclays Bank plc		07/16/14		USD	1,014,542	$	(48,091	)
EUR	3,870,000	Morgan Stanley & Co.		07/16/14		USD	5,048,840		(250,631	)
EUR	3,585,000	UBS AG		07/16/14		USD	4,681,687		(227,513	)
EUR	3,585,000	UBS AG		07/16/14		USD	4,681,723		(227,477	)
EUR	1,218,000	Barclays Bank plc		07/18/14		USD	1,601,974		(65,934	)
EUR	670,000	Deutsche Bank AG		07/22/14		USD	878,919		(38,581	)
EUR	4,966,000	Morgan Stanley & Co.		07/22/14		USD	6,505,162		(295,295	)
EUR	609,000	Deutsche Bank AG		07/23/14		USD	800,238		(33,732	)
EUR	799,500	Citibank N.A.		07/28/14		USD	1,058,798		(36,065	)
EUR	5,010,000	JPMorgan Chase Bank N.A.		07/31/14		USD	6,660,369		(200,574	)
EUR	5,009,000	UBS AG		08/01/14		USD	6,666,478		(193,121	)
EUR	146,322	Barclays Bank plc		08/04/14		USD	194,294		(6,090	)
EUR	5,009,000	HSBC Bank plc		08/04/14		USD	6,639,079		(220,598	)
EUR	3,073,000	Barclays Bank plc		08/05/14		USD	4,075,535		(132,863	)
EUR	1,362,600	JPMorgan Chase Bank N.A.		08/06/14		USD	1,802,315		(63,739	)
EUR	502,668	Citibank N.A.		08/08/14		USD	669,202		(19,197	)
EUR	146,742	Citibank N.A.		08/11/14		USD	195,531		(5,433	)
EUR	1,943,000	Deutsche Bank AG		08/11/14		USD	2,590,699		(70,252	)
EUR	2,537,900	JPMorgan Chase Bank N.A.		08/11/14		USD	3,379,518		(96,152	)
EUR	900,000	Goldman Sachs & Co.		08/12/14		USD	1,204,956		(27,604	)
EUR	650,000	Morgan Stanley & Co.		08/15/14		USD	862,544		(27,649	)
EUR	2,341,000	Barclays Bank plc		08/19/14		USD	3,102,176		(103,935	)
EUR	1,313,000	Deutsche Bank AG		08/20/14		USD	1,753,564		(44,659	)
EUR	2,600,000	JPMorgan Chase Bank N.A.		08/20/14		USD	3,473,704		(87,134	)
EUR	4,541,000	JPMorgan Chase Bank N.A.		08/21/14		USD	6,070,386		(148,778	)
EUR	1,115,456	Barclays Bank plc		08/25/14		USD	1,495,369		(32,336	)
EUR	440,882	Deutsche Bank AG		08/29/14		USD	588,754		(15,078	)
EUR	495,000	Deutsche Bank AG		09/03/14		USD	655,529		(22,436	)
EUR	225,000	Deutsche Bank AG		09/03/14		USD	297,968		(10,198	)
EUR	1,516,100	Deutsche Bank AG		09/05/14		USD	2,000,782		(75,722	)
EUR	281,896	Barclays Bank plc		09/19/14		USD	376,613		(9,501	)
EUR	3,307,000	Deutsche Bank AG		09/23/14		USD	4,487,004		(42,678	)
EUR	685,747	Barclays Bank plc		09/24/14		USD	928,337		(10,952	)
EUR	840,650	Citibank N.A.		09/26/14		USD	1,157,264		5,792
EUR	1,538,000	Deutsche Bank AG		09/26/14		USD	2,075,416		(31,245	)
EUR	1,815,000	Barclays Bank plc		09/29/14		USD	2,451,974		(34,132	)
EUR	4,440,000	Deutsche Bank AG		09/30/14		USD	5,995,643		(86,093	)
EUR	1,200,000	Goldman Sachs & Co.		09/30/14		USD	1,619,172		(24,540	)
EUR	1,620,000	HSBC Bank plc		09/30/14		USD	2,190,062		(28,950	)
EUR	2,310,000	JPMorgan Chase Bank N.A.		10/07/14		USD	3,150,297		(13,939	)
EUR	3,220,000	Goldman Sachs & Co.		10/09/14		USD	4,374,531		(36,259	)
EUR	3,217,000	JPMorgan Chase Bank N.A.		10/14/14		USD	4,354,000		(52,773	)
EUR	3,529,000	Deutsche Bank AG		10/24/14		USD	4,873,514		39,147
EUR	2,045,873	Barclays Bank plc		10/27/14		USD	2,830,435		27,764
EUR	268,031	Barclays Bank plc		10/27/14		USD	369,030		1,851
EUR	8,218,000	Deutsche Bank AG		10/29/14		USD	11,340,429		82,379
EUR	4,118,000	Goldman Sachs & Co.		10/29/14		USD	5,682,016		40,662
EUR	1,370,039	Deutsche Bank AG		10/31/14		USD	1,892,038		15,170
EUR	92,609	Deutsche Bank AG		11/03/14		USD	127,434		564
EUR	652,963	Barclays Bank plc		11/05/14		USD	883,067		(11,470	)
EUR	1,990,000	Deutsche Bank AG		11/05/14		USD	2,691,167		(35,066	)
EUR	1,525,000	Deutsche Bank AG		11/10/14		USD	2,064,621		(24,621	)
EUR	413,121	JPMorgan Chase Bank N.A.		11/12/14		USD	550,872		(15,106	)
EUR	9,537,000	Citibank N.A.		11/17/14		USD	12,824,595		(241,431	)
EUR	309,733	Deutsche Bank AG		11/17/14		USD	416,349		(7,996	)
EUR	650,000	Morgan Stanley & Co.		11/17/14		USD	874,760		(15,763	)
EUR	86,267	Deutsche Bank AG		11/19/14		USD	116,193		(1,997	)

See accompanying notes to financial statements.

MIST-9

Met Investors Series Trust

Met/Templeton International Bond Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Forward Foreign Currency Exchange Contracts—(Continued)

Contracts to Deliver		Counterparty	Settlement Date		In Exchange for			Unrealized Appreciation/ (Depreciation)
EUR	1,287,000	Deutsche Bank AG		11/20/14		USD	1,741,762	$	(21,496	)
EUR	302,256	JPMorgan Chase Bank N.A.		11/20/14		USD	409,126		(4,980	)
EUR	1,380,000	Deutsche Bank AG		12/04/14		USD	1,869,431		(21,353	)
EUR	263,000	Standard Chartered Bank		12/09/14		USD	359,292		(1,060	)
EUR	1,340,000	JPMorgan Chase Bank N.A.		12/15/14		USD	1,848,309		12,246
EUR	16,117,434	Deutsche Bank AG		01/07/15		USD	21,983,052		(103,263	)
EUR	8,953,000	Standard Chartered Bank		01/13/15		USD	12,167,216		(101,804	)
EUR	913,000	Barclays Bank plc		01/21/15		USD	1,244,419		(6,792	)
EUR	1,858,400	Citibank N.A.		01/29/15		USD	2,540,758		(6,176	)
EUR	9,760,000	Deutsche Bank AG		01/30/15		USD	13,339,968		(36,166	)
EUR	8,440,000	Deutsche Bank AG		02/03/15		USD	11,439,998		(127,316	)
EUR	10,382,000	Deutsche Bank AG		02/09/15		USD	14,043,731		(185,618	)
EUR	6,590,000	Goldman Sachs & Co.		02/09/15		USD	9,184,747		152,632
EUR	1,915,000	Barclays Bank plc		02/10/15		USD	2,605,262		(19,411	)
EUR	2,553,000	Citibank N.A.		02/10/15		USD	3,471,748		(27,358	)
EUR	419,000	HSBC Bank plc		02/10/15		USD	569,886		(4,390	)
EUR	1,023,000	Barclays Bank plc		02/11/15		USD	1,390,973		(11,144	)
EUR	446,000	Standard Chartered Bank		02/13/15		USD	610,226		(1,065	)
EUR	1,912,000	JPMorgan Chase Bank N.A.		02/19/15		USD	2,622,145		1,458
EUR	2,080,000	Barclays Bank plc		02/20/15		USD	2,858,066		7,094
EUR	1,022,000	Goldman Sachs & Co.		02/23/15		USD	1,406,425		5,589
EUR	1,673,320	Deutsche Bank AG		02/25/15		USD	2,299,978		6,365
EUR	3,134,584	Barclays Bank plc		02/26/15		USD	4,307,138		10,552
EUR	1,623,255	Barclays Bank plc		02/26/15		USD	2,228,161		3,160
EUR	1,120,359	Bank of America N.A.		02/27/15		USD	1,531,867		(3,821	)
EUR	13,630,862	Deutsche Bank AG		02/27/15		USD	18,683,823		(148	)
EUR	457,000	Deutsche Bank AG		03/05/15		USD	630,043		3,608
EUR	2,142,782	Barclays Bank plc		03/09/15		USD	2,944,718		7,426
EUR	1,405,634	Barclays Bank plc		03/09/15		USD	1,930,294		3,473
EUR	8,070,000	Deutsche Bank AG		03/09/15		USD	11,079,707		17,478
EUR	714,000	HSBC Bank plc		03/09/15		USD	981,579		2,839
EUR	10,839,830	Citibank N.A.		03/10/15		USD	15,002,596		143,448
EUR	2,023,000	Morgan Stanley & Co.		03/10/15		USD	2,801,804		28,693
EUR	225,000	JPMorgan Chase Bank N.A.		03/16/15		USD	311,812		3,374
EUR	651,717	Barclays Bank plc		03/17/15		USD	908,819		15,418
EUR	462,068	Citibank N.A.		03/17/15		USD	644,724		11,301
EUR	399,325	Barclays Bank plc		03/23/15		USD	556,060		8,631
EUR	1,040,000	Deutsche Bank AG		03/26/15		USD	1,432,236		6,491
EUR	1,815,000	Barclays Bank plc		03/27/15		USD	2,506,515		18,302
EUR	205,485	Deutsche Bank AG		03/31/15		USD	282,850		1,141
EUR	1,005,008	Barclays Bank plc		04/02/15		USD	1,385,353		7,527
EUR	2,372,000	Deutsche Bank AG		04/07/15		USD	3,272,008		19,964
EUR	640,496	Deutsche Bank AG		04/07/15		USD	884,237		6,108
EUR	3,821,000	HSBC Bank plc		04/10/15		USD	5,267,917		29,152
EUR	4,186,153	Deutsche Bank AG		04/13/15		USD	5,778,021		38,481
EUR	1,911,000	Standard Chartered Bank		04/13/15		USD	2,641,441		21,312
EUR	3,193,000	JPMorgan Chase Bank N.A.		04/14/15		USD	4,425,658		47,773
EUR	3,696,678	HSBC Bank plc		04/16/15		USD	5,133,244		64,694
EUR	989,372	Barclays Bank plc		04/22/15		USD	1,365,416		8,815
EUR	31,188,000	Deutsche Bank AG		04/22/15		USD	43,098,697		334,543
EUR	274,083	JPMorgan Chase Bank N.A.		04/22/15		USD	379,179		3,363
EUR	692,175	Barclays Bank plc		04/30/15		USD	959,673		10,522
EUR	5,010,000	Standard Chartered Bank		04/30/15		USD	6,933,139		63,133
EUR	3,083,128	Barclays Bank plc		05/05/15		USD	4,272,784		44,854
EUR	9,737,000	Deutsche Bank AG		05/07/15		USD	13,514,469		161,798
EUR	7,580,000	Goldman Sachs & Co.		05/07/15		USD	10,522,101		127,396
EUR	24,145,000	Deutsche Bank AG		05/12/15		USD	33,435,996		323,869

See accompanying notes to financial statements.

MIST-10

Met Investors Series Trust

Met/Templeton International Bond Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Forward Foreign Currency Exchange Contracts—(Continued)

Contracts to Deliver		Counterparty	Settlement Date		In Exchange for			Unrealized Appreciation/ (Depreciation)
EUR	2,440,000	Goldman Sachs & Co.		05/13/15		USD	3,362,320	$	16,111
EUR	17,552,000	Standard Chartered Bank		05/13/15		USD	24,144,093		73,330
EUR	7,408,999	Goldman Sachs & Co.		05/14/15		USD	10,205,451		44,692
EUR	8,042,000	Deutsche Bank AG		05/15/15		USD	11,020,757		(8,191	)
EUR	2,080,000	Barclays Bank plc		05/18/15		USD	2,855,258		2,641
EUR	1,154,000	Goldman Sachs & Co.		05/21/15		USD	1,584,223		1,532
EUR	469,000	Barclays Bank plc		05/22/15		USD	643,057		(173	)
EUR	195,330	Barclays Bank plc		06/05/15		USD	266,030		(1,893	)
EUR	2,021,800	Deutsche Bank AG		06/10/15		USD	2,762,385		(10,909	)
EUR	1,546,000	Deutsche Bank AG		06/15/15		USD	2,095,402		(25,322	)
EUR	9,480,000	JPMorgan Chase Bank N.A.		06/23/15		USD	12,941,148		(63,841	)
JPY	353,334,000	Citibank N.A.		07/24/14		USD	3,551,585		63,190
JPY	544,000,000	JPMorgan Chase Bank N.A.		07/24/14		USD	5,460,203		89,400
JPY	189,600,000	JPMorgan Chase Bank N.A.		07/25/14		USD	1,912,737		40,840
JPY	411,460,000	Barclays Bank plc		07/29/14		USD	4,145,358		82,945
JPY	105,370,000	Barclays Bank plc		08/11/14		USD	1,088,871		48,439
JPY	105,400,000	Citibank N.A.		08/11/14		USD	1,089,181		48,453
JPY	105,370,000	Deutsche Bank AG		08/12/14		USD	1,096,599		56,160
JPY	338,124,000	Deutsche Bank AG		08/19/14		USD	3,444,727		105,881
JPY	639,006,000	HSBC Bank plc		08/20/14		USD	6,587,691		277,707
JPY	305,946,000	JPMorgan Chase Bank N.A.		08/20/14		USD	3,146,702		125,581
JPY	152,028,000	JPMorgan Chase Bank N.A.		08/20/14		USD	1,564,356		63,127
JPY	151,705,000	Barclays Bank plc		08/22/14		USD	1,564,615		66,555
JPY	303,103,000	Citibank N.A.		08/25/14		USD	3,120,221		127,072
JPY	149,920,000	Deutsche Bank AG		08/25/14		USD	1,542,609		62,145
JPY	300,880,000	HSBC Bank plc		08/25/14		USD	3,089,402		118,205
JPY	427,709,000	Barclays Bank plc		08/26/14		USD	4,351,058		127,393
JPY	302,459,000	JPMorgan Chase Bank N.A.		08/26/14		USD	3,076,850		90,040
JPY	256,658,000	Deutsche Bank AG		08/27/14		USD	2,600,385		65,847
JPY	488,094,000	HSBC Bank plc		08/27/14		USD	4,945,879		125,874
JPY	244,017,000	JPMorgan Chase Bank N.A.		08/27/14		USD	2,475,759		66,053
JPY	150,260,000	JPMorgan Chase Bank N.A.		08/29/14		USD	1,546,450		62,588
JPY	109,297,635	Barclays Bank plc		09/18/14		USD	1,110,297		30,797
JPY	109,471,259	JPMorgan Chase Bank N.A.		09/29/14		USD	1,114,154		32,854
JPY	66,105,000	JPMorgan Chase Bank N.A.		09/30/14		USD	670,419		17,464
JPY	55,370,000	JPMorgan Chase Bank N.A.		10/17/14		USD	532,757		(14,244	)
JPY	104,580,000	JPMorgan Chase Bank N.A.		10/20/14		USD	1,065,403		32,227
JPY	698,590,000	Barclays Bank plc		10/22/14		USD	7,163,556		261,860
JPY	94,232,353	Citibank N.A.		11/10/14		USD	958,523		27,399
JPY	157,477,000	HSBC Bank plc		11/12/14		USD	1,597,130		41,048
JPY	92,567,000	JPMorgan Chase Bank N.A.		11/13/14		USD	936,060		21,367
JPY	119,300,000	Morgan Stanley & Co.		11/14/14		USD	1,200,636		21,773
JPY	229,154,000	Citibank N.A.		11/17/14		USD	2,314,219		49,772
JPY	93,849,000	Standard Chartered Bank		11/17/14		USD	946,841		19,447
JPY	379,208,000	Citibank N.A.		11/19/14		USD	3,795,952		48,638
JPY	306,357,000	Deutsche Bank AG		11/19/14		USD	3,064,796		37,392
JPY	425,961,000	Citibank N.A.		11/20/14		USD	4,274,142		64,780
JPY	79,941,000	HSBC Bank plc		11/20/14		USD	801,727		11,747
JPY	152,982,000	JPMorgan Chase Bank N.A.		11/20/14		USD	1,534,216		22,442
JPY	122,208,000	JPMorgan Chase Bank N.A.		11/20/14		USD	1,225,124		17,460
JPY	929,100,000	Deutsche Bank AG		12/22/14		USD	9,058,336		(125,701	)
JPY	930,530,000	HSBC Bank plc		12/22/14		USD	9,058,369		(139,804	)
JPY	383,980,000	Barclays Bank plc		12/26/14		USD	3,702,975		(92,755	)
JPY	307,130,000	Citibank N.A.		12/26/14		USD	2,962,445		(73,606	)
JPY	291,890,000	Citibank N.A.		12/26/14		USD	2,814,282		(71,118	)
JPY	296,207,000	Deutsche Bank AG		01/07/15		USD	2,844,315		(84,076	)
JPY	174,225,000	Goldman Sachs & Co.		01/08/15		USD	1,679,908		(42,548	)

See accompanying notes to financial statements.

MIST-11

Met Investors Series Trust

Met/Templeton International Bond Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Forward Foreign Currency Exchange Contracts—(Continued)

Contracts to Deliver		Counterparty	Settlement Date		In Exchange for			Unrealized Appreciation/ (Depreciation)
JPY	44,450,000	Citibank N.A.		01/13/15		USD	424,993	$	(14,477	)
JPY	133,330,000	Standard Chartered Bank		01/14/15		USD	1,276,129		(42,096	)
JPY	554,560,000	Barclays Bank plc		01/15/15		USD	5,347,533		(135,417	)
JPY	183,890,000	HSBC Bank plc		01/15/15		USD	1,768,173		(49,952	)
JPY	360,500,000	JPMorgan Chase Bank N.A.		01/15/15		USD	3,475,888		(88,385	)
JPY	60,980,000	Deutsche Bank AG		01/16/15		USD	589,937		(12,980	)
JPY	44,590,000	Deutsche Bank AG		01/16/15		USD	431,376		(9,491	)
JPY	248,150,000	Standard Chartered Bank		01/16/15		USD	2,401,703		(51,785	)
JPY	55,370,000	JPMorgan Chase Bank N.A.		01/20/15		USD	533,332		(14,138	)
JPY	359,980,000	Goldman Sachs & Co.		01/27/15		USD	3,482,273		(77,252	)
JPY	342,205,982	Deutsche Bank AG		01/28/15		USD	3,351,675		(32,130	)
JPY	443,025,359	HSBC Bank plc		01/28/15		USD	4,329,125		(51,603	)
JPY	133,761,000	Goldman Sachs & Co.		02/12/15		USD	1,310,072		(12,768	)
JPY	164,870,000	HSBC Bank plc		02/12/15		USD	1,617,602		(12,893	)
JPY	164,783,000	JPMorgan Chase Bank N.A.		02/12/15		USD	1,618,646		(10,989	)
JPY	218,400,000	Citibank N.A.		02/13/15		USD	2,142,857		(17,047	)
JPY	109,360,000	JPMorgan Chase Bank N.A.		02/13/15		USD	1,070,645		(10,889	)
JPY	109,070,000	Citibank N.A.		02/17/15		USD	1,068,895		(9,811	)
JPY	109,540,000	Goldman Sachs & Co.		02/18/15		USD	1,079,116		(4,248	)
JPY	46,833,020	Goldman Sachs & Co.		02/18/15		USD	461,114		(2,071	)
JPY	196,520,000	JPMorgan Chase Bank N.A.		02/18/15		USD	1,935,338		(8,270	)
JPY	144,240,000	HSBC Bank plc		02/24/15		USD	1,413,813		(12,818	)
JPY	54,700,000	Barclays Bank plc		02/25/15		USD	534,050		(6,975	)
JPY	144,300,000	JPMorgan Chase Bank N.A.		02/25/15		USD	1,408,341		(18,896	)
JPY	468,190,000	Barclays Bank plc		02/26/15		USD	4,578,114		(52,685	)
JPY	350,622,000	Standard Chartered Bank		02/26/15		USD	3,431,482		(36,469	)
JPY	36,614,000	Deutsche Bank AG		02/27/15		USD	359,207		(2,940	)
JPY	178,400,000	JPMorgan Chase Bank N.A.		03/03/15		USD	1,752,181		(12,429	)
JPY	160,000,000	JPMorgan Chase Bank N.A.		03/03/15		USD	1,571,092		(11,518	)
JPY	159,900,000	HSBC Bank plc		03/04/15		USD	1,566,879		(14,756	)
JPY	578,374,700	Barclays Bank plc		03/09/15		USD	5,656,006		(65,193	)
JPY	109,701,956	Citibank N.A.		03/17/15		USD	1,072,125		(13,111	)
JPY	465,903,000	Citibank N.A.		03/19/15		USD	4,589,544		(19,526	)
JPY	200,950,000	Morgan Stanley & Co.		03/19/15		USD	1,990,195		2,243
JPY	160,844,000	Deutsche Bank AG		03/24/15		USD	1,575,111		(16,155	)
JPY	164,310,000	Barclays Bank plc		03/25/15		USD	1,608,517		(17,054	)
JPY	86,066,450	Barclays Bank plc		03/25/15		USD	843,458		(8,025	)
JPY	100,800,000	Citibank N.A.		04/15/15		USD	995,787		(1,705	)
JPY	177,260,000	Barclays Bank plc		04/17/15		USD	1,744,548		(9,620	)
JPY	106,500,000	JPMorgan Chase Bank N.A.		04/21/15		USD	1,044,497		(9,485	)
JPY	627,180,000	JPMorgan Chase Bank N.A.		04/22/15		USD	6,152,292		(54,704	)
JPY	8,128,806,420	Goldman Sachs & Co.		05/12/15		USD	80,004,000		(465,522	)
JPY	796,134,720	Deutsche Bank AG		05/13/15		USD	7,849,879		(31,405	)
JPY	791,049,590	Morgan Stanley & Co.		05/13/15		USD	7,793,822		(37,122	)
JPY	8,630,050	Bank of America N.A.		05/18/15		USD	85,000		(438	)
JPY	8,604,125	Bank of America N.A.		05/19/15		USD	85,000		(183	)
JPY	8,627,500	Barclays Bank plc		05/19/15		USD	85,000		(414	)
JPY	8,617,300	Citibank N.A.		05/19/15		USD	85,000		(313	)
JPY	8,634,400	HSBC Bank plc		05/19/15		USD	85,000		(483	)
JPY	462,800,000	Citibank N.A.		06/09/15		USD	4,531,391		(51,712	)
JPY	693,100,000	HSBC Bank plc		06/09/15		USD	6,785,585		(78,176	)
JPY	596,690,000	Barclays Bank plc		06/10/15		USD	5,843,743		(65,349	)
JPY	464,700,000	Citibank N.A.		06/10/15		USD	4,544,210		(57,770	)
JPY	430,940,000	Citibank N.A.		06/10/15		USD	4,214,077		(53,573	)
JPY	635,480,000	HSBC Bank plc		06/10/15		USD	6,225,954		(67,281	)
JPY	210,400,000	Deutsche Bank AG		06/11/15		USD	2,059,918		(23,726	)
JPY	588,770,000	JPMorgan Chase Bank N.A.		06/11/15		USD	5,763,102		(67,636	)

See accompanying notes to financial statements.

MIST-12

Met Investors Series Trust

Met/Templeton International Bond Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Forward Foreign Currency Exchange Contracts—(Continued)

Contracts to Deliver		Counterparty	Settlement Date		In Exchange for			Unrealized Appreciation/ (Depreciation)
JPY	119,465,000	Citibank N.A.		06/17/15		USD	1,174,311	$	(8,875	)
JPY	248,300,000	JPMorgan Chase Bank N.A.		06/17/15		USD	2,441,003		(18,171	)
JPY	930,710,000	Deutsche Bank AG		06/22/15		USD	9,139,841		(78,562	)
JPY	811,652,000	Barclays Bank plc		06/30/15		USD	8,010,185		(29,840	)
MYR	6,890,000	JPMorgan Chase Bank N.A.		07/02/14		USD	2,145,816		67
MYR	6,890,000	JPMorgan Chase Bank N.A.		07/02/14		USD	2,145,816		67
SGD	7,822,083	Deutsche Bank AG		08/06/14		USD	6,171,999		(101,279	)
SGD	2,353,000	Deutsche Bank AG		08/07/14		USD	1,856,630		(30,467	)
SGD	8,472,703	Barclays Bank plc		08/12/14		USD	6,682,838		(112,245	)
SGD	1,863,000	Barclays Bank plc		08/18/14		USD	1,469,451		(24,672	)
Cross Currency Contracts to Buy
HUF	388,774,000	JPMorgan Chase Bank N.A.		09/23/14		EUR	1,282,448		(42,935	)
HUF	311,219,000	JPMorgan Chase Bank N.A.		09/25/14		EUR	1,016,258		(20,283	)
HUF	789,872,400	Deutsche Bank AG		03/19/15		EUR	2,475,313		68,424
HUF	236,727,980	JPMorgan Chase Bank N.A.		03/19/15		EUR	741,978		20,348
HUF	396,052,000	JPMorgan Chase Bank N.A.		03/20/15		EUR	1,245,564		28,196
HUF	393,926,000	JPMorgan Chase Bank N.A.		03/20/15		EUR	1,238,878		28,045
PLN	39,200,000	Deutsche Bank AG		07/07/14		EUR	8,843,568		793,987
PLN	35,870,000	Deutsche Bank AG		08/19/14		EUR	8,303,241		403,668
PLN	4,666,000	Deutsche Bank AG		02/10/15		EUR	1,091,590		21,100
PLN	4,666,000	Barclays Bank plc		02/11/15		EUR	1,090,952		21,897
PLN	4,666,000	Deutsche Bank AG		02/17/15		EUR	1,095,820		14,758
PLN	5,956,000	Morgan Stanley & Co.		05/27/15		EUR	1,395,501		13,067
SEK	14,943,320	Deutsche Bank AG		08/08/14		EUR	1,647,101		(20,152	)
SEK	15,023,913	Morgan Stanley & Co.		08/11/14		EUR	1,658,620		(23,957	)
SEK	38,634,000	UBS AG		10/01/14		EUR	4,194,378		31,677
SEK	261,920,000	Barclays Bank plc		10/31/14		EUR	28,867,752		(390,799	)
Net Unrealized Appreciation								$	4,096,897

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 Depreciation
Receive	3-Month USD-LIBOR		3.018	%	08/22/23	JPMorgan Chase Bank N.A.		USD	26,870,000	$	(1,154,077	)	$	—	$	(1,154,077	)
Receive	3-Month USD-LIBOR		3.848	%	08/22/43	JPMorgan Chase Bank N.A.		USD	15,360,000		(1,654,100	)		—		(1,654,100	)
Totals										$	(2,808,177	)	$	—	$	(2,808,177	)

Cash in the amount of $11,798 and securities in the amount of $1,822,223 have been received at the custodian bank as collateral for swap contracts.

(CLP)— Chilean Peso

(EUR)— Euro

(HUF)— Hungarian Forint

(INR)— Indian Rupee

(JPY)— Japanese Yen

(KRW)— South Korea Won

(MXN)— Mexican Peso

(MYR)— Malaysian Ringgit

(PLN)— Polish Zloty

(SEK)— Swedish Krona

(SGD)— Singapore Dollar

(USD)— United States Dollar

See accompanying notes to financial statements.

MIST-13

Met Investors Series Trust

Met/Templeton International Bond Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

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 June 30, 2014:

Description	Level 1		Level 2			Level 3		Total
Total Foreign Government*	$	—	$	1,201,473,988		$	—	$	1,201,473,988
Short-Term Investments
Discount Note		—		199,750,000			—		199,750,000
Mutual Fund		58,967,506		—			—		58,967,506
Repurchase Agreement		—		51,287,392			—		51,287,392
Total Short-Term Investments		58,967,506		251,037,392			—		310,004,898
Total Investments	$	58,967,506	$	1,452,511,380		$	—	$	1,511,478,886
Collateral for securities loaned (Liability)	$	—	$	(58,967,506	)	$	—	$	(58,967,506	)
Forward Contracts
Forward Foreign Currency Exchange Contracts (Unrealized Appreciation)	$	—	$	12,417,001		$	—	$	12,417,001
Forward Foreign Currency Exchange Contracts (Unrealized Depreciation)		—		(8,320,104	)		—		(8,320,104	)
Total Forward Contracts	$	—	$	4,096,897		$	—	$	4,096,897
OTC Swap Contracts
OTC Swap Contracts at Value (Liabilities)	$	—	$	(2,808,177	)	$	—	$	(2,808,177	)

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

MIST-14

Met Investors Series Trust

Met/Templeton International Bond Portfolio

Statement of Assets and Liabilities

June 30, 2014 (Unaudited)

Assets
Investments at value (a)(b)	$	1,511,478,886
Cash		2,698
Cash denominated in foreign currencies (c)		4,614,754
Cash collateral for swap contracts		1,705,000
Unrealized appreciation on forward foreign currency exchange contracts		12,417,001
Receivable for:
Fund shares sold		17,490
Dividends and interest		14,339,413
Interest on OTC swap contracts		10,301
Prepaid expenses		20
Total Assets		1,544,585,563
Liabilities
OTC swap contracts at market value		2,808,177
Unrealized depreciation on forward foreign currency exchange contracts		8,320,104
Collateral for securities loaned		58,967,506
Payables for:
Open OTC swap contracts cash collateral		270,000
Fund shares redeemed		21,551
Foreign taxes		598,353
Interest on OTC swap contracts		494,591
Accrued expenses:
Management fees		725,224
Distribution and service fees		14,340
Deferred trustees’ fees		58,994
Other expenses		389,224
Total Liabilities		72,668,064
Net Assets	$	1,471,917,499
Net assets consist of:
Paid in surplus	$	1,407,879,806
Undistributed net investment income		10,291,316
Accumulated net realized loss		(18,828,005	)
Unrealized appreciation on investments, swap contracts and foreign currency transactions (d)		72,574,382
Net Assets	$	1,471,917,499
Net Assets
Class A	$	1,402,575,725
Class B		69,341,774
Capital Shares Outstanding*
Class A		122,187,969
Class B		6,074,163
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	11.48
Class B		11.42

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

(a) Identified cost of investments was $1,439,593,801.

(b) Includes securities loaned at value of $56,498,303.

(c) Identified cost of cash denominated in foreign currencies was $4,583,174.

(d) Includes foreign capital gains tax of $598,353

Statement of Operations

Six Months Ended June 30, 2014 (Unaudited)

Investment Income
Interest (a)	$	21,299,447
Securities lending income		46,377
Total investment income		21,345,824
Expenses
Management fees		4,081,350
Administration fees		15,921
Custodian and accounting fees		669,415
Distribution and service fees—Class B		86,246
Audit and tax services		45,627
Legal		15,668
Trustees’ fees and expenses		22,130
Shareholder reporting		16,620
Insurance		3,982
Miscellaneous		6,041
Total expenses		4,963,000
Net Investment Income		16,382,824
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments		2,129,358
Swap contracts		(846,994	)
Foreign currency transactions		(11,756,445	)
Net realized loss		(10,474,081	)
Net change in unrealized appreciation (depreciation) on:
Investments (b)		30,328,036
Swap contracts		(3,015,205	)
Foreign currency transactions		6,452,868
Net change in unrealized appreciation		33,765,699
Net realized and unrealized gain		23,291,618
Net Increase in Net Assets From Operations	$	39,674,442

(a) Net of foreign withholding taxes of $991,125.

(b) Includes change in foreign capital gains tax of $(110,445).

See accompanying notes to financial statements.

MIST-15

Met Investors Series Trust

Met/Templeton International Bond Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2014 (Unaudited)			Year Ended December 31, 2013
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	16,382,824		$	44,996,540
Net realized gain (loss)		(10,474,081	)		20,144,603
Net change in unrealized appreciation (depreciation)		33,765,699			(51,091,458	)
Increase in net assets from operations		39,674,442			14,049,685
From Distributions to Shareholders
Net investment income
Class A		(60,444,741	)		(25,258,496	)
Class B		(3,157,552	)		(1,507,561	)
Net realized capital gains
Class A		0			(5,070,835	)
Class B		0			(340,003	)
Total distributions		(63,602,293	)		(32,176,895	)
Increase in net assets from capital share transactions		174,044,389			214,998,175
Total increase in net assets		150,116,538			196,870,965
Net Assets
Beginning of period		1,321,800,961			1,124,929,996
End of period	$	1,471,917,499		$	1,321,800,961
Undistributed net investment income
End of period	$	10,291,316		$	57,510,785

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2014 (Unaudited)						Year Ended December 31, 2013
	Shares			Value			Shares			Value
Class A
Sales		11,819,767		$	133,596,599			17,720,480		$	210,385,198
Reinvestments		5,387,232			60,444,741			2,542,274			30,329,331
Redemptions		(1,755,071	)		(20,027,641	)		(1,799,528	)		(21,180,248	)
Net increase		15,451,928		$	174,013,699			18,463,226		$	219,534,281
Class B
Sales		243,324		$	2,791,529			1,006,488		$	11,739,010
Reinvestments		282,935			3,157,552			155,650			1,847,564
Redemptions		(516,845	)		(5,918,391	)		(1,563,610	)		(18,122,680	)
Net increase (decrease)		9,414		$	30,690			(401,472	)	$	(4,536,106	)
Increase derived from capital shares transactions				$	174,044,389					$	214,998,175

See accompanying notes to financial statements.

MIST-16

Met Investors Series Trust

Met/Templeton International Bond Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2014 (Unaudited)			Year Ended December 31,
				2013			2012			2011			2010			2009(a)
Net Asset Value, Beginning of Period	$	11.72		$	11.88		$	11.54		$	12.45		$	11.02		$	10.00
Income (Loss) from Investment Operations
Net investment income (b)		0.14			0.43			0.43			0.50			0.49			0.34
Net realized and unrealized gain (loss) on investments		0.18			(0.28	)		1.15			(0.47	)		1.03			0.68
Total from investment operations		0.32			0.15			1.58			0.03			1.52			1.02
Less Distributions
Distributions from net investment income		(0.56	)		(0.26	)		(1.24	)		(0.92	)		(0.09	)		0.00
Distributions from net realized capital gains		0.00			(0.05	)		0.00			(0.02	)		(0.00	)(c)		0.00
Total distributions		(0.56	)		(0.31	)		(1.24	)		(0.94	)		(0.09	)		0.00
Net Asset Value, End of Period	$	11.48		$	11.72		$	11.88		$	11.54		$	12.45		$	11.02
Total Return (%) (d)		2.84	(e)		1.27			14.64			(0.06	)		13.73			10.20	(e)
Ratios/Supplemental Data
Ratio of expenses to average net assets (%)		0.72	(f)		0.72			0.73			0.74			0.73			0.73	(f)
Ratio of net investment income to average net assets (%)		2.42	(f)		3.69			3.78			4.09			4.18			4.87	(f)
Portfolio turnover rate (%)		9	(e)		37			35			46			18			15	(e)
Net assets, end of period (in millions)	$	1,402.6		$	1,251.2		$	1,048.6		$	926.3		$	747.3		$	645.1
	Class B
	Six Months Ended June 30, 2014 (Unaudited)			Year Ended December 31,
				2013			2012			2011			2010			2009(a)
Net Asset Value, Beginning of Period	$	11.64		$	11.80		$	11.48		$	12.41		$	11.00		$	10.00
Income (Loss) from Investment Operations
Net investment income (b)		0.12			0.40			0.40			0.46			0.46			0.41
Net realized and unrealized gain (loss) on investments		0.19			(0.27	)		1.14			(0.46	)		1.03			0.59
Total from investment operations		0.31			0.13			1.54			0.00			1.49			1.00
Less Distributions
Distributions from net investment income		(0.53	)		(0.24	)		(1.22	)		(0.91	)		(0.08	)		0.00
Distributions from net realized capital gains		0.00			(0.05	)		0.00			(0.02	)		(0.00	)(c)		0.00
Total distributions		(0.53	)		(0.29	)		(1.22	)		(0.93	)		(0.08	)		0.00
Net Asset Value, End of Period	$	11.42		$	11.64		$	11.80		$	11.48		$	12.41		$	11.00
Total Return (%) (d)		2.76	(e)		1.04			14.29			(0.33	)		13.54			10.00	(e)
Ratios/Supplemental Data
Ratio of expenses to average net assets (%)		0.97	(f)		0.97			0.98			0.99			0.98			0.98	(f)
Ratio of net investment income to average net assets (%)		2.16	(f)		3.44			3.53			3.81			3.86			5.71	(f)
Portfolio turnover rate (%)		9	(e)		37			35			46			18			15	(e)
Net assets, end of period (in millions)	$	69.3		$	70.6		$	76.3		$	67.3		$	46.3		$	9.7

(a) Commencement of operations was May 1, 2009.

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

(c) Distributions from net realized capital gains 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) Periods less than one year are not computed on an annualized basis.

(f) Computed on an annualized basis.

See accompanying notes to financial statements.

MIST-17

Met Investors Series Trust

Met/Templeton International Bond Portfolio

Notes to Financial Statements—June 30, 2014 (Unaudited)

1. Organization

Met Investors Series Trust (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 currently offers forty-seven series, each of which operates as a distinct investment vehicle of the Trust. The portfolio included in this report is Met/Templeton International Bond Portfolio (the “Portfolio”), which is non-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 four classes of shares: Class A, B, C and E shares. Class A and B shares are currently offered by the Portfolio. 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 June 30, 2014 through the date the financial statements were issued.

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 (other than short term obligations with a remaining maturity of sixty days or less), 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 MetLife Advisers, LLC (“MetLife Advisers” or the “Adviser”), an affiliate of MetLife, Inc., pursuant to authorization of 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 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.

MIST-18

Met Investors Series Trust

Met/Templeton International Bond Portfolio

Notes to Financial Statements—June 30, 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, which 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 and futures contracts that are traded over-the-counter 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. 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 has delegated the determination of the fair value of a security to a 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.

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Notes to Financial Statements—June 30, 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, distribution redesignations and premium amortization 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 June 30, 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 Master Repurchase Agreement 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 June 30, 2014, the Portfolio had investments in repurchase agreements with a gross value of $51,287,392, 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 June 30, 2014.

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.

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Met/Templeton International Bond Portfolio

Notes to Financial Statements—June 30, 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.

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.

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. 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 at least equal to 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 six months ended June 30, 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 June 30, 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 June 30, 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 has agreed to 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

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Met/Templeton International Bond Portfolio

Notes to Financial Statements—June 30, 2014—(Continued)

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.

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 over-the-counter 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 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.

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

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Met/Templeton International Bond Portfolio

Notes to Financial Statements—June 30, 2014—(Continued)

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 June 30, 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				OTC swap contracts at market value (a)	$	2,808,177
Foreign Exchange	Unrealized appreciation on forward foreign currency exchange contracts	$	12,417,001	Unrealized depreciation on forward foreign currency exchange contracts		8,320,104
Total		$	12,417,001		$	11,128,281

(a) Excludes OTC swap interest receivable of $10,301 and OTC swap interest payable of $494,591.

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”), or similar agreement, and net of the related collateral received by the Portfolio as of June 30, 2014.

Counterparty	Derivative Assets subject to a MNA by Counterparty		Financial Instruments available for offset			Collateral Received†			Net Amount*
Barclays Bank plc	$	991,752	$	(991,752	)	$	—		$	—
Citibank N.A.		2,092,632		(728,304	)		(1,364,328	)		—
Deutsche Bank AG		3,740,474		(1,801,997	)		—			1,938,477
Goldman Sachs & Co.		388,614		(388,614	)		—			—
HSBC Bank plc		2,606,373		(728,305	)		—			1,878,068
JPMorgan Chase Bank N.A.		2,116,558		(2,116,558	)		—			—
Morgan Stanley & Co.		271,699		(271,699	)		—			—
Standard Chartered Bank		177,222		(177,222	)		—			—
UBS AG		31,677		(31,677	)		—			—
	$	12,417,001	$	(7,236,128	)	$	(1,364,328	)	$	3,816,545

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 June 30, 2014.

Counterparty	Derivative Liabilities subject to a MNA by Counterparty		Financial Instruments available for offset			Collateral Pledged†			Net Amount**
Bank of America N.A.	$	4,442	$	—		$	—		$	4,442
Barclays Bank plc		1,514,565		(991,752	)		—			522,813
Citibank N.A.		728,304		(728,304	)		—			—
Deutsche Bank AG		1,801,997		(1,801,997	)		—			—
Goldman Sachs & Co.		692,812		(388,614	)		—			304,198
HSBC Bank plc		728,305		(728,305	)		—			—
JPMorgan Chase Bank N.A.		4,004,045		(2,116,558	)		(140,000	)		1,747,487
Morgan Stanley & Co.		771,421		(271,699	)		—			499,722
Standard Chartered Bank		234,279		(177,222	)		—			57,057
UBS AG		648,111		(31,677	)		—			616,434
	$	11,128,281	$	(7,236,128	)	$	(140,000	)	$	3,752,153

* 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.

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Notes to Financial Statements—June 30, 2014—(Continued)

Transactions in derivative instruments during the six months ended June 30, 2014 were as follows:

Statement of Operations Location—Net Realized Gain (Loss)	Interest Rate			Foreign Exchange			Total
Forward foreign currency transactions	$	—		$	(12,294,004	)	$	(12,294,004	)
Swap contracts		(846,994	)		—			(846,994	)
	$	(846,994	)	$	(12,294,004	)	$	(13,140,998	)
Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)	Interest Rate			Foreign Exchange			Total
Forward foreign currency transactions	$	—		$	6,584,872		$	6,584,872
Swap contracts		(3,015,205	)		—			(3,015,205	)
	$	(3,015,205	)	$	6,584,872		$	3,569,667

For the six months ended June 30, 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	$	1,289,130,766
Swap contracts		42,230,000

‡ Averages are based on activity levels during the period.

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; 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 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 over-the-counter traded derivatives (e.g., forward foreign currency exchange contracts, swap agreements and over-the-counter 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

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Notes to Financial Statements—June 30, 2014—(Continued)

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.

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 six months ended June 30, 2014 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	199,224,838	$	0	$	85,113,472

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 six months ended June 30, 2014	% per annum			Average Daily Net Assets
$4,081,350		0.600	%	ALL

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

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 Agreement and Plan - 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 Class B Shares. MIDC is a wholly-owned subsidiary of MetLife Investors Group, Inc., an affiliate of the Adviser. The Class B distribution plan provides that the Trust, on behalf of the Portfolio, may pay annually up to 0.50% of the average daily net assets of the Portfolio attributable to its Class B Shares with respect to activities primarily intended to result in the sale of Class B Shares. However, under the Class B distribution agreement, payments to the Distributor for activities pursuant to the Class B distribution plan are currently limited to payments at an annual rate equal to 0.25% of average daily net assets of the Portfolio attributable to its Class B Shares. Amounts incurred by the Portfolio for the six months ended June 30, 2014 are shown as Distribution and service fees in the Statement of Operations.

MIST-25

Met Investors Series Trust

Met/Templeton International Bond Portfolio

Notes to Financial Statements—June 30, 2014—(Continued)

Under the terms of the Class B distribution plan and distribution agreement, the Portfolio is authorized to make payments monthly to the Distributor that may be used to pay or reimburse entities providing distribution and shareholder servicing with respect to the Class B Shares for such entities’ fees or expenses incurred.

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 Metropolitan Series Fund, 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, 2013 and 2012 were as follows:

Ordinary Income			Long-Term Capital Gains				Total
2013	2012		2013		2012		2013		2012
$26,818,418	$	105,548,486	$	5,358,477	$	3,869,983	$	32,176,895	$	109,418,469

As of December 31, 2013, 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
$63,303,743	$	—	$	27,544,394	$	(2,828,708	)	$	88,019,429

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, 2013, the post-enactment accumulated short-term capital losses were $15,589, and the post-enactment accumulated long-term capital losses were $2,813,119.

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 January 1, 2015, and interim periods within those fiscal years. Management is evaluating the impact, if any, of this guidance on the Portfolio’s financial statement disclosures.

MIST-26

Met Investors Series Trust

MetLife Asset Allocation 100 Portfolio (formerly, MetLife Aggressive Strategy Portfolio)

Managed by MetLife Advisers, LLC

Portfolio Manager Commentary*

PERFORMANCE

For the six month period ended June 30, 2014, the Class A and B shares of the MetLife Asset Allocation 100 Portfolio returned 5.54% and 5.46%, respectively. The Portfolio’s benchmark, the Dow Jones Aggressive Index¹, returned 6.82%.

MARKET ENVIRONMENT / CONDITIONS

The equity market started the year in a sell-off mode with the majority of equity indices turning south driven by renewed concerns over emerging markets and the elevated valuation level in the stock market after a record high year in 2013. The Federal Reserve’s (the “Fed”) new chair Janet Yellen gave her first speech on February 11, 2014, which emphasized continuity in the Fed’s approach to monetary policy. This speech, combined with solid fourth quarter earnings reports, boosted investors’ confidence and resulted in a strong market rally in February. The market pared back again in March due to heightened tension in Ukraine. In addition, high growth internet and biotech stocks, which were among the best performing stocks in 2013, endured a substantial drawdown in March through April. More negative news came out during the second quarter: lower than expected retail sales, a shrinking first quarter Gross Domestic Product (“GDP”) number blamed on the harsh winter weather, and escalating violence in Iraq. However, the market decided to shrug off recent geopolitical flare-ups and first quarter weakness. Instead, investors chose to focus on a variety of other economic indicators that were telling a more upbeat story and bet on an improving second quarter. As a result, many of the equity markets worldwide finished the first half of 2014 in a strongly positive territory.

The U.S. equity market, as measured by the S&P 500 Index, scored a gain of 7.1% over the six month period. Small cap stocks, represented by the S&P Small Cap 600 Index, trailed their large cap counterparts at 3.2%. Growth stocks underperformed value stocks across market cap segments, most prominently across mid cap stocks. With respect to industry sectors, Utilities turned out to be the best performing sector, benefiting from an unexpected decline in interest rates. Energy stocks rallied strongly on fears of a potential oil and gas shortage amid continuing turmoil in Iraq and Ukraine. On the other end of the spectrum, Consumer Discretionary stocks lagged the most. The retail industry suffered from harsh winter weather. Stocks of online retailers saw a sizable correction during the internet sell off in March and April after a remarkable year in 2013. Equity markets outside the U.S. delivered positive performance as well, both in developed markets as well as in emerging markets. The MSCI EAFE Index and the MSCI Emerging Markets Index gained 4.8% and 6.1%, respectively.

The bond market rallied in the first half of the year. U.S. Treasury yields unexpectedly declined in the first half of 2014 as rising geopolitical risk bolstered demand for safe-haven assets. The 10-year Treasury yield declined to 2.5% at the end of June from 3.0% six months earlier. The long end of the curve dropped significantly more than the short end as the yield curve flattened. Both investment grade and high yield bonds outperformed Treasuries as credit spreads narrowed. Over the six month period, the Barclays U.S. Aggregate Bond Index advanced 3.9%. The bond market outside the U.S. was strong as well, with the Barclays Global Aggregate ex-U.S. Index gaining 5.6%. Bond markets in Europe enjoyed a particularly strong ride, boosted by additional monetary accommodation implemented by the European Central Bank (the “ECB”). The ECB introduced an expanded long-term loan program to encourage banks to increase their lending and also cut its overnight rate to -10 basis points (“bps”).

PORTFOLIO REVIEW / YEAR END POSITIONING

The MetLife Asset Allocation 100 Portfolio (the “Allocation Portfolio”) invested in underlying portfolios of the Met Investors Series Trust and the Metropolitan Series Fund to maintain a broad asset allocation of approximately 100% to equities, although we expect that some residual cash will be held by the underlying portfolios. During the reporting period, we implemented a moderate increase in the Allocation Portfolio’s exposure to the international equity asset class, which was funded by domestic equity, to better align with global market capitalizations.

Over the six month period, the Allocation Portfolio moderately underperformed the Dow Jones Aggressive Index due primarily to certain style exposures that were out of favor in a number of underlying portfolios.

Domestic equity portfolios as a whole detracted from relative results of the Allocation Portfolio. A number of portfolios underperformed their respective asset class benchmarks, particularly those with a growth orientation, as the growth style noticeably trailed the value style during the reporting period. Not surprisingly, the top performance detractors were mostly growth style portfolios. The BlackRock Capital Appreciation Portfolio trailed the Russell 1000 Growth Index by more than 500 bps. Performance was hurt by an overweight in high growth, high momentum stocks which underperformed the broad market. The growth sell-off in March and April was most pronounced among top 2013 winners, a number of which BlackRock owned, such as Amazon and Yelp, pulling down performance. The Jennison Growth Portfolio’s performance also suffered from the correction in higher-valuation growth stocks during the middle of the reporting period. For the T. Rowe Price Large Cap Growth Portfolio, stock selection in the Information Technology sector detracted from performance. A combination of foreign exchange headwinds and slowing cross-border transaction volume weighed on both MasterCard and Visa. Also, the Portfolio’s limited exposure to Apple proved detrimental as shares soared in anticipation of new product cycles as well as plans for increased buybacks and a stock split. Within the mid cap and small cap space, the Morgan Stanley Mid Cap Growth and Loomis Sayles Small Cap Growth Portfolios both struggled during the growth sell-off, and produced a negative contribution to the Allocation Portfolio. In contrast, the ClearBridge Aggressive Growth Portfolio was a big winner among all underlying portfolios. Despite a headwind from a strong growth bias, the

MIST-1

Met Investors Series Trust

MetLife Asset Allocation 100 Portfolio (formerly, MetLife Aggressive Strategy Portfolio)

Managed by MetLife Advisers, LLC

Portfolio Manager Commentary*—(Continued)

Portfolio managed to deliver a double digit return, outpacing both growth and core indices. Outperformance was driven in large part by focusing on companies that have shown the ability to both grow revenues and earnings/cash flows in a challenging economic environment.

Among the underlying equity portfolios that invest outside the U.S., the Harris Oakmark International Portfolio hindered relative performance of the Allocation Portfolio, due primarily to stock selection, particularly in the United Kingdom, France, and the Netherlands. In addition, the Baillie Gifford International Stock and MFS Research International Portfolios were underperformers. The Baillie Gifford Portfolio’s overall positioning in the more cyclical companies within the Energy sector was a headwind in a market where a combination of geopolitical unrest and fears over weakening Chinese growth led investors to prefer the larger oil companies. The MFS Research International Portfolio’s overweight positions in banking and financial services firm Sumitomo Mitsui Financial Group (Japan), real estate firm Mitsubishi Estate (Japan), and wealth management firm Julius Baer Holding (Switzerland) weakened relative results as all three stocks underperformed the index over the period. However, the negative contribution from the above mentioned portfolios was more than compensated for by the positive contribution from the two sector portfolios, Clarion Global Real Estate Portfolio and Van Eck Global Natural Resources Portfolio as real estate and energy stocks rallied strongly during the first half 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 and 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 those of the advisory firm as of June 30, 2014 and 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 statements) 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 applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable annuity or insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

MIST-2

Met Investors Series Trust

MetLife Asset Allocation 100 Portfolio (formerly, MetLife Aggressive Strategy Portfolio)

A $10,000 INVESTMENT COMPARED TO THE DOW JONES AGGRESSIVE INDEX

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2014

	6 Month		1 Year		5 Year		Since Inception2
MetLife Asset Allocation 100 Portfolio
Class A		5.54		24.28		16.91		7.20
Class B		5.46		24.08		16.63		6.88
Dow Jones Aggressive Index		6.82		24.15		17.60		9.12

¹ The Dow Jones Aggressive Index is a benchmark designed for asset allocation strategists who are willing to take 100% of the risk of the global equity securities market. It is a total returns index formed by equally weighing nine equity style indices with monthly rebalancing. The nine Dow Jones equity style indices include: U.S. Large Cap Value, U.S. Large Cap Growth, U.S. Mid Cap Value, U.S. Small Cap Value, U.S. Mid Cap Growth, U.S. Small Cap Growth, Emerging Markets LN, Europe/Canada, and Asia/Pacific.

² Inception dates of the Class A and Class B shares are 5/2/2005 and 11/4/2004, respectively. Index since inception return is based on the Class B 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 B 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 JUNE 30, 2014

Top Holdings

	% of Net Assets
Jennison Growth Portfolio (Class A)		6.2
T. Rowe Price Large Cap Growth Portfolio (Class A)		6.2
ClearBridge Aggressive Growth Portfolio (Class A)		6.2
T. Rowe Price Large Cap Value Portfolio (Class A)		5.1
Invesco Comstock Portfolio (Class A)		5.1
MFS Value Portfolio (Class A)		5.0
WMC Core Equity Opportunities Portfolio (Class A)		4.7
Harris Oakmark International Portfolio (Class A)		4.4
Met/Dimensional International Small Company Portfolio (Class A)		4.2
Van Eck Global Natural Resources Portfolio (Class A)		4.2

MIST-3

Met Investors Series Trust

MetLife Asset Allocation 100 Portfolio (formerly, MetLife Aggressive Strategy Portfolio)

Understanding Your Portfolio’s Expenses (Unaudited)

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, January 1, 2014 through June 30, 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 100 Portfolio (formerly, MetLife Aggressive Strategy Portfolio)		Annualized Expense Ratio			Beginning Account Value January 1, 2014		Ending Account Value June 30, 2014		Expenses Paid During Period** January 1, 2014 to June 30, 2014
Class A(a)(b)	Actual		0.78	%	$	1,000.00	$	1,055.40	$	3.98
	Hypothetical*		0.78	%	$	1,000.00	$	1,020.93	$	3.91
Class B(a)(b)	Actual		1.03	%	$	1,000.00	$	1,054.60	$	5.25
	Hypothetical*		1.03	%	$	1,000.00	$	1,019.69	$	5.16

* 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 (181 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.

^(b) 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.

MIST-4

Met Investors Series Trust

MetLife Asset Allocation 100 Portfolio (formerly, MetLife Aggressive Strategy Portfolio)

Schedule of Investments as of June 30, 2014 (Unaudited)

Mutual Funds—100.0% of Net Assets

Security Description	Shares		Value
Affiliated Investment Companies—100.0%
Baillie Gifford International Stock Portfolio (Class A) (a)		6,228,165	$	66,890,488
BlackRock Capital Appreciation Portfolio (Class A) (a)		2,041,018		77,681,142
BlackRock Large Cap Value Portfolio (Class A) (a)		6,550,253		63,340,943
Clarion Global Real Estate Portfolio (Class A) (b)		6,320,715		77,049,521
ClearBridge Aggressive Growth Portfolio (Class A) (b)		7,617,500		117,233,325
Frontier Mid Cap Growth Portfolio (Class A) (a)		797,782		29,007,366
Goldman Sachs Mid Cap Value Portfolio (Class A) (b)		1,804,286		28,200,983
Harris Oakmark International Portfolio (Class A) (b)		4,865,088		83,874,111
Invesco Comstock Portfolio (Class A) (b)		6,242,327		95,944,570
Invesco Mid Cap Value Portfolio (Class A) (b)		919,215		18,365,918
Invesco Small Cap Growth Portfolio (Class A) (b)		2,467,188		46,975,259
Jennison Growth Portfolio (Class A) (a)		7,612,553		117,690,077
JPMorgan Small Cap Value Portfolio (Class A) (b)		1,914,181		34,321,269
Loomis Sayles Small Cap Growth Portfolio (Class A) (a)		2,371,495		34,007,232
Met/Artisan International Portfolio (Class A) (b) (c)		5,144,477		53,862,671
Met/Artisan Mid Cap Value Portfolio (Class A) (a)		137,741		38,527,445
Met/Dimensional International Small Company Portfolio (Class A) (a)		4,715,651		79,553,030
MFS Emerging Markets Equity Portfolio (Class A) (b)		6,312,241		67,982,834
MFS Research International Portfolio (Class A) (b)		4,692,574		56,639,364
MFS Value Portfolio (Class A) (a)		5,492,962		95,467,677
Morgan Stanley Mid Cap Growth Portfolio (Class A) (b)		1,083,880		17,797,317
Neuberger Berman Genesis Portfolio (Class A) (a)		1,659,179		30,130,699
Affiliated Investment Companies—(Continued)
Oppenheimer Global Equity Portfolio (Class A) (b)		1,295,369		26,930,721
T. Rowe Price Large Cap Growth Portfolio (Class A) (a)		5,026,293		117,363,937
T. Rowe Price Large Cap Value Portfolio (Class A) (b)		2,809,064		96,322,812
T. Rowe Price Mid Cap Growth Portfolio (Class A) (b)		2,419,824		28,457,131
T. Rowe Price Small Cap Growth Portfolio (Class A) (a)		1,227,306		27,614,385
Third Avenue Small Cap Value Portfolio (Class A) (b)		1,649,987		34,649,719
Van Eck Global Natural Resources Portfolio (Class A) (a)		4,975,770		78,716,684
WMC Core Equity Opportunities Portfolio (Class A) (a)		2,196,459		88,561,231
WMC Large Cap Research Portfolio (Class A) (b)		4,640,040		63,243,749
Total Mutual Funds (Cost $1,546,993,186)				1,892,403,610
Total Investments—100.0% (Cost $1,546,993,186) (d)				1,892,403,610
Other assets and liabilities (net)—0.0%				(503,049	)
Net Assets—100.0%			$	1,891,900,561

(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 June 30, 2014, the aggregate cost of investments was $1,546,993,186. The aggregate and net unrealized appreciation of investments was $345,410,424.

See accompanying notes to financial statements.

MIST-5

Met Investors Series Trust

MetLife Asset Allocation 100 Portfolio (formerly, MetLife Aggressive Strategy Portfolio)

Schedule of Investments as of June 30, 2014 (Unaudited)

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 June 30, 2014:

Description	Level 1		Level 2		Level 3		Total
Mutual Funds
Affiliated Investment Companies	$	1,892,403,610	$	—	$	—	$	1,892,403,610
Total Investments	$	1,892,403,610	$	—	$	—	$	1,892,403,610

See accompanying notes to financial statements.

MIST-6

Met Investors Series Trust

MetLife Asset Allocation 100 Portfolio (formerly, MetLife Aggressive Strategy Portfolio)

Statement of Assets and Liabilities

June 30, 2014 (Unaudited)

Assets
Affiliated investments at value (a)	$	1,892,403,610
Receivable for:
Investments sold		1,565,439
Fund shares sold		165,847
Total Assets		1,894,134,896
Liabilities
Payables for:
Fund shares redeemed		1,731,286
Accrued expenses:
Management fees		108,063
Distribution and service fees		252,570
Deferred trustees’ fees		103,130
Other expenses		39,286
Total Liabilities		2,234,335
Net Assets	$	1,891,900,561
Net assets consist of:
Paid in surplus	$	1,459,003,293
Undistributed net investment income		14,514,780
Accumulated net realized gain		72,972,064
Unrealized appreciation on affiliated investments		345,410,424
Net Assets	$	1,891,900,561
Net Assets
Class A	$	655,441,833
Class B		1,236,458,728
Capital Shares Outstanding*
Class A		46,584,009
Class B		88,131,619
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	14.07
Class B		14.03

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

(a) Identified cost of affiliated investments was $1,546,993,186.

Statement of Operations

Six Months Ended June 30, 2014 (Unaudited)

Investment Income
Dividends from affiliated investments	$	17,138,050
Total investment income		17,138,050
Expenses
Management fees		644,251
Administration fees		10,924
Deferred expense reimbursement		68,214
Custodian and accounting fees		12,224
Distribution and service fees—Class B		1,498,592
Audit and tax services		12,336
Legal		16,594
Trustees’ fees and expenses		29,330
Miscellaneous		6,423
Total expenses		2,298,888
Net Investment Income		14,839,162
Net Realized and Unrealized Gain
Net realized gain on:
Affiliated investments		87,144,068
Capital gain distributions from Affiliated Underlying Portfolios		82,767,075
Net realized gain		169,911,143
Net change in unrealized depreciation on affiliated investments		(85,471,462	)
Net realized and unrealized gain		84,439,681
Net Increase in Net Assets From Operations	$	99,278,843

See accompanying notes to financial statements.

MIST-7

Met Investors Series Trust

MetLife Asset Allocation 100 Portfolio (formerly, MetLife Aggressive Strategy Portfolio)

Statements of Changes in Net Assets

	Six Months Ended June 30, 2014 (Unaudited)			Year Ended December 31, 2013
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	14,839,162		$	12,510,544
Net realized gain		169,911,143			87,220,247
Net change in unrealized appreciation (depreciation)		(85,471,462	)		296,960,137
Increase in net assets from operations		99,278,843			396,690,928
From Distributions to Shareholders
Net investment income
Class A		(5,957,726	)		(736,790	)
Class B		(8,551,799	)		(8,281,024	)
Total distributions		(14,509,525	)		(9,017,814	)
Increase (decrease) in net assets from capital share transactions		(61,532,326	)		415,127,110
Total increase in net assets		23,236,992			802,800,224
Net Assets
Beginning of period		1,868,663,569			1,065,863,345
End of period	$	1,891,900,561		$	1,868,663,569
Undistributed net investment income
End of period	$	14,514,780		$	14,185,143

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2014 (Unaudited)						Year Ended December 31, 2013
	Shares			Value			Shares			Value
Class A
Sales		600,896		$	8,116,390			2,619,374		$	30,726,583
Shares issued through acquisition		0			0			44,617,982			505,967,920
Reinvestments		451,343			5,957,726			67,042			736,790
Redemptions		(2,501,899	)		(33,852,827	)		(5,808,570	)		(69,512,462	)
Net increase (decrease)		(1,449,660	)	$	(19,778,711	)		41,495,828		$	467,918,831
Class B
Sales		2,998,911		$	40,364,401			9,511,395		$	112,021,339
Reinvestments		649,339			8,551,799			754,879			8,281,024
Redemptions		(6,720,161	)		(90,669,815	)		(14,650,878	)		(173,094,084	)
Net decrease		(3,071,911	)	$	(41,753,615	)		(4,384,604	)	$	(52,791,721	)
Increase (decrease) derived from capital shares transactions				$	(61,532,326	)				$	415,127,110

See accompanying notes to financial statements.

MIST-8

Met Investors Series Trust

MetLife Asset Allocation 100 Portfolio (formerly, MetLife Aggressive Strategy Portfolio)

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2014 (Unaudited)			Year Ended December 31,
				2013			2012			2011			2010			2009
Net Asset Value, Beginning of Period	$	13.46		$	10.48		$	9.03		$	9.68		$	8.39		$	6.31
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.12			0.02			0.09			(0.01	)		0.08			0.12
Net realized and unrealized gain (loss) on investments		0.62			3.07			1.44			(0.51	)		1.33			1.96
Total from investment operations		0.74			3.09			1.53			(0.52	)		1.41			2.08
Less Distributions
Distributions from net investment income		(0.13	)		(0.11	)		(0.08	)		(0.13	)		(0.12	)		0.00
Total distributions		(0.13	)		(0.11	)		(0.08	)		(0.13	)		(0.12	)		0.00
Net Asset Value, End of Period	$	14.07		$	13.46		$	10.48		$	9.03		$	9.68		$	8.39
Total Return (%) (b)		5.54	(c)		29.77			17.05			(5.57	)		16.92			32.96
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%) (d)		0.09	(e)		0.10			0.10			0.10			0.11			0.12
Net ratio of expenses to average net assets (%) (d)(f)		0.09	(e)		0.10			0.10			0.10			0.10			0.10
Ratio of net investment income (loss) to average net assets (%) (g)		0.84	(e)(h)		0.15			0.89			(0.08	)		0.87			1.75
Portfolio turnover rate (%)		15	(c)		13			13			23			13			40
Net assets, end of period (in millions)	$	655.4		$	646.3		$	68.5		$	56.3		$	1.2		$	0.3
	Class B
	Six Months Ended June 30, 2014 (Unaudited)			Year Ended December 31,
				2013			2012			2011			2010			2009
Net Asset Value, Beginning of Period	$	13.40		$	10.43		$	8.99		$	9.64		$	8.37		$	6.31
Income (Loss) from Investment Operations
Net investment income (a)		0.10			0.13			0.07			0.06			0.09			0.10
Net realized and unrealized gain (loss) on investments		0.63			2.93			1.43			(0.60	)		1.28			1.96
Total from investment operations		0.73			3.06			1.50			(0.54	)		1.37			2.06
Less Distributions
Distributions from net investment income		(0.10	)		(0.09	)		(0.06	)		(0.11	)		(0.10	)		0.00
Total distributions		(0.10	)		(0.09	)		(0.06	)		(0.11	)		(0.10	)		0.00
Net Asset Value, End of Period	$	14.03		$	13.40		$	10.43		$	8.99		$	9.64		$	8.37
Total Return (%) (b)		5.46	(c)		29.51			16.74			(5.78	)		16.50			32.65
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%) (d)		0.34	(e)		0.35			0.35			0.35			0.36			0.37
Net ratio of expenses to average net assets (%) (d)(f)		0.34	(e)		0.35			0.35			0.35			0.35			0.35
Ratio of net investment income to average net assets (%) (g)		0.59	(e)(h)		1.07			0.67			0.61			1.02			1.51
Portfolio turnover rate (%)		15	(c)		13			13			23			13			40
Net assets, end of period (in millions)	$	1,236.5		$	1,222.3		$	997.4		$	945.4		$	798.0		$	653.6

(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) Periods less than one year are not computed on an annualized basis.

(d) The ratio of operating expenses to average net assets does not include expenses of the Underlying Portfolios in which the Portfolio invests.

(e) Computed on an annualized basis.

(f) Includes the effects of expenses reimbursed by the Adviser (see Note 5 of the Notes to Financial Statements).

(g) Recognition of net investment income by the Portfolio is affected by the timing of the declaration of dividends by the Underlying Portfolios in which it invests.

(h) The income earned by the Portfolio through the investments in Underlying Portfolios is not annualized.

See accompanying notes to financial statements.

MIST-9

Met Investors Series Trust

MetLife Asset Allocation 100 Portfolio (formerly, MetLife Aggressive Strategy Portfolio)

Notes to Financial Statements—June 30, 2014 (Unaudited)

1. Organization

Met Investors Series Trust (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 currently offers forty-seven series, each of which operates as a distinct investment vehicle of the Trust. The portfolio included in this report is MetLife Asset Allocation 100 Portfolio (formerly, MetLife Aggressive Strategy 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 four classes of shares: Class A, B, C and E shares. Class A and B shares are currently offered by the Portfolio. 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.

The Portfolio is designed on established principles of asset allocation to achieve a specific risk profile. The Portfolio will invest substantially all of its assets in other portfolios of the Trust or of Metropolitan Series Fund (“Underlying Portfolios”).

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 June 30, 2014 through the date the financial statements were issued.

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

Valuation - Investments in the Underlying Portfolios are valued at their closing daily net asset value. The net asset value of the Portfolio is calculated based on the net asset values of the Underlying Portfolios in which the Portfolio invests. 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 - The Portfolio’s security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date. Interest income is recorded on the accrual basis. Realized gains and losses on investments and unrealized appreciation and depreciation are determined on the identified cost basis, which is the same basis used for federal income tax purposes. 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 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 short-term capital gain distributions received from Underlying Portfolios. 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 June 30, 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 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; currency, interest rate, and price fluctuations.

MIST-10

Met Investors Series Trust

MetLife Asset Allocation 100 Portfolio (formerly, MetLife Aggressive Strategy Portfolio)

Notes to Financial Statements—June 30, 2014—(Continued)

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 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.

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 and in the 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 Portfolio, for the six months ended June 30, 2014 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	302,093,247	$	0	$	280,554,056

5. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - The Trust is managed by MetLife Advisers, LLC (the “Adviser”), an affiliate of MetLife, Inc. The Trust has entered into a management agreement with the Adviser (the “Management Agreement”) for investment management services in connection with the investment management of the Portfolio. The Adviser is subject to the supervision and direction of the Board of Trustees (the “Board”) and has overall responsibility for the general management and administration of the Trust.

Under the terms of the Portfolio’s Management Agreement, the Portfolio pays the Adviser a monthly fee based upon annual rates applied to the Portfolio’s average daily net assets as follows:

Management Fees earned by MetLife Advisers for the six months ended June 30, 2014	% per annum			Average Daily Net Assets
$644,251		0.100	%	First $500 million
		0.075	%	$500 million to $1 billion
		0.050	%	Over $1 billion

In addition to the above management fee paid to the Adviser, the Portfolio indirectly pays MetLife Advisers a management fee through its investments in the Underlying Portfolios.

Expense Limitation Agreement - The Adviser had entered into an expense limitation agreement with the Trust (“Expense Limitation Agreement”) in the interest of limiting expenses of the Portfolio. The Expense Limitation Agreement was in effect with respect to the Portfolio until April 27, 2014. Pursuant to that Expense Limitation Agreement, the Adviser had agreed to waive or limit its fees and to assume other expenses so that the total annual operating expenses of the Portfolio other than interest, taxes, brokerage commissions, other expenditures which are capitalized or expensed in accordance with GAAP, other extraordinary expenses not incurred in the ordinary course of the Portfolio’s business, and Underlying Portfolios’ fees and expenses but including amounts payable pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act, were limited to the following expense ratios as a percentage of the Portfolio’s average daily net assets:

Maximum Expense Ratio under Current Expense Limitation Agreement
Class A	Class B
0.10%		0.35	%

MIST-11

Met Investors Series Trust

MetLife Asset Allocation 100 Portfolio (formerly, MetLife Aggressive Strategy Portfolio)

Notes to Financial Statements—June 30, 2014—(Continued)

If, in any year in which the Management Agreement is still in effect, the estimated aggregate operating expenses of the Portfolio for the fiscal year are less than the Maximum Expense Ratio for that year, subject to approval by the Trust’s Board, the Adviser shall be entitled to reimbursement by the Portfolio to the extent that the charge does not cause the expenses in such subsequent year to exceed the Maximum Expense Ratio as stated above. The Portfolio is not obligated to repay any expense paid by the Adviser more than five years after the end of the fiscal year in which such expense was incurred.

As of June 30, 2014, there were no expenses deferred in 2014 and $68,214 was repaid to the Adviser in accordance with the Expense Limitation Agreement. Amounts recouped for the six months ended June 30, 2014 are shown as Deferred expense reimbursement in the Statement of Operations.

Effective April 28, 2014, there was no longer an expense cap for the Portfolio.

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 Agreement and Plan - 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 Class B Shares. MIDC is a wholly-owned subsidiary of MetLife Investors Group, Inc., an affiliate of the Adviser. The Class B distribution plan provides that the Trust, on behalf of the Portfolio, may pay annually up to 0.50% of the average daily net assets of the Portfolio attributable to its Class B Shares with respect to activities primarily intended to result in the sale of Class B Shares. However, under the Class B distribution agreement, payments to the Distributor for activities pursuant to the Class B distribution plan are currently limited to payments at an annual rate equal to 0.25% of average daily net assets of the Portfolio attributable to its Class B Shares. Amounts incurred by the Portfolio for the six months ended June 30, 2014 are shown as Distribution and service fees in the Statement of Operations.

Under the terms of the Class B distribution plan and distribution agreement, the Portfolio is authorized to make payments monthly to the Distributor that may be used to pay or reimburse entities providing distribution and shareholder servicing with respect to the Class B Shares for such entities’ fees or expenses incurred.

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 Metropolitan Series Fund, 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. 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 six months ended June 30, 2014 were as follows:

Underlying Portfolio	Number of shares held at December 31, 2013		Shares purchased		Shares sold			Number of shares held at June 30, 2014
Baillie Gifford International Stock		7,047,790		147,370		(966,995	)		6,228,165
BlackRock Capital Appreciation		2,505,725		9,855		(474,562	)		2,041,018
BlackRock Large Cap Value		4,688,404		2,059,427		(197,578	)		6,550,253
Clarion Global Real Estate		7,979,733		215,859		(1,874,877	)		6,320,715
ClearBridge Aggressive Growth		8,436,377		30,923		(849,800	)		7,617,500
Frontier Mid Cap Growth		1,020,730		97,055		(320,003	)		797,782
Goldman Sachs Mid Cap Value		2,389,858		539,415		(1,124,987	)		1,804,286
Harris Oakmark International		4,353,531		592,772		(81,215	)		4,865,088
Invesco Comstock		7,768,499		95,824		(1,621,996	)		6,242,327
Invesco Mid Cap Value		—		925,304		(6,089	)		919,215
Invesco Small Cap Growth		2,299,893		293,345		(126,050	)		2,467,188
Jennison Growth		8,348,024		537,812		(1,273,283	)		7,612,553
JPMorgan Small Cap Value		1,694,510		259,348		(39,677	)		1,914,181

MIST-12

Met Investors Series Trust

MetLife Asset Allocation 100 Portfolio (formerly, MetLife Aggressive Strategy Portfolio)

Notes to Financial Statements—June 30, 2014—(Continued)

Underlying Portfolio	Number of shares held at December 31, 2013		Shares purchased		Shares sold			Number of shares held at June 30, 2014
Loomis Sayles Small Cap Growth		3,178,318		439,891		(1,246,714	)		2,371,495
Met/Artisan International		—		5,178,561		(34,084	)		5,144,477
Met/Artisan Mid Cap Value		157,150		1,259		(20,668	)		137,741
Met/Dimensional International Small Company		4,456,244		485,765		(226,358	)		4,715,651
MFS Emerging Markets Equity		7,754,220		505,114		(1,947,093	)		6,312,241
MFS Research International		6,150,753		198,853		(1,657,032	)		4,692,574
MFS Value		5,308,269		370,613		(185,920	)		5,492,962
Morgan Stanley Mid Cap Growth		2,609,224		21,300		(1,546,644	)		1,083,880
Neuberger Berman Genesis		1,659,725		12,482		(13,028	)		1,659,179
Oppenheimer Global Equity		—		1,303,911		(8,542	)		1,295,369
T. Rowe Price Large Cap Growth		5,388,791		434,396		(796,894	)		5,026,293
T. Rowe Price Large Cap Value		2,924,611		47,263		(162,810	)		2,809,064
T. Rowe Price Mid Cap Growth		3,454,542		364,143		(1,398,861	)		2,419,824
T. Rowe Price Small Cap Growth		396,540		849,950		(19,184	)		1,227,306
Third Avenue Small Cap Value		1,613,240		77,448		(40,701	)		1,649,987
Van Eck Global Natural Resources		5,147,395		145,131		(316,756	)		4,975,770
WMC Core Equity Opportunities		1,759,025		485,221		(47,787	)		2,196,459
WMC Large Cap Research		—		4,670,695		(30,655	)		4,640,040
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 June 30, 2014
Baillie Gifford International Stock	$	1,972,808	$	—	$	1,027,876		$	66,890,488
BlackRock Capital Appreciation		3,402,549		—		58,671			77,681,142
BlackRock Large Cap Value		687,182		13,138,759		721,057			63,340,943
Clarion Global Real Estate		8,759,468		—		1,710,981			77,049,521
ClearBridge Aggressive Growth		6,782,124		—		349,763			117,233,325
Frontier Mid Cap Growth		688,394		3,222,933		—			29,007,366
Goldman Sachs Mid Cap Value		3,524,852		7,494,875		332,342			28,200,983
Harris Oakmark International		798,914		7,672,486		2,086,188			83,874,111
Invesco Comstock		11,022,414		—		1,312,507			95,944,570
Invesco Mid Cap Value		511		—		—			18,365,918
Invesco Small Cap Growth		1,461,384		5,139,235		—			46,975,259
Jennison Growth		8,433,968		6,852,325		336,999			117,690,077
JPMorgan Small Cap Value		124,946		3,950,280		360,939			34,321,269
Loomis Sayles Small Cap Growth		3,263,172		5,792,635		—			34,007,232
Met/Artisan International		1,345		—		—			53,862,671
Met/Artisan Mid Cap Value		2,032,289		—		301,550			38,527,445
Met/Dimensional International Small Company		1,636,164		2,529,849		1,619,616			79,553,030
MFS Emerging Markets Equity		6,687,101		—		884,283			67,982,834
MFS Research International		4,415,925		—		1,768,152			56,639,364
MFS Value		1,572,906		4,449,339		1,594,652			95,467,677
Morgan Stanley Mid Cap Growth		4,893,815		—		21,999			17,797,317
Neuberger Berman Genesis		88,503		—		114,796			30,130,699
Oppenheimer Global Equity		1,496		—		—			26,930,721
T. Rowe Price Large Cap Growth		5,187,683		8,961,985		78,476			117,363,937
T. Rowe Price Large Cap Value		1,834,511		—		1,445,746			96,322,812
T. Rowe Price Mid Cap Growth		5,433,591		3,977,630		—			28,457,131
T. Rowe Price Small Cap Growth		66,127		689,238		1,545			27,614,385
Third Avenue Small Cap Value		450,207		1,349,704		93,796			34,649,719
Van Eck Global Natural Resources		1,582,933		1,195,229		384,731			78,716,684
WMC Core Equity Opportunities		334,006		6,350,573		531,385			88,561,231
WMC Large Cap Research		2,780		—		—			63,243,749
	$	87,144,068	$	82,767,075	$	17,138,050		$	1,892,403,610

MIST-13

Met Investors Series Trust

MetLife Asset Allocation 100 Portfolio (formerly, MetLife Aggressive Strategy Portfolio)

Notes to Financial Statements—June 30, 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, 2013 and 2012 were as follows:

Ordinary Income			Long-Term Capital Gains				Total
2013	2012		2013		2012		2013		2012
$9,017,814	$	6,869,152	$	—	$	—	$	9,017,814	$	6,869,152

As of December 31, 2013, 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
$14,299,712	$	—	$	379,860,855	$	(45,918,048	)	$	348,242,519

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, 2013, the Portfolio had no post-enactment accumulated capital losses and the pre-enactment accumulated capital loss carryforwards and expiration dates were as follows:

Expiring 12/31/2017	Expiring 12/31/2018		Total
$42,496,343*	$	3,421,705	$	45,918,048

* The Portfolio acquired capital losses in the merger with MetLife Aggressive Allocation Portfolio of the Metropolitan Series Fund on April 29, 2011.

During the year ended December 31, 2013, the Portfolio utilized capital loss carryforwards of $78,406,352.

9. Acquisition

At the close of business on April 26, 2013, the Portfolio, with aggregate Class A and Class B net assets of $73,784,334 and $1,073,640,005, respectively, acquired all of the assets and liabilities of Zenith Equity Portfolio of the Metropolitan Series Fund (“Zenith Equity”).

The acquisition was accomplished by a tax-free exchange of 44,617,982 Class A shares of the Portfolio (valued at $505,967,920) for 1,460,084 Class A shares of Zenith Equity. Each shareholder of Zenith Equity received Class A shares of the Portfolio at the 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 Zenith 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 Zenith Equity. All other costs associated with the merger were not borne by the shareholders of either portfolio.

Zenith Equity’s net assets on April 26, 2013, were $505,967,920 for Class A shares, including investments valued at $506,025,400 with a cost basis of $512,194,667. 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 Zenith 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.

MIST-14

Met Investors Series Trust

MetLife Asset Allocation 100 Portfolio (formerly, MetLife Aggressive Strategy Portfolio)

Notes to Financial Statements—June 30, 2014—(Continued)

The aggregate net assets of the Portfolio immediately after the acquisition were $1,653,392,259, which included $(6,169,267) of acquired unrealized depreciation.

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	$	19,768,418	(a)
Net realized and unrealized gain on investments	$	425,928,242	(b)
Net increase in net assets from operations	$	445,696,660

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 Zenith Equity that have been included in the Portfolio’s Statement of Operations since April 26, 2013.

(a) $12,510,544 net investment income as reported December 31, 2013, plus $7,392,816 from Zenith Equity pre-merger net investment income, minus $80,324 in higher advisory fees, minus $54,618 of proforma additional other expenses.

(b) $430,881,886 Unrealized appreciation as reported December 31, 2013, minus $124,708,212 pro-forma December 31, 2012 Unrealized appreciation, plus $87,220,247 net realized gain as reported December 31, 2013, plus $32,534,321 in net realized gain from Zenith Equity 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 January 1, 2015, and interim periods within those fiscal years. Management is evaluating the impact, if any, of this guidance on the Portfolio’s financial statement disclosures.

MIST-15

Met Investors Series Trust

MetLife Balanced Plus Portfolio

Managed by MetLife Advisers, LLC and Pacific Investment Management Company LLC

Portfolio Manager Commentary*

PERFORMANCE

For the six month period ended June 30, 2014, the Class B shares of the MetLife Balanced Plus Portfolio returned 7.31%. The Portfolio’s benchmark, the Dow Jones Moderate Index¹, returned 5.77%.

MARKET ENVIRONMENT / CONDITIONS

Both uncertainty and volatility increased at the start of 2014 amid geopolitical tensions and weak economic data. An uncharacteristically cold winter took a toll on economic data in the U.S., resulting in a weak first quarter U.S. gross domestic product rate of -2.9%. On the global front, rising geopolitical tensions between Russia and Ukraine at the outset of the year led to volatile swings in financial markets, particularly in equities. The situation calmed in the months following as Russia acknowledged the legitimacy of the newly elected Ukrainian President and continued to engage in cease-fire negotiations.

Central banks across the globe continued, and in certain instances increased their accommodative stance during the first half of the year. Despite the weak first quarter, the Federal Reserve (the “Fed”) continued tapering its asset purchases and remains on track to eliminate these purchases by year-end. The Fed also took considerable steps to strengthen its forward guidance on the policy rate. In Fed Chair Janet Yellen’s first statement in March, the Fed dropped references to a 6.5% unemployment target and placed greater emphasis on inflation and other “measures of labor market conditions” as more appropriate barometers for determining the timing of the first interest rate hike. In Europe, the European Central Bank announced new easing measures, including a historic negative rate on deposits, policy rate cut, and targeted long-term refinancing operations to spur business lending.

Financial markets, despite the volatility early on, ended the first half of the year in positive territory. Improving global economic data in the second quarter, supportive central banks, and easing of global political risks led to sizable market gains overall, with the S&P 500 Index rising 6.05%, hitting an all-time high. Global fixed income markets also posted strong returns with the Barclays U.S. Aggregate Bond Index returning 3.93%, benefitting from rate declines across most maturities (U.S. 10-year Treasury rates declined 50 basis points) and investors beginning to embrace the view that policy rates will remain lower than historical norms suggest.

TOTAL PORTFOLIO REVIEW / PERIOD END POSITIONING

The MetLife Balanced Plus Portfolio was composed of two segments. Approximately 70% of the Portfolio’s assets were invested in a variety of underlying portfolios of the Met Investors Series Trust and the Metropolitan Series Fund to achieve and maintain a broad asset allocation of approximately 40% to fixed income and 30% to equities. These assets (the “Base Sleeve”) were managed by the Investment Committee of MetLife Advisers, LLC. The remaining 30% of the assets (the “Overlay Sleeve”) were invested in various fixed income instruments that served as the collateral for equity index derivative instruments purchased by the Sleeve’s subadviser, Pacific Investment Management Company LLC (“PIMCO”), to keep the Portfolio’s overall volatility level within the desired range by changing the Portfolio’s total equity exposure. Combining the two sleeves, the equity exposure of the Portfolio was at its maximum of 70% for the majority of the period, with the exception of about a week long de-risking episode caused by the heightened equity volatility at the beginning of February, when the equity exposure was reduced to approximately 56%.

BASE SLEEVE PORTFOLIO REVIEW / PERIOD END POSITIONING

The Base Sleeve generated a positive return for investors over the six month period. On a relative basis, performance was in line with expectation based on the Portfolio’s asset allocation goals. While asset allocation, specifically a modest overweight to equity and a higher allocation to high yield and foreign bonds within fixed income, proved to be beneficial, security selection detracted from performance.

From a security selection perspective, domestic equity portfolios as a whole did not add value during the first half of the year. A number of portfolios underperformed their respective asset class benchmarks, particularly those with a growth orientation, as growth-biased portfolios noticeably trailed those with a value style bias during the reporting period. The BlackRock Capital Appreciation Portfolio underperformed the Russell 1000 Growth Index by more than 500 basis points. Performance was hurt by investors escaping high-growth, high momentum stocks and investing in their value-based counterparts. The sell-off in March and April was most pronounced among top 2013 winners, a number of which BlackRock owned, pulling down performance. Morgan Stanley Mid Cap Growth Portfolio was another portfolio that suffered from the growth sell-off. The Information Technology sector had the largest impact on its performance. Both stock selection and an overweight in the sector dampened relative results. A number of internet related stocks in the Portfolio, including FireEye, Twitter and Yandex, were among the hardest hit stocks during the sell-off, and detracted significantly from the Portfolio’s return. The Neuberger Berman Genesis Portfolio also had a negative impact on the Base Sleeve’s relative return. Its underperformance was driven by both stock selection and sector allocation. From a stock selection perspective, holdings in the Financials, Consumer Discretionary, and Health Care sectors detracted the most from performance. From a sector allocation standpoint, a lack of exposure to Real Estate Investment Trusts hurt returns. In contrast, the ClearBridge Aggressive Growth Portfolio was a big winner in the Base Sleeve. Despite a headwind from a strong growth bias, the Portfolio managed to deliver a double digit return, outpacing both growth and core indices. Outperformance was driven in large part by focusing on companies that have shown the ability to both grow revenues and earnings/cash flows in a challenging economic environment.

MIST-1

Met Investors Series Trust

MetLife Balanced Plus Portfolio

Managed by MetLife Advisers, LLC and Pacific Investment Management Company LLC

Portfolio Manager Commentary*—(Continued)

Among the underlying equity portfolios that invest outside the U.S., two sector portfolios, Clarion Global Real Estate Portfolio and Van Eck Global Natural Resources Portfolio were significant contributors to the Base Sleeve as real estate and energy stocks rallied strongly during the first half of the year. Conversely, the Harris Oakmark International Portfolio, which was the largest equity holding in the Base Sleeve, hindered relative performance of the Base Sleeve, primarily due to stock selection. Security selection in the United Kingdom, France, and the Netherlands was most challenged. The MFS Research International Portfolio was another performance detractor. The Portfolio’s overweight positions in banking and financial services firm Sumitomo Mitsui Financial Group (Japan), real estate firm Mitsubishi Estate (Japan), and wealth management firm Julius Baer Holding (Switzerland) weakened relative results, as all three stocks underperformed the index over the period.

On the fixed income side, the BlackRock Bond Income Portfolio provided a positive contribution to the Base Sleeve, driven primarily by its positions in structured products, specifically strong security selection and sector allocation to Commercial Mortgage Backed Securities. Additionally, an allocation to Asset-Backed Securities added to performance as well, through exposure to the automotive and student loans sectors of the market. The Western Asset Management Strategic Bond Opportunities Portfolio was also additive to the Base Sleeve’s performance. An overweight exposure to high yield bonds was the single largest contributor to this Portfolio’s performance as default rates remained low and spreads tightened. The Portfolio’s non-agency Mortgage-Backed Security allocation was another major contributor to performance as the sector benefited from price improvement and positive carry. In contrast, the Met/Franklin Low Duration Total Return Portfolio and the PIMCO Total Return Portfolio both detracted from the Base Sleeve’s relative results due to their defensive duration and yield curve positioning, given the falling rates and flattening yield curve over the six month period.

OVERLAY SLEEVE PORTFOLIO REVIEW / PERIOD END POSITIONING

The Portfolio’s volatility management strategy resulted in an average overweight to equities during the period. The Portfolio’s overweight to U.S. equities, obtained via equity futures contracts, resulted in positive absolute and relative returns, given the outperformance of U.S. equity markets.

On the fixed income collateral front, the Portfolio outperformed its benchmark. An underweight to duration during the first half of the year detracted from performance as rates fell across the yield curve. However, the Portfolio’s overweight to intermediate maturities contributed to relative returns as the yield curve flattened during the period. Diversified duration exposure to Canada also added to returns as rates fell in concert with U.S. interest rates. Modest exposures to well capitalized financials bonds contributed to returns as the sector outperformed over the period.

In regards to Portfolio positioning, equity exposure in the PIMCO-managed portion of the Portfolio ended the period with an overweight exposure to equities as equity and fixed income volatility approached multi-year lows. In terms of the fixed income allocation, the collateral ended the period with an underweight to duration relative to the benchmark. The Portfolio was predominately overweight duration in 8- to 15-year maturities, where we see attractive opportunities for price appreciation. The collateral of the Portfolio was primarily composed of U.S. Treasuries, but also included modest exposures to high quality Corporates, Agencies, Sovereign, and Municipal bonds.

The Base Sleeve is managed by:

Investment Committee

MetLife Advisers, LLC

The Overlay Sleeve is managed by:

Vineer Bhansali

Steve A. Rodosky

Portfolio Managers

Pacific Investment 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 and 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 those of the advisory and subadvisory firms as of June 30, 2014 and are subject to change at any time based upon economic, market, or other conditions and the advisory and subadvisory firms undertake 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 statements) 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 applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable annuity or insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

MIST-2

Met Investors Series Trust

MetLife Balanced Plus Portfolio

A $10,000 INVESTMENT COMPARED TO THE DOW JONES MODERATE INDEX

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2014

	6 Month		1 Year		Since Inception2
MetLife Balanced Plus Portfolio
Class B		7.31		17.65		9.03
Dow Jones Moderate Index		5.77		16.21		7.94

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 of that combination will have 60% of the risk of an all equity portfolio.

² Inception date of the Class B shares is 5/2/2011. 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.

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 JUNE 30, 2014

Top Holdings

	% of Net Assets
U.S. Treasury Bonds		15.5
BlackRock Bond Income Portfolio (Class A)		7.8
PIMCO Total Return Portfolio (Class A)		7.1
JPMorgan Core Bond Portfolio (Class A)		6.0
Harris Oakmark International Portfolio (Class A)		3.4
Western Asset Management U.S. Government Portfolio (Class A)		3.3
Met/Franklin Low Duration Total Return Portfolio (Class A)		3.3
U.S. Treasury Notes		3.2
Western Asset Management Strategic Bond Opportunities Portfolio (Class A)		3.1
MFS Research International Portfolio (Class A)		2.5

Top Sectors

	% of Net Assets
Mutual Funds		68.5
U.S. Treasury & Government Agencies		20.4
Corporate Bonds & Notes		2.9
Foreign Government		0.7
Municipals		0.3

MIST-3

Met Investors Series Trust

MetLife Balanced Plus Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

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, January 1, 2014 through June 30, 2014.

Actual Expenses

The first line 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 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 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 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 Balanced Plus Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2014		Ending Account Value June 30, 2014		Expenses Paid During Period** January 1, 2014 to June 30, 2014
Class B(a)(b)	Actual		0.91	%	$	1,000.00	$	1,073.10	$	4.68
	Hypothetical*		0.91	%	$	1,000.00	$	1,020.28	$	4.56

* 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 (181 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.

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

MIST-4

Met Investors Series Trust

MetLife Balanced Plus Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Mutual Funds—68.5% of Net Assets

Security Description	Shares		Value
Affiliated Investment Companies—68.5%
Baillie Gifford International Stock Portfolio (Class A) (a)		23,656,340	$	254,069,091
BlackRock Bond Income Portfolio (Class A) (a)		7,708,252		837,732,881
BlackRock Capital Appreciation Portfolio (Class A) (a)		1,486,736		56,585,183
BlackRock High Yield Portfolio (Class A) (b)		12,998,153		109,054,504
Clarion Global Real Estate Portfolio (Class A) (b)		12,720,280		155,060,212
ClearBridge Aggressive Growth Portfolio (Class A) (b)		3,742,120		57,591,233
Frontier Mid Cap Growth Portfolio (Class A) (a)		1,522,402		55,354,520
Goldman Sachs Mid Cap Value Portfolio (Class A) (b)		10,742,034		167,897,997
Harris Oakmark International Portfolio (Class A) (b)		21,190,973		365,332,371
Invesco Comstock Portfolio (Class A) (b)		3,610,487		55,493,183
Invesco Small Cap Growth Portfolio (Class A) (b)		5,811,804		110,656,752
Jennison Growth Portfolio (Class A) (a)		4,481,076		69,277,439
JPMorgan Core Bond Portfolio (Class A) (b)		62,991,940		648,187,060
JPMorgan Small Cap Value Portfolio (Class A) (b)		6,104,338		109,450,772
Met/Artisan International Portfolio (Class A) (b)		19,641,329		205,644,713
Met/Artisan Mid Cap Value Portfolio (Class A) (a)		550,617		154,012,976
Met/Dimensional International Small Company Portfolio (Class A) (a)		8,766,315		147,887,742
Met/Eaton Vance Floating Rate Portfolio (Class A) (b)		14,406,459		149,250,916
Met/Franklin Low Duration Total Return Portfolio (Class A) (b)		36,072,978		358,926,129
Met/Templeton International Bond Portfolio (Class A) (b)		21,954,875		252,041,971
MFS Emerging Markets Equity Portfolio (Class A) (b)		14,606,057		157,307,237
MFS Research International Portfolio (Class A) (b)		22,773,661		274,878,087
MFS Value Portfolio (Class A) (a)		3,185,751		55,368,354
Morgan Stanley Mid Cap Growth Portfolio (Class A) (b)		9,691,290		159,130,974
Neuberger Berman Genesis Portfolio (Class A) (a)		4,061,280		73,752,841
Oppenheimer Global Equity Portfolio (Class A) (b)		2,470,968		51,371,422
PIMCO Inflation Protected Bond Portfolio (Class A) (b)		21,223,667		220,938,370
PIMCO Total Return Portfolio (Class A) (b)		63,850,995		762,380,883
T. Rowe Price Large Cap Value Portfolio (Class A) (b)		1,626,240		55,763,780
T. Rowe Price Mid Cap Growth Portfolio (Class A) (b)		7,045,716		82,857,624
Affiliated Investment Companies—(Continued)
T. Rowe Price Small Cap Growth Portfolio (Class A) (a)		4,973,175	$	111,896,436
Third Avenue Small Cap Value Portfolio (Class A) (b)		5,293,766		111,169,083
Van Eck Global Natural Resources Portfolio (Class A) (a)		10,140,381		160,420,828
Western Asset Management Strategic Bond Opportunities Portfolio (Class A) (a)		24,574,099		331,750,337
Western Asset Management U.S. Government Portfolio (Class A) (a)		29,996,393		360,856,605
WMC Core Equity Opportunities Portfolio (Class A) (a)		1,250,417		50,416,804
WMC Large Cap Research Portfolio (Class A) (b)		3,791,297		51,675,378
Total Mutual Funds (Cost $6,926,124,364)				7,391,442,688
U.S. Treasury & Government Agencies—20.4%
Federal Agencies—1.3%
Federal Home Loan Mortgage Corp. 1.750%, 05/30/19		36,000,000		36,135,144
2.375%, 01/13/22		10,500,000		10,479,336
6.250%, 07/15/32		30,000,000		41,374,290
Federal National Mortgage Association 6.625%, 11/15/30		1,300,000		1,846,181
Residual Funding Corp. Principal Strip Zero Coupon, 10/15/19		24,600,000		22,194,587
Zero Coupon, 07/15/20		33,405,000		29,275,741
				141,305,279
U.S. Treasury—19.1%
U.S. Treasury Bonds 2.750%, 11/15/42		11,500,000		10,265,544
2.875%, 05/15/43		11,000,000		10,051,250
3.000%, 05/15/42		3,000,000		2,829,375
3.125%, 11/15/41 (c)		206,900,000		200,498,928
3.125%, 02/15/42 (c)		149,100,000		144,254,250
3.125%, 02/15/43		61,200,000		58,914,547
3.375%, 05/15/44		35,700,000		35,939,868
4.250%, 11/15/40 (c)		177,700,000		209,269,471
4.375%, 02/15/38		72,000,000		85,961,232
4.375%, 11/15/39		9,000,000		10,777,500
4.375%, 05/15/40		7,100,000		8,514,455
4.375%, 05/15/41 (c)		193,500,000		232,623,378
4.500%, 05/15/38		63,000,000		76,604,094
5.250%, 02/15/29		168,400,000		215,867,750
5.375%, 02/15/31		54,600,000		71,688,107
5.500%, 08/15/28		6,200,000		8,110,375
6.000%, 02/15/26		26,700,000		35,686,205
6.250%, 08/15/23		88,000,000		116,077,456
6.250%, 05/15/30		1,600,000		2,274,000
6.500%, 11/15/26		39,900,000		55,891,162
8.000%, 11/15/21		57,700,000		80,811,562

See accompanying notes to financial statements.

MIST-5

Met Investors Series Trust

MetLife Balanced Plus Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

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

Security Description	Principal Amount*		Value
U.S. Treasury—(Continued)
U.S. Treasury Notes 0.250%, 08/31/14 (c)		6,491,000	$	6,492,772
0.250%, 09/15/14 (c) (d)		43,373,000		43,388,267
0.250%, 09/30/14		9,400,000		9,404,409
0.250%, 01/31/15		2,000,000		2,001,954
0.250%, 02/28/15		14,070,000		14,084,844
0.500%, 08/15/14 (c)		8,100,000		8,103,799
0.500%, 10/15/14		61,961,000		62,038,451
1.375%, 02/28/19		54,000,000		53,603,424
2.000%, 05/31/21		137,500,000		136,468,750
3.500%, 05/15/20		12,000,000		13,120,308
3.625%, 02/15/21		100,000		110,063
U.S. Treasury Principal Strips Zero Coupon, 11/15/27		39,600,000		26,682,282
Zero Coupon, 05/15/39		6,700,000		2,883,935
Zero Coupon, 11/15/41		24,000,000		9,370,728
Zero Coupon, 11/15/42		6,600,000		2,462,988
				2,063,127,483
Total U.S. Treasury & Government Agencies (Cost $2,220,328,257)				2,204,432,762
Corporate Bonds & Notes—2.9%
Agriculture—0.1%
Philip Morris International, Inc. 6.375%, 05/16/38		5,000,000		6,415,065
Auto Manufacturers—0.1%
BMW U.S. Capital LLC 0.567%, 06/02/17 (e)		9,000,000		8,963,622
Banks—1.8%
Banco del Estado de Chile 2.000%, 11/09/17 (144A)		5,000,000		5,049,360
Banco Santander Brasil S.A. 4.625%, 02/13/17 (144A)		10,200,000		10,850,250
Bank of America N.A. 0.511%, 06/15/16 (e)		2,000,000		1,989,606
0.695%, 02/14/17 (e)		10,000,000		10,010,420
BNP Paribas S.A. 0.683%, 05/07/17 (e)		15,000,000		15,000,886
Credit Agricole S.A. 0.807%, 06/02/17 (144A) (e) (f)		10,000,000		9,994,180
Credit Suisse 1.375%, 05/26/17		10,000,000		10,032,140
2.300%, 05/28/19		10,700,000		10,717,184
Export-Import Bank of Korea 1.750%, 02/27/18		6,700,000		6,656,095
Goldman Sachs Group, Inc. (The) 0.852%, 06/04/17 (e)		8,000,000		8,001,024
HSBC Holdings plc 5.250%, 03/14/44		3,000,000		3,212,400
Intesa Sanpaolo S.p.A. 1.650%, 04/07/15		16,700,000		16,729,392
Banks—(Continued)
JPMorgan Chase & Co. 0.744%, 02/15/17 (e)		18,100,000		18,165,848
0.779%, 04/25/18 (e)		20,000,000		19,999,940
3.450%, 03/01/16		8,400,000		8,765,568
6.125%, 04/30/24 (e)		3,000,000		3,066,555
PNC Bank NA 2.250%, 07/02/19		8,000,000		8,042,696
Wells Fargo & Co. 5.900%, 06/15/24 (e)		8,600,000		9,122,450
Wells Fargo Bank NA 0.490%, 06/15/17 (e)		21,000,000		20,987,547
				196,393,541
Diversified Financial Services—0.3%
American Express Credit Corp. 0.781%, 03/18/19 (e)		5,000,000		5,027,750
General Electric Capital Corp. 0.457%, 01/14/16 (e)		14,500,000		14,515,501
LeasePlan Corp. NV 3.000%, 10/23/17 (144A)		5,100,000		5,310,227
MassMutual Global Funding II 2.500%, 10/17/22 (144A) (f)		4,000,000		3,849,528
Navient Corp. 4.625%, 09/25/17		1,400,000		1,475,250
6.250%, 01/25/16		1,560,000		1,657,500
8.450%, 06/15/18		5,840,000		6,905,800
				38,741,556
Electric—0.2%
Duke Energy Corp. 0.611%, 04/03/17 (e)		4,000,000		4,012,008
Electricite de France S.A. 0.688%, 01/20/17 (144A) (e)		10,000,000		10,040,540
2.150%, 01/22/19 (144A)		6,200,000		6,234,968
Ohio Power Co. 5.375%, 10/01/21		949,000		1,107,776
				21,395,292
Insurance—0.1%
New York Life Global Funding 1.125%, 03/01/17 (144A) (f)		6,000,000		6,010,716
Oil & Gas—0.1%
Gazprom OAO Via Gaz Capital S.A. 9.250%, 04/23/19 (144A)		4,200,000		5,097,750
Statoil ASA 2.450%, 01/17/23		5,400,000		5,183,222
				10,280,972
Software—0.0%
Microsoft Corp. 3.500%, 11/15/42		4,500,000		4,008,132

See accompanying notes to financial statements.

MIST-6

Met Investors Series Trust

MetLife Balanced Plus Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Telecommunications—0.2%
AT&T, Inc. 4.800%, 06/15/44		3,000,000	$	3,062,577
Verizon Communications, Inc. 0.631%, 06/09/17 (e)		15,000,000		15,017,325
				18,079,902
Transportation—0.0%
Vessel Management Services, Inc. 3.432%, 08/15/36		3,670,000		3,645,081
Total Corporate Bonds & Notes (Cost $312,678,517)				313,933,879
Foreign Government—0.7%
Municipal—0.2%
Junta de Castilla y Leon 6.270%, 02/19/18 (EUR)		7,500,000		12,064,597
6.505%, 03/01/19 (EUR)		7,500,000		12,507,274
				24,571,871
Provincial—0.5%
Province of Ontario Canada 4.600%, 06/02/39 (CAD)		8,600,000		9,190,688
4.650%, 06/02/41 (CAD)		14,800,000		16,051,492
Province of Quebec Canada 5.750%, 12/01/36 (CAD)		22,000,000		26,786,374
				52,028,554
Total Foreign Government (Cost $74,772,356)				76,600,425
Municipals—0.3%
Metropolitan Transportation Authority NY, Dedicated Tax Fund Revenue, Refunding 5.000%, 11/15/29		4,000,000		4,607,080
New Mexico State Hospital Equipment Loan Council Hospital Revenue 5.000%, 08/01/42		1,000,000		1,075,560
New York State Dormitory Authority, State Personal Income Tax Revenue, Refunding 5.000%, 02/15/42		6,000,000		6,563,400
Pennsylvania State Economic Development Financing Authority Unemployment Compensation Revenue, Refunding 5.000%, 07/01/22		4,000,000		4,355,080
University of California CA, Revenue 1.796%, 07/01/19		8,500,000		8,412,025
Utah County UT Hospital Revenue, Intermountain Healthcare Health Services, Inc. 5.000%, 05/15/43		2,000,000		2,174,000
Total Municipals (Cost $28,077,870)				27,187,145
Mortgage-Backed Securities—0.0%
Security Description	Principal Amount*		Value
Commercial Mortgage-Backed Securities—0.0%
JPMorgan Chase Commercial Mortgage Securities Trust 4.106%, 07/15/46 (144A)		100,000		108,328
Total Mortgage-Backed Securities (Cost $101,000)				108,328
Short-Term Investments—7.1%
Certificate of Deposit—0.3%
Credit Agricole CIB NY 0.559%, 11/30/15		7,000,000		6,995,986
Credit Suisse International 0.437%, 01/12/15 (e)		25,000,000		25,000,000
				31,995,986
Discount Notes—5.5%
Federal Home Loan Bank 0.045%, 07/23/14 (g)		3,300,000		3,299,909
0.056%, 07/30/14 (g)		11,572,000		11,571,478
0.057%, 08/06/14 (g)		3,500,000		3,499,801
0.060%, 08/15/14 (g)		55,500,000		55,495,838
0.075%, 10/08/14 (g)		73,200,000		73,184,903
0.076%, 11/14/14 (g)		25,900,000		25,892,564
0.077%, 11/07/14 (g)		2,900,000		2,899,200
0.080%, 11/14/14 (g)		12,000,000		11,996,373
0.082%, 10/03/14 (g)		15,000,000		14,996,788
0.090%, 02/17/11 (g)		25,000,000		24,985,563
0.097%, 09/19/14 (g)		17,000,000		16,996,336
0.120%, 03/06/15 (g)		54,400,000		54,355,029
Federal Home Loan Mortgage Corp. 0.050%, 08/19/14 (g)		28,900,000		28,898,033
0.055%, 09/11/14 (g)		6,800,000		6,799,252
0.055%, 09/24/14 (g)		700,000		699,909
0.075%, 10/24/14 (g)		33,850,000		33,841,890
0.080%, 11/12/14 (g)		28,500,000		28,491,513
0.080%, 11/24/14 (g)		800,000		799,740
0.080%, 11/26/14 (g)		63,400,000		63,379,149
0.100%, 10/23/14 (g)		68,700,000		68,678,245
Federal National Mortgage Association 0.040%, 07/16/14 (g)		700,000		699,988
0.065%, 09/24/14 (g)		200,000		199,969
0.065%, 10/07/14 (g)		7,800,000		7,798,620
0.070%, 11/17/14 (g)		17,700,000		17,695,216
0.075%, 11/19/14 (g)		13,300,000		13,296,093
0.085%, 01/05/15 (g)		24,000,000		23,989,347
				594,440,746
U.S. Treasury—1.1%
U.S. Treasury Bills 0.035%, 10/02/14 (c) (g)		1,400,000		1,399,874
0.045%, 10/30/14 (c) (g)		1,900,000		1,899,713
0.055%, 08/28/14 (c) (d) (g)		93,025,000		93,016,757
0.106%, 02/05/15 (c) (g)		25,000,000		24,984,031
0.116%, 03/05/15 (c) (g)		17,000		16,986
				121,317,361

See accompanying notes to financial statements.

MIST-7

Met Investors Series Trust

MetLife Balanced Plus Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Short-Term Investments—(Continued)

Security Description	Principal Amount*		Value
Repurchase Agreements—0.2%
Credit Suisse Securities (USA) LLC Repurchase Agreement dated 06/30/14 at 0.015% to be repurchased at $21,900,091 on 07/01/14, collateralized by $22,345,000 U.S. Treasury Note at 0.250% due 11/30/15 with a value of $22,345,608.		21,900,000	$	21,900,000
Fixed Income Clearing Corp. Repurchase Agreement dated 06/30/14 at 0.000% to be repurchased at $537,133 on 07/01/14, collateralized by $550,000 U.S. Treasury Note at 0.625% due 08/15/16 with a value of $552,750.		537,133		537,133
				22,437,133
Total Short-Term Investments (Cost $770,191,226)				770,191,226
Total Investments—99.9% (Cost $10,332,273,590) (h)				10,783,896,453
Other assets and liabilities (net)—0.1%				12,159,501
Net Assets—100.0%			$	10,796,055,954

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

(a) A Portfolio of Metropolitan Series Fund. (See Note 7 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 7 of the Notes to Financial Statements for a summary of transactions in the securities of affiliated issuers.)

(c) All or a portion of the security was pledged as collateral against open futures contracts. As of June 30, 2014, the market value of securities pledged was $208,900,411.

(d) All or a portion of the security was pledged as collateral against open forward foreign currency exchange contracts. As of June 30, 2014, the market value of securities pledged was $703,057.

(e) Variable or floating rate security. The stated rate represents the rate at June 30, 2014. Maturity date shown for callable securities reflects the earliest possible call date.

(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 June 30, 2014, the market value of restricted securities was $19,854,424, which is 0.2% of net assets. See details shown in the Restricted Securities table that follows.

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

(h) As of June 30, 2014, the aggregate cost of investments was $10,332,273,590. The aggregate unrealized appreciation and depreciation of investments were $583,260,366 and $(131,637,503), respectively, resulting in net unrealized appreciation of $451,622,863.

(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 June 30, 2014, the market value of 144A securities was $62,545,847, which is 0.6% of net assets.

(CAD)— Canadian Dollar

(EUR)— Euro

Restricted Securities	Acquisition Date	Principal Amount		Cost		Value
Credit Agricole S.A.	05/27/14	$	10,000,000	$	10,000,000	$	9,994,180
MassMutual Global Funding II	10/10/12		4,000,000		3,974,757		3,849,528
New York Life Global Funding	01/16/14		6,000,000		5,988,971		6,010,716
							19,854,424

Forward Foreign Currency Exchange Contracts

Contracts to Deliver		Counterparty	Settlement Date		In Exchange for		Unrealized Depreciation
CAD	54,420,000	Citibank N.A.		09/18/14	$	49,982,366	$	(920,676	)
EUR	13,943,000	Barclays Bank plc		08/21/14		19,041,847		(53,903	)
Net Unrealized Depreciation							$	(974,579	)

See accompanying notes to financial statements.

MIST-8

Met Investors Series Trust

MetLife Balanced Plus Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Futures Contracts

Futures Contracts—Long	Expiration Date		Number of Contracts		Notional Amount			Unrealized Appreciation/ (Depreciation)
90 Day EuroDollar Futures		12/14/15		1,403		USD	346,944,503	$	525,985
90 Day EuroDollar Futures		03/14/16		160		USD	39,542,274		(12,274	)
S&P 500 E-Mini Index Futures		09/19/14		46,357		USD	4,458,128,029		67,242,311
U.S. Treasury Long Bond Futures		09/19/14		1,592		USD	217,254,932		1,147,568
Net Unrealized Appreciation								$	68,903,590

(CAD)— Canadian Dollar

(EUR)— Euro

(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.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2014:

Description	Level 1			Level 2			Level 3		Total
Total Mutual Funds*	$	7,391,442,688		$	—		$	—	$	7,391,442,688
Total U.S. Treasury & Government Agencies*		—			2,204,432,762			—		2,204,432,762
Total Corporate Bonds & Notes*		—			313,933,879			—		313,933,879
Total Foreign Government*		—			76,600,425			—		76,600,425
Total Municipals		—			27,187,145			—		27,187,145
Total Mortgage-Backed Securities*		—			108,328			—		108,328
Short-Term Investments
Certificate of Deposit		—			31,995,986			—		31,995,986
Discount Notes		—			594,440,746			—		594,440,746
U.S. Treasury		—			121,317,361			—		121,317,361
Repurchase Agreements		—			22,437,133			—		22,437,133
Total Short-Term Investments		—			770,191,226			—		770,191,226
Total Investments	$	7,391,442,688		$	3,392,453,765		$	—	$	10,783,896,453
Forward Contracts
Forward Foreign Currency Exchange Contracts (Unrealized Depreciation)	$	—		$	(974,579	)	$	—	$	(974,579	)
Futures Contracts
Futures Contracts (Unrealized Appreciation)	$	68,915,864		$	—		$	—	$	68,915,864
Futures Contracts (Unrealized Depreciation)		(12,274	)		—			—		(12,274	)
Total Futures Contracts	$	68,903,590		$	—		$	—	$	68,903,590

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

MIST-9

Met Investors Series Trust

MetLife Balanced Plus Portfolio

Statement of Assets and Liabilities

June 30, 2014 (Unaudited)

Assets
Investments at value (a)	$	3,392,453,765
Affiliated investments at value (b)		7,391,442,688
Cash denominated in foreign currencies (c)		518
Receivable for:
Investments sold		31,047
Fund shares sold		1,694,442
Interest		19,359,886
Variation margin on futures contracts		1,546,359
Total Assets		10,806,528,705
Liabilities
Unrealized depreciation on forward foreign currency exchange contracts		974,579
Payables for:
Investments purchased		3,162,549
Fund shares redeemed		1,820,865
Accrued expenses:
Management fees		2,124,510
Distribution and service fees		2,193,676
Deferred trustees’ fees		41,823
Other expenses		154,749
Total Liabilities		10,472,751
Net Assets	$	10,796,055,954
Net assets consist of:
Paid in surplus	$	9,671,045,194
Undistributed net investment income		159,595,068
Accumulated net realized gain		445,862,951
Unrealized appreciation on investments, affiliated investments, futures contracts and foreign currency transactions		519,552,741
Net Assets	$	10,796,055,954
Net Assets
Class B	$	10,796,055,954
Capital Shares Outstanding*
Class B		942,860,212
Net Asset Value, Offering Price and Redemption Price Per Share
Class B	$	11.45

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

(a) Identified cost of investments, excluding affiliated investments, was $3,406,149,226.

(b) Identified cost of affiliated investments was $6,926,124,364.

(c) Identified cost of cash denominated in foreign currencies was $513.

Statement of Operations

Six Months Ended June 30, 2014 (Unaudited)

Investment Income
Dividends from affiliated investments	$	153,371,530
Interest		31,772,621
Total investment income		185,144,151
Expenses
Management fees		12,180,097
Administration fees		42,818
Custodian and accounting fees		113,995
Distribution and service fees—Class B		12,625,449
Audit and tax services		18,210
Legal		15,481
Trustees’ fees and expenses		21,386
Shareholder reporting		29,473
Insurance		25,320
Miscellaneous		4,732
Total expenses		25,076,961
Less management fee waiver		(198,254	)
Net expenses		24,878,707
Net Investment Income		160,265,444
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments		(14,303,462	)
Affiliated investments		133,908,232
Futures contracts		310,533,612
Foreign currency transactions		1,152,905
Capital gain distributions from affiliated Investments		164,974,942
Net realized gain		596,266,229
Net change in unrealized appreciation (depreciation) on:
Investments		175,959,786
Affiliated investments		(148,779,395	)
Futures contracts		(53,198,852	)
Foreign currency transactions		(1,103,092	)
Net change in unrealized depreciation		(27,121,553	)
Net realized and unrealized gain		569,144,676
Net Increase in Net Assets From Operations	$	729,410,120

See accompanying notes to financial statements.

MIST-10

Met Investors Series Trust

MetLife Balanced Plus Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2014 (Unaudited)			Year Ended December 31, 2013
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	160,265,444		$	137,634,853
Net realized gain		596,266,229			721,618,519
Net change in unrealized appreciation (depreciation)		(27,121,553	)		230,990,927
Increase in net assets from operations		729,410,120			1,090,244,299
From Distributions to Shareholders
Net investment income
Class B		(183,525,044	)		(94,628,528	)
Net realized capital gains
Class B		(813,599,504	)		(152,861,468	)
Total distributions		(997,124,548	)		(247,489,996	)
Increase in net assets from capital share transactions		1,354,739,687			2,406,968,703
Total increase in net assets		1,087,025,259			3,249,723,006
Net Assets
Beginning of period		9,709,030,695			6,459,307,689
End of period	$	10,796,055,954		$	9,709,030,695
Undistributed net investment income
End of period	$	159,595,068		$	182,854,668

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2014 (Unaudited)						Year Ended December 31, 2013
	Shares			Value			Shares			Value
Class B
Sales		39,499,258		$	462,155,475			205,508,134		$	2,299,030,477
Reinvestments		91,900,880			997,124,548			22,747,242			247,489,996
Redemptions		(9,058,598	)		(104,540,336	)		(12,449,546	)		(139,551,770	)
Net increase		122,341,540		$	1,354,739,687			215,805,830		$	2,406,968,703
Increase derived from capital shares transactions				$	1,354,739,687					$	2,406,968,703

See accompanying notes to financial statements.

MIST-11

Met Investors Series Trust

MetLife Balanced Plus Portfolio

Financial Highlights

Selected per share data
	Class B
	Six Months Ended June 30, 2014 (Unaudited)			Year Ended December 31,
				2013			2012			2011(a)
Net Asset Value, Beginning of Period	$	11.83		$	10.68		$	9.46		$	10.00
Income (Loss) from Investment Operations
Net investment income (b)		0.18			0.19			0.16			0.01
Net realized and unrealized gain (loss) on investments		0.62			1.33			1.06			(0.54	)
Total from investment operations		0.80			1.52			1.22			(0.53	)
Less Distributions
Distributions from net investment income		(0.22	)		(0.14	)		(0.00	)(c)		(0.01	)
Distributions from net realized capital gains		(0.96	)		(0.23	)		0.00			0.00
Total distributions		(1.18	)		(0.37	)		(0.00	)		(0.01	)
Net Asset Value, End of Period	$	11.45		$	11.83		$	10.68		$	9.46
Total Return (%) (d)		7.31	(e)		14.36			13.11			(5.28	)(e)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%) (f)		0.50	(g)		0.50			0.51			0.54	(g)
Net ratio of expenses to average net assets (%) (f)(h)		0.49	(g)		0.50			0.51			0.54	(g)
Ratio of net investment income to average net assets (%)		1.64	(g)(i)		1.70			1.55			0.17	(g)
Portfolio turnover rate (%)		11	(e)		13			13			10	(e)
Net assets, end of period (in millions)	$	10,796.1		$	9,709.0		$	6,459.3		$	3,151.9

(a) Commencement of operations was May 2, 2011.

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

(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) Periods less than one year are not computed on an annualized basis.

(f) The ratio of operating expenses to average net assets does not include expenses of the Underlying Portfolios in which the Portfolio invests.

(g) Computed on an annualized basis.

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

(i) The income earned by the Portfolio through the investments in Underlying Portfolios is not annualized.

See accompanying notes to financial statements.

MIST-12

Met Investors Series Trust

MetLife Balanced Plus Portfolio

Notes to Financial Statements—June 30, 2014 (Unaudited)

1. Organization

Met Investors Series Trust (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 currently offers forty-seven series, each of which operates as a distinct investment vehicle of the Trust. The portfolio included in this report is MetLife Balanced Plus 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 four classes of shares: Class A, B, C and E shares. Class B shares are currently offered by the Portfolio.

The Portfolio invests approximately 70% of its assets (the “Base Portion”) in other Portfolios of the Trust or of Metropolitan Series Fund (“Underlying Portfolios”) and approximately 30% of its assets (the “Overlay Portion”) in a portfolio of fixed income instruments that serve as collateral for derivative instruments, primarily stock index futures.

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 June 30, 2014 through the date the financial statements were issued.

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 (other than short term obligations with a remaining maturity of sixty days or less), 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 MetLife Advisers, LLC (“MetLife Advisers” or the “Adviser”), an affiliate of MetLife, Inc., pursuant to authorization of 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 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.

MIST-13

Met Investors Series Trust

MetLife Balanced Plus Portfolio

Notes to Financial Statements—June 30, 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, which 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 and futures contracts that are traded over-the-counter 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 has delegated the determination of the fair value of a security to a 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. Capital gains distributions received from the Underlying Portfolios are recorded as Net realized gains in the Statement of Operations. 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 foreign currency transactions, premium amortization adjustments and short term dividend reclasses from Underlying Portfolios. 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 June 30, 2014, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

MIST-14

Met Investors Series Trust

MetLife Balanced Plus Portfolio

Notes to Financial Statements—June 30, 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 Master Repurchase Agreement 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 June 30, 2014, the Portfolio had investments in repurchase agreements with a gross value of $22,437,133, 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 June 30, 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 six months ended June 30, 2014, the Portfolio held a U.S. Treasury security 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.

Secured borrowing transactions and 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 secured borrowing transaction 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.

MIST-15

Met Investors Series Trust

MetLife Balanced Plus Portfolio

Notes to Financial Statements—June 30, 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. Futures contracts are exchange-traded and 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.

MIST-16

Met Investors Series Trust

MetLife Balanced Plus Portfolio

Notes to Financial Statements—June 30, 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.

At June 30, 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* (a)	$	1,673,553	Unrealized depreciation on futures contracts* (a)	$	12,274
Equity	Unrealized appreciation on futures contracts* (a)		67,242,311
Foreign Exchange				Unrealized depreciation on forward foreign currency exchange contracts		974,579
Total		$	68,915,864		$	986,853

* 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) Financial instrument 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 liabilities by counterparty net of amounts available for offset under a master netting agreement (“MNA”), or similar agreement, and net of the related collateral pledged by the Portfolio as of June 30, 2014.

Counterparty	Derivative Liabilities subject to a MNA by Counterparty		Financial Instruments available for offset		Collateral Pledged†			Net Amount*
Barclays Bank plc	$	53,903	$	—	$	—		$	53,903
Citibank N.A.		920,676		—		(703,057	)		217,619
	$	974,579	$	—	$	(703,057	)	$	271,522

* 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 six months ended June 30, 2014 were as follows:

Statement of Operations Location—Net Realized Gain (Loss)	Interest Rate		Equity			Foreign Exchange		Total
Investments (a)	$	—	$	(352,896	)	$	—	$	(352,896	)
Forward foreign currency transactions		—		—			1,129,204		1,129,204
Futures contracts		12,687,949		297,845,663			—		310,533,612
	$	12,687,949	$	297,492,767		$	1,129,204	$	311,309,920

MIST-17

Met Investors Series Trust

MetLife Balanced Plus Portfolio

Notes to Financial Statements—June 30, 2014—(Continued)

Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)	Interest Rate		Equity			Foreign Exchange			Total
Investments (a)	$	—	$	96,448		$	—		$	96,448
Forward foreign currency transactions		—		—			(1,060,851	)		(1,060,851	)
Futures contracts		5,261,679		(58,460,531	)		—			(53,198,852	)
	$	5,261,679	$	(58,364,083	)	$	(1,060,851	)	$	(54,163,255	)

For the six months ended June 30, 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)	$	1,600,000
Forward foreign currency transactions		98,800,712
Futures contracts long		551,762,633

‡ Averages are based on activity levels during the period.

(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; 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 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 over-the-counter traded derivatives (e.g., forward foreign currency exchange contracts, swap agreements and over-the-counter 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.

MIST-18

Met Investors Series Trust

MetLife Balanced Plus Portfolio

Notes to Financial Statements—June 30, 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.

Customer Account Agreements and related addendums 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 six months ended June 30, 2014 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$370,299,708	$	1,597,892,482	$	315,403,320	$	664,687,312

6. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - The Trust is managed by the Adviser. The Trust has entered into a management agreement with the Adviser (the “Management Agreement”) for investment management services in connection with the investment management of the Portfolio. The Adviser is responsible for managing the Base Portion of the Portfolio. The Adviser is subject to the supervision and direction of the Board and has overall responsibility for the general management and administration of the Trust. The Adviser has entered into a subadvisory agreement with Pacific Investment Management Company LLC (the “Subadviser”) for investment subadvisory services in connection with the investment management of the Overlay Portion of the Portfolio.

Subject to the supervision and direction of the Board, the Adviser supervises the Subadviser and has full discretion with respect to the retention or renewal of the subadvisory agreement. The Adviser pays the Subadviser a fee based on the Portfolio’s average daily net assets of the Overlay Portion of the Portfolio.

Under the terms of the Portfolio’s Management Agreement, the Portfolio pays the Adviser a monthly fee based upon annual rates applied to the Portfolio’s average daily net assets as follows:

Management Fees earned by MetLife Advisers (Overlay Portion managed by PIMCO) for the six months ended June 30, 2014	% per annum			Average Daily Net Assets of the Overlay Portion
$10,237,473		0.725	%	First $250 million
		0.700	%	$250 million to $750 million
		0.675	%	$750 million to $1 billion
		0.650	%	Over $1 billion

Management Fees earned by MetLife Advisers (Base Portion managed by MetLife Advisers) for the six months ended June 30, 2014	% per annum			Average Daily Net Assets of the Base Portion
$1,942,624		0.100	%	First $500 million
		0.075	%	$500 million to $1 billion
		0.050	%	Over $1 billion

In addition to the above management fees paid to the Adviser, the Portfolio indirectly pays MetLife Advisers a management fee through its investment in the Underlying Portfolios.

MIST-19

Met Investors Series Trust

MetLife Balanced Plus Portfolio

Notes to Financial Statements—June 30, 2014—(Continued)

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:

Overlay Portion:

% per annum reduction	Average Daily Net Assets of the Overlay Portion
0.050%	First $250 million
0.025%	$250 million to $750 million
0.025%	$2.5 billion to $5 billion
0.050%	Over $5 billion

An identical agreement was in place for the period January 1, 2014 to April 27, 2014. Amounts waived for the six months ended June 30, 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 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 Agreement and Plan - 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 B Shares. MIDC is a wholly-owned subsidiary of MetLife Investors Group, Inc., an affiliate of the Adviser. The Class B distribution plan provides that the Trust, on behalf of the Portfolio, may pay annually up to 0.50% of the average daily net assets of the Portfolio attributable to its Class B Shares with respect to activities primarily intended to result in the sale of Class B Shares. However, under the Class B distribution agreement, payments to the Distributor for activities pursuant to the Class B distribution plan are currently limited to payments at an annual rate equal to 0.25% of average daily net assets of the Portfolio attributable to its Class B Shares. Amounts incurred by the Portfolio for the six months ended June 30, 2014 are shown as Distribution and service fees in the Statement of Operations.

Under the terms of the Class B distribution plan and distribution agreement, the Portfolio is authorized to make payments monthly to the Distributor that may be used to pay or reimburse entities providing distribution and shareholder servicing with respect to the Class B Shares for such entities’ fees or expenses incurred.

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 Metropolitan Series Fund, 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

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 six months ended June 30, 2014 were as follows:

Underlying Portfolio	Number of shares held at December 31, 2013		Shares purchased		Shares sold			Number of shares held at June 30, 2014
Baillie Gifford International Stock		19,458,168		4,216,975		(18,803	)		23,656,340
BlackRock Bond Income		7,188,496		527,358		(7,602	)		7,708,252
BlackRock Capital Appreciation		1,907,264		57,613		(478,141	)		1,486,736
BlackRock High Yield		11,363,638		1,673,825		(39,310	)		12,998,153
Clarion Global Real Estate		12,132,224		622,034		(33,978	)		12,720,280
ClearBridge Aggressive Growth		5,210,020		30,756		(1,498,656	)		3,742,120
Frontier Mid Cap Growth		2,395,184		304,464		(1,177,246	)		1,522,402
Goldman Sachs Mid Cap Value		11,504,649		2,985,269		(3,747,884	)		10,742,034
Harris Oakmark International		17,856,588		3,349,609		(15,224	)		21,190,973
Invesco Comstock		4,696,526		205,579		(1,291,618	)		3,610,487

MIST-20

Met Investors Series Trust

MetLife Balanced Plus Portfolio

Notes to Financial Statements—June 30, 2014—(Continued)

Underlying Portfolio	Number of shares held at December 31, 2013		Shares purchased		Shares sold			Number of shares held at June 30, 2014
Invesco Small Cap Growth		8,659,328		1,207,272		(4,054,796	)		5,811,804
Jennison Growth		4,466,645		446,632		(432,201	)		4,481,076
JPMorgan Core Bond		56,085,068		6,971,605		(64,733	)		62,991,940
JPMorgan Small Cap Value		8,563,723		1,848,314		(4,307,699	)		6,104,338
Met/Artisan International		—		19,656,161		(14,832	)		19,641,329
Met/Artisan Mid Cap Value		352,901		198,134		(418	)		550,617
Met/Dimensional International Small Company		8,230,623		543,019		(7,327	)		8,766,315
Met/Eaton Vance Floating Rate		12,628,980		1,790,160		(12,681	)		14,406,459
Met/Franklin Low Duration Total Return		33,306,596		2,797,257		(30,875	)		36,072,978
Met/Templeton International Bond		17,197,032		4,774,361		(16,518	)		21,954,875
MFS Emerging Markets Equity		13,011,556		1,640,040		(45,539	)		14,606,057
MFS Research International		28,371,626		2,430,776		(8,028,741	)		22,773,661
MFS Value		3,892,793		382,848		(1,089,890	)		3,185,751
Morgan Stanley Mid Cap Growth		5,692,987		4,041,914		(43,611	)		9,691,290
Neuberger Berman Genesis		3,921,553		142,760		(3,033	)		4,061,280
Oppenheimer Global Equity		—		2,472,823		(1,855	)		2,470,968
PIMCO Inflation Protected Bond		20,244,637		1,070,326		(91,296	)		21,223,667
PIMCO Total Return		62,213,571		4,483,435		(2,846,011	)		63,850,995
T. Rowe Price Large Cap Value		2,107,087		106,122		(586,969	)		1,626,240
T. Rowe Price Mid Cap Growth		—		7,051,043		(5,327	)		7,045,716
T. Rowe Price Small Cap Growth		7,511,270		866,075		(3,404,170	)		4,973,175
Third Avenue Small Cap Value		8,267,816		730,763		(3,704,813	)		5,293,766
Van Eck Global Natural Resources		9,583,186		591,348		(34,153	)		10,140,381
Western Asset Management Strategic Bond Opportunities *		22,466,943		2,128,568		(21,412	)		24,574,099
Western Asset Management U.S. Government		27,923,162		2,100,784		(27,553	)		29,996,393
WMC Core Equity Opportunities		—		1,251,366		(949	)		1,250,417
WMC Large Cap Research		—		3,794,155		(2,858	)		3,791,297

* The Portfolio had ownership of at least 25% of the outstanding voting securities of the Underlying Portfolio as of June 30, 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 June 30, 2014
Baillie Gifford International Stock	$	36,399		$	—	$	2,994,493	$	254,069,091
BlackRock Bond Income		(358	)		—		28,275,142		837,732,881
BlackRock Capital Appreciation		4,693,496			—		46,725		56,585,183
BlackRock High Yield		19,151			4,713,612		6,420,264		109,054,504
Clarion Global Real Estate		54,943			—		2,670,766		155,060,212
ClearBridge Aggressive Growth		10,052,571			—		232,918		57,591,233
Frontier Mid Cap Growth		3,011,618			8,178,349		—		55,354,520
Goldman Sachs Mid Cap Value		11,639,294			38,258,250		1,696,467		167,897,997
Harris Oakmark International		73,089			32,935,045		8,955,204		365,332,371
Invesco Comstock		7,584,542			—		836,190		55,493,183
Invesco Small Cap Growth		14,824,224			20,278,323		—		110,656,752
Jennison Growth		830,800			3,913,726		192,478		69,277,439
JPMorgan Core Bond		(19,265	)		3,369,089		10,455,793		648,187,060
JPMorgan Small Cap Value		16,028,866			21,243,132		1,940,996		109,450,772
Met/Artisan International		1,755			—		—		205,644,713
Met/Artisan Mid Cap Value		33,462			—		720,373		154,012,976
Met/Dimensional International Small Company		5,997			4,875,152		3,121,086		147,887,742
Met/Eaton Vance Floating Rate		359			594,802		5,035,990		149,250,916
Met/Franklin Low Duration Total Return		(1,080	)		—		7,925,179		358,926,129
Met/Templeton International Bond		(12,994	)		—		10,185,839		252,041,971
MFS Emerging Markets Equity		(56,708	)		—		1,574,122		157,307,237
MFS Research International		21,334,006			—		8,577,857		274,878,087
MFS Value		5,599,813			3,391,472		1,215,510		55,368,354
Morgan Stanley Mid Cap Growth		175,188			—		51,890		159,130,974
Neuberger Berman Genesis		15,727			—		276,545		73,752,841

MIST-21

Met Investors Series Trust

MetLife Balanced Plus Portfolio

Notes to Financial Statements—June 30, 2014—(Continued)

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 June 30, 2014
Oppenheimer Global Equity	$	682		$	—	$	—	$	51,371,422
PIMCO Inflation Protected Bond		(90,155	)		—		3,879,891		220,938,370
PIMCO Total Return		(1,021,366	)		—		19,724,037		762,380,883
T. Rowe Price Large Cap Value		3,124,668			—		1,106,506		55,763,780
T. Rowe Price Mid Cap Growth		702			—		—		82,857,624
T. Rowe Price Small Cap Growth		13,378,309			13,627,299		30,555		111,896,436
Third Avenue Small Cap Value		22,615,416			7,282,443		506,082		111,169,083
Van Eck Global Natural Resources		(45,956	)		2,314,248		744,930		160,420,828
Western Asset Management Strategic Bond Opportunities		13,666			—		17,156,785		331,750,337
Western Asset Management U.S. Government		6,608			—		6,820,917		360,856,605
WMC Core Equity Opportunities		204			—		—		50,416,804
WMC Large Cap Research		559			—		—		51,675,378
	$	133,908,232		$	164,974,942	$	153,371,530	$	7,391,442,688

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, 2013 and 2012 were as follows:

Ordinary Income			Long-Term Capital Gains				Total
2013	2012		2013		2012		2013		2012
$160,802,324	$	6,497	$	86,687,672	$	—	$	247,489,996	$	6,497

As of December 31, 2013, 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
$459,015,792	$	536,935,400	$	396,808,487	$	—	$	1,392,759,679

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.

As of December 31, 2013, the Portfolio had no capital loss carryforwards.

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 January 1, 2015, and interim periods within those fiscal years. Management is evaluating the impact, if any, of this guidance on the Portfolio’s financial statement disclosures.

MIST-22

Met Investors Series Trust

MetLife Multi-Index Targeted Risk Portfolio

Managed by MetLife Advisers, LLC and MetLife Investment Management, LLC

Portfolio Manager Commentary*

PERFORMANCE

For the six month period ended June 30, 2014, the Class B shares of the MetLife Multi-Index Targeted Risk Portfolio returned 7.12%. The Portfolio’s benchmark, the Dow Jones Moderate Index¹, returned 5.77%.

MARKET ENVIRONMENT / CONDITIONS

At the beginning of the year, much of the United States experienced severe weather which negatively impacted growth and economic indicators. These weather impacts were felt most strongly in exports as goods were stuck in ports, in real estate which was further hurt by rising mortgage rates in the last quarter of 2013, and consumer spending on goods as foot traffic at malls was reduced. Consumer spending increased overall, however, due to a rise in heating and health care related spending. With the spring came improved employment and economic growth as signs that the U.S. recovery was still underway despite the temporary set-back. The U.S. Federal Reserve continued to taper the extraordinary liquidity measures known as quantitative easing citing improved employment and contained inflation. The market absorbed the pace of the tapering and U.S. Treasury prices rallied.

Both the U.S. and global markets were also supported by increased liquidity from additional quantitative easing by European central banks. The increased global liquidity helped boost equity and fixed income prices despite tensions in the Ukraine and Eastern Europe, failing peace talks between Israel and Palestine, and the debt crisis of Portugal and Greece reappearing in the financial press. International equities in developed markets, as represented by the MSCI EAFE Index, were up 4.8%. The U.S. equity markets were led by large and middle capitalization stocks, as represented by the S&P 500 Index up 7.1% and S&P Midcap 400 Index up 7.5%, outperforming small capitalization stocks as represented by the Russell 2000 Index up 3.2% during the period. The bond market, as represented by the Barclays U.S. Aggregate Bond Index, was up 3.9% for the period.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Portfolio is composed of two segments. The first segment, (the “Base Sleeve”) was approximately 75% of the Portfolio’s assets and was invested in a variety of the Metropolitan Series Fund index Portfolios to achieve and maintain a broad asset allocation of approximately 40% fixed income and 35% equities. The asset allocation of the Base Sleeve was managed by the Investment Committee of MetLife Advisers. The second segment (the “Overlay Sleeve”) represented approximately 25% of the Portfolio’s assets. The Overlay Sleeve was invested in: equity derivatives used to keep the Portfolio’s volatility level within a desired range by changing the Portfolio’s total equity exposure, interest rate derivatives used to increase duration exposure, and cash and money market instruments which served as the collateral for derivative instruments.

The Portfolio utilized a quantitative model to rebalance the portfolio risk based on market signals driven by realized equity price volatility. The Portfolio targeted an equity volatility contribution to overall portfolio volatility within an 8% to 12% band, subject to a maximum equity allocation of 70%. Realized equity volatility in the period was very low signaling the Portfolio to maintain its maximum equity allocation.

The Portfolio benefited from an equity exposure greater than that of the benchmark index throughout the period. Equity markets rallied and the overweight allocation to equity helped Portfolio performance. A larger exposure to interest rates relative to the benchmark index also helped total performance as rates fell and bonds and U.S. Treasury prices rallied.

Derivatives were a significant component of the Portfolio, which used both equity and interest rate futures as well as interest rate swaps to manage total market exposures. During the period, equity futures were used to increase the Portfolio’s allocation to equity. The exposure

MIST-1

Met Investors Series Trust

MetLife Multi-Index Targeted Risk Portfolio

Managed by MetLife Advisers, LLC and MetLife Investment Management, LLC

Portfolio Manager Commentary*—(Continued)

from these equity derivatives during a period of broadly rising equity markets added to overall Portfolio performance. Interest rate futures and swaps were used to add additional diversification and balance the sources of risk in the Portfolio. During the period, the interest rate swaps and futures increased the total Portfolio return.

As of June 30, 2014, the Portfolio had a 69% allocation to equity and 40% to fixed income. The equity exposure was distributed across domestic and international equity indices as follows: 32% in U.S. Large Cap as represented by the S&P 500 Index, 10% in U.S. Mid Cap as represented by the S&P Midcap 400 Index, 6% in U.S. Small Cap as represented by the Russell 2000 Index, and 21% in Foreign Equity as represented by the MSCE EAFE Index. The fixed income exposure was invested in an index portfolio that tracks the performance of the Barclays U.S. Aggregate Bond Index.

The Base Sleeve is managed by:

Investment Committee

MetLife Advisers, LLC

The Overlay Sleeve is managed by:

Chris Johnson

Portfolio Manager

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 and 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 those of the advisory and subadvisory firms as of June 30, 2014 and are subject to change at any time based upon economic, market, or other conditions and the advisory and subadvisory firms undertake 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 statements) 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 applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable annuity or insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

MIST-2

Met Investors Series Trust

MetLife Multi-Index Targeted Risk Portfolio

A $10,000 INVESTMENT COMPARED TO THE DOW JONES MODERATE INDEX

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2014

	6 Month		1 Year		Since Inception2
MetLife Multi-Index Targeted Risk Portfolio
Class B		7.12		16.83		13.30
Dow Jones Moderate Index		5.77		16.21		13.65

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 of that combination will have 60% of the risk of an all equity portfolio.

² Inception date of the Class B shares is 11/5/2012. 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.

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 JUNE 30, 2014

Top Holdings

	% of Net Assets
Barclays Aggregate Bond Index Portfolio (Class A)		40.0
MetLife Stock Index Portfolio (Class A)		16.0
MSCI EAFE Index Portfolio (Class A)		11.0
MetLife Mid Cap Stock Index Portfolio (Class A)		5.0
Russell 2000 Index Portfolio (Class A)		3.0

Top Sectors

	% of Net Assets
Mutual Funds		75.0
Cash & Cash Equivalents		24.9

MIST-3

Met Investors Series Trust

MetLife Multi-Index Targeted Risk Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

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, January 1, 2014 through June 30, 2014.

Actual Expenses

The first line 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 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 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 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 Multi-Index Targeted Risk Portfolio		Annualized Expense Ratio	Beginning Account Value January 1, 2014		Ending Account Value June 30, 2014		Expenses Paid During Period** January 1, 2014 to June 30, 2014
Class B(a)(b)	Actual	0.70%	$	1,000.00	$	1,071.20	$	3.59
	Hypothetical*	0.70%	$	1,000.00	$	1,021.32	$	3.51

* 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 (181 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 6 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.

MIST-4

Met Investors Series Trust

MetLife Multi-Index Targeted Risk Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Mutual Funds—75.0% of Net Assets

Security Description	Shares/ Principal Amount*		Value
Affiliated Investment Companies—75.0%
Barclays Aggregate Bond Index Portfolio (Class A) (a)		29,235,168	$	321,586,851
MetLife Mid Cap Stock Index Portfolio (Class A) (a)		2,157,009		40,206,653
MetLife Stock Index Portfolio (Class A) (a)		2,950,037		128,651,098
MSCI EAFE Index Portfolio (Class A) (a)		6,276,589		88,437,144
Russell 2000 Index Portfolio (Class A) (a)		1,221,494		24,124,498
Total Mutual Funds (Cost $581,052,440)				603,006,244
Short-Term Investments—24.9%
Discount Notes—20.3%
Fannie Mae 0.044%, 07/23/14 (b)		7,000,000		6,999,808
0.045%, 08/20/14 (b)		2,300,000		2,299,856
0.055%, 09/22/14 (b)		10,600,000		10,598,656
0.066%, 10/15/14 (b)		20,500,000		20,496,025
0.069%, 09/24/14 (b)		18,000,000		17,997,072
0.086%, 11/19/14 (b)		2,700,000		2,699,101
0.090%, 12/03/14 (b) (c)		13,500,000		13,494,790
Federal Home Loan Bank 0.065%, 09/24/14 (b)		16,800,000		16,797,435
0.069%, 07/07/14 (b)		3,400,000		3,399,955
0.075%, 10/24/14 (b)		5,000,000		4,998,802
0.076%, 07/16/14 (b)		21,100,000		21,099,301
0.080%, 09/17/14 (b)		2,000,000		1,999,653
0.080%, 07/18/14 (b)		13,000,000		12,999,485
0.091%, 12/10/14 (b)		5,500,000		5,497,773
Freddie Mac 0.074%, 07/08/14 (b)		3,200,000		3,199,948
0.082%, 09/22/14 (b) (c)		5,400,000		5,398,979
0.086%, 11/17/14 (b)		13,000,000		12,995,734
				162,972,373
U.S. Treasury—3.7%
U.S. Treasury Bills 0.022%, 08/07/14 (b)		6,700,000	$	6,699,849
0.032%, 10/16/14 (b)		4,500,000		4,499,570
0.048%, 07/10/14 (b)		9,500,000		9,499,875
0.071%, 08/21/14 (b) (d)		9,100,000		9,099,074
				29,798,368
Repurchase Agreement—0.9%
Fixed Income Clearing Corp. Repurchase Agreement dated 06/30/14 at 0.000% to be repurchased at $7,667,056 on 07/01/14, collateralized by $7,815,000 U.S. Treasury Note at 0.250% due 03/31/15 with a value of $7,824,769.		7,667,056		7,667,056
Total Short-Term Investments (Cost $200,437,797)				200,437,797
Total Investments—99.9% (Cost $781,490,237) (e)				803,444,041
Other assets and liabilities (net)—0.1%				550,925
Net Assets—100.0%			$	803,994,966

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

(a) A Portfolio of Metropolitan Series Fund. (See Note 7 of the Notes to Financial Statements for a summary of transactions in the securities of affiliated issuers.)

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

(c) All or a portion of the security was pledged as collateral against open futures contracts. As of June 30, 2014, the market value of securities pledged was $13,283,240.

(d) All or a portion of the security was pledged as collateral against open swap contracts. As of June 30, 2014, the market value of securities pledged was $8,047,223.

(e) As of June 30, 2014, the aggregate cost of investments was $781,490,237. The aggregate unrealized appreciation and depreciation of investments were $23,116,230 and $(1,162,426), respectively, resulting in net unrealized appreciation of $21,953,804.

Futures Contracts

Futures Contracts—Long	Expiration Date		Number of Contracts		Notional Amount			Unrealized Appreciation
MSCI EAFE Mini Index Futures		09/19/14		813		USD	79,532,405	$	503,380
Russell 2000 Mini Index Futures		09/19/14		205		USD	23,719,886		681,264
S&P 500 E-Mini Index Futures		09/19/14		1,295		USD	124,862,476		1,555,425
S&P Midcap 400 E-Mini Index Futures		09/19/14		309		USD	43,217,173		948,197
Net Unrealized Appreciation								$	3,688,266

See accompanying notes to financial statements.

MIST-5

Met Investors Series Trust

MetLife Multi-Index Targeted Risk Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Swap Agreements

Centrally Cleared Interest Rate Swap Agreements

Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate			Maturity Date	Notional Amount			Unrealized Appreciation
Pay	3-Month USD-LIBOR		2.925	%	01/27/24		USD	27,000,000	$	846,562
Pay	3-Month USD-LIBOR		2.831	%	02/10/24		USD	112,000,000		2,547,536
Pay	3-Month USD-LIBOR		2.823	%	03/18/24		USD	33,000,000		709,230
Pay	3-Month USD-LIBOR		2.738	%	06/11/24		USD	39,000,000		461,479
Pay	3-Month USD-LIBOR		2.740	%	06/11/24		USD	23,000,000		276,489
Total									$	4,841,296

(LIBOR)— London Interbank Offered Rate

(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.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2014:

Description	Level 1		Level 2		Level 3		Total
Mutual Funds
Affiliated Investment Companies	$	603,006,244	$	—	$	—	$	603,006,244
Short-Term Investments
Discount Notes		—		162,972,373		—		162,972,373
U.S. Treasury		—		29,798,368		—		29,798,368
Repurchase Agreement		—		7,667,056		—		7,667,056
Total Short-Term Investments		—		200,437,797		—		200,437,797
Total Investments	$	603,006,244	$	200,437,797	$	—	$	803,444,041
Futures Contracts
Futures Contracts (Unrealized Appreciation)	$	3,688,266	$	—	$	—	$	3,688,266
Centrally Cleared Swap Contracts
Centrally Cleared Swap Contracts (Unrealized Appreciation)	$	—	$	4,841,296	$	—	$	4,841,296

See accompanying notes to financial statements.

MIST-6

Met Investors Series Trust

MetLife Multi-Index Targeted Risk Portfolio

Statement of Assets and Liabilities

June 30, 2014 (Unaudited)

Assets
Investments at value (a)	$	200,437,797
Affiliated investments at value (b)		603,006,244
Receivable for:
Fund shares sold		3,380,992
Variation margin on futures contracts		464,055
Variation margin on swap contracts		427,446
Prepaid expenses		26
Total Assets		807,716,560
Liabilities
Payables for:
Investments purchased		3,237,789
Fund shares redeemed		143,203
Accrued expenses:
Management fees		113,723
Distribution and service fees		159,925
Deferred trustees’ fees		29,198
Other expenses		37,756
Total Liabilities		3,721,594
Net Assets	$	803,994,966
Net assets consist of:
Paid in surplus	$	740,846,390
Undistributed net investment income		11,058,320
Accumulated net realized gain		21,606,890
Unrealized appreciation on affiliated investments, futures contracts and swap contracts		30,483,366
Net Assets	$	803,994,966
Net Assets
Class B	$	803,994,966
Capital Shares Outstanding*
Class B		66,995,748
Net Asset Value, Offering Price and Redemption Price Per Share
Class B	$	12.00

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

(a) Identified cost of investments, excluding affiliated investments, was $200,437,797.

(b) Identified cost of affiliated investments was $581,052,440.

Statement of Operations

Six Months Ended June 30, 2014 (Unaudited)

Investment Income
Dividends from affiliated investments	$	12,649,390
Interest		60,477
Total investment income		12,709,867
Expenses
Management fees		579,134
Administration fees		10,306
Deferred expense reimbursement		148,313
Custodian and accounting fees		16,634
Distribution and service fees—Class B		815,422
Audit and tax services		15,506
Legal		15,998
Trustees’ fees and expenses		21,299
Shareholder reporting		5,683
Insurance		391
Miscellaneous		2,628
Total expenses		1,631,314
Net Investment Income		11,078,553
Net Realized and Unrealized Gain
Net realized gain on:
Affiliated investments		484,738
Futures contracts		17,225,307
Swap contracts		2,501,626
Capital gain distributions from Affiliated Underlying Portfolios		5,088,240
Net realized gain		25,299,911
Net change in unrealized appreciation on:
Affiliated investments		6,907,660
Futures contracts		143,840
Swap contracts		5,211,648
Net change in unrealized appreciation		12,263,148
Net realized and unrealized gain		37,563,059
Net Increase in Net Assets From Operations	$	48,641,612

See accompanying notes to financial statements.

MIST-7

Met Investors Series Trust

MetLife Multi-Index Targeted Risk Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2014 (Unaudited)			Year Ended December 31, 2013
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	11,078,553		$	996,555
Net realized gain		25,299,911			7,008,062
Net change in unrealized appreciation		12,263,148			18,018,435
Increase in net assets from operations		48,641,612			26,023,052
From Distributions to Shareholders
Net investment income
Class B		0			(1,091,455	)
Net realized capital gains
Class B		(2,295,613	)		(8,368,510	)
Total distributions		(2,295,613	)		(9,459,965	)
Increase in net assets from capital share transactions		272,543,485			444,674,098
Total increase in net assets		318,889,484			461,237,185
Net Assets
Beginning of period		485,105,482			23,868,297
End of period	$	803,994,966		$	485,105,482
Undistributed (distributions in excess of) net investment income
End of period	$	11,058,320		$	(20,233	)

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2014 (Unaudited)						Year Ended December 31, 2013
	Shares			Value			Shares			Value
Class B
Sales		24,460,492		$	279,556,982			40,750,831		$	443,879,138
Reinvestments		201,901			2,295,613			842,905			9,459,965
Redemptions		(814,600	)		(9,309,110	)		(795,233	)		(8,665,005	)
Net increase		23,847,793		$	272,543,485			40,798,503		$	444,674,098
Increase derived from capital shares transactions				$	272,543,485					$	444,674,098

See accompanying notes to financial statements.

MIST-8

Met Investors Series Trust

MetLife Multi-Index Targeted Risk Portfolio

Financial Highlights

Selected per share data
	Class B
	Six Months Ended June 30, 2014 (Unaudited)			Year Ended December 31,
				2013			2012(a)
Net Asset Value, Beginning of Period	$	11.24		$	10.16		$	10.00
Income (Loss) from Investment Operations
Net investment income (loss) (b)		0.19			0.06			(0.01	)
Net realized and unrealized gain on investments		0.61			1.26			0.17
Total from investment operations		0.80			1.32			0.16
Less Distributions
Distributions from net investment income		0.00			(0.03	)		0.00
Distributions from net realized capital gains		(0.04	)		(0.21	)		0.00
Total distributions		(0.04	)		(0.24	)		0.00
Net Asset Value, End of Period	$	12.00		$	11.24		$	10.16
Total Return (%) (c)		7.12	(d)		12.94			1.60	(d)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%) (e)		0.50	(f)		0.54			9.45	(f)
Net ratio of expenses to average net assets (%) (e)(g)		0.50	(f)		0.54			0.60	(f)
Ratio of net investment income (loss) to average net assets (%)		1.43	(f)(h)		0.50			(0.57	) (f)
Portfolio turnover rate (%)		0	(d)(i)		0	(i)		0	(d)(j)
Net assets, end of period (in millions)	$	804.0		$	485.1		$	23.9

(a) Commencement of operations was November 5, 2012.

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

(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) Periods less than one year are not computed on an annualized basis.

(e) The ratio of operating expenses to average net assets does not include expenses of the Underlying Portfolios in which the Portfolio invests.

(f) Computed on an annualized basis.

(g) Includes the effects of expenses reimbursed by the Adviser (see Note 6 of the Notes to Financial Statements).

(h) The income earned by the Portfolio through the investments in Underlying Portfolios is not annualized.

(i) Rounds to less than 1%.

(j) There were no long term sale transactions during the period ended December 31, 2012.

See accompanying notes to financial statements.

MIST-9

Met Investors Series Trust

MetLife Multi-Index Targeted Risk Portfolio

Notes to Financial Statements—June 30, 2014 (Unaudited)

1. Organization

Met Investors Series Trust (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 currently offers forty-seven series, each of which operates as a distinct investment vehicle of the Trust. The portfolio included in this report is MetLife Multi-Index Targeted Risk 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 four classes of shares: Class A, B, C and E shares. Class B shares are currently offered by the Portfolio.

The Portfolio invests approximately 75% of its assets (the “Base Portion”) in other Portfolios of the Trust or of Metropolitan Series Fund (“Underlying Portfolios”) and approximately 25% of its assets (the “Overlay Portion”) in a portfolio of fixed income instruments that serve as collateral for derivative instruments, primarily stock index futures and interest rate swaps.

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 June 30, 2014 through the date the financial statements were issued.

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 (other than short term obligations with a remaining maturity of sixty days or less), 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 MetLife Advisers, LLC (“MetLife Advisers” or the “Adviser”), an affiliate of MetLife, Inc., pursuant to authorization of 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 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.

MIST-10

Met Investors Series Trust

MetLife Multi-Index Targeted Risk Portfolio

Notes to Financial Statements—June 30, 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, which 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 and futures contracts that are traded over-the-counter 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. 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 has delegated the determination of the fair value of a security to a 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

MIST-11

Met Investors Series Trust

MetLife Multi-Index Targeted Risk Portfolio

Notes to Financial Statements—June 30, 2014—(Continued)

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, distribution and service fees and ordinary loss netting to reduce short-term capital gains. 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 remain subject to examination by the Internal Revenue Service for three fiscal years after the returns are filed. As of June 30, 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 Master Repurchase Agreement 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 June 30, 2014, the Portfolio had investments in repurchase agreements with a gross value of $7,667,056, 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 June 30, 2014.

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. Futures contracts are exchange-traded and 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.

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 over-the-counter 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

MIST-12

Met Investors Series Trust

MetLife Multi-Index Targeted Risk Portfolio

Notes to Financial Statements—June 30, 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.

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 June 30, 2014, the Portfolio had the following derivatives, categorized by risk exposure:

	Asset Derivatives
Risk Exposure	Statement of Assets & Liabilities Location	Fair Value
Interest Rate	Unrealized appreciation on centrally cleared swap contracts* (a)	$	4,841,296
Equity	Unrealized appreciation on futures contracts** (a)		3,688,266
Total		$	8,529,562

* 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.

MIST-13

Met Investors Series Trust

MetLife Multi-Index Targeted Risk Portfolio

Notes to Financial Statements—June 30, 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) Financial instrument not subject to a master netting agreement.

Transactions in derivative instruments during the six months ended June 30, 2014 were as follows:

Statement of Operations Location—Net Realized Gain (Loss)	Interest Rate		Equity			Total
Futures contracts	$	259,168	$	16,966,139		$	17,225,307
Swap contracts		2,501,626		—			2,501,626
	$	2,760,794	$	16,966,139		$	19,726,933
Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)	Interest Rate		Equity			Total
Futures contracts	$	2,626,473	$	(2,482,633	)	$	143,840
Swap contracts		5,211,648		—			5,211,648
	$	7,838,121	$	(2,482,633	)	$	5,355,488

For the six months ended June 30, 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	$	18,799,525
Swap contracts		171,833,333

‡ Averages are based on activity levels during the period.

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; 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 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 over-the-counter traded derivatives (e.g., forward foreign currency exchange contracts, swap agreements and over-the-counter 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

MIST-14

Met Investors Series Trust

MetLife Multi-Index Targeted Risk Portfolio

Notes to Financial Statements—June 30, 2014—(Continued)

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 addendums 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 six months ended June 30, 2014 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	234,005,436	$	0	$	2,314,812

6. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - The Trust is managed by the Adviser. The Trust has entered into a management agreement with the Adviser (the “Management Agreement”) for investment management services in connection with the investment management of the Portfolio. The Adviser is responsible for managing the Base Portion of the Portfolio. The Adviser is subject to the supervision and direction of the Board and has overall responsibility for the general management and administration of the Trust. The Adviser has entered into a subadvisory agreement with MetLife Investment Management, LLC (the “Subadviser”) for investment subadvisory services in connection with the investment management of the Overlay Portion of the Portfolio.

Subject to the supervision and direction of the Board, the Adviser supervises the Subadviser and has full discretion with respect to the retention or renewal of the subadvisory agreement. The Adviser pays the Subadviser a fee based on the Portfolio’s average daily net assets of the Overlay Portion of the Portfolio.

Under the terms of the Portfolio’s Management Agreement, the Portfolio pays the Adviser a monthly fee based upon annual rates applied to the Portfolio’s average daily net assets as follows:

Management Fees earned by MetLife Advisers (Overlay Portion managed by the Subadviser) for  the six months ended June 30, 2014	% per annum			Average Daily Net Assets of the Overlay Portion
$409,394		0.500	%	First $250 million
		0.485	%	$250 million to $500 million
		0.470	%	$500 million to $1 billion
		0.450	%	Over $1 billion

MIST-15

Met Investors Series Trust

MetLife Multi-Index Targeted Risk Portfolio

Notes to Financial Statements—June 30, 2014—(Continued)

Management Fees earned by MetLife Advisers (Base Portion managed by the Adviser) for the six months ended June 30, 2014	% per annum			Average Daily Net Assets of the Base Portion
$169,740		0.070	%	First $500 million
		0.060	%	$500 million to $1 billion
		0.050	%	Over $1 billion

In addition to the above management fees paid to the Adviser, the Portfolio indirectly pays the Adviser a management fee through its investment in the Underlying Portfolios.

Expense Limitation Agreement - The Adviser had entered into an expense limitation agreement with the Trust (“Expense Limitation Agreement”) in the interest of limiting expenses of the Portfolio. The Expense Limitation Agreement was in effect with respect to the Portfolio until April 27, 2014. Pursuant to that Expense Limitation Agreement, the Adviser had agreed to waive or limit its fees and to assume other expenses so that the total annual operating expenses of the Portfolio other than interest, taxes, brokerage commissions, other expenditures which are capitalized or expensed in accordance with GAAP, other extraordinary expenses not incurred in the ordinary course of the Portfolio’s business, and Underlying Portfolios’ fees and expenses but including amounts payable pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act, were limited to the following expense ratio as a percentage of the Portfolio’s average daily net assets:

Maximum Expense Ratio under current
Expense Limitation Agreement
Class B

0.60%

If, in any year in which the Management Agreement is still in effect, the estimated aggregate operating expenses of the Portfolio for the fiscal year are less than the Maximum Expense Ratio for that year, subject to approval by the Trust’s Board, the Adviser shall be entitled to reimbursement by the Portfolio to the extent that the charge does not cause the expenses in such subsequent year to exceed the Maximum Expense Ratio as stated above. The Portfolio is not obligated to repay any expense paid by the Adviser more than five years after the end of the fiscal year in which such expense was incurred.

As of June 30, 2014, there were no expenses deferred in 2014 and $148,313 was repaid to the Adviser in accordance with the Expense Limitation Agreement. The amount of expenses deferred in 2013, which were recovered during the six months ended June 30, 2014 was $148,313. Amounts recouped for the six months ended June 30, 2014 are shown as Deferred expense reimbursement in the Consolidated Statement of Operations.

Effective April 28, 2014, there was no longer an expense cap for the Portfolio.

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 Agreement and Plan - 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 B Shares. MIDC is a wholly-owned subsidiary of MetLife Investors Group, Inc., an affiliate of the Adviser. The Class B distribution plan provides that the Trust, on behalf of the Portfolio, may pay annually up to 0.50% of the average daily net assets of the Portfolio attributable to its Class B Shares with respect to activities primarily intended to result in the sale of Class B Shares. However, under the Class B distribution agreement, payments to the Distributor for activities pursuant to the Class B distribution plan are currently limited to payments at an annual rate equal to 0.25% of average daily net assets of the Portfolio attributable to its Class B Shares. Amounts incurred by the Portfolio for the six months ended June 30, 2014 are shown as Distribution and service fees in the Statement of Operations.

Under the terms of the Class B distribution plan and distribution agreement, the Portfolio is authorized to make payments monthly to the Distributor that may be used to pay or reimburse entities providing distribution and shareholder servicing with respect to the Class B Shares for such entities’ fees or expenses incurred.

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 Metropolitan Series Fund, 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.

MIST-16

Met Investors Series Trust

MetLife Multi-Index Targeted Risk Portfolio

Notes to Financial Statements—June 30, 2014—(Continued)

7. 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 six months ended June 30, 2014 were as follows:

Underlying Portfolio	Number of shares held at December 31, 2013		Shares purchased		Shares sold			Number of shares held at June 30, 2014
Barclays Aggregate Bond Index		17,757,766		11,477,402		—			29,235,168
MetLife Mid Cap Stock Index		1,314,989		842,020		—			2,157,009
MetLife Stock Index		1,937,277		1,068,351		(55,591	)		2,950,037
MSCI EAFE Index		3,508,539		2,768,050		—			6,276,589
Russell 2000 Index		734,086		487,408		—			1,221,494
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 June 30, 2014
Barclays Aggregate Bond Index	$	—	$	—	$	8,294,274		$	321,586,851
MetLife Mid Cap Stock Index		—		1,657,312		365,803			40,206,653
MetLife Stock Index		484,738		2,963,185		2,019,235			128,651,098
MSCI EAFE Index		—		—		1,728,698			88,437,144
Russell 2000 Index		—		467,743		241,380			24,124,498
	$	484,738	$	5,088,240	$	12,649,390		$	603,006,244

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, 2013 and 2012 were as follows:

Ordinary Income			Long-Term Capital Gains				Total
2013	2012		2013		2012		2013		2012
$4,317,731	$	—	$	5,142,234	$	—	$	9,459,965	$	—

As of December 31, 2013, 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
$830,175	$	1,318,180	$	14,674,455	$	—	$	16,822,810

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.

As of December 31, 2013, the Portfolio had no capital loss carryforwards.

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 January 1, 2015, and interim periods within those fiscal years. Management is evaluating the impact, if any, of this guidance on the Portfolio’s financial statement disclosures.

MIST-17

Met Investors Series Trust

MFS Emerging Markets Equity Portfolio

Managed by Massachusetts Financial Services Company

Portfolio Manager Commentary*

PERFORMANCE

For the six month period ended June 30, 2014, the Class A and B shares of the MFS Emerging Markets Equity Portfolio returned 4.77% and 4.65%, respectively. The Portfolio’s benchmark, the MSCI Emerging Markets (EM) Index¹, returned 6.14%.

MARKET ENVIRONMENT / CONDITIONS

Early in the period, markets were forced to contend with some unexpected weakness in the U.S. economy due largely to weather-related interruptions to hiring and spending plans and emerging market stresses due to imbalances and stagflationary conditions in certain emerging market countries. Equities and credit markets quickly found their footing and recovered all early-year declines, helped, in part, by the conclusion that there would be no major change in U.S. monetary policy as a result of the nomination of Janet Yellen as the new Federal Reserve Chair for a term beginning in early 2014.

During the early part of the reporting period, emerging markets declined on fears of the impact of less accommodative monetary policy in the U.S. and declining growth rates. Politics were also at the forefront in several emerging markets, putting downward pressure early on only to reverse course as the period progressed. The Indian Sensex Index posted sharp gains as hopes of economic revival soared following the victory of Prime Minister Narendra Modi. Ukraine elected a new president, and its crisis with Russia showed tentative signs of improvement. Increasing conflict in Iraq led to higher oil prices, which benefited producers such as Brazil and Russia. Meanwhile, news of capital market reform and an encouraging flash manufacturing Purchasing Managers Index reading supported Chinese equities.

Toward the middle of the reporting period, political instability in Ukraine briefly caused market jitters where tensions escalated following a change in government and Russia’s annexation of Crimea. Once again, the setback was short-lived as the economy regained its footing, helped in part by central bank stimulus, notably by the European Central Bank. Also, toward the end of the period, sectarian violence in Iraq and the potential threat to oil production and crude prices appeared to have become a modest concern for investors, but not enough to cause any meaningful pull-back in the equity markets as the broad U.S. equity indexes traded near their all-time highs by the end of the period.

PORTFOLIO REVIEW / PERIOD END POSITIONING

Stock selection in the Industrials sector negatively impacted performance relative to the MSCI Emerging Markets Index. The Portfolio’s holdings of weak-performing dry bulk shipping company Diana Shipping (Greece) and fittings and pipe materials producer TK Corporation (South Korea) hurt relative returns.

Stock selection in the Information Technology (“IT”) sector was another negative factor from the relative performance perspective. The Portfolio’s holdings of U.S.-based custom IT consulting and technology services provider Cognizant Technologies held back performance as the stock declined during the period. Not holding internet company Tencent Holdings (China) weakened relative results as the stock traded higher during the period.

Other stocks that detracted from relative returns included overweight positions in retail store chain Wumart (China) and Chinese coal producer China Shenhua Energy as both stocks traded lower during the period. The Portfolio’s holdings of poor performing insurance brokerage services provider Brasil Insurance Participacoes (Brazil), hotel operator Shangri-la Asia (Hong Kong), fast casual restaurants operator Ajisen China Holdings (China), and consumer and wholesale banking firm Standard Chartered (United Kingdom) also dampened relative results.

Stock selection in the Consumer Discretionary sector contributed to relative performance. Overweight positions in shares of strong-performing Brazilian educational services companies Estacio Participacoes and Kroton Educacional benefited relative returns. Holdings of logistics and distribution company Li & Fung (Hong Kong) also benefited relative performance as the stock price appreciated during the period.

Stock selection in the Financials sector was a positive factor for relative performance. Holding overweight positions in Indian banking firm Housing Development Finance Corp (HDFC) and Thai banking firm Kasikornbank aided relative results as both stocks outperformed during the period. Holdings of strong-performing Mexico-based real estate investment trust Concentradora Fibra Danhos also helped relative returns.

In other sectors, overweight positions in shares of strong-performing semiconductor packaging and testing services provider Siliconware Precision Industries (Taiwan), Indian integrated power utility company Cesc Limited, and semiconductor foundry Taiwan Semiconductor bolstered relative returns. Holdings of Japanese currency processing machines manufacturer Glory, Ltd. also benefited relative performance as the stock traded higher during the period.

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, benefited 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.

At period end, we continued to favor high quality small and mid cap opportunities with above-average growth in emerging markets where we feel we can drive value for our shareholders given our local presence. We rely on our global research platform to identify companies that meet our five key criteria: free cash flow generation, high returns on invested capital, low leverage, strong corporate governance, and attractive valuation.

MIST-1

Met Investors Series Trust

MFS Emerging Markets Equity Portfolio

Managed by Massachusetts Financial Services Company

Portfolio Manager Commentary*—(Continued)

The Portfolio continued to favor a number of companies with exposure to the growth of domestic consumption. In the Retailing sector, this included food and drug retailers in China and Russia, a discount retailer in South Korea, apparel manufacturers in China and Brazil, and general merchandise retailers in South Africa and Indonesia. Within the Leisure sector, the Portfolio had exposure to media companies in Malaysia and South Africa, as well as restaurants and lodging companies in Asia.

We have maintained our overweight to the Autos and Housing industries although we have changed some of the positioning. During the period we sold out of a leading Indian manufacturer of lead acid batteries for use in automobiles and industrial applications and into a Hong Kong-listed power tool manufacturer that is growing their business in North America and Europe via both the big box retail channel (such as Home Depot) and the professional channel. We also purchased a Mexican cement company on the back of what we believe will be lower debt levels going forward and increased infrastructure spend over the medium term given reforms being implemented by the current government.

Over the period, we have increased our underweight to Basic Materials as we almost halved our exposure to Metals & Mining. On the one hand, we took advantage of positive performance to trim some of our exposure to a Brazilian steel company and an Australian mineral sands miner while also lowering or exiting companies where we had concerns about both increasing capital expenditures and soft iron ore prices. We also increased our exposure to Financials where we initiated a position in a well-managed Taiwanese bank that we believe has above-average growth prospects due to its dominant share in small- and medium-sized enterprise lending and ability to increase its wealth management revenues. We also started a new position in one of the largest banks in the Philippines. The Philippines has a sound macroeconomic background for banking based on its current account surplus combined with an underpenetrated credit market and large investment needs.

As many emerging markets continue to transition from an export-driven economy to a consumption model, we believe there will be both challenges and opportunities for investors. On the basis of key structural criteria such as government debt as a percentage of gross domestic product (GDP) and fiscal balances, many emerging markets countries are on sounder footing than developed markets, while emerging market equity valuations are attractive. Rather than make a binary bet on whether economic conditions improve or deteriorate from here, we instead apply our buy criteria consistently and rely on our analysis of company fundamentals (and relative valuations) to determine how the Portfolio is ultimately positioned.

Jose Luis Garcia

Robert Lau

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 and 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 those of the subadvisory firm as of June 30, 2014 and 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 statements) 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 applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable annuity or insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

MIST-2

Met Investors Series Trust

MFS Emerging Markets Equity Portfolio

A $10,000 INVESTMENT COMPARED TO THE MSCI EMERGING MARKETS (EM) INDEX

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2014

	6 Month		1 Year		5 Year		Since Inception2
MFS Emerging Markets Equity Portfolio
Class A		4.77		11.54		9.55		3.45
Class B		4.65		11.36		9.29		3.20
MSCI Emerging Markets (EM) Index		6.14		14.31		9.24		5.23

¹ The MSCI Emerging Markets (EM) Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets.

² Inception dates of the Class A and Class B shares is 5/1/2006. 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 JUNE 30, 2014

Top Holdings

	% of Net Assets
Taiwan Semiconductor Manufacturing Co., Ltd.		4.8
Naspers, Ltd. - N Shares		3.0
Housing Development Finance Corp., Ltd.		2.9
Kia Motors Corp.		2.8
Cognizant Technology Solutions Corp. - Class A		2.6
Samsung Electronics Co., Ltd.		2.4
MediaTek, Inc.		2.3
Kasikornbank PCL (NVDR)		2.1
Li & Fung, Ltd.		1.9
Guangzhou Automobile Group Co., Ltd. - Class H		1.9

Top Countries

	% of Net Assets
Brazil		12.0
Taiwan		11.8
Hong Kong		9.6
South Korea		9.4
China		8.5
Mexico		7.0
India		6.3
Russia		5.8
South Africa		5.4
Thailand		3.6

MIST-3

Met Investors Series Trust

MFS Emerging Markets Equity Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

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, January 1, 2014 through June 30, 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 Emerging Markets Equity Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2014		Ending Account Value June 30, 2014		Expenses Paid During Period** January 1, 2014 to June 30, 2014
Class A(a)	Actual		0.99	%	$	1,000.00	$	1,047.70	$	5.03
	Hypothetical*		0.99	%	$	1,000.00	$	1,019.89	$	4.96
Class B(a)	Actual		1.24	%	$	1,000.00	$	1,046.50	$	6.29
	Hypothetical*		1.24	%	$	1,000.00	$	1,018.65	$	6.21

* 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 (181 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.

MIST-4

Met Investors Series Trust

MFS Emerging Markets Equity Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Common Stocks—99.6% of Net Assets

Security Description	Shares		Value
Australia—0.5%
Iluka Resources, Ltd. (a)		1,078,273	$	8,274,609
Brazil—12.0%
Abril Educacao S.A.		394,669		6,219,676
Alupar Investimento S.A.		778,915		5,710,986
Ambev S.A. (ADR)		2,833,746		19,949,572
Banco do Brasil S.A.		821,979		9,244,706
BM&FBovespa S.A.		3,191,690		16,742,108
Brasil Insurance Participacoes e Administracao S.A.		1,642,854		7,993,067
BRF S.A.		257,322		6,219,052
CCR S.A.		875,753		7,134,444
Estacio Participacoes S.A.		1,215,185		16,086,970
Gerdau S.A. (ADR) (a)		1,059,393		6,239,825
Itau Unibanco Holding S.A. (ADR)		582,214		8,372,240
Klabin S.A.		1,143,335		5,743,842
Kroton Educacional S.A.		250,020		7,011,197
M Dias Branco S.A.		242,197		10,711,695
Mills Estruturas e Servicos de Engenharia S.A.		1,154,167		13,544,942
Odontoprev S.A.		2,292,388		9,856,386
Petroleo Brasileiro S.A. (ADR)		1,595,109		23,336,445
Qualicorp S.A. (b)		583,462		6,892,219
Vale S.A. (ADR) (a)		1,292,250		17,096,467
				204,105,839
Canada—0.6%
Gran Tierra Energy, Inc. (b)		1,223,919		9,944,593
Chile—0.4%
S.A.C.I. Falabella		741,463		6,717,231
China—8.5%
51job, Inc. (ADR) (a) (b)		172,195		11,357,982
Anhui Conch Cement Co., Ltd. - Class H (a)		4,795,000		16,556,200
China Construction Bank Corp. - Class H (b)		38,125,060		28,846,126
China Pacific Insurance Group Co., Ltd. - Class H		5,866,600		20,749,884
China Shenhua Energy Co., Ltd. - Class H (b)		8,110,000		23,459,769
Guangzhou Automobile Group Co., Ltd. - Class H (a)		27,240,000		31,676,390
Haitian International Holdings, Ltd.		966,000		2,241,979
Want Want China Holdings, Ltd.		3,138,000		4,510,389
Wumart Stores, Inc. - Class H (a)		5,925,000		4,604,128
				144,002,847
Colombia—0.4%
Bancolombia S.A. (ADR)		121,896		7,045,589
Czech Republic—1.0%
Komercni Banka A/S (a)		72,567		16,691,594
Greece—0.7%
Diana Shipping, Inc. (b)		1,120,995		12,207,635
Hong Kong—9.6%
Ajisen China Holdings, Ltd. (a)		9,565,000		7,439,165
Hong Kong—(Continued)
Belle International Holdings, Ltd. (a)		12,568,000		13,943,545
China Mobile, Ltd.		1,730,000		16,795,181
Dairy Farm International Holdings, Ltd. (a)		938,100		10,006,295
First Pacific Co., Ltd.		14,586,650		16,412,635
Hang Lung Properties, Ltd.		5,095,000		15,714,685
Li & Fung, Ltd. (a)		21,554,000		31,979,752
Pacific Basin Shipping, Ltd.		2,137,373		1,329,178
Shangri-La Asia, Ltd.		2,832,000		4,453,079
Stella International Holdings, Ltd.		8,179,500		22,267,553
Techtronic Industries Co.		3,736,000		11,985,093
VTech Holdings, Ltd. (a)		773,100		10,286,034
				162,612,195
India—6.3%
CESC, Ltd.		1,580,770		18,559,763
Dabur India, Ltd.		7,107,078		22,105,963
Grasim Industries, Ltd.		46,425		2,642,303
Housing Development Finance Corp., Ltd. (b)		2,986,620		49,032,971
Reliance Industries, Ltd.		872,827		14,710,013
				107,051,013
Indonesia—0.8%
Mitra Adiperkasa Tbk PT		6,438,000		2,597,010
XL Axiata Tbk PT		27,789,500		11,953,296
				14,550,306
Japan—2.1%
GLORY, Ltd.		508,700		16,596,850
Inpex Corp.		1,232,400		18,768,684
				35,365,534
Malaysia—1.7%
Astro Malaysia Holdings Bhd		19,184,300		20,967,920
Top Glove Corp. Bhd		5,409,700		7,699,777
				28,667,697
Mexico—7.0%
America Movil S.A.B. de C.V. - Series L (ADR) (a)		478,531		9,929,518
Arca Continental S.A.B. de C.V. (a)		1,190,531		8,060,758
Bolsa Mexicana de Valores S.A.B. de C.V.		3,306,964		7,007,241
Cemex S.A.B. de C.V. (ADR) (b)		730,823		9,668,788
Compartamos S.A.B. de C.V. (a)		2,572,483		4,969,085
Concentradora Fibra Danhos S.A. de C.V.		4,108,565		11,074,615
Concentradora Fibra Hotelera Mexicana S.A. de C.V.		5,492,258		9,944,359
Genomma Lab Internacional S.A.B. de C.V. - Class B (a) (b)		3,386,470		9,175,197
Grupo Financiero Banorte S.A.B. de C.V. - Class O		1,224,885		8,759,767
Grupo Lala S.A.B. de C.V.		2,448,300		6,474,827
Grupo Mexico S.A.B. de C.V. - Series B (a)		4,235,092		14,131,663
Kimberly-Clark de Mexico S.A.B. de C.V. - Class A		1,769,798		4,966,921

See accompanying notes to financial statements.

MIST-5

Met Investors Series Trust

MFS Emerging Markets Equity Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Mexico—(Continued)
Macquarie Mexico Real Estate Management S.A. de C.V. (REIT) (b)		4,413,100	$	9,146,973
Promotora y Operadora de Infraestructura S.A.B. de C.V. (b)		397,735		5,306,506
				118,616,218
Panama—0.4%
Copa Holdings S.A. - Class A		46,453		6,622,804
Peru—1.0%
Credicorp, Ltd.		111,108		17,273,961
Philippines—1.4%
BDO Unibank, Inc.		11,297,310		24,200,028
Poland—0.5%
Orange Polska S.A. (a)		2,757,963		8,808,956
Russia—5.8%
Gazprom OAO (ADR)		73,896		644,004
Gazprom OAO (ADR) (b)		1,360,094		11,859,915
Magnit OJSC		85,366		22,261,744
Mobile Telesystems OJSC (ADR)		687,851		13,578,179
NovaTek OAO (GDR)		55,432		6,895,741
NovaTek OAO (GDR)		77,709		9,648,932
Sberbank of Russia (b)		10,009,977		24,896,044
TMK OAO (GDR)		854,497		8,283,879
				98,068,438
South Africa—5.4%
MTN Group, Ltd.		1,015,076		21,360,642
Naspers, Ltd. - N Shares		435,142		51,219,137
Woolworths Holdings, Ltd.		2,693,683		19,797,427
				92,377,206
South Korea—9.4%
E-Mart Co., Ltd. (a)		76,661		17,467,385
Kia Motors Corp.		842,274		47,146,037
LG Chem, Ltd.		47,499		13,922,220
NAVER Corp.		28,015		23,180,887
Samsung Electronics Co., Ltd.		31,764		41,532,453
Seoul Semiconductor Co., Ltd.		262,652		9,888,308
TK Corp. (a) (b)		464,097		7,407,036
				160,544,326
Taiwan—11.8%
Cathay Financial Holding Co., Ltd.		11,204,000		17,502,189
E.Sun Financial Holding Co., Ltd.		32,123,053		20,600,551
Hon Hai Precision Industry Co., Ltd.		4,967,736		16,635,161
MediaTek, Inc.		2,284,000		38,680,557
Siliconware Precision Industries Co.		16,070,000		26,450,094
Taiwan Semiconductor Manufacturing Co., Ltd.		19,288,842		81,256,273
				201,124,825
Security Description	Shares/ Principal Amount*		Value
Thailand—3.6%
Kasikornbank PCL		1,280,100		8,087,298
Kasikornbank PCL (NVDR) (a)		5,656,400		35,557,287
Minor International PCL		19,318,650		17,410,892
				61,055,477
Turkey—2.3%
Turkcell Iletisim Hizmetleri A/S (a) (b)		4,421,684		27,655,085
Turkiye Garanti Bankasi A/S		3,073,646		12,028,332
				39,683,417
United Arab Emirates—0.7%
Lamprell plc (a) (b)		4,215,328		11,217,280
United Kingdom—3.1%
SABMiller plc		523,964		30,357,144
Standard Chartered plc (a)		1,068,406		21,744,804
				52,101,948
United States—2.6%
Cognizant Technology Solutions Corp. - Class A (b)		911,234		44,568,455
Total Common Stocks (Cost $1,542,048,557)				1,693,500,021
Short-Term Investments—7.2%
Mutual Fund—7.0%
State Street Navigator Securities Lending MET Portfolio (c)		119,501,122		119,501,122
Repurchase Agreement—0.2%
Fixed Income Clearing Corp. Repurchase Agreement dated 06/30/14 at 0.000% to be repurchased at $3,528,218 on 07/01/14, collateralized by $3,580,000 U.S. Treasury Note at 0.625% due 07/15/16 with a value of $3,602,375.		3,528,218		3,528,218
Total Short-Term Investments (Cost $123,029,340)				123,029,340
Total Investments—106.8% (Cost $1,665,077,897) (d)				1,816,529,361
Other assets and liabilities (net)—(6.8)%				(115,536,521	)
Net Assets—100.0%			$	1,700,992,840

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

(a) All or a portion of the security was held on loan. As of June 30, 2014, the market value of securities loaned was $113,892,820 and the collateral received consisted of cash in the amount of $119,501,122. The cash collateral is invested in a money market fund managed by an affiliate of the custodian.

(b) Non-income producing security.

See accompanying notes to financial statements.

MIST-6

Met Investors Series Trust

MFS Emerging Markets Equity Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

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

(d) As of June 30, 2014, the aggregate cost of investments was $1,665,077,897. The aggregate unrealized appreciation and depreciation of investments were $229,379,471 and $(77,928,007), respectively, resulting in net unrealized appreciation of $151,451,464.

(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.

(NVDR)— Non-Voting Depository Receipts

(REIT)— Real Estate Investment Trust

Ten Largest Industries as of June 30, 2014 (Unaudited)	% of Net Assets
Banks		14.3
Semiconductors & Semiconductor Equipment		11.6
Oil, Gas & Consumable Fuels		7.0
Wireless Telecommunication Services		5.3
Automobiles		4.6
Media		4.3
Beverages		3.4
Food & Staples Retailing		3.2
Textiles, Apparel & Luxury Goods		3.2
Thrifts & Mortgage Finance		2.9

See accompanying notes to financial statements.

MIST-7

Met Investors Series Trust

MFS Emerging Markets Equity Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

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 June 30, 2014:

Description	Level 1		Level 2			Level 3		Total
Common Stocks
Australia	$	—	$	8,274,609		$	—	$	8,274,609
Brazil		204,105,839		—			—		204,105,839
Canada		9,944,593		—			—		9,944,593
Chile		6,717,231		—			—		6,717,231
China		11,357,982		132,644,865			—		144,002,847
Colombia		7,045,589		—			—		7,045,589
Czech Republic		—		16,691,594			—		16,691,594
Greece		12,207,635		—			—		12,207,635
Hong Kong		—		162,612,195			—		162,612,195
India		—		107,051,013			—		107,051,013
Indonesia		—		14,550,306			—		14,550,306
Japan		—		35,365,534			—		35,365,534
Malaysia		—		28,667,697			—		28,667,697
Mexico		118,616,218		—			—		118,616,218
Panama		6,622,804		—			—		6,622,804
Peru		17,273,961		—			—		17,273,961
Philippines		—		24,200,028			—		24,200,028
Poland		—		8,808,956			—		8,808,956
Russia		68,275,712		29,792,726			—		98,068,438
South Africa		—		92,377,206			—		92,377,206
South Korea		—		160,544,326			—		160,544,326
Taiwan		—		201,124,825			—		201,124,825
Thailand		17,410,892		43,644,585			—		61,055,477
Turkey		—		39,683,417			—		39,683,417
United Arab Emirates		—		11,217,280			—		11,217,280
United Kingdom		—		52,101,948			—		52,101,948
United States		44,568,455		—			—		44,568,455
Total Common Stocks		524,146,911		1,169,353,110			—		1,693,500,021
Short-Term Investments
Mutual Fund		119,501,122		—			—		119,501,122
Repurchase Agreement		—		3,528,218			—		3,528,218
Total Short-Term Investments		119,501,122		3,528,218			—		123,029,340
Total Investments	$	643,648,033	$	1,172,881,328		$	—	$	1,816,529,361
Collateral for securities loaned (Liability)	$	—	$	(119,501,122	)	$	—	$	(119,501,122	)

Transfers from Level 2 to Level 1 in the amount of $131,689,466 were due to the discontinuation of a systematic fair valuation model factor.

See accompanying notes to financial statements.

MIST-8

Met Investors Series Trust

MFS Emerging Markets Equity Portfolio

Statement of Assets and Liabilities

June 30, 2014 (Unaudited)

Assets
Investments at value (a) (b)	$	1,816,529,361
Cash denominated in foreign currencies (c)		3,175,892
Receivable for:
Investments sold		16,436,570
Fund shares sold		200,021
Dividends		3,482,588
Total Assets		1,839,824,432
Liabilities
Collateral for securities loaned		119,501,122
Payables for:
Investments purchased		12,425,563
Fund shares redeemed		1,816,195
Foreign taxes		3,070,801
Accrued expenses:
Management fees		1,180,622
Distribution and service fees		137,183
Deferred trustees’ fees		58,994
Other expenses		641,112
Total Liabilities		138,831,592
Net Assets	$	1,700,992,840
Net assets consist of:
Paid in surplus	$	1,669,625,522
Undistributed net investment income		6,371,667
Accumulated net realized loss		(123,337,217	)
Unrealized appreciation on investments and foreign currency transactions (d)		148,332,868
Net Assets	$	1,700,992,840
Net Assets
Class A	$	1,029,648,993
Class B		671,343,847
Capital Shares Outstanding*
Class A		95,597,643
Class B		62,829,843
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	10.77
Class B		10.69

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

(a) Identified cost of investments was $1,665,077,897.

(b) Includes securities loaned at value of $113,892,820.

(c) Identified cost of cash denominated in foreign currencies was $3,174,803.

(d) Includes foreign capital gains tax of $3,070,801

Statement of Operations

Six Months Ended June 30, 2014 (Unaudited)

Investment Income
Dividends (a)	$	19,458,091
Interest		6,237
Securities lending income		222,580
Total investment income		19,686,908
Expenses
Management fees		7,210,796
Administration fees		19,502
Custodian and accounting fees		1,032,585
Distribution and service fees—Class B		787,159
Audit and tax services		24,958
Legal		15,668
Trustees’ fees and expenses		22,085
Shareholder reporting		47,957
Insurance		5,178
Miscellaneous		19,020
Total expenses		9,184,908
Less management fee waiver		(123,972	)
Net expenses		9,060,936
Net Investment Income		10,625,972
Net Realized and Unrealized Gain (Loss)
Net realized loss on:
Investments (b)		(32,073,478	)
Foreign currency transactions		(41,230	)
Net realized loss		(32,114,708	)
Net change in unrealized appreciation (depreciation) on:
Investments (c)		101,528,416
Foreign currency transactions		(28,777	)
Net change in unrealized appreciation		101,499,639
Net realized and unrealized gain		69,384,931
Net Increase in Net Assets From Operations	$	80,010,903

(a) Net of foreign withholding taxes of $1,809,895.

(b) Net of foreign capital gains tax of $91,235.

(c) Includes change in foreign capital gains tax of $(2,520,592).

See accompanying notes to financial statements.

MIST-9

Met Investors Series Trust

MFS Emerging Markets Equity Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2014 (Unaudited)			Year Ended December 31, 2013
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	10,625,972		$	17,401,196
Net realized gain (loss)		(32,114,708	)		873,278
Net change in unrealized appreciation (depreciation)		101,499,639			(74,892,557	)
Increase (decrease) in net assets from operations		80,010,903			(56,618,083	)
From Distributions to Shareholders
Net investment income
Class A		(11,867,740	)		(12,814,992	)
Class B		(5,331,917	)		(6,808,230	)
Total distributions		(17,199,657	)		(19,623,222	)
Increase (decrease) in net assets from capital share transactions		(82,574,682	)		577,571,030
Total increase (decrease) in net assets		(19,763,436	)		501,329,725
Net Assets
Beginning of period		1,720,756,276			1,219,426,551
End of period	$	1,700,992,840		$	1,720,756,276
Undistributed net investment income
End of period	$	6,371,667		$	12,945,352

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2014 (Unaudited)						Year Ended December 31, 2013
	Shares			Value			Shares			Value
Class A
Sales		7,739,258		$	75,600,611			52,189,080		$	548,218,608
Reinvestments		1,173,862			11,867,740			1,238,163			12,814,992
Redemptions		(16,839,999	)		(170,880,766	)		(2,255,649	)		(23,672,218	)
Net increase (decrease)		(7,926,879	)	$	(83,412,415	)		51,171,594		$	537,361,382
Class B
Sales		5,700,726		$	56,290,670			11,637,181		$	119,528,234
Reinvestments		531,068			5,331,917			662,924			6,808,230
Redemptions		(6,019,023	)		(60,784,854	)		(8,283,539	)		(86,126,816	)
Net increase		212,771		$	837,733			4,016,566		$	40,209,648
Increase (decrease) derived from capital shares transactions				$	(82,574,682	)				$	577,571,030

See accompanying notes to financial statements.

MIST-10

Met Investors Series Trust

MFS Emerging Markets Equity Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2014 (Unaudited)			Year Ended December 31,
				2013			2012			2011			2010			2009
Net Asset Value, Beginning of Period	$	10.39		$	11.04		$	9.36		$	11.65		$	9.50		$	5.75
Income (Loss) from Investment Operations
Net investment income (a)		0.07			0.13			0.15			0.16			0.12			0.10
Net realized and unrealized gain (loss) on investments		0.42			(0.64	)		1.63			(2.28	)		2.15			3.79
Total from investment operations		0.49			(0.51	)		1.78			(2.12	)		2.27			3.89
Less Distributions
Distributions from net investment income		(0.11	)		(0.14	)		(0.10	)		(0.17	)		(0.12	)		(0.14	)
Total distributions		(0.11	)		(0.14	)		(0.10	)		(0.17	)		(0.12	)		(0.14	)
Net Asset Value, End of Period	$	10.77		$	10.39		$	11.04		$	9.36		$	11.65		$	9.50
Total Return (%) (b)		4.77	(c)		(4.61	)		19.10			(18.42	)		24.00			69.17
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		1.00	(d)		1.02			1.07			1.09			1.12			1.17
Net ratio of expenses to average net assets (%) (e)		0.99	(d)		1.01			1.07			1.09			1.12			1.17
Ratio of net investment income to average net assets (%)		1.35	(d)		1.28			1.50			1.50			1.19			1.39
Portfolio turnover rate (%)		27	(c)		33			29			40			35			92
Net assets, end of period (in millions)	$	1,029.6		$	1,075.9		$	578.1		$	473.5		$	596.0		$	419.7
	Class B
	Six Months Ended June 30, 2014 (Unaudited)			Year Ended December 31,
				2013			2012			2011			2010			2009
Net Asset Value, Beginning of Period	$	10.30		$	10.94		$	9.27		$	11.56		$	9.44		$	5.71
Income (Loss) from Investment Operations
Net investment income (a)		0.06			0.10			0.13			0.14			0.09			0.07
Net realized and unrealized gain (loss) on investments		0.41			(0.62	)		1.62			(2.28	)		2.13			3.79
Total from investment operations		0.47			(0.52	)		1.75			(2.14	)		2.22			3.86
Less Distributions
Distributions from net investment income		(0.08	)		(0.12	)		(0.08	)		(0.15	)		(0.10	)		(0.13	)
Total distributions		(0.08	)		(0.12	)		(0.08	)		(0.15	)		(0.10	)		(0.13	)
Net Asset Value, End of Period	$	10.69		$	10.30		$	10.94		$	9.27		$	11.56		$	9.44
Total Return (%) (b)		4.65	(c)		(4.80	)		18.90			(18.70	)		23.65			68.95
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		1.25	(d)		1.27			1.32			1.34			1.37			1.42
Net ratio of expenses to average net assets (%) (e)		1.24	(d)		1.26			1.32			1.34			1.37			1.42
Ratio of net investment income to average net assets (%)		1.13	(d)		0.95			1.25			1.30			0.90			0.94
Portfolio turnover rate (%)		27	(c)		33			29			40			35			92
Net assets, end of period (in millions)	$	671.3		$	644.8		$	641.3		$	544.3		$	576.5		$	340.7

(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) Periods less than one year are not computed on an annualized basis.

(d) Computed on an annualized basis.

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

See accompanying notes to financial statements.

MIST-11

Met Investors Series Trust

MFS Emerging Markets Equity Portfolio

Notes to Financial Statements—June 30, 2014 (Unaudited)

1. Organization

Met Investors Series Trust (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 currently offers forty-seven series, each of which operates as a distinct investment vehicle of the Trust. The portfolio included in this report is MFS Emerging Markets Equity 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 four classes of shares: Class A, B, C and E shares. Class A and B shares are currently offered by the Portfolio. 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 June 30, 2014 through the date the financial statements were issued.

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 (other than short term obligations with a remaining maturity of sixty days or less), 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 MetLife Advisers, LLC (“MetLife Advisers” or the “Adviser”), an affiliate of MetLife, Inc., pursuant to authorization of 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 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.

MIST-12

Met Investors Series Trust

MFS Emerging Markets Equity Portfolio

Notes to Financial Statements—June 30, 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, which 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 and futures contracts that are traded over-the-counter 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 has delegated the determination of the fair value of a security to a 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

MIST-13

Met Investors Series Trust

MFS Emerging Markets Equity Portfolio

Notes to Financial Statements—June 30, 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, foreign capital gain tax 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 June 30, 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 Master Repurchase Agreement 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 June 30, 2014, the Portfolio had investments in repurchase agreements with a gross value of $3,528,218, 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 June 30, 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. 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 at least equal to 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 six months ended June 30, 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 June 30, 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 June 30, 2014.

MIST-14

Met Investors Series Trust

MFS Emerging Markets Equity Portfolio

Notes to Financial Statements—June 30, 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 has agreed to 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; 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 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 addendums 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.

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2014 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	442,352,638	$	0	$	528,901,619

The Portfolio engaged in security transactions with other accounts managed by Massachusetts Financial Services Company that amounted to $397,246 in purchases and $7,046,216 in sales of investments, which are included above.

MIST-15

Met Investors Series Trust

MFS Emerging Markets Equity Portfolio

Notes to Financial Statements—June 30, 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 six months ended June 30, 2014	% per annum			Average Daily Net Assets
$7,210,796		1.050	%	First $250 million
		1.000	%	$250 million to $500 million
		0.850	%	$500 million to $1 billion
		0.750	%	Over $1 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 reduction	Average Daily Net Assets
0.050%	$500 million to $1 billion

An identical agreement was in place for the period April 29, 2013 through April 27, 2014. Amounts waived for the six months ended June 30, 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 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 Agreement and Plan - 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 Class B Shares. MIDC is a wholly-owned subsidiary of MetLife Investors Group, Inc., an affiliate of the Adviser. The Class B distribution plan provides that the Trust, on behalf of the Portfolio, may pay annually up to 0.50% of the average daily net assets of the Portfolio attributable to its Class B Shares with respect to activities primarily intended to result in the sale of Class B Shares. However, under the Class B distribution agreement, payments to the Distributor for activities pursuant to the Class B distribution plan are currently limited to payments at an annual rate equal to 0.25% of average daily net assets of the Portfolio attributable to its Class B Shares. Amounts incurred by the Portfolio for the six months ended June 30, 2014 are shown as Distribution and service fees in the Statement of Operations.

Under the terms of the Class B distribution plan and distribution agreement, the Portfolio is authorized to make payments monthly to the Distributor that may be used to pay or reimburse entities providing distribution and shareholder servicing with respect to the Class B Shares for such entities’ fees or expenses incurred.

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 Metropolitan Series Fund, 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.

MIST-16

Met Investors Series Trust

MFS Emerging Markets Equity Portfolio

Notes to Financial Statements—June 30, 2014—(Continued)

7. Income Tax Information

The tax character of distributions paid for the years ended December 31, 2013 and 2012 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2013	2012		2013		2012		2013		2012
$19,623,222	$	9,849,587	$	—	$	—	$	19,623,222	$	9,849,587

As of December 31, 2013, 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
$17,042,496	$	—	$	29,752,626	$	(78,185,166	)	$	(31,390,044	)

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, 2013, the Portfolio utilized capital loss carryforwards of $319,702.

As of December 31, 2013, the Portfolio had no post-enactment accumulated capital losses and the pre-enactment accumulated capital loss carryforwards expiring on December 31, 2017 were $78,185,166.

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 January 1, 2015, and interim periods within those fiscal years. Management is evaluating the impact, if any, of this guidance on the Portfolio’s financial statement disclosures.

MIST-17

Met Investors Series Trust

MFS Research International Portfolio

Managed by Massachusetts Financial Services Company

Portfolio Manager Commentary*

PERFORMANCE

For the six month period ended June 30, 2014, the Class A, B, and E shares of the MFS Research International Portfolio returned 2.99%, 2.85%, and 2.92%, respectively. The Portfolio’s benchmarks, the MSCI EAFE Index¹ and the MSCI AC World (ex-U.S.) Index², returned 4.78% and 5.56%, respectively.

MARKET ENVIRONMENT / CONDITIONS

Early in the period, markets were forced to contend with some unexpected weakness in the U.S. economy due largely to weather-related interruptions to hiring and spending plans and emerging market stresses due to imbalances and stagflationary conditions in certain emerging market countries. Equities and credit markets quickly found their footing and recovered all early-year declines, helped in part by the conclusion that there would be no major change in U.S. monetary policy as a result of the nomination of Janet Yellen as the new Fededral Reserve Chair for a term beginning in early 2014.

Toward the middle of the period, political instability in Ukraine briefly caused market jitters where tensions escalated following a change in government and Russia’s annexation of Crimea. Once again, the setback was short-lived as the economy regained its footing, helped in part by central bank stimulus notably by the European Central Bank. Also toward the end of the period, sectarian violence in Iraq and the potential threat to oil production and crude prices became a modest concern for investors, but not enough to cause any meaningful pull-back in the equity markets as the broad U.S. equity indexes traded near their all-time highs by the end of the period.

PORTFOLIO REVIEW / PERIOD END POSITIONING

Stock selection in the Financials sector was a primary detractor from performance relative to the MSCI EAFE Index. The Portfolio’s overweight positions in banking and financial services firm Sumitomo Mitsui Financial Group (Japan), real estate firm Mitsubishi Estate (Japan) and wealth management firm Julius Baer Holding (Switzerland) weakened relative results as all three stocks underperformed the index over the period.

Security selection in the Materials sector was another factor that negatively affected relative performance. Here, holdings of steel producer Gerdau (Brazil) and mining operator Rio Tinto (Australia) weighted on relative results.

Elsewhere, the Portfolio’s ownership of plant and facility service provider JGC (Japan), automobiles and motors manufacturer Honda Motor (Japan), automototive electornic part manufacturer Denso (Japan), South American McDonalds franchise operator Arcos Dorados Holdings (Argentina), and not holding integrated oil company Total (France) held back relative performance.

Stock selection in the Information Technology sector contributed to the Portfolio’s relative performance. Within the sector, the Portfolio’s holdings of strong-performing integrated circuit manufacturer MediaTek (Taiwan) boosted relative results.

Stocks in other sectors that benefited relative performance included overweight positions in pharmaceutical product and medical device maker Santen Pharmaceutical (Japan), pharmaceutical company Novartis (Switzerland), global energy and petrochemicals company Royal Dutch Shell (United Kingdom), hotel and restaurant operator Whitbread (United Kingdom), global sourcing and supply chain management company Li & Fung (Japan), and holdings of banking firm HDFC Bank (India) and commercial banking company Kasikornbank (Thailand). Additionally, the Portfolio’s avoidance of weak-performing technology investment firm SoftBank (Japan) and financial services firm Barclays (United Kingdom) supported relative performance.

The Portfolio employs a sector-neutral strategy that emphasizes bottom-up fundamental analysis. The focus is on high quality companies whose growth rates and fundamentals are not properly reflected in their valuation. Our sector-neutral approach relies on stock picking to drive alpha, therefore regional and industry allocation is strictly a by-product of where our analysts are finding attractive investment opportunities.

In Capital Goods, the Portfolio remained overweight Electricals with a focus on automation and specialty chemicals companies which were partly a play on consumer staple demand therefore maintaining our modest defensive bias. After starting a position in two emerging market names towards the latter part of 2013, we have chosen to remain on the sidelines with an eye towards adding to our exposure if weakness persists. At period end, the Portfolio was modestly underweight Autos, with a tilt towards suppliers and away from the manufacturers. Although mining capex continues to decline, the Portfolio remained overweight the mining equipment companies as we felt they were being over-discounted in the market. Lastly, we continue to believe that the Capital Goods sector may recover its premium rating to the market when and if confidence in emerging markets as the engine of global growth returns.

At period end, our focus in Consumer Cyclicals was on identifying those companies which offered the best risk-adjusted returns while also providing attractive valuations and a unique runway for growth in a fairly low-risk environment. We are not looking to buy high multiple names with lots of country risk for example, because we believe these companies amplify the risk without augmenting returns. To that end, the Portfolio sold out of the Latin American McDonalds franchise operator and redeployed those assets into a Canadian discount retailer.

At period end in Consumer Staples, we continued to believe that sentiment towards emerging markets will be the primary driver of returns for the sector. Growth in many of these names has been challenged and remained so through the first half of the year,

MIST-1

Met Investors Series Trust

MFS Research International Portfolio

Managed by Massachusetts Financial Services Company

Portfolio Manager Commentary*—(Continued)

however, we believe this may be coming to an end as the impact from currency depreciation on earnings dissipates. Sentiment on local currency growth rates for many of these companies has been negative, nevertheless, we believe growth can surprise to the upside as the year unfolds. We have observed the majority of the earnings downgrades and weakness in Consumer Staples has not been driven by lack of demand but instead by currency.

In Energy, oil prices remained neutral early in the period despite Russia’s actions in the Crimea. This changed somewhat later in the period on the back of unrest in Iraq. This upwards move faded quickly however, as concerns were checked before any disturbances to oil production were recorded. The possibility of heightened geopolitical tensions may put oil supply security in the spotlight, and support the energy sector relative to the market for a brief period, but history has tended to show that the ultimate outcome of such outbreaks tends to be deflationary, with oil price spikes having a negative impact on global growth. That said, at period end, we continued to look for names which can create value under our mid-cycle macro assumptions through advantaged assets and good capital allocation, without requiring macro or geopolitical volatility to support the investment case

At period end in Financial Services, we are seeking higher quality franchises, which reflect our analyst’s conviction while not taking on large regional or country exposure. Our bias towards high quality opportunities in the Financial Services sector has resulted in us missing the rally in some of the index heavyweights in peripheral Europe, specifically Spain. We could not justify the multiples at which these banks were trading, and believe expectations for return to growth are too optimistic. From a positioning standpoint, we continued to like non-credit related exposure and as such increased the Portfolio’s exposure to the insurance names during the period. The insurers look attractive because many of these companies have fortified their balance sheets, provide attractive dividend yields and give off special dividends from time to time.

We believe the starting point for investing in Telecoms is good regulation, it shapes the investment universe and competitive positioning, allowing us to identify where we believe we have valuation opportunities. During the period the Portfolio started a new position in a Russian telecom company. Valuation is compelling with an attractive dividend and regulation in Russia being fairly benign. We would like to be more exposed to Europe as regulators could potentially agree to consolidation allowing average revenue per user (ARPU) to stabilize. The issue is that many of the operators are trading at a premium to the market where they normally trade at a discount. In emerging markets we have shifted the Portfolio’s exposure to Eastern Europe and away from Latin America.

Jose Luis Garcia

Thomas Melendez

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 and 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 those of the subadvisory firm as of June 30, 2014 and 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 statements) 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 applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable annuity or insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

MIST-2

Met Investors Series Trust

MFS Research International Portfolio

A $10,000 INVESTMENT COMPARED TO THE MSCI EAFE INDEX & THE MSCI AC WORLD (EX-U.S.) INDEX

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2014

	6 Month		1 Year		5 Year		10 Year
MFS Research International Portfolio
Class A		2.99		18.94		12.14		7.77
Class B		2.85		18.59		11.86		7.50
Class E		2.92		18.70		11.95		7.61
MSCI EAFE Index		4.78		23.57		11.77		6.93
MSCI AC World (ex-U.S.) Index		5.56		21.75		11.11		7.75

¹ The MSCI Europe, Australasia and Far East Index (“MSCI EAFE Index”) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the US & Canada.

² The MSCI AC 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 B 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 JUNE 30, 2014

Top Holdings

	% of Net Assets
Royal Dutch Shell plc - A Shares		3.5
Novartis AG		3.4
Nestle S.A.		2.6
HSBC Holdings plc		2.5
Rio Tinto plc		2.1
Schneider Electric SE		1.9
Westpac Banking Corp.		1.9
GlaxoSmithKline plc		1.9
KDDI Corp.		1.9
Bayer AG		1.9

Top Countries

	% of Net Assets
United Kingdom		20.4
Japan		18.4
Switzerland		12.3
France		10.7
Germany		7.1
Hong Kong		4.7
Australia		3.7
Netherlands		3.6
United States		2.9
Sweden		2.5

MIST-3

Met Investors Series Trust

MFS Research International Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

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, January 1, 2014 through June 30, 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 Research International Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2014		Ending Account Value June 30, 2014		Expenses Paid During Period** January 1, 2014 to June 30, 2014
Class A(a)	Actual		0.69	%	$	1,000.00	$	1,029.90	$	3.47
	Hypothetical*		0.69	%	$	1,000.00	$	1,021.37	$	3.46
Class B(a)	Actual		0.94	%	$	1,000.00	$	1,028.50	$	4.73
	Hypothetical*		0.94	%	$	1,000.00	$	1,020.13	$	4.71
Class E(a)	Actual		0.84	%	$	1,000.00	$	1,029.20	$	4.23
	Hypothetical*		0.84	%	$	1,000.00	$	1,020.63	$	4.21

* 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 (181 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.

MIST-4

Met Investors Series Trust

MFS Research International Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Common Stocks—99.7% of Net Assets

Security Description	Shares		Value
Australia—3.7%
APA Group		1,387,486	$	9,013,181
Computershare, Ltd.		835,260		9,836,889
Iluka Resources, Ltd. (a)		1,993,802		15,300,329
Oil Search, Ltd.		780,051		7,115,971
Westpac Banking Corp.		1,379,333		44,102,927
				85,369,297
Austria—0.7%
Erste Group Bank AG (a)		508,867		16,461,792
Belgium—1.1%
KBC Groep NV (a) (b)		457,513		24,863,442
Brazil—2.0%
EDP - Energias do Brasil S.A.		953,182		4,680,708
Gerdau S.A. (ADR)		1,446,503		8,519,903
M Dias Branco S.A.		273,494		12,095,874
Odontoprev S.A.		1,320,319		5,676,864
Petroleo Brasileiro S.A. (ADR)		733,120		10,725,546
Telefonica Brasil S.A. (ADR)		251,526		5,158,798
				46,857,693
Canada—1.3%
Canadian Utilities, Ltd. - Class A (a)		254,718		9,548,494
Cenovus Energy, Inc.		246,991		8,006,578
Dollarama, Inc.		154,810		12,745,474
				30,300,546
Denmark—0.5%
TDC A/S		1,039,377		10,756,353
France—10.7%
BNP Paribas S.A.		439,295		29,805,862
Danone S.A.		513,628		38,120,273
Dassault Systemes S.A.		116,595		14,986,258
GDF Suez		802,760		22,071,939
L’Oreal S.A.		106,774		18,411,281
Legrand S.A.		132,544		8,102,687
LVMH Moet Hennessy Louis Vuitton S.A.		141,497		27,256,640
Pernod-Ricard S.A.		251,425		30,193,909
Schneider Electric SE		474,153		44,719,366
Technip S.A.		110,129		12,063,144
				245,731,359
Germany—7.1%
Bayer AG		307,561		43,442,502
Deutsche Wohnen AG		431,399		9,303,897
Infineon Technologies AG		1,054,650		13,184,119
Linde AG		181,657		38,630,983
ProSiebenSat.1 Media AG (a)		132,510		5,904,472
Siemens AG		304,352		40,197,156
Symrise AG		223,129		12,152,207
				162,815,336
Hong Kong—4.7%
AIA Group, Ltd.		6,489,228		32,697,083
China Resources Gas Group, Ltd.		3,194,424		10,042,649
Esprit Holdings, Ltd.		3,339,897		4,740,629
Hutchison Whampoa, Ltd.		1,548,431		21,161,700
Li & Fung, Ltd.		18,164,920		26,951,361
Sands China, Ltd.		1,811,707		13,732,183
				109,325,605
India—0.7%
HDFC Bank, Ltd. (ADR)		203,145		9,511,249
Reliance Industries, Ltd.		375,743		6,332,508
				15,843,757
Ireland—0.5%
Experian plc		746,609		12,609,945
Italy—1.0%
Telecom Italia S.p.A. - Risparmio Shares		9,354,620		9,230,959
UniCredit S.p.A.		1,727,971		14,472,923
				23,703,882
Japan—18.4%
AEON Financial Service Co., Ltd. (a)		448,199		11,743,592
Denso Corp.		791,670		37,857,122
Honda Motor Co., Ltd. (a)		1,018,531		35,628,541
Inpex Corp.		807,486		12,297,509
Japan Tobacco, Inc.		787,531		28,761,492
JGC Corp.		611,290		18,605,314
JSR Corp.		1,098,577		18,877,504
KDDI Corp.		712,360		43,545,339
Kobayashi Pharmaceutical Co., Ltd.		86,806		5,515,608
Mitsubishi Corp.		641,454		13,362,704
Mitsubishi UFJ Financial Group, Inc.		3,982,974		24,467,308
Mitsui Fudosan Co., Ltd.		525,000		17,753,766
Nippon Television Holdings, Inc.		739,085		12,839,678
Nomura Research Institute, Ltd.		339,384		10,706,336
Santen Pharmaceutical Co., Ltd.		577,809		32,543,357
Sony Financial Holdings, Inc.		494,944		8,457,790
Sumitomo Mitsui Financial Group, Inc.		753,382		31,634,655
Sundrug Co., Ltd.		268,770		11,980,647
Terumo Corp.		62,000		1,389,045
Tokyo Gas Co., Ltd.		3,137,963		18,356,618
Yamato Holdings Co., Ltd.		1,319,966		27,339,525
				423,663,450
Netherlands—3.6%
Akzo Nobel NV (a)		474,351		35,565,480
ING Groep NV (b)		2,132,117		29,915,992
Reed Elsevier NV		761,295		17,453,491
				82,934,963
Portugal—0.2%
Galp Energia SGPS S.A.		312,275		5,717,952

See accompanying notes to financial statements.

MIST-5

Met Investors Series Trust

MFS Research International Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Russia—0.6%
Mobile TeleSystems OJSC		902,877	$	8,025,839
Sberbank of Russia (ADR)		515,639		5,212,030
				13,237,869
Singapore—1.0%
DBS Group Holdings, Ltd.		1,749,979		23,463,141
South Korea—0.7%
Kia Motors Corp.		283,738		15,882,150
Spain—0.5%
Inditex S.A.		69,699		10,747,431
Sweden—2.5%
Atlas Copco AB - A Shares (a)		1,214,574		35,059,123
Telefonaktiebolaget LM Ericsson - B Shares		1,829,104		22,116,834
				57,175,957
Switzerland—12.3%
Julius Baer Group, Ltd. (b)		376,576		15,527,585
Nestle S.A.		767,563		59,473,050
Novartis AG		857,152		77,642,685
Roche Holding AG		71,550		21,350,628
Schindler Holding AG		162,278		24,654,699
Sonova Holding AG		90,984		13,887,742
UBS AG (b)		2,143,851		39,284,131
Zurich Insurance Group AG (b)		103,381		31,168,355
				282,988,875
Taiwan—2.0%
MediaTek, Inc.		1,592,845		26,975,539
Taiwan Semiconductor Manufacturing Co., Ltd.		4,362,468		18,377,355
				45,352,894
Thailand—0.4%
Kasikornbank PCL (NVDR)		1,606,842		10,100,937
Turkey—0.6%
Turkcell Iletisim Hizmetleri A/S (b)		2,151,254		13,454,854
United Kingdom—20.4%
BG Group plc		1,166,387		24,658,942
BT Group plc		1,566,149		10,303,532
Cairn Energy plc (b)		1,047,405		3,581,530
Centrica plc		2,512,971		13,434,744
Compass Group plc		1,013,312		17,689,204
GlaxoSmithKline plc		1,635,936		43,715,208
Hiscox, Ltd. (a)		873,256		10,577,170
HSBC Holdings plc		5,599,805		56,849,746
Intu Properties plc		1,372,277		7,307,600
Prudential plc		546,706		12,540,771
Reckitt Benckiser Group plc		272,007		23,721,088
Rio Tinto plc		909,380		49,068,915
Security Description	Shares/ Principal Amount*		Value
United Kingdom—(Continued)
Royal Bank of Scotland Group plc (b)		4,781,132		26,941,946
Royal Dutch Shell plc - A Shares		1,964,003		81,246,181
Standard Chartered plc		1,005,171		20,541,483
Vodafone Group plc		6,662,761		22,265,529
Whitbread plc		373,033		28,108,395
WPP plc		820,329		17,862,627
				470,414,611
United States—2.5%
Autoliv, Inc. (a)		215,268		22,943,263
Cognizant Technology Solutions Corp. - Class A (b)		333,393		16,306,252
Joy Global, Inc. (a)		302,178		18,608,121
				57,857,636
Total Common Stocks (Cost $1,900,973,350)				2,297,631,727
Short-Term Investments—4.4%
Mutual Fund—4.0%
State Street Navigator Securities Lending MET Portfolio (c)		91,324,977		91,324,977
Repurchase Agreement—0.4%
Fixed Income Clearing Corp. Repurchase Agreement dated 06/30/14 at 0.000% to be repurchased at $9,852,812 on 07/01/14, collateralized by $10,050,000 U.S. Treasury Floating Rate Note at 0.075% due 01/31/16 with a value of $10,050,000.		9,852,812		9,852,812
Total Short-Term Investments (Cost $101,177,789)				101,177,789
Total Investments—104.1% (Cost $2,002,151,139) (d)				2,398,809,516
Other assets and liabilities (net)—(4.1)%				(94,353,661	)
Net Assets—100.0%			$	2,304,455,855

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

(a) All or a portion of the security was held on loan. As of June 30, 2014, the market value of securities loaned was $88,238,221 and the collateral received consisted of cash in the amount of $91,324,977. 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.

(d) As of June 30, 2014, the aggregate cost of investments was $2,002,151,139. The aggregate unrealized appreciation and depreciation of investments were $454,308,405 and $(57,650,028), respectively, resulting in net unrealized appreciation of $396,658,377.

See accompanying notes to financial statements.

MIST-6

Met Investors Series Trust

MFS Research International Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

(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.

(NVDR)— Non-Voting Depository Receipts

Ten Largest Industries as of June 30, 2014 (Unaudited)	% of Net Assets
Banks		14.7
Pharmaceuticals		9.5
Oil, Gas & Consumable Fuels		6.9
Food Products		4.7
Chemicals		4.6
Insurance		4.1
Wireless Telecommunication Services		3.8
Machinery		3.4
Metals & Mining		3.2
Industrial Conglomerates		2.7

See accompanying notes to financial statements.

MIST-7

Met Investors Series Trust

MFS Research International Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

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 June 30, 2014:

Description	Level 1		Level 2			Level 3		Total
Common Stocks
Australia	$	—	$	85,369,297		$	—	$	85,369,297
Austria		—		16,461,792			—		16,461,792
Belgium		—		24,863,442			—		24,863,442
Brazil		46,857,693		—			—		46,857,693
Canada		30,300,546		—			—		30,300,546
Denmark		—		10,756,353			—		10,756,353
France		—		245,731,359			—		245,731,359
Germany		—		162,815,336			—		162,815,336
Hong Kong		—		109,325,605			—		109,325,605
India		9,511,249		6,332,508			—		15,843,757
Ireland		—		12,609,945			—		12,609,945
Italy		—		23,703,882			—		23,703,882
Japan		—		423,663,450			—		423,663,450
Netherlands		—		82,934,963			—		82,934,963
Portugal		—		5,717,952			—		5,717,952
Russia		—		13,237,869			—		13,237,869
Singapore		—		23,463,141			—		23,463,141
South Korea		—		15,882,150			—		15,882,150
Spain		—		10,747,431			—		10,747,431
Sweden		—		57,175,957			—		57,175,957
Switzerland		—		282,988,875			—		282,988,875
Taiwan		—		45,352,894			—		45,352,894
Thailand		—		10,100,937			—		10,100,937
Turkey		—		13,454,854			—		13,454,854
United Kingdom		—		470,414,611			—		470,414,611
United States		57,857,636		—			—		57,857,636
Total Common Stocks		144,527,124		2,153,104,603			—		2,297,631,727
Short-Term Investments
Mutual Fund		91,324,977		—			—		91,324,977
Repurchase Agreement		—		9,852,812			—		9,852,812
Total Short-Term Investments		91,324,977		9,852,812			—		101,177,789
Total Investments	$	235,852,101	$	2,162,957,415		$	—	$	2,398,809,516
Collateral for securities loaned (Liability)	$	—	$	(91,324,977	)	$	—	$	(91,324,977	)

Transfers from Level 2 to Level 1 in the amount of $30,750,677 were due to the discontinuation of a systematic fair valuation model factor.

See accompanying notes to financial statements.

MIST-8

Met Investors Series Trust

MFS Research International Portfolio

Statement of Assets and Liabilities

June 30, 2014 (Unaudited)

Assets
Investments at value (a) (b)	$	2,398,809,516
Cash denominated in foreign currencies (c)		945,455
Receivable for:
Investments sold		4,687,635
Fund shares sold		117,224
Dividends		8,602,808
Total Assets		2,413,162,638
Liabilities
Collateral for securities loaned		91,324,977
Payables for:
Investments purchased		13,770,254
Fund shares redeemed		1,712,207
Accrued expenses:
Management fees		1,191,155
Distribution and service fees		169,044
Deferred trustees’ fees		58,994
Other expenses		480,152
Total Liabilities		108,706,783
Net Assets	$	2,304,455,855
Net assets consist of:
Paid in surplus	$	2,127,080,580
Undistributed net investment income		44,271,990
Accumulated net realized loss		(263,691,790	)
Unrealized appreciation on investments and foreign currency transactions		396,795,075
Net Assets	$	2,304,455,855
Net Assets
Class A	$	1,482,671,124
Class B		810,680,560
Class E		11,104,171
Capital Shares Outstanding*
Class A		122,866,214
Class B		67,726,058
Class E		923,360
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	12.07
Class B		11.97
Class E		12.03

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

(a) Identified cost of investments was $2,002,151,139.

(b) Includes securities loaned at value of $88,238,221.

(c) Identified cost of cash denominated in foreign currencies was $944,639.

Statement of Operations

Six Months Ended June 30, 2014 (Unaudited)

Investment Income
Dividends (a)	$	61,526,015
Securities lending income		1,091,540
Total investment income		62,617,555
Expenses
Management fees		8,314,959
Administration fees		28,086
Custodian and accounting fees		605,085
Distribution and service fees—Class B		998,118
Distribution and service fees—Class E		8,233
Audit and tax services		24,941
Legal		15,668
Trustees’ fees and expenses		22,085
Shareholder reporting		81,398
Insurance		7,653
Miscellaneous		19,499
Total expenses		10,125,725
Less management fee waiver		(768,076	)
Net expenses		9,357,649
Net Investment Income		53,259,906
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments (b)		115,577,824
Futures contracts		(176,705	)
Foreign currency transactions		193,637
Net realized gain		115,594,756
Net change in unrealized appreciation (depreciation) on:
Investments		(102,840,184	)
Foreign currency transactions		28,845
Net change in unrealized depreciation		(102,811,339	)
Net realized and unrealized gain		12,783,417
Net Increase in Net Assets From Operations	$	66,043,323

(a) Net of foreign withholding taxes of $4,133,436.

(b) Net of foreign capital gains tax of $6,518.

See accompanying notes to financial statements.

MIST-9

Met Investors Series Trust

MFS Research International Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2014 (Unaudited)			Year Ended December 31, 2013
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	53,259,906		$	50,083,881
Net realized gain		115,594,756			187,148,477
Net change in unrealized appreciation (depreciation)		(102,811,339	)		212,438,924
Increase in net assets from operations		66,043,323			449,671,282
From Distributions to Shareholders
Net investment income
Class A		(41,393,345	)		(44,608,151	)
Class B		(17,466,175	)		(20,387,657	)
Class E		(246,156	)		(305,107	)
Total distributions		(59,105,676	)		(65,300,915	)
Decrease in net assets from capital share transactions		(272,044,518	)		(401,376,154	)
Total decrease in net assets		(265,106,871	)		(17,005,787	)
Net Assets
Beginning of period		2,569,562,726			2,586,568,513
End of period	$	2,304,455,855		$	2,569,562,726
Undistributed net investment income
End of period	$	44,271,990		$	50,117,760

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2014 (Unaudited)						Year Ended December 31, 2013
	Shares			Value			Shares			Value
Class A
Sales		4,091,978		$	47,799,844			12,376,143		$	134,933,713
Reinvestments		3,590,056			41,393,345			4,301,654			44,608,151
Redemptions		(29,168,210	)		(341,690,760	)		(46,440,369	)		(509,482,802	)
Net decrease		(21,486,176	)	$	(252,497,571	)		(29,762,572	)	$	(329,940,938	)
Class B
Sales		1,702,724		$	19,952,758			4,666,911		$	50,934,808
Reinvestments		1,525,430			17,466,175			1,981,308			20,387,657
Redemptions		(4,809,672	)		(56,414,189	)		(12,899,858	)		(141,028,101	)
Net decrease		(1,581,518	)	$	(18,995,256	)		(6,251,639	)	$	(69,705,636	)
Class E
Sales		20,743		$	245,186			30,536		$	339,355
Reinvestments		21,405			246,156			29,507			305,107
Redemptions		(89,029	)		(1,043,033	)		(217,118	)		(2,374,042	)
Net decrease		(46,881	)	$	(551,691	)		(157,075	)	$	(1,729,580	)
Decrease derived from capital shares transactions				$	(272,044,518	)				$	(401,376,154	)

See accompanying notes to financial statements.

MIST-10

Met Investors Series Trust

MFS Research International Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2014 (Unaudited)			Year Ended December 31,
				2013			2012			2011			2010			2009
Net Asset Value, Beginning of Period	$	12.01		$	10.34		$	9.03		$	10.28		$	9.38		$	7.41
Income (Loss) from Investment Operations
Net investment income (a)		0.26			0.23			0.25			0.22			0.18			0.17
Net realized and unrealized gain (loss) on investments		0.09			1.75			1.27			(1.26	)		0.90			2.07
Total from investment operations		0.35			1.98			1.52			(1.04	)		1.08			2.24
Less Distributions
Distributions from net investment income		(0.29	)		(0.31	)		(0.21	)		(0.21	)		(0.18	)		(0.27	)
Total distributions		(0.29	)		(0.31	)		(0.21	)		(0.21	)		(0.18	)		(0.27	)
Net Asset Value, End of Period	$	12.07		$	12.01		$	10.34		$	9.03		$	10.28		$	9.38
Total Return (%) (b)		2.99	(c)		19.58			16.97			(10.44	)		11.65			31.93
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.75	(d)		0.75			0.75			0.77			0.78			0.81
Net ratio of expenses to average net assets (%) (e)		0.69	(d)		0.70			0.70			0.73			0.75			0.80
Ratio of net investment income to average net assets (%)		4.47	(d)		2.08			2.59			2.24			1.91			2.20
Portfolio turnover rate (%)		15	(c)		34			36			39			50			72
Net assets, end of period (in millions)	$	1,482.7		$	1,733.3		$	1,800.5		$	1,804.3		$	1,707.5		$	1,049.1
	Class B
	Six Months Ended June 30, 2014 (Unaudited)			Year Ended December 31,
				2013			2012			2011			2010			2009
Net Asset Value, Beginning of Period	$	11.90		$	10.25		$	8.95		$	10.20		$	9.31		$	7.35
Income (Loss) from Investment Operations
Net investment income (a)		0.24			0.20			0.22			0.20			0.15			0.15
Net realized and unrealized gain (loss) on investments		0.09			1.73			1.26			(1.26	)		0.90			2.06
Total from investment operations		0.33			1.93			1.48			(1.06	)		1.05			2.21
Less Distributions
Distributions from net investment income		(0.26	)		(0.28	)		(0.18	)		(0.19	)		(0.16	)		(0.25	)
Total distributions		(0.26	)		(0.28	)		(0.18	)		(0.19	)		(0.16	)		(0.25	)
Net Asset Value, End of Period	$	11.97		$	11.90		$	10.25		$	8.95		$	10.20		$	9.31
Total Return (%) (b)		2.85	(c)		19.26			16.71			(10.71	)		11.40			31.57
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		1.00	(d)		1.00			1.00			1.02			1.03			1.06
Net ratio of expenses to average net assets (%) (e)		0.94	(d)		0.95			0.95			0.98			1.00			1.05
Ratio of net investment income to average net assets (%)		4.21	(d)		1.81			2.29			2.02			1.65			1.93
Portfolio turnover rate (%)		15	(c)		34			36			39			50			72
Net assets, end of period (in millions)	$	810.7		$	824.6		$	774.5		$	720.7		$	775.8		$	712.9

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

MIST-11

Met Investors Series Trust

MFS Research International Portfolio

Financial Highlights

Selected per share data
	Class E
	Six Months Ended June 30, 2014 (Unaudited)			Year Ended December 31,
				2013			2012			2011			2010			2009
Net Asset Value, Beginning of Period	$	11.96		$	10.30		$	8.99		$	10.24		$	9.34		$	7.37
Income (Loss) from Investment Operations
Net investment income (a)		0.25			0.21			0.23			0.21			0.16			0.16
Net realized and unrealized gain (loss) on investments		0.09			1.74			1.27			(1.27	)		0.90			2.06
Total from investment operations		0.34			1.95			1.50			(1.06	)		1.06			2.22
Less Distributions
Distributions from net investment income		(0.27	)		(0.29	)		(0.19	)		(0.19	)		(0.16	)		(0.25	)
Total distributions		(0.27	)		(0.29	)		(0.19	)		(0.19	)		(0.16	)		(0.25	)
Net Asset Value, End of Period	$	12.03		$	11.96		$	10.30		$	8.99		$	10.24		$	9.34
Total Return (%) (b)		2.92	(c)		19.36			16.83			(10.62	)		11.54			31.74
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.90	(d)		0.90			0.90			0.92			0.93			0.96
Net ratio of expenses to average net assets (%) (e)		0.84	(d)		0.85			0.85			0.88			0.90			0.95
Ratio of net investment income to average net assets (%)		4.30	(d)		1.92			2.42			2.14			1.79			2.07
Portfolio turnover rate (%)		15	(c)		34			36			39			50			72
Net assets, end of period (in millions)	$	11.1		$	11.6		$	11.6		$	12.3		$	17.4		$	19.4

(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) Periods less than one year are not computed on an annualized basis.

(d) Computed on an annualized basis.

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

See accompanying notes to financial statements.

MIST-12

Met Investors Series Trust

MFS Research International Portfolio

Notes to Financial Statements—June 30, 2014 (Unaudited)

1. Organization

Met Investors Series Trust (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 currently offers forty-seven series, each of which operates as a distinct investment vehicle of the Trust. The portfolio included in this report is MFS Research International 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 four classes of shares: Class A, B, C and E shares. Class A, B and E shares are currently offered by the Portfolio. 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 June 30, 2014 through the date the financial statements were issued.

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 (other than short term obligations with a remaining maturity of sixty days or less), 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 MetLife Advisers, LLC (“MetLife Advisers” or the “Adviser”), an affiliate of MetLife, Inc., pursuant to authorization of 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 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.

MIST-13

Met Investors Series Trust

MFS Research International Portfolio

Notes to Financial Statements—June 30, 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, which 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 and futures contracts that are traded over-the-counter 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 has delegated the determination of the fair value of a security to a 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

MIST-14

Met Investors Series Trust

MFS Research International Portfolio

Notes to Financial Statements—June 30, 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, foreign capital gain tax 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 June 30, 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 Master Repurchase Agreement 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 June 30, 2014, the Portfolio had investments in repurchase agreements with a gross value of $9,852,812, 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 June 30, 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. 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 at least equal to 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 six months ended June 30, 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 June 30, 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 June 30, 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 has agreed to indemnify the Portfolio in the case of default of any securities borrower.

MIST-15

Met Investors Series Trust

MFS Research International Portfolio

Notes to Financial Statements—June 30, 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. Futures contracts are exchange-traded and 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 six months ended June 30, 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 $194,376,496 in equity index futures contracts. At June 30, 2014, the Portfolio did not have any open futures contracts. For the six months ended June 30, 2014, the Portfolio had realized losses in the amount of $176,705 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; 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 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 over-the-counter traded derivatives (e.g., forward foreign currency exchange contracts, swap agreements and over-the-counter 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

MIST-16

Met Investors Series Trust

MFS Research International Portfolio

Notes to Financial Statements—June 30, 2014—(Continued)

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 addendums 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 six months ended June 30, 2014 were as follows:

Purchases				Sales
U.S. Government		Non U.S. Government		U.S. Government		Non U.S. Government
$	0	$	369,324,937	$	0	$	636,075,746

The Portfolio engaged in security transactions with other accounts managed by Massachusetts Financial Services Company that amounted to $8,146,165 in purchases and $441,489 in sales of investments, which are included above.

During the six months ended June 30, 2014, the Portfolio engaged in security transactions with other affiliated portfolios. These amounted to $61,653,489 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 six months ended June 30, 2014	% per annum			Average Daily Net Assets
$8,314,959		0.800	%	First $200 million
		0.750	%	$200 million to $500 million
		0.700	%	$500 million to $1 billion
		0.650	%	Over $1 billion

MIST-17

Met Investors Series Trust

MFS Research International Portfolio

Notes to Financial Statements—June 30, 2014—(Continued)

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 reduction	Average Daily Net Assets
0.100%	First $200 million
0.050%	$200 million to $500 million
0.050%	$500 million to $1 billion
0.100%	Over $1.5 billion

An identical agreement was in place for the period December 1, 2013 through April 27, 2014. Amounts waived for the six months ended June 30, 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 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 Agreements and Plans - The Trust has distribution agreements with MetLife Investors Distribution Company (“MIDC” or the “Distributor”) in which MIDC serves as the distributor for the Portfolio’s Class A, Class B and Class E Shares. MIDC is a wholly-owned subsidiary of MetLife Investors Group, Inc., an affiliate of the Adviser. The Class B and Class E distribution plans provide that the Trust, on behalf of the Portfolio, may pay annually up to 0.50% and 0.25%, respectively, of the average daily net assets of the Portfolio attributable to its Class B and Class E Shares with respect to activities primarily intended to result in the sale of Class B and Class E Shares. However, under the Class B and Class E distribution agreements, payments to the Distributor for activities pursuant to the Class B and Class E distribution plans are currently limited to payments at an annual rate equal to 0.25% and 0.15% of average daily net assets of the Portfolio attributable to its Class B and Class E Shares, respectively. Amounts incurred by the Portfolio for the six months ended June 30, 2014 are shown as Distribution and service fees in the Statement of Operations.

Under the terms of the Class B and Class E distribution plans and distribution agreements, the Portfolio is authorized to make payments monthly to the Distributor that may be used to pay or reimburse entities providing distribution and shareholder servicing with respect to the Class B and Class E Shares for such entities’ fees or expenses incurred.

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 Metropolitan Series Fund, 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, 2013 and 2012 were as follows:

Ordinary Income				Long-Term Capital Gain				Total
2013		2012		2013		2012		2013		2012
$	65,300,915	$	57,221,697	$	—	$	—	$	65,300,915	$	57,221,697

MIST-18

Met Investors Series Trust

MFS Research International Portfolio

Notes to Financial Statements—June 30, 2014—(Continued)

As of December 31, 2013, 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
$	58,933,554	$	—	$	454,871,604	$	(343,313,647	)	$	170,491,511

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, 2013, the Portfolio utilized capital loss carryforwards $170,238,142.

As of December 31, 2013, the pre-enactment accumulated capital loss carryforwards and expiration dates were as follows:

Expiring 12/31/2016		Expiring 12/31/2017		Expiring 12/31/2018		Total
$	151,249,713	$	169,884,123	$	22,179,811	$	343,313,647

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 January 1, 2015, and interim periods within those fiscal years. Management is evaluating the impact, if any, of this guidance on the Portfolio’s financial statement disclosures.

MIST-19

Met Investors Series Trust

Morgan Stanley Mid Cap Growth Portfolio

Managed by Morgan Stanley Investment Management Inc.

Portfolio Manager Commentary*

PERFORMANCE

For the six month period ended June 30, 2014, the Class A, B, and E shares of the Morgan Stanley Mid Cap Growth Portfolio returned 0.73%, 0.57%, and 0.63%, respectively. The Portfolio’s benchmark, the Russell Midcap Growth Index¹, returned 6.51%.

MARKET ENVIRONMENT / CONDITIONS

Stocks gained in the six month period ended June 30, 2014, but the market environment was quite choppy. The harsh winter dampened economic activity and job growth in the first few months of the year. Increasing tensions between Russia and Ukraine prompted concerns about potential energy supply disruptions and the potential impact on Europe’s recovery. Investors also worried about how soon the Federal Reserve (the “Fed”) might begin raising interest rates. However, many of these uncertainties eased later in the period. Improving economic data in the spring pointed to a likely reacceleration of the U.S. economy in the second quarter. Investor confidence was also bolstered by assurances from the Fed that it could keep rates low “for a considerable time” after its bond buying stimulus program winds down.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Portfolio’s relative underperformance was mainly due to the Information Technology (“IT”) sector. Both stock selection and an overweight to the sector dampened relative performance. Cyber security services provider FireEye was the largest detractor within in the sector and the Portfolio overall. The stock declined in March and April amid a general sell-off in high-growth, high-valuation stocks. Its stock price saw another drop in May, when shares were pressured by the expiration of the lock-up period (which restricts certain insiders from selling shares within a certain time period following an initial public offering). We added to the position opportunistically, as we continued to believe FireEye is a leading next-generation security vendor with a disruptive technology and a large addressable market.

Another IT holding, global communication platform Twitter, was the third greatest detractor across the Portfolio during the period. In February, the company reported a mixed quarter, characterized by better-than-expected monetization but slower-than-expected monthly active user growth. A post-IPO lock-up expiration in May further pressured the shares. While we continued to closely monitor the company’s user growth profile, we remained attracted to Twitter because it has built a leading micro-blogging platform that has aggregated over 200 million users globally that are highly engaged and provide content at no cost. We believe the company benefits from network effect competitive advantages that should allow it to continue expanding its user base in both developed and developing markets, and monetize user engagement through different advertising solutions.

Russian internet search leader Yandex (not represented in the Index) was another weak performer in the IT sector and the fourth largest detractor across the Portfolio. The company’s reported results came in light of very high expectations, which led the shares to sell off in February. In March, the shares were further pressured by generally escalating political risk in Russia. We eliminated the position in Yandex in April due to the escalating political risk and in the context of other investments under consideration which we believed offered a superior risk/reward profile. Stock selection in the Consumer Discretionary sector was another relative laggard, with weakness from a holding in daily deals and local advertising leader Groupon. Groupon was the second largest detractor across the Portfolio during the period. The company reported disappointing results, characterized by slowing growth in its North American business. In February, Groupon also announced a senior executive was leaving the company, which contributed to share price volatility. The March-April sell-off in high-growth stocks also put downward pressure on Groupon shares.

An underweight position in the Energy sector was disadvantageous as well, as the sector was among the best-performing groups in the Index during the period.

However, the Health Care sector added to relative performance. A holding in genome sequencing tools developer Illumina was the leading contributor both in the sector and in the Portfolio overall.

Stock selection in the Consumer Staples sector also contributed marginally. Specialty coffee company Keurig Green Mountain added the most performance within the sector.

There were no material changes to the Portfolio’s positioning or our bottom-up investment process during the period. We continued to look for high-quality growth companies that we believe have these attributes: sustainable competitive advantages, above-average business visibility, rising return on invested capital, strong free cash flow generation and a favorable risk/reward profile. We find these companies through intense fundamental research. Our emphasis is on secular growth, and as a result short-term market events are not as meaningful in the stock selection process.

At the end of the period, the Portfolio’s largest sector weights were Information Technology, Consumer Discretionary and Health Care. The smallest sectors in the Portfolio were Energy, Consumer Staples and Materials.

Dennis P. Lynch

David S. Cohen

Sam G. Chainani

Alexander T. Norton

Jason C. Yeung

Armistead Nash

Portfolio Managers

Morgan Stanley Investment Management Inc.

MIST-1

Met Investors Series Trust

Morgan Stanley Mid Cap Growth Portfolio

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

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2014

	6 Month		1 Year		5 Year		10 Year		Since Inception2
Morgan Stanley Mid Cap Growth Portfolio
Class A		0.73		21.70		19.35		9.40		—
Class B		0.57		21.44		19.05		9.12		—
Class E		0.63		21.57		—		—		13.82
Russell Midcap Growth Index		6.51		26.04		21.16		9.83		—

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 higher forecasted growth values.

² Inception dates of the Class A, Class B and Class E shares are 5/1/2001, 2/12/2001 and 4/27/2010, 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 B 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 JUNE 30, 2014

Top Holdings

	% of Net Assets
Illumina, Inc.		6.0
Twitter, Inc.		3.9
Intuitive Surgical, Inc.		3.6
Tesla Motors, Inc.		3.6
LinkedIn Corp. - Class A		3.5
Mead Johnson Nutrition Co.		3.2
Solera Holdings, Inc.		3.0
Workday, Inc. - Class A		2.9
athenahealth, Inc.		2.8
IHS, Inc. - Class A		2.7

Top Sectors

	% of Net Assets
Information Technology		34.8
Consumer Discretionary		18.0
Health Care		17.6
Industrials		13.9
Financials		6.4
Consumer Staples		6.3
Energy		1.0
Materials		1.0

MIST-2

Met Investors Series Trust

Morgan Stanley Mid Cap Growth Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

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, January 1, 2014 through June 30, 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.

Morgan Stanley Mid Cap Growth Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2014		Ending Account Value June 30, 2014		Expenses Paid During Period** January 1, 2014 to June 30, 2014
Class A(a)	Actual		0.68	%	$	1,000.00	$	1,007.30	$	3.38
	Hypothetical*		0.68	%	$	1,000.00	$	1,021.42	$	3.41
Class B(a)	Actual		0.93	%	$	1,000.00	$	1,005.70	$	4.62
	Hypothetical*		0.93	%	$	1,000.00	$	1,020.18	$	4.66
Class E(a)	Actual		0.83	%	$	1,000.00	$	1,006.30	$	4.13
	Hypothetical*		0.83	%	$	1,000.00	$	1,020.68	$	4.16

* 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 (181 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.

MIST-3

Met Investors Series Trust

Morgan Stanley Mid Cap Growth Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Common Stocks—96.6% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—2.1%
TransDigm Group, Inc.		159,965	$	26,755,746
Automobiles—3.6%
Tesla Motors, Inc. (a) (b)		191,592		45,993,576
Biotechnology—1.5%
Alnylam Pharmaceuticals, Inc. (a) (b)		59,574		3,763,289
Intercept Pharmaceuticals, Inc. (a)		5,520		1,306,198
Ironwood Pharmaceuticals, Inc. (a) (b)		586,149		8,985,664
Pharmacyclics, Inc. (a) (b)		29,828		2,675,870
Seattle Genetics, Inc. (a) (b)		73,920		2,827,440
				19,558,461
Commercial Services & Supplies—3.7%
Edenred		1,122,875		34,024,188
Stericycle, Inc. (a)		113,048		13,387,144
				47,411,332
Communications Equipment—2.9%
Motorola Solutions, Inc.		433,661		28,868,813
Palo Alto Networks, Inc. (a) (b)		100,913		8,461,555
				37,330,368
Diversified Financial Services—2.5%
MSCI, Inc. (a)		690,964		31,680,699
Electrical Equipment—0.5%
SolarCity Corp. (a) (b)		84,578		5,971,207
Food Products—6.3%
Keurig Green Mountain, Inc. (b)		106,152		13,227,601
McCormick & Co., Inc.		366,805		26,259,570
Mead Johnson Nutrition Co.		439,173		40,917,748
				80,404,919
Health Care Equipment & Supplies—3.6%
Intuitive Surgical, Inc. (a)		112,604		46,370,327
Health Care Providers & Services—0.9%
Qualicorp S.A. (a)		1,016,926		12,012,568
Health Care Technology—2.8%
athenahealth, Inc. (a) (b)		286,399		35,837,107
Hotels, Restaurants & Leisure—2.9%
Dunkin’ Brands Group, Inc.		262,074		12,005,610
Panera Bread Co. - Class A (a) (b)		161,560		24,206,535
				36,212,145
Insurance—3.9%
Arch Capital Group, Ltd. (a)		429,686		24,681,164
Progressive Corp. (The)		966,954		24,521,953
				49,203,117
Internet & Catalog Retail—4.0%
ASOS plc (a)		75,568		3,819,384
Ctrip.com International, Ltd. (ADR) (a)		213,636		13,681,249
Groupon, Inc. (a) (b)		994,636		6,584,490
TripAdvisor, Inc. (a)		117,530		12,770,810
zulily, Inc. - Class A (a) (b)		341,161		13,970,543
				50,826,476
Internet Software & Services—11.9%
Dropbox, Inc. (a) (c) (d)		460,161		8,471,564
LinkedIn Corp. - Class A (a)		263,123		45,117,701
MercadoLibre, Inc. (b)		67,164		6,407,446
Pandora Media, Inc. (a) (b)		503,959		14,866,790
Qihoo 360 Technology Co., Ltd. (ADR) (a)		140,042		12,889,466
Twitter, Inc. (a)		1,211,519		49,635,933
Youku Tudou, Inc. (ADR) (a) (b)		584,657		13,949,916
				151,338,816
IT Services—4.7%
FleetCor Technologies, Inc. (a)		235,994		31,104,009
Gartner, Inc. (a)		409,933		28,908,475
				60,012,484
Life Sciences Tools & Services—6.0%
Illumina, Inc. (a) (b)		428,705		76,540,991
Machinery—2.3%
Colfax Corp. (a)		397,997		29,666,696
Media—1.0%
Aimia, Inc.		699,439		12,244,525
Multiline Retail—2.2%
Dollar Tree, Inc. (a)		517,591		28,188,006
Oil, Gas & Consumable Fuels—1.0%
Range Resources Corp.		149,232		12,975,722
Pharmaceuticals—2.6%
Endo International plc (a)		471,489		33,013,660
Professional Services—5.3%
IHS, Inc. - Class A (a)		255,593		34,676,302
Verisk Analytics, Inc. - Class A (a)		538,085		32,295,862
				66,972,164
Software—13.2%
FireEye, Inc. (a) (b)		641,216		26,001,309
NetSuite, Inc. (a) (b)		112,536		9,777,128
ServiceNow, Inc. (a) (b)		245,045		15,182,988
Solera Holdings, Inc.		567,429		38,102,857
Splunk, Inc. (a)		611,662		33,843,259
Tableau Software, Inc. - Class A (a) (b)		34,779		2,480,786
Workday, Inc. - Class A (a) (b)		413,741		37,178,766
Zynga, Inc. - Class A (a)		1,506,873		4,837,062
				167,404,155

See accompanying notes to financial statements.

MIST-4

Met Investors Series Trust

Morgan Stanley Mid Cap Growth Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares/ Notional Amount		Value
Technology Hardware, Storage & Peripherals—1.1%
3D Systems Corp. (a) (b)		113,414	$	6,782,157
Stratasys, Ltd. (a) (b)		57,935		6,583,154
				13,365,311
Textiles, Apparel & Luxury Goods—4.1%
Carter’s, Inc.		404,627		27,890,939
Michael Kors Holdings, Ltd. (a)		129,281		11,460,761
Moncler S.p.A.		782,221		12,957,034
				52,308,734
Total Common Stocks (Cost $1,003,639,173)				1,229,599,312
Preferred Stocks—1.4%
Internet & Catalog Retail—0.3%
Flipkart Online Pvt., Ltd. - Series D (a) (c) (d)		98,557		3,862,548
Internet Software & Services—0.7%
Airbnb, Inc. - Series D (a) (c) (d)		62,712		7,659,587
Dropbox, Inc. - Series A (a) (c) (d)		51,888		955,258
Peixe Urbano, Inc. - Series C (a) (c) (d)		71,709		1,434
				8,616,279
Software—0.4%
Palantir Technologies, Inc. - Series G (a) (c) (d)		541,563		3,319,781
Palantir Technologies, Inc. - Series H (a) (c) (d)		174,289		1,068,391
Palantir Technologies, Inc. - Series H-1 (a) (c) (d)		174,289		1,068,392
				5,456,564
Total Preferred Stocks (Cost $15,635,215)				17,935,391
Purchased Options—0.0%
Call Options—0.0%
USD Currency, Strike Price CNY 6.50 Expires 12/17/14 (CNY) (Counterparty - Royal Bank of Scotland plc)		349,698,704		165,757
USD Currency, Strike Price CNY 6.62 Expires 06/17/15 (CNY) (Counterparty - Royal Bank of Scotland plc)		227,746,784		360,751
Total Purchased Options (Cost $1,913,050)				526,508
Short-Term Investments—25.1%
Security Description	Shares/ Principal Amount*		Value
Mutual Fund—23.0%
State Street Navigator Securities Lending MET Portfolio (e)		292,632,985		292,632,985
Repurchase Agreement—2.1%
Fixed Income Clearing Corp. Repurchase Agreement dated 06/30/14 at 0.000% to be repurchased at $26,952,286 on 07/01/14, collateralized by $27,460,000 U.S. Treasury Note at 0.500% due 06/15/16 with a value of $27,494,325.		26,952,286		26,952,286
Total Short-Term Investments (Cost $319,585,271)				319,585,271
Total Investments—123.1% (Cost $1,340,772,709) (f)				1,567,646,482
Other assets and liabilities (net)—(23.1)%				(294,046,787	)
Net Assets—100.0%			$	1,273,599,695

* 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 June 30, 2014, the market value of securities loaned was $290,016,568 and the collateral received consisted of cash in the amount of $292,632,985. 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 June 30, 2014, the market value of restricted securities was $26,406,955, which is 2.1% 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 June 30, 2014, these securities represent 2.1% of net assets.

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

(f) As of June 30, 2014, the aggregate cost of investments was $1,340,772,709. The aggregate unrealized appreciation and depreciation of investments were $284,240,559 and $(57,366,786), respectively, resulting in net unrealized appreciation of $226,873,773.

(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.

(CNY)— Chinese Yuan

See accompanying notes to financial statements.

MIST-5

Met Investors Series Trust

Morgan Stanley Mid Cap Growth Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Restricted Securities	Acquisition Date	Shares		Cost		Value
Airbnb, Inc. - Series D	04/16/14		62,712	$	7,659,587	$	7,659,587
Dropbox, Inc.	05/01/12		460,161		4,165,241		8,471,564
Dropbox, Inc. - Series A	05/25/12		51,888		470,124		955,258
Flipkart Online Pvt., Ltd. - Series D	10/04/13		98,557		2,264,087		3,862,548
Palantir Technologies, Inc. - Series G	07/19/12		541,563		1,657,184		3,319,781
Palantir Technologies, Inc. - Series H	10/25/13		174,289		611,754		1,068,391
Palantir Technologies, Inc. - Series H-1	10/25/13		174,289		611,754		1,068,392
Peixe Urbano, Inc. - Series C	12/02/11		71,709		2,360,725		1,434
						$	26,406,955

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 June 30, 2014:

Description	Level 1		Level 2		Level 3		Total
Common Stocks
Aerospace & Defense	$	26,755,746	$	—	$	—	$	26,755,746
Automobiles		45,993,576		—		—		45,993,576
Biotechnology		19,558,461		—		—		19,558,461
Commercial Services & Supplies		13,387,144		34,024,188		—		47,411,332
Communications Equipment		37,330,368		—		—		37,330,368
Diversified Financial Services		31,680,699		—		—		31,680,699
Electrical Equipment		5,971,207		—		—		5,971,207
Food Products		80,404,919		—		—		80,404,919
Health Care Equipment & Supplies		46,370,327		—		—		46,370,327
Health Care Providers & Services		12,012,568		—		—		12,012,568
Health Care Technology		35,837,107		—		—		35,837,107
Hotels, Restaurants & Leisure		36,212,145		—		—		36,212,145
Insurance		49,203,117		—		—		49,203,117
Internet & Catalog Retail		47,007,092		3,819,384		—		50,826,476
Internet Software & Services		142,867,252		—		8,471,564		151,338,816
IT Services		60,012,484		—		—		60,012,484
Life Sciences Tools & Services		76,540,991		—		—		76,540,991
Machinery		29,666,696		—		—		29,666,696
Media		12,244,525		—		—		12,244,525
Multiline Retail		28,188,006		—		—		28,188,006
Oil, Gas & Consumable Fuels		12,975,722		—		—		12,975,722
Pharmaceuticals		33,013,660		—		—		33,013,660

See accompanying notes to financial statements.

MIST-6

Met Investors Series Trust

Morgan Stanley Mid Cap Growth Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Fair Value Hierarchy—(Continued)

Description	Level 1		Level 2			Level 3		Total
Professional Services	$	66,972,164	$	—		$	—	$	66,972,164
Software		167,404,155		—			—		167,404,155
Technology Hardware, Storage & Peripherals		13,365,311		—			—		13,365,311
Textiles, Apparel & Luxury Goods		39,351,700		12,957,034			—		52,308,734
Total Common Stocks		1,170,327,142		50,800,606			8,471,564		1,229,599,312
Total Preferred Stocks*		—		—			17,935,391		17,935,391
Total Purchased Options*		—		526,508			—		526,508
Short-Term Investments
Mutual Fund		292,632,985		—			—		292,632,985
Repurchase Agreement		—		26,952,286			—		26,952,286
Total Short-Term Investments		292,632,985		26,952,286			—		319,585,271
Total Investments	$	1,462,960,127	$	78,279,400		$	26,406,955	$	1,567,646,482
Collateral for securities loaned (Liability)	$	—	$	(292,632,985	)	$	—	$	(292,632,985	)

* See Schedule of Investments for additional detailed categorizations.

Transfers from Level 2 to Level 1 in the amount of $10,593,610 were due to the discontinuation of a systematic fair valuation model factor. Transfers from Level 1 to Level 2 in the amount of $13,846,233 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		Change in Unrealized Appreciation		Purchases		Balance as of June 30, 2014		Change in Unrealized Appreciation from Investments Still Held at June 30, 2014
Common Stocks
Internet Software & Services	$	6,322,612	$	2,148,952	$	—	$	8,471,564	$	2,148,952
Preferred Stocks
Internet & Catalog Retail		2,334,816		1,527,732		—		3,862,548		1,527,732
Internet Software & Services		799,709		156,983		7,659,587		8,616,279		156,983
Software		3,124,394		2,332,170		—		5,456,564		2,332,170
Total	$	12,581,531	$	6,165,837	$	7,659,587	$	26,406,955	$	6,165,837

Following is quantitative information about Level 3 fair value measurements:

	Fair Value at June 30, 2014		Valuation Technique(s)	Unobservable Input	Range						Weighted Average			Relationship Between Fair Value and Input; If Input Increases Then Fair Value:
Common Stocks
Internet Software & Services	$	8,471,564	Market Transaction Method	Precedent Transaction	$	19.10		$	19.10		$	19.10		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		6.7x			16.7x			12.3x		Increase
				Discount for Lack of Marketability		15.00	%		15.00	%		15.00	%	Decrease
Preferred Stocks
Internet & Catalog Retail		3,862,548	Market Transaction Method	Precedent Transaction	$	39.19		$	39.19		$	39.19		Increase
Internet Software & Services		7,659,587	Market Transaction Method	Precedent Transaction	$	122.14		$	122.14		$	122.14		Increase
		1,434	Asset Approach	Net Tangible Assets	$	0.00		$	0.00		$	0.00		Increase
			Merger & Acquisition Transaction	Sale/Merger Scenerio	$	0.17		$	0.17		$	0.17		Increase
			Discounted Cash Flow	Weighted Average Cost of Capital		16.00	%		18.00	%		17.00	%	Decrease
		955,258		Perpetual Growth Rate		2.50	%		3.50	%		3.00	%	Increase
			Market Comparable Companies	Enterprise Value / Revenue		6.7x			16.7x			12.3x		Increase
				Discount for Lack of Marketability		15.00	%		15.00	%		15.00	%	Decrease
			Market Transaction Method	Precedent Transaction	$	19.10		$	19.10		$	19.10		Increase
Software		5,456,564	Market Transaction Method	Precedent Transaction	$	6.13		$	6.13		$	6.13		Increase

See accompanying notes to financial statements.

MIST-7

Met Investors Series Trust

Morgan Stanley Mid Cap Growth Portfolio

Statement of Assets and Liabilities

June 30, 2014 (Unaudited)

Assets
Investments at value (a) (b)	$	1,567,646,482
Cash denominated in foreign currencies (c)		100,288
Receivable for:
Fund shares sold		353,928
Dividends		315,629
Total Assets		1,568,416,327
Liabilities
Cash collateral for options contracts		660,000
Collateral for securities loaned		292,632,985
Payables for:
Fund shares redeemed		476,471
Accrued expenses:
Management fees		643,072
Distribution and service fees		85,874
Deferred trustees’ fees		63,672
Other expenses		254,558
Total Liabilities		294,816,632
Net Assets	$	1,273,599,695
Net assets consist of:
Paid in surplus	$	1,218,055,863
Undistributed net investment income		5,239,898
Accumulated net realized loss		(176,569,784	)
Unrealized appreciation on investments and foreign currency transactions		226,873,718
Net Assets	$	1,273,599,695
Net Assets
Class A	$	834,476,525
Class B		422,184,175
Class E		16,938,995
Capital Shares Outstanding*
Class A		50,820,207
Class B		26,618,326
Class E		1,054,674
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	16.42
Class B		15.86
Class E		16.06

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

(a) Identified cost of investments was $1,340,772,709.

(b) Includes securities loaned at value of $290,016,568.

(c) Identified cost of cash denominated in foreign currencies was $100,382.

Statement of Operations

Six Months Ended June 30, 2014 (Unaudited)

Investment Income
Dividends (a)	$	8,620,129
Securities lending income		1,054,033
Total investment income		9,674,162
Expenses
Management fees		4,168,774
Administration fees		15,207
Custodian and accounting fees		76,538
Distribution and service fees—Class B		512,764
Distribution and service fees—Class E		12,704
Audit and tax services		18,135
Legal		15,668
Trustees’ fees and expenses		22,575
Shareholder reporting		107,559
Insurance		3,864
Miscellaneous		6,880
Total expenses		4,960,668
Less management fee waiver		(49,589	)
Net expenses		4,911,079
Net Investment Income		4,763,083
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments		120,322,901
Foreign currency transactions		(24,127	)
Net realized gain		120,298,774
Net change in unrealized depreciation on:
Investments		(120,538,574	)
Foreign currency transactions		(105	)
Net change in unrealized depreciation		(120,538,679	)
Net realized and unrealized loss		(239,905	)
Net Increase in Net Assets From Operations	$	4,523,178

(a) Net of foreign withholding taxes of $237,306.

See accompanying notes to financial statements.

MIST-8

Met Investors Series Trust

Morgan Stanley Mid Cap Growth Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2014 (Unaudited)			Year Ended December 31, 2013
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	4,763,083		$	1,102,227
Net realized gain		120,298,774			94,629,291
Net change in unrealized appreciation (depreciation)		(120,538,679	)		297,439,118
Increase in net assets from operations		4,523,178			393,170,636
From Distributions to Shareholders
Net investment income
Class A		(498,712	)		(6,497,822	)
Class B		0			(2,272,736	)
Class E		0			(112,563	)
Total distributions		(498,712	)		(8,883,121	)
Increase (decrease) in net assets from capital share transactions		(100,288,267	)		5,489,561
Total increase (decrease) in net assets		(96,263,801	)		389,777,076
Net Assets
Beginning of period		1,369,863,496			980,086,420
End of period	$	1,273,599,695		$	1,369,863,496
Undistributed net investment income
End of period	$	5,239,898		$	975,527

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2014 (Unaudited)						Year Ended December 31, 2013
	Shares			Value			Shares			Value
Class A
Sales		4,785,104		$	73,330,689			8,104,680		$	106,443,709
Reinvestments		32,405			498,712			517,755			6,497,822
Redemptions		(11,027,538	)		(170,602,844	)		(6,562,107	)		(91,389,007	)
Net increase (decrease)		(6,210,029	)	$	(96,773,443	)		2,060,328		$	21,552,524
Class B
Sales		1,665,408		$	25,828,970			3,163,679		$	41,636,207
Reinvestments		0			0			186,903			2,272,736
Redemptions		(1,807,607	)		(28,610,268	)		(4,190,310	)		(56,715,853	)
Net decrease		(142,199	)	$	(2,781,298	)		(839,728	)	$	(12,806,910	)
Class E
Sales		60,044		$	974,406			32,882		$	458,276
Reinvestments		0			0			9,151			112,563
Redemptions		(107,910	)		(1,707,932	)		(283,192	)		(3,826,892	)
Net decrease		(47,866	)	$	(733,526	)		(241,159	)	$	(3,256,053	)
Increase (decrease) derived from capital shares transactions				$	(100,288,267	)				$	5,489,561

See accompanying notes to financial statements.

MIST-9

Met Investors Series Trust

Morgan Stanley Mid Cap Growth Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2014 (Unaudited)			Year Ended December 31,
				2013			2012		2011			2010			2009
Net Asset Value, Beginning of Period	$	16.31		$	11.81		$	10.78	$	11.91		$	9.01		$	5.71
Income (Loss) from Investment Operations
Net investment income (a)		0.06			0.02			0.12		0.03			0.07			0.02
Net realized and unrealized gain (loss) on investments		0.06			4.59			0.91		(0.75	)		2.85			3.28
Total from investment operations		0.12			4.61			1.03		(0.72	)		2.92			3.30
Less Distributions
Distributions from net investment income		(0.01	)		(0.11	)		0.00		(0.09	)		(0.02	)		(0.00	)(b)
Distributions from net realized capital gains		0.00			0.00			0.00		(0.32	)		0.00			0.00
Total distributions		(0.01	)		(0.11	)		0.00		(0.41	)		(0.02	)		(0.00	)(b)
Net Asset Value, End of Period	$	16.42		$	16.31		$	11.81	$	10.78		$	11.91		$	9.01
Total Return (%) (c)		0.73	(d)		39.30			9.55		(6.67	)		32.41			57.83
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.68	(e)		0.69			0.72		0.72			0.80			0.90
Net ratio of expenses to average net assets (%) (f)		0.68	(e)		0.68			0.71		0.71			0.78			0.90
Ratio of net investment income to average net assets (%)		0.80	(e)		0.17			1.07		0.22			0.63			0.24
Portfolio turnover rate (%)		22	(d)		56			36		34			48			33
Net assets, end of period (in millions)	$	834.5		$	930.3		$	649.3	$	539.5		$	567.5		$	21.7
	Class B
	Six Months Ended June 30, 2014 (Unaudited)			Year Ended December 31,
				2013			2012		2011			2010			2009
Net Asset Value, Beginning of Period	$	15.77		$	11.42		$	10.45	$	11.57		$	8.76		$	5.57
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.05			(0.01	)		0.09		(0.00	)(g)		0.02			0.00	(g)
Net realized and unrealized gain (loss) on investments		0.04			4.44			0.88		(0.73	)		2.79			3.19
Total from investment operations		0.09			4.43			0.97		(0.73	)		2.81			3.19
Less Distributions
Distributions from net investment income		0.00			(0.08	)		0.00		(0.07	)		(0.00	)(b)		0.00
Distributions from net realized capital gains		0.00			0.00			0.00		(0.32	)		0.00			0.00
Total distributions		0.00			(0.08	)		0.00		(0.39	)		(0.00	)(b)		0.00
Net Asset Value, End of Period	$	15.86		$	15.77		$	11.42	$	10.45		$	11.57		$	8.76
Total Return (%) (c)		0.57	(d)		39.02			9.28		(6.92	)		32.09			57.27
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.93	(e)		0.94			0.97		0.97			1.05			1.15
Net ratio of expenses to average net assets (%) (f)		0.93	(e)		0.93			0.96		0.96			1.03			1.15
Ratio of net investment income (loss) to average net assets (%)		0.60	(e)		(0.08	)		0.80		(0.03	)		0.24			0.00	(h)
Portfolio turnover rate (%)		22	(d)		56			36		34			48			33
Net assets, end of period (in millions)	$	422.2		$	421.9		$	315.3	$	251.4		$	237.9		$	107.5

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

MIST-10

Met Investors Series Trust

Morgan Stanley Mid Cap Growth Portfolio

Financial Highlights

Selected per share data
	Class E
	Six Months Ended June 30, 2014 (Unaudited)			Year Ended December 31,
				2013			2012		2011			2010(i)
Net Asset Value, Beginning of Period	$	15.96		$	11.56		$	10.56	$	11.69		$	9.71
Income (Loss) from Investment Operations
Net investment income (a)		0.05			0.00	(g)		0.10		0.01			0.04
Net realized and unrealized gain (loss) on investments		0.05			4.49			0.90		(0.74	)		1.94
Total from investment operations		0.10			4.49			1.00		(0.73	)		1.98
Less Distributions
Distributions from net investment income		0.00			(0.09	)		0.00		(0.08	)		0.00
Distributions from net realized capital gains		0.00			0.00			0.00		(0.32	)		0.00
Total distributions		0.00			(0.09	)		0.00		(0.40	)		0.00
Net Asset Value, End of Period	$	16.06		$	15.96		$	11.56	$	10.56		$	11.69
Total Return (%) (c)		0.63	(d)		39.06			9.47		(6.87	)		20.39	(d)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.83	(e)		0.84			0.87		0.87			0.95	(e)
Net ratio of expenses to average net assets (%) (f)		0.83	(e)		0.83			0.86		0.86			0.93	(e)
Ratio of net investment income to average net assets (%)		0.68	(e)		0.03			0.87		0.06			0.50	(e)
Portfolio turnover rate (%)		22	(d)		56			36		34			48
Net assets, end of period (in millions)	$	16.9		$	17.6		$	15.5	$	16.0		$	20.8

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

(b) Distributions from net investment income were 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) Periods less than one year are not computed on an annualized basis.

(e) Computed on an annualized basis.

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

(g) Net investment income (loss) was less than $0.01.

(h) Ratio of net investment income to average net assets was less than 0.01%.

(i) Commencement of operations was April 27, 2010.

See accompanying notes to financial statements.

MIST-11

Met Investors Series Trust

Morgan Stanley Mid Cap Growth Portfolio

Notes to Financial Statements—June 30, 2014 (Unaudited)

1. Organization

Met Investors Series Trust (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 currently offers forty-seven series, each of which operates as a distinct investment vehicle of the Trust. The portfolio included in this report is Morgan Stanley 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 four classes of shares: Class A, B, C and E shares. Class A, B and E shares are currently offered by the Portfolio. 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 June 30, 2014 through the date the financial statements were issued.

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 (other than short term obligations with a remaining maturity of sixty days or less), 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 MetLife Advisers, LLC (“MetLife Advisers” or the “Adviser”), an affiliate of MetLife, Inc., pursuant to authorization of 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 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.

MIST-12

Met Investors Series Trust

Morgan Stanley Mid Cap Growth Portfolio

Notes to Financial Statements—June 30, 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, which 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 and futures contracts that are traded over-the-counter 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 has delegated the determination of the fair value of a security to a 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

MIST-13

Met Investors Series Trust

Morgan Stanley Mid Cap Growth Portfolio

Notes to Financial Statements—June 30, 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, Real Estate Investment Trusts (REITs) 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 June 30, 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 Master Repurchase Agreement 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 June 30, 2014, the Portfolio had investments in repurchase agreements with a gross value of $26,952,286, 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 June 30, 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. 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 at least equal to 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 six months ended June 30, 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 June 30, 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 June 30, 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 has agreed to indemnify the Portfolio in the case of default of any securities borrower.

MIST-14

Met Investors Series Trust

Morgan Stanley Mid Cap Growth Portfolio

Notes to Financial Statements—June 30, 2014—(Continued)

3. Investments in Derivative Instruments

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.

At June 30, 2014, the Portfolio had the following derivatives, categorized by risk exposure:

	Asset Derivatives
Risk Exposure	Statement of Assets & Liabilities Location	Fair Value
Foreign Exchange	Investments at market value (a)	$	526,508

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”), or similar agreement, and net of the related collateral received by the Portfolio as of June 30, 2014.

Counterparty	Derivative Assets subject to a MNA by Counterparty		Financial Instruments available for offset		Collateral Received†			Net Amount*
Royal Bank of Scotland plc	$	526,508	$	—	$	(526,508	)	$	—

* Net amount represents the net amount receivable from 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.

MIST-15

Met Investors Series Trust

Morgan Stanley Mid Cap Growth Portfolio

Notes to Financial Statements—June 30, 2014—(Continued)

Transactions in derivative instruments during the six months ended June 30, 2014 were as follows:

Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)	Foreign Exchange
Investments (a)	$	(702,224	)

For the six months ended June 30, 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)	$	387,656,501

‡ Averages are based on activity levels during the period.

(a) Includes purchased options which are part of investments as shown in the Statement of Assets and Liabilities and 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; 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 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 over-the-counter traded derivatives (e.g., forward foreign currency exchange contracts, swap agreements and over-the-counter 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.

MIST-16

Met Investors Series Trust

Morgan Stanley Mid Cap Growth Portfolio

Notes to Financial Statements—June 30, 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.

Customer Account Agreements and related addendums 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 six months ended June 30, 2014 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	284,695,000	$	0	$	381,178,848

The Portfolio engaged in security transactions with other accounts managed by Morgan Stanley Investment Management Inc. that amounted to $5,801,095 in purchases and $15,373,874 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 six months ended June 30, 2014	% per annum			Average Daily Net Assets
$4,168,774		0.700	%	First $200 million
		0.650	%	$200 million to $500 million
		0.625	%	Over $500 million

MetLife Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. Morgan Stanley Investment Management Inc. 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 reduction	Average Daily Net Assets
0.050%	First $200 million

An identical agreement was in place for the period April 29, 2013 through April 27, 2014. Amounts waived for the six months ended June 30, 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 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 Agreements and Plans - The Trust has distribution agreements with MetLife Investors Distribution Company (“MIDC” or the “Distributor”) in which MIDC serves as the distributor for the Portfolio’s Class A, Class B and Class E Shares. MIDC is a

MIST-17

Met Investors Series Trust

Morgan Stanley Mid Cap Growth Portfolio

Notes to Financial Statements—June 30, 2014—(Continued)

wholly-owned subsidiary of MetLife Investors Group, Inc., an affiliate of the Adviser. The Class B and Class E distribution plans provide that the Trust, on behalf of the Portfolio, may pay annually up to 0.50% and 0.25%, respectively, of the average daily net assets of the Portfolio attributable to its Class B and Class E Shares with respect to activities primarily intended to result in the sale of Class B and Class E Shares. However, under the Class B and Class E distribution agreements, payments to the Distributor for activities pursuant to the Class B and Class E distribution plans are currently limited to payments at an annual rate equal to 0.25% and 0.15% of average daily net assets of the Portfolio attributable to its Class B and Class E Shares, respectively. Amounts incurred by the Portfolio for the six months ended June 30, 2014 are shown as Distribution and service fees in the Statement of Operations.

Under the terms of the Class B and Class E distribution plans and distribution agreements, the Portfolio is authorized to make payments monthly to the Distributor that may be used to pay or reimburse entities providing distribution and shareholder servicing with respect to the Class B and Class E Shares for such entities’ fees or expenses incurred.

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 Metropolitan Series Fund, 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, 2013 and 2012 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2013	2012		2013		2012		2013		2012
$8,883,121	$	—	$	—	$	—	$	8,883,121	$	—

As of December 31, 2013, 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
$1,036,337	$	—	$	347,521,255	$	(296,978,225	)	$	51,579,367

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, 2013, the Portfolio utilized capital loss carryforwards of $95,028,969.

As of December 31, 2013, the Portfolio had no post-enactment accumulated capital losses and the pre-enactment accumulated capital loss carryforwards and expiration dates were as follows:

Expiring 12/31/15	Expiring 12/31/16			Total
$88,898,157*	$	208,080,068	*	$	296,978,225

* The Portfolio acquired capital losses in the merger with FI Mid Cap Opportunities Portfolio, a series of Metropolitan Series Fund, on April 30, 2010.

MIST-18

Met Investors Series Trust

Morgan Stanley Mid Cap Growth Portfolio

Notes to Financial Statements—June 30, 2014—(Continued)

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 January 1, 2015, and interim periods within those fiscal years. Management is evaluating the impact, if any, of this guidance on the Portfolio’s financial statement disclosures.

MIST-19

Met Investors Series Trust

Oppenheimer Global Equity Portfolio

Managed by OppenheimerFunds, Inc.

Portfolio Manager Commentary*

PERFORMANCE

For the six month period ended June 30, 2014, the Class A, B, and E shares of the Oppenheimer Global Equity Portfolio returned 4.56%, 4.45%, and 4.50%, respectively. The Portfolio’s benchmark, the MSCI ACWI (All Country World Index)¹, returned 6.18%.

MARKET ENVIRONMENT / CONDITIONS

Despite market volatility early in the reporting period and rising geopolitical risks in Ukraine and the Middle East, global equities generally rebounded and produced positive returns in the first half of 2014, thanks largely to a continued global economic recovery and stimulative monetary policies from central banks throughout the world. Prior to the start of 2014, the U.S. Federal Reserve (the “Fed”) began tapering its quantitative easing program. This move persuaded investors that after years of interest rates near all-time lows, the Fed may finally be headed down the path to interest-rate normalization. This, in concert with a weak December 2013 employment report in the U.S. and concerns in emerging markets, weighed on equity markets early this reporting period. However, equities rebounded later in the reporting period. Among the central bank measures that boosted the markets this reporting period, the European Central Bank (the “ECB”) announced numerous measures in June, including a benchmark interest rate cut, the introduction of a negative deposit rate to encourage banks to lend, among various other measures to flood the system with liquidity. Beyond that, the ECB said it would prepare to purchase packages of loans from banks to allow for increased lending. In June, the Fed also stated it would reduce the amount of monthly bond purchases by an additional $10 billion and reaffirmed its intention to keep short-term interest rates near zero. U.S. economic data released in April and May was positive, as the unemployment rate fell to 6.3%, the economy finally regained all of the jobs lost during the 2008 recession, and the U.S. stock market achieved record highs.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The most significant detractors from the Portfolio’s performance were Financials stocks Deutsche Bank AG (Germany) and Sumitomo Mitsui Financial Group, Inc. (Japan), Industrials stock Airbus Group NV (France), Information Technology stock SAP AG (Germany), and Consumer Discretionary stock Tod’s SpA (Italy). Deutsche Bank, a German-based global investment bank, has suffered from concerns over whether its capital levels are sufficient to meet its needs. Investor sentiment around this issue was heightened by the recent prosecutions of Credit Suisse and BNP in the U.S. and the heavy fines involved. During the reporting period, Deutsche Bank raised over $10 billion in additional capital, increasing its equity level significantly. Sumitomo Mitsui Financial Group is the eighth largest bank in the world by market capitalization. The stock price was weak in the early going of 2014, in tandem with the Japanese market, which also pulled back. The company is taking steps to expand in Asia ahead of the creation of the Asian Economic Community in 2015, most recently via an acquisition in Thailand. Airbus Group is the maker of Airbus airplanes and is one of the leading defense companies in Europe. After rallying throughout 2013, shares of Airbus were volatile over the first half of 2014. SAP is a leading provider of enterprise resource planning (ERP) software used to integrate back-office functions such as distribution, accounting, human resources, and manufacturing. SAP’s shares experienced volatility partly due to a strong euro. Tod’s is a luxury goods company, maker of the iconic driving shoe and a leading leather goods and accessories maker. A slowdown in Europe and China has impacted growth rates which led to stock price declines.

During the reporting period, top contributors to Portfolio performance included Health Care stocks Shire plc (United Kingdom) and Allergan, Inc. (United States), Financials stock ICICI Bank, Ltd. (India) and U.S.-based Information Technology stocks Adobe Systems, Inc. and Maxim Integrated Products, Inc. Shire is a Dublin-based company that develops, licenses and markets prescription medicines. The company focuses on attention deficit and hyperactivity disorders as well as gastrointestinal and renal diseases. The pharmaceuticals industry is undergoing a phase of consolidation. During the reporting period, AbbVie, a U.S. pharmaceuticals company, offered to buy Shire at a significant premium to the share price and the shares rallied. Allergan is a leading maker of eye care, skin care and aesthetic products, including Botox. The company is a diversified health care company that develops pharmaceuticals, medical devices and over-the-counter products. They address several specialty markets such as obesity, medical aesthetics, and dermatology. During the reporting period, Allergan became the subject of a bid from pharmaceutical company Valeant and the hedge fund Pershing Square. ICICI Bank is the largest private sector bank in India, a country where about half the banking sector is state-owned. Diversified software company Adobe Systems rallied after reporting strong earnings. Strong adoption of Adobe’s Creative Cloud and Marketing Cloud suites benefited its results. Maxim Integrated Products is an analog circuit maker whose products serve the communications, computing, consumer and industrial markets. High end handset makers are finding value in the use of Maxim’s offerings, in addition to broadening industrial applications.

At period end, the Portfolio had its largest overweight positions in Information Technology, Health Care, Consumer Discretionary, and Industrials. The Portfolio was underweight all other sectors of the

MIST-1

Met Investors Series Trust

Oppenheimer Global Equity Portfolio

Managed by OppenheimerFunds, Inc.

Portfolio Manager Commentary*—(Continued)

Index. On a country basis, the Portfolio had its largest overweight positions in Germany, France, Sweden, Spain, and Brazil, with its most significant underweight positions in the United States, Canada, Australia, and the United Kingdom. Despite being underweight the United States relative to the Index, the Portfolio had its largest allocation to that country on an absolute basis at period end.

Rajeev Bhaman

Portfolio Manager

OppenheimerFunds, 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 and 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 those of the subadvisory firm as of June 30, 2014 and 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 statements) 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 applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable annuity or insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

MIST-2

Met Investors Series Trust

Oppenheimer Global Equity Portfolio

A $10,000 INVESTMENT COMPARED TO THE MSCI ACWI (ALL COUNTRY WORLD INDEX)

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2014

	6 Month		1 Year		5 Year		10 Year
Oppenheimer Global Equity Portfolio
Class A		4.56		23.23		16.52		9.18
Class B		4.45		23.00		16.25		8.91
Class E		4.50		23.09		16.36		9.02
MSCI ACWI (All Country World Index)		6.18		22.95		14.28		7.46

¹ The MSCI ACWI (All Country World Index) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of 24 developed and 21 emerging market indices. 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 JUNE 30, 2014

Top Holdings

	% of Net Assets
Telefonaktiebolaget LM Ericsson - B Shares		2.7
McGraw Hill Financial, Inc.		2.1
Walt Disney Co. (The)		2.1
Bayerische Motoren Werke (BMW) AG		2.0
SAP AG		1.9
LVMH Moet Hennessy Louis Vuitton S.A.		1.9
eBay, Inc.		1.9
UBS AG		1.9
Colgate-Palmolive Co.		1.8
Airbus Group NV		1.8

Top Countries

	% of Net Assets
United States		41.5
Germany		10.8
Japan		9.5
France		6.2
Switzerland		5.6
Sweden		4.1
United Kingdom		3.9
Spain		3.8
Brazil		3.7
India		3.0

MIST-3

Met Investors Series Trust

Oppenheimer Global Equity Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

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, January 1, 2014 through June 30, 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.

Oppenheimer Global Equity Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2014		Ending Account Value June 30, 2014		Expenses Paid During Period** January 1, 2014 to June 30, 2014
Class A(a)	Actual		0.71	%	$	1,000.00	$	1,045.60	$	3.60
	Hypothetical*		0.71	%	$	1,000.00	$	1,021.27	$	3.56
Class B(a)	Actual		0.96	%	$	1,000.00	$	1,044.50	$	4.87
	Hypothetical*		0.96	%	$	1,000.00	$	1,020.03	$	4.81
Class E(a)	Actual		0.86	%	$	1,000.00	$	1,045.00	$	4.36
	Hypothetical*		0.86	%	$	1,000.00	$	1,020.53	$	4.31

* 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 (181 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.

MIST-4

Met Investors Series Trust

Oppenheimer Global Equity Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Common Stocks—97.4% of Net Assets

Security Description	Shares		Value
Brazil—3.7%
Ambev S.A. (ADR)		1,187,760	$	8,361,830
BM&FBovespa S.A.		1,992,100		10,449,622
Embraer S.A. (ADR)		314,670		11,463,428
Itau Unibanco Holding S.A. (ADR)		803,227		11,550,399
Vale S.A. (ADR) (a)		416,700		5,512,941
				47,338,220
Canada—0.7%
Lululemon Athletica, Inc. (a) (b)		153,940		6,231,491
Theravance Biopharma, Inc. (a) (b)		70,625		2,251,525
				8,483,016
China—0.3%
JD.com, Inc. (ADR) (b)		119,655		3,411,364
Denmark—0.5%
FLSmidth & Co. A/S (a)		123,883		6,924,822
France—6.2%
Kering		98,675		21,622,789
LVMH Moet Hennessy Louis Vuitton S.A.		125,901		24,252,375
Societe Generale S.A.		192,020		10,041,655
Technip S.A.		212,531		23,279,899
				79,196,718
Germany—8.8%
Allianz SE		122,773		20,462,045
Bayer AG		139,020		19,636,354
Deutsche Bank AG		513,191		18,055,206
Linde AG		65,070		13,837,716
SAP AG		324,127		25,034,933
Siemens AG		127,509		16,840,695
				113,866,949
India—3.0%
DLF, Ltd.		3,428,629		12,225,547
ICICI Bank, Ltd. (ADR)		365,520		18,239,448
Zee Entertainment Enterprises, Ltd.		1,719,150		8,374,818
				38,839,813
Ireland—1.3%
Shire plc		212,949		16,697,534
Italy—1.4%
Brunello Cucinelli S.p.A. (a)		34,807		791,121
Gtech S.p.A.		141,717		3,463,623
Prysmian S.p.A.		227,951		5,144,597
Tod’s S.p.A. (a)		66,913		8,515,828
				17,915,169
Japan—9.5%
Dai-ichi Life Insurance Co., Ltd. (The)		925,000		13,811,110
FANUC Corp.		47,500		8,208,407
KDDI Corp.		325,970		19,925,984
Japan—(Continued)
Keyence Corp.		41,300	$	18,065,028
Kyocera Corp.		265,400		12,626,498
Murata Manufacturing Co., Ltd.		210,900		19,782,616
Nidec Corp. (a)		247,600		15,223,652
Seibu Holdings, Inc. (a)		184,600		3,831,481
Sumitomo Mitsui Financial Group, Inc.		253,500		10,644,514
				122,119,290
Mexico—0.9%
Fomento Economico Mexicano S.A.B. de C.V. (ADR)		125,584		11,760,942
Netherlands—1.8%
Airbus Group NV		352,343		23,648,544
Russia—1.4%
Alrosa AO		3,607,049		4,437,810
Gazprom OAO (ADR)		154,264		1,344,411
Gazprom OAO (ADR)		527,190		4,597,056
Moscow Exchange MICEX-RTS OAO		4,089,121		8,118,062
				18,497,339
Spain—3.8%
Banco Bilbao Vizcaya Argentaria S.A.		1,388,766		17,680,163
Inditex S.A.		140,640		21,686,375
Repsol S.A.		364,155		9,621,084
				48,987,622
Sweden—4.1%
Assa Abloy AB - Class B		366,361		18,620,774
Telefonaktiebolaget LM Ericsson - B Shares		2,843,301		34,380,121
				53,000,895
Switzerland—5.6%
Credit Suisse Group AG (b)		398,779		11,355,383
Nestle S.A.		165,666		12,836,292
Roche Holding AG		51,944		15,500,168
Transocean, Ltd. (a)		193,938		8,733,028
UBS AG (b)		1,315,489		24,105,146
				72,530,017
United Kingdom—3.9%
Circassia Pharmaceuticals plc (b)		1,046,375		4,938,861
Prudential plc		977,032		22,411,927
Unilever plc		501,364		22,734,455
				50,085,243
United States—40.5%
3M Co.		114,200		16,358,008
Adobe Systems, Inc. (b)		299,630		21,681,227
Aetna, Inc.		254,150		20,606,482
Allergan, Inc.		79,560		13,463,143
Altera Corp.		607,530		21,117,743
Biogen Idec, Inc. (b)		30,190		9,519,209

See accompanying notes to financial statements.

MIST-5

Met Investors Series Trust

Oppenheimer Global Equity Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
United States—(Continued)
Celldex Therapeutics, Inc. (a) (b)		479,210	$	7,820,707
Citigroup, Inc.		468,880		22,084,248
Clovis Oncology, Inc. (a) (b)		73,720		3,052,745
Colgate-Palmolive Co.		349,850		23,852,773
eBay, Inc. (b)		482,790		24,168,468
Emerson Electric Co.		169,480		11,246,693
Facebook, Inc. - Class A (b)		254,410		17,119,249
Fidelity National Financial, Inc. - Class A (a)		264,690		8,671,244
Fusion-io, Inc. (b)		455,190		5,143,647
Gilead Sciences, Inc. (b)		198,900		16,490,799
Goldman Sachs Group, Inc. (The)		77,670		13,005,065
Google, Inc. - Class A (b)		31,050		18,154,004
Google, Inc. - Class C (b)		31,050		17,862,444
Intuit, Inc.		240,140		19,338,474
Juniper Networks, Inc. (b)		418,230		10,263,364
Maxim Integrated Products, Inc.		587,980		19,879,604
McDonald’s Corp.		124,680		12,560,263
McGraw Hill Financial, Inc.		333,500		27,690,505
Medivation, Inc. (a) (b)		60,730		4,681,068
Microsoft Corp.		353,690		14,748,873
St. Jude Medical, Inc.		119,350		8,264,988
Theravance, Inc. (a) (b)		247,190		7,361,318
Tiffany & Co. (a)		192,660		19,314,165
United Parcel Service, Inc. - Class B		138,890		14,258,447
Vertex Pharmaceuticals, Inc. (b)		137,780		13,045,010
Walt Disney Co. (The)		318,350		27,295,329
WellPoint, Inc.		182,540		19,643,130
Zimmer Holdings, Inc.		125,890		13,074,935
				522,837,371
Total Common Stocks (Cost $954,951,344)				1,256,140,868
Preferred Stocks—2.0%
Germany—2.0%
Bayerische Motoren Werke (BMW) AG		271,171		25,998,849
India—0.0%
Zee Entertainment Enterprises, Ltd., 6.000%		27,128,157		342,795
Total Preferred Stocks (Cost $15,557,712)				26,341,644
Rights—0.0%
Spain—0.0%
Repsol S.A., Expires 07/10/14 (b) (Cost $240,551)		364,143		247,815
Short-Term Investments—6.7%
Mutual Fund—5.7%
State Street Navigator Securities Lending MET Portfolio (c)		73,736,453		73,736,453

Security Description	Principal Amount*		Value
Repurchase Agreement—1.0%
Fixed Income Clearing Corp. Repurchase Agreement dated 06/30/14 at 0.000% to be repurchased at $12,532,991 on 07/01/14, collateralized by $12,740,000 Federal National Mortgage Association at 0.500% due 09/28/15 with a value of $12,787,775.		12,532,991	$	12,532,991
Total Short-Term Investments (Cost $86,269,444)				86,269,444
Total Investments—106.1% (Cost $1,057,019,051) (d)				1,368,999,771
Other assets and liabilities (net)—(6.1)%				(78,684,836	)
Net Assets—100.0%			$	1,290,314,935

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

(a) All or a portion of the security was held on loan. As of June 30, 2014, the market value of securities loaned was $72,291,001 and the collateral received consisted of cash in the amount of $73,736,453 and non-cash collateral with a value of $1,180,688. 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 June 30, 2014, the aggregate cost of investments was $1,057,019,051. The aggregate unrealized appreciation and depreciation of investments were $330,371,365 and $(18,390,645), respectively, resulting in net unrealized appreciation of $311,980,720.

(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.

Ten Largest Industries as of June 30, 2014 (Unaudited)	% of Net Assets
Banks		7.0
Software		6.3
Internet Software & Services		6.0
Pharmaceuticals		5.8
Capital Markets		5.1
Insurance		5.1
Textiles, Apparel & Luxury Goods		4.7
Biotechnology		4.6
Electronic Equipment, Instruments & Components		3.9
Diversified Financial Services		3.6

See accompanying notes to financial statements.

MIST-6

Met Investors Series Trust

Oppenheimer Global Equity Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

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 June 30, 2014:

Description	Level 1		Level 2			Level 3		Total
Common Stocks
Brazil	$	47,338,220	$	—		$	—	$	47,338,220
Canada		8,483,016		—			—		8,483,016
China		3,411,364		—			—		3,411,364
Denmark		—		6,924,822			—		6,924,822
France		—		79,196,718			—		79,196,718
Germany		—		113,866,949			—		113,866,949
India		18,239,448		20,600,365			—		38,839,813
Ireland		—		16,697,534			—		16,697,534
Italy		—		17,915,169			—		17,915,169
Japan		—		122,119,290			—		122,119,290
Mexico		11,760,942		—			—		11,760,942
Netherlands		—		23,648,544			—		23,648,544
Russia		13,900,283		4,597,056			—		18,497,339
Spain		—		48,987,622			—		48,987,622
Sweden		—		53,000,895			—		53,000,895
Switzerland		8,733,028		63,796,989			—		72,530,017
United Kingdom		—		50,085,243			—		50,085,243
United States		522,837,371		—			—		522,837,371
Total Common Stocks		634,703,672		621,437,196			—		1,256,140,868
Preferred Stocks
Germany		—		25,998,849			—		25,998,849
India		342,795		—			—		342,795
Total Preferred Stocks		342,795		25,998,849			—		26,341,644
Total Rights*		247,815		—			—		247,815
Short-Term Investments
Mutual Fund		73,736,453		—			—		73,736,453
Repurchase Agreement		—		12,532,991			—		12,532,991
Total Short-Term Investments		73,736,453		12,532,991			—		86,269,444
Total Investments	$	709,030,735	$	659,969,036		$	—	$	1,368,999,771
Collateral for securities loaned (Liability)	$	—	$	(73,736,453	)	$	—	$	(73,736,453	)

* See Schedule of Investments for additional detailed categorizations.

Transfers from Level 2 to Level 1 in the amount of $6,095,539 were due to the discontinuation of a systematic fair valuation model factor.

See accompanying notes to financial statements.

MIST-7

Met Investors Series Trust

Oppenheimer Global Equity Portfolio

Statement of Assets and Liabilities

June 30, 2014 (Unaudited)

Assets
Investments at value (a) (b)	$	1,368,999,771
Receivable for:
Investments sold		8
Fund shares sold		131,771
Dividends		525,903
Prepaid expenses		49
Total Assets		1,369,657,502
Liabilities
Due to bank cash denominated in foreign currencies (c)		3,069,360
Collateral for securities loaned		73,736,453
Payables for:
Investments purchased		575,563
Fund shares redeemed		679,370
Foreign taxes		245,857
Accrued expenses:
Management fees		656,878
Distribution and service fees		94,830
Deferred trustees’ fees		89,993
Other expenses		194,263
Total Liabilities		79,342,567
Net Assets	$	1,290,314,935
Net assets consist of:
Paid in surplus	$	955,961,294
Undistributed net investment income		6,786,222
Accumulated net realized gain		15,845,797
Unrealized appreciation on investments and foreign currency transactions (d)		311,721,622
Net Assets	$	1,290,314,935
Net Assets
Class A	$	816,132,669
Class B		440,865,611
Class E		33,316,655
Capital Shares Outstanding*
Class A		39,248,815
Class B		21,286,914
Class E		1,607,258
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	20.79
Class B		20.71
Class E		20.73

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

(a) Identified cost of investments was $1,057,019,051.

(b) Includes securities loaned at value of $72,291,001.

(c) Identified cost of cash denominated in foreign currencies due to custodian was $3,049,412.

(d) Includes foreign capital gains tax of $245,857.

Statement of Operations

Six Months Ended June 30, 2014 (Unaudited)

Investment Income
Dividends (a)	$	14,602,384
Securities lending income		531,850
Total investment income		15,134,234
Expenses
Management fees		3,492,295
Administration fees		12,069
Custodian and accounting fees		192,601
Distribution and service fees—Class B		543,003
Distribution and service fees—Class E		24,993
Audit and tax services		24,668
Legal		17,725
Trustees’ fees and expenses		22,702
Shareholder reporting		99,831
Insurance		2,991
Miscellaneous		16,574
Total expenses		4,449,452
Less management fee waiver		(185,218	)
Net expenses		4,264,234
Net Investment Income		10,870,000
Net Realized and Unrealized Gain
Net realized gain (loss) on:
Investments (b)		39,345,037
Futures contracts		(189,406	)
Foreign currency transactions		323,996
Net realized gain		39,479,627
Net change in unrealized appreciation (depreciation) on:
Investments (c)		6,422,088
Foreign currency transactions		(18,245	)
Net change in unrealized appreciation		6,403,843
Net realized and unrealized gain		45,883,470
Net Increase in Net Assets From Operations	$	56,753,470

(a) Net of foreign withholding taxes of $1,450,210.

(b) Net of foreign capital gains tax of $84,984.

(c) Includes change in foreign capital gains tax of $(245,857).

See accompanying notes to financial statements.

MIST-8

Met Investors Series Trust

Oppenheimer Global Equity Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2014 (Unaudited)			Year Ended December 31, 2013(a)
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	10,870,000		$	9,689,837
Net realized gain		39,479,627			32,614,284
Net change in unrealized appreciation		6,403,843			160,258,347
Increase in net assets from operations		56,753,470			202,562,468
From Distributions to Shareholders
Net investment income
Class A		(4,844,037	)		(9,136,910	)
Class B		(3,553,255	)		(4,727,843	)
Class E		(302,590	)		(224,300	)
Net realized capital gains
Class A		(14,077,273	)		0
Class B		(13,014,584	)		0
Class E		(996,293	)		0
Total distributions		(36,788,032	)		(14,089,053	)
Increase in net assets from capital share transactions		302,714,132			105,993,366
Total increase in net assets		322,679,570			294,466,781
Net Assets
Beginning of period		967,635,365			673,168,584
End of period	$	1,290,314,935		$	967,635,365
Undistributed net investment income
End of period	$	6,786,222		$	4,616,104

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2014 (Unaudited)						Year Ended December 31, 2013(a)
	Shares			Value			Shares			Value
Class A
Sales		16,433,679		$	326,472,582			1,859,981		$	33,562,921
Shares issued through acquisition		0			0			198,591			3,526,980
Reinvestments		969,329			18,921,310			513,887			9,136,910
Redemptions		(1,517,174	)		(31,054,510	)		(3,920,137	)		(71,901,182	)
Net increase (decrease)		15,885,834		$	314,339,382			(1,347,678	)	$	(25,674,371	)
Class B
Sales		700,657		$	14,201,417			1,597,800		$	29,555,954
Shares issued through acquisition		0			0			8,955,697			158,515,826
Reinvestments		851,817			16,567,839			266,808			4,727,843
Redemptions		(2,005,394	)		(40,874,140	)		(4,247,073	)		(78,496,333	)
Net increase (decrease)		(452,920	)	$	(10,104,884	)		6,573,232		$	114,303,290
Class E
Sales		55,764		$	1,136,681			226,958		$	4,089,110
Shares issued through acquisition		0			0			1,102,678			19,528,426
Reinvestments		66,746			1,298,883			12,651			224,300
Redemptions		(192,945	)		(3,955,930	)		(349,048	)		(6,477,389	)
Net increase (decrease)		(70,435	)	$	(1,520,366	)		993,239		$	17,364,447
Increase derived from capital shares transactions				$	302,714,132					$	105,993,366

(a) See Note 9 of the Notes to Financial Statements.

See accompanying notes to financial statements.

MIST-9

Met Investors Series Trust

Oppenheimer Global Equity Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2014 (Unaudited)			Year Ended December 31,
				2013(a)			2012			2011			2010			2009
Net Asset Value, Beginning of Period	$	20.73		$	16.63		$	13.91		$	15.44		$	13.48		$	9.90
Income (Loss) from Investment Operations
Net investment income (b)		0.24			0.24			0.26			0.25			0.20			0.19
Net realized and unrealized gain (loss) on investments		0.65			4.24			2.71			(1.48	)		1.97			3.68
Total from investment operations		0.89			4.48			2.97			(1.23	)		2.17			3.87
Less Distributions
Distributions from net investment income		(0.21	)		(0.38	)		(0.25	)		(0.30	)		(0.21	)		(0.29	)
Distributions from net realized capital gains		(0.62	)		0.00			0.00			0.00			0.00			0.00
Total distributions		(0.83	)		(0.38	)		(0.25	)		(0.30	)		(0.21	)		(0.29	)
Net Asset Value, End of Period	$	20.79		$	20.73		$	16.63		$	13.91		$	15.44		$	13.48
Total Return (%) (c)		4.56	(d)		27.32			21.52			(8.24	)		16.23			40.31
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.74	(e)		0.71			0.62			0.62			0.61			0.64
Net ratio of expenses to average net assets (%) (f)		0.71	(e)		0.69			0.62			0.62			0.61			0.64
Ratio of net investment income to average net assets (%)		2.34	(e)		1.27			1.74			1.65			1.45			1.68
Portfolio turnover rate (%)		9	(d)		11			13			12			18			14
Net assets, end of period (in millions)	$	816.1		$	484.4		$	411.0		$	378.6		$	458.8		$	451.6
	Class B
	Six Months Ended June 30, 2014 (Unaudited)			Year Ended December 31,
				2013(a)			2012			2011			2010			2009
Net Asset Value, Beginning of Period	$	20.63		$	16.54		$	13.83		$	15.36		$	13.42		$	9.86
Income (Loss) from Investment Operations
Net investment income (b)		0.18			0.18			0.22			0.21			0.16			0.16
Net realized and unrealized gain (loss) on investments		0.69			4.23			2.70			(1.47	)		1.96			3.66
Total from investment operations		0.87			4.41			2.92			(1.26	)		2.12			3.82
Less Distributions
Distributions from net investment income		(0.17	)		(0.32	)		(0.21	)		(0.27	)		(0.18	)		(0.26	)
Distributions from net realized capital gains		(0.62	)		0.00			0.00			0.00			0.00			0.00
Total distributions		(0.79	)		(0.32	)		(0.21	)		(0.27	)		(0.18	)		(0.26	)
Net Asset Value, End of Period	$	20.71		$	20.63		$	16.54		$	13.83		$	15.36		$	13.42
Total Return (%) (c)		4.45	(d)		27.01			21.17			(8.40	)		15.93			39.80
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.99	(e)		0.96			0.87			0.87			0.86			0.89
Net ratio of expenses to average net assets (%) (f)		0.96	(e)		0.94			0.87			0.87			0.86			0.89
Ratio of net investment income to average net assets (%)		1.73	(e)		0.99			1.49			1.40			1.19			1.42
Portfolio turnover rate (%)		9	(d)		11			13			12			18			14
Net assets, end of period (in millions)	$	440.9		$	448.6		$	250.9		$	236.1		$	265.5		$	225.9

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

MIST-10

Met Investors Series Trust

Oppenheimer Global Equity Portfolio

Financial Highlights

Selected per share data
	Class E
	Six Months Ended June 30, 2014 (Unaudited)			Year Ended December 31,
				2013(a)			2012			2011			2010			2009
Net Asset Value, Beginning of Period	$	20.66		$	16.56		$	13.85		$	15.38		$	13.43		$	9.86
Income (Loss) from Investment Operations
Net investment income (b)		0.19			0.20			0.24			0.23			0.18			0.17
Net realized and unrealized gain (loss) on investments		0.69			4.25			2.69			(1.48	)		1.96			3.67
Total from investment operations		0.88			4.45			2.93			(1.25	)		2.14			3.84
Less Distributions
Distributions from net investment income		(0.19	)		(0.35	)		(0.22	)		(0.28	)		(0.19	)		(0.27	)
Distributions from net realized capital gains		(0.62	)		0.00			0.00			0.00			0.00			0.00
Total distributions		(0.81	)		(0.35	)		(0.22	)		(0.28	)		(0.19	)		(0.27	)
Net Asset Value, End of Period	$	20.73		$	20.66		$	16.56		$	13.85		$	15.38		$	13.43
Total Return (%) (c)		4.50	(d)		27.19			21.35			(8.39	)		16.08			40.07
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.89	(e)		0.86			0.77			0.77			0.76			0.79
Net ratio of expenses to average net assets (%) (f)		0.86	(e)		0.84			0.77			0.77			0.76			0.79
Ratio of net investment income to average net assets (%)		1.84	(e)		1.07			1.60			1.51			1.30			1.54
Portfolio turnover rate (%)		9	(d)		11			13			12			18			14
Net assets, end of period (in millions)	$	33.3		$	34.7		$	11.3		$	11.0		$	14.6		$	14.5

(a) See Note 9 of the Notes to Financial Statements.

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

(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) Periods less than one year are not computed on an annualized basis.

(e) Computed on an annualized basis.

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

See accompanying notes to financial statements.

MIST-11

Met Investors Series Trust

Oppenheimer Global Equity Portfolio

Notes to Financial Statements—June 30, 2014 (Unaudited)

1. Organization

Met Investors Series Trust (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 currently offers forty-seven series, each of which operates as a distinct investment vehicle of the Trust. The portfolio included in this report is Oppenheimer Global Equity Portfolio (the “Portfolio”), which is diversified. As of close of business April 26, 2013, the Oppenheimer Global Equity Portfolio of the Metropolitan Series Fund (“MSF Oppenheimer Global Equity Predecessor”) merged with and into the Portfolio (see Note 9). The MSF Oppenheimer Global Equity Predecessor was the accounting survivor of the merger with and into the Portfolio. OppenheimerFunds, Inc. succeeded Templeton Global Advisors Limited as the subadviser to the Portfolio and the name of the Portfolio was changed from the Met/Templeton Growth Portfolio to the Oppenheimer Global Equity 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 four classes of shares: Class A, B, C and E shares. Class A, B and E shares are currently offered by the Portfolio. 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 June 30, 2014 through the date the financial statements were issued.

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 (other than short term obligations with a remaining maturity of sixty days or less), 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 MetLife Advisers, LLC (“MetLife Advisers” or the “Adviser”), an affiliate of MetLife, Inc., pursuant to authorization of 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 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, which 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 and futures contracts that are traded over-the-counter 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 has delegated the determination of the fair value of a security to a 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.

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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, passive foreign investment companies (PFICs) and 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 June 30, 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 Master Repurchase Agreement 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 June 30, 2014, the Portfolio had investments in repurchase agreements with a gross value of $12,532,991, 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 June 30, 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. 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 at least equal to 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 six months ended June 30, 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 June 30, 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 June 30, 2014.

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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 has agreed to 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. Futures contracts are exchange-traded and 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 six months ended June 30, 2014, the Portfolio entered into equity index futures contracts which were subject to equity price risk. During the period April 29, 2014 through May 2, 2014, the Portfolio had bought and sold $184,218,993 in equity index futures contracts. At June 30, 2014, the Portfolio did not have any open futures contracts. For the six months ended June 30, 2014, the Portfolio had realized losses in the amount of $189,406 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; 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 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 addendums 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

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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 six months ended June 30, 2014 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	381,986,070	$	0	$	101,849,943

During the six months ended June 30, 2014, the Portfolio engaged in security transactions with other affiliated portfolios. These amounted to $96,409,644 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 annual rates:

Management Fees earned by MetLife Advisers for the six months ended June 30, 2014	% per annum			Average Daily Net Assets
$3,492,295		0.700	%	First $100 million
		0.680	%	$100 million to $250 million
		0.670	%	$250 million to $500 million
		0.660	%	$500 million to $750 million
		0.650	%	Over $750 million

MetLife Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. OppenheimerFunds, Inc. 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 reduction	Average Daily Net Assets
0.040%	$462.5 million to $500 million
0.030%	$500 million to $550 million
0.070%	$550 million to $750 million
0.060%	$750 million to $1.05 billion
0.085%	Over $1.05 billion

An identical agreement was in place for the period April 29, 2013 through April 27, 2014. Amounts waived for the six months ended June 30, 2014 are shown as a management fee waiver in the Statement of Operations.

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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 Agreements and Plans - The Trust has distribution agreements with MetLife Investors Distribution Company (“MIDC” or the “Distributor”) in which MIDC serves as the distributor for the Portfolio’s Class A, Class B and Class E Shares. MIDC is a wholly-owned subsidiary of MetLife Investors Group, Inc., an affiliate of the Adviser. The Class B and Class E distribution plans provide that the Trust, on behalf of the Portfolio, may pay annually up to 0.50% and 0.25%, respectively, of the average daily net assets of the Portfolio attributable to its Class B and Class E Shares with respect to activities primarily intended to result in the sale of Class B and Class E Shares. However, under the Class B and Class E distribution agreements, payments to the Distributor for activities pursuant to the Class B and Class E distribution plans are currently limited to payments at an annual rate equal to 0.25% and 0.15% of average daily net assets of the Portfolio attributable to its Class B and Class E Shares, respectively. Amounts incurred by the Portfolio for the six months ended June 30, 2014 are shown as Distribution and service fees in the Statement of Operations.

Under the terms of the Class B and Class E distribution plans and distribution agreements, the Portfolio is authorized to make payments monthly to the Distributor that may be used to pay or reimburse entities providing distribution and shareholder servicing with respect to the Class B and Class E Shares for such entities’ fees or expenses incurred.

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 Metropolitan Series Fund, 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 income tax information in this note does not reflect the acquisition which took place on April 26, 2013. (See Note 9 for further information)

The tax character of distributions paid by the MSF Oppenheimer Global Equity Predecessor, the accounting survivor, for the years ended December 31, 2013 and 2012 were as follows:

Ordinary Income			Long-Term Capital Gains				Total
2013	2012		2013		2012		2013		2012
$14,089,053	$	10,109,748	$	—	$	—	$	14,089,053	$	10,109,748

As of December 31, 2013, 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
$8,607,430	$	27,991,054	$	299,130,372	$	(21,250,861	)	$	—	$	314,477,995

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, 2013, the Portfolio utilized capital loss carryforwards of $57,994,601.

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As of December 31, 2013, the pre-enactment accumulated capital loss carryforwards and expiration dates were as follows:

Expiring 12/31/17	Expiring 12/31/16		Total
$14,078,843	$	7,172,018	$	21,250,861

* The Portfolio acquired $79,245,462 of capital loss carry forwards in its merger with MSF Oppenheimer Global Equity Predecessor, a series of Metropolitan Series Fund on April 26, 2013. The availability of these carryforwards are limited this year to $57,994,601 due to IRS limitations.

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 $3,526,980, $158,515,826 and $19,528,426, respectively, acquired all the assets and liabilities of the Oppenheimer Global Equity Portfolio of the Metropolitan Series Fund (the “MSF Oppenheimer Global Equity Predecessor”). The MSF Oppenheimer Global Equity Predecessor was the accounting survivor of the merger for financial reporting purposes, therefore, the financial statements presented for the Portfolio reflect the historical results of MSF Oppenheimer Global Equity Predecessor prior to the acquisition and the combined results thereafter. The number and value of shares issued by the Portfolio were in amounts equal to the number and value of shares held by MSF Oppenheimer Global Equity Predecessor shareholders as of the acquisition date. The Met/Templeton Growth Portfolio was the tax survivor.

The acquisition was accomplished by a tax-free exchange of 427,378 Class A shares of the Portfolio (valued at $3,526,980) for 198,591 Class A shares of MSF Oppenheimer Global Equity Predecessor, 19,311,254 Class B shares of the Portfolio (valued at $158,515,826) for 8,955,697 Class B shares of MSF Oppenheimer Global Equity Predecessor and 2,366,957 Class E shares of the Portfolio (valued at $19,528,426) for 1,102,678 Class E shares of MSF Oppenheimer Global Equity Predecessor. Each shareholder of MSF Oppenheimer Global Equity Predecessor 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 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 Portfolio. All other costs associated with the merger were not borne by the shareholders of either portfolio. MSF Oppenheimer Global Equity Predecessor’s net assets on April 26, 2013, were $435,783,822, $262,590,705 and $11,704,411 for Class A, Class B and Class E shares, respectively, including investments valued at $707,687,652 with a cost basis of $519,329,715. 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 MSF Oppenheimer Global Equity Predecessor 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 $79,245,462 in capital loss carryforwards from MSF Oppenheimer Global Equity Predecessor.

The aggregate net assets of the Portfolio immediately after the acquisition were $891,650,170, which included $3,849,213 of acquired net 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	$	11,992,249	(a)
Net realized and unrealized gain on investments		224,594,228	(b)
Net increase in net assets from operations	$	236,586,477

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 the pre-merger Portfolio that have been included in the Portfolio’s Statement of Operations since April 26, 2013.

(a) $9,689,837net investment income as reported December 31, 2013, plus $2,384,382 Portfolio pre-merger net investment income, minus $183,706 in higher net advisory fees, plus $101,736 of pro-forma eliminated other expenses.

(b) $305,317,779 Unrealized appreciation as reported December 31, 2013, minus $176,142,538 pro-forma December 31, 2012 Unrealized appreciation, plus $32,614,284 Net realized gain as reported December 31, 2013, plus $62,804,703 in Net realized gain from the Portfolio pre-merger.

MIST-18

Met Investors Series Trust

Oppenheimer Global Equity Portfolio

Notes to Financial Statements—June 30, 2014—(Continued)

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 January 1, 2015, and interim periods within those fiscal years. Management is evaluating the impact, if any, of this guidance on the Portfolio’s financial statement disclosures.

MIST-19

Met Investors Series Trust

PanAgora Global Diversified Risk Portfolio

Managed by PanAgora Asset Management, Inc.

Portfolio Manager Commentary*

PERFORMANCE

Since its inception on April 14, 2014, the Class B shares of the PanAgora Global Diversified Risk Portfolio returned 6.10%. The Portfolio’s benchmark, the Dow Jones Moderate Index¹, returned 4.84%.

MARKET ENVIRONMENT / CONDITIONS

During the period, U.S. equity markets posted positive returns following a brief pullback in early April as investors soured on momentum stocks which included technology and health care. The S&P 500 and Russell 2000 indices were up 7.5% and 7.3%, respectively, for the period. At the end of June, first quarter Gross Domestic Product (“GDP”) was revised downward from -1% to -2.9%. While it was widely known that severe weather in the first quarter may have contributed to poor GDP growth, in June we learned that revised first quarter healthcare spending, resulting from data collection issues at the start of ObamaCare, had also detracted from GDP. While revised GDP indicated disappointing economic activity, the majority of data releases during the period were more positive. Employment data supports the view of a continuing U.S. recovery as job growth has increased by more than 200,000 for four consecutive months. Non-U.S. developed equity markets were also positive for the period as the MSCI World ex-U.S. Index posted a return of 5.6%. The MSCI Emerging Markets Index also posted a strong return during the period, returning 4.7%. Emerging markets recovered from a weak first quarter and concerns over continued tapering of the U.S. Federal Reserve’s bond buying program. Fixed income investors remain encouraged by the slow, but steady pace of global economic growth and have capitalized on the attractive returns observed throughout much of the bond market; from lower-risk U.S. Treasuries, to higher-risk corporate debt. The Citigroup World Government Bond Index gained 1.4% during the period and is now up approximately 5.0% year to date. This low-rate environment has also been conducive for Treasury Inflation-Protected Securities and investment grade bonds as the Barclays Capital World Government Inflation-Linked Bond and Barclays U.S. Credit indices gained 2.7% and 1.8% during the period, respectively. Commodities have also enjoyed a favorable run of positive performance. Despite being down slightly during the month of May, the S&P Goldman Sachs Commodity Index delivered strong results for the period, up 1.1% and returning approximately 5.7% year to date.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The PanAgora Global Diversified Risk Portfolio pursues an investment strategy designed to generate returns from a risk diversified combination of asset classes. PanAgora will allocate the Portfolio’s assets among equities, fixed-income instruments and commodities. PanAgora will allocate the Portfolio’s assets among these asset classes in an effort to diversify the Portfolio’s risk over three areas: equity risk, fixed-income risk and inflation risk. In allocating assets among the different classes, PanAgora follows a proprietary “Risk Parity” approach, which seeks to balance the allocation of risk across asset classes when building the Portfolio. In its “neutral” position, the Portfolio’s assets will be allocated among the different asset classes in an attempt to diversify the Portfolio’s risk exposure so that the anticipated contribution of each asset class to the overall risk of the Portfolio will be approximately as follows: 40% from equity risk; 40% from fixed income risk; and 20% from inflation risk. PanAgora expects to tactically vary the Portfolio’s allocation to the asset classes depending on market conditions, which can cause the Portfolio to deviate from its neutral position. PanAgora normally will target an overall risk level for the Portfolio of 10%; however, the risk level of the Portfolio may also be increased or decreased by PanAgora, depending on market conditions.

The PanAgora Global Diversified Risk Portfolio generated a return of 6.10%, during the period. For comparison, the Dow Jones Moderate Index returned 4.84%. All asset classes, including equities, nominal fixed income, and inflation protected investments, contributed to positive Portfolio performance for the period. The Portfolio’s exposure to commodities (+1.1%), international government debt (+1.1%), and U.S. large cap equities (+1.0%) were the primary drivers of positive return. Within commodities, both Feeder Cattle and Live Cattle rallied to close out the period as prices rose due to smaller supplies than normal and lower beef production on average relative to the same point last year. Copper also posted strong results as prices rose with an increase in China’s copper import demand. Bond markets followed up a strong first quarter with an impressive showing of positive performance during the period. The yield on the bellwether 10-year U.S. Treasury note continued to decline from its 3.00% high point at the end of 2013 to close out the month of June at 2.53%. Declining yields also drove prices higher in bond markets of the peripheral European economies, in large part due to the accommodative actions of the European Central Bank. Equity markets performed well over the period as the U.S. economy continued to show signs of improvement, Central Banks continued to provide liquidity, and volatility remained low. The Chicago Board Options Exchange SPX Volatility Index continued to decline, falling towards all-time lows.

From a major asset class perspective, the Portfolio maintained an overweight position in equities and inflation protected investments relative to the Portfolio’s strategic (neutral) risk targets while maintaining an underweight position in nominal fixed income. At the sub-asset class level, the Portfolio’s most significant active risk exposures relative to its strategic targets throughout the period were underweight positions in emerging markets equities, international and U.S. government debt and overweight positions in developed markets equities and commodities. In aggregate, tactical asset allocation shifts contributed to the Portfolio’s performance relative to its strategic risk targets. In particular, an overall risk overweight to inflation protected assets and equities proved beneficial to Portfolio positioning.

The Portfolio invested in derivatives, such as exchange-traded futures within the equity, fixed income, and commodities asset classes, and swaps on futures within fixed income and commodities. The

MIST-1

Met Investors Series Trust

PanAgora Global Diversified Risk Portfolio

Managed by PanAgora Asset Management, Inc.

Portfolio Manager Commentary*—(Continued)

Portfolio invested in derivatives in order to gain exposure to certain asset classes and to enhance returns. All derivatives used during the period performed as expected.

As of June 30, 2014, the Portfolio continued to be overweight equities and inflation protected investments at the expense of nominal fixed income. Within nominal fixed income, the Portfolio was marginally overweight investment-grade credit, but remains underweight to international and U.S. government debt relative to the strategic risk targets. Within equities, the Portfolio was close to neutral to the U.S., but remains overweight to developed international equity markets relative to the emerging equity markets.

Edward Qian

Bryan Belton

Portfolio Managers

PanAgora Asset Management, 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 and 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 those of the subadvisory firm as of June 30, 2014 and 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 statements) 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 applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable annuity or insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

MIST-2

Met Investors Series Trust

PanAgora Global Diversified Risk Portfolio

A $10,000 INVESTMENT COMPARED TO THE DOW JONES MODERATE INDEX

CUMULATIVE RETURNS (%) FOR THE PERIOD ENDED JUNE 30, 2014

	Since Inception2
PanAgora Global Diversified Risk Portfolio
Class B		6.10
Dow Jones Moderate Index		4.84

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 of that combination will have 60% of the risk of an all equity portfolio.

² Inception date of the Class B shares is 4/14/2014. 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.

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 JUNE 30, 2014

Exposures by Asset Class*

	% of Net Assets
Global Developed Bonds		148.9
Global Developed Equities		39.7
Commodities - Production Weighted		29.7
Global Inflation-Linked Bonds		7.2
Global Emerging Equities		5.6

* The percentages noted above are based on the notional values by asset class as a percentage of net assets.

MIST-3

Met Investors Series Trust

PanAgora Global Diversified Risk Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

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, April 14, 2014 through June 30, 2014.

Actual Expenses

The first line 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 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 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 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.

PanAgora Global Diversified Risk Portfolio		Annualized Expense Ratio			Beginning Account Value April 14, 2014(a)		Ending Account Value June 30, 2014		Expenses Paid During Period** April 14, 2014 to June 30, 2014
Class B(a)(b)(c)	Actual		1.30	%	$	1,000.00	$	1,061.00	$	2.86
	Hypothetical*		1.30	%	$	1,000.00	$	1,007.91	$	2.79

* 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 (78 days) in the most recent fiscal half-year, divided by 365 (to reflect the eleven week period).

^(a) Commencement of operations was April 14, 2014.

^(b) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 7 of the Notes to Consolidated Financial Statements.

^(c) The annualized expense ratio shown reflects an expense limitation agreement between MetLife Advisers, LLC and the Portfolio as described in Note 7 of the Notes to Consolidated Financial Statements.

MIST-4

Met Investors Series Trust

PanAgora Global Diversified Risk Portfolio

Consolidated§ Schedule of Investments as of June 30, 2014 (Unaudited)

U.S. Treasury & Government Agencies—16.5% of Net Assets

Security Description	Shares/ Principal Amount*		Value
U.S. Treasury—16.5%
U.S. Treasury Inflation Indexed Bonds 3.875%, 04/15/29		389,327	$	569,148
U.S. Treasury Inflation Indexed Notes 0.125%, 04/15/17		642,896		664,995
0.125%, 01/15/23		267,013		266,095
0.375%, 07/15/23		480,785		490,100
Total U.S. Treasury & Government Agencies (Cost $1,962,534)				1,990,338
Investment Company Security—14.5%
iShares iBoxx $ Investment Grade Corporate Bond ETF (Cost $1,730,373)		14,648		1,746,920
Short-Term Investments—36.9%
Federal Agencies—20.3%
Federal Home Loan Banks 0.250%, 01/16/15		940,000		940,676
Federal Home Loan Mortgage Corp. 0.750%, 11/25/14		875,000		877,285
Federal National Mortgage Association 0.625%, 10/30/14		625,000		626,147
				2,444,108
Mutual Fund—8.3%
UBS Select Treasury Institutional Fund, Institutional Class, 0.010% (a)		1,000,000		1,000,000
U.S. Treasury—8.3%
U.S. Treasury Bill 0.041%, 09/18/14 (b) (c)		1,000,000		999,956
Total Short-Term Investments (Cost $4,445,731)				4,444,064
Total Investments—67.9% (Cost $8,138,638) (d)				8,181,322
Other assets and liabilities (net)—32.1%				3,863,413
Net Assets—100.0%			$	12,044,735

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

(a) The rate shown represents the annualized seven-day yield as of June 30, 2014.

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

(c) All or a portion of the security was pledged as collateral against open futures contracts. As of June 30, 2014, the market value of securities pledged was $309,949.

(d) As of June 30, 2014, the aggregate cost of investments was $8,138,638. The aggregate unrealized appreciation and depreciation of investments were $44,395 and $(1,711), respectively, resulting in net unrealized appreciation of $42,684.

(ETF)— Exchange Traded Fund

Futures Contracts

Futures Contracts—Long	Expiration Date		Number of Contracts		Notional Amount			Unrealized Appreciation/ (Depreciation)
Australian 10 Year Treasury Bond Futures		09/15/14		10		AUD	1,178,083	$	25,121
Brent Crude Oil Futures		11/13/14		2		USD	217,915		3,705
Canada Government Bond 10 Year Futures		09/19/14		12		CAD	1,619,425		11,560
Cattle Feeder Futures		10/30/14		3		USD	298,162		23,251
Cocoa Futures		09/15/14		1		USD	31,134		136
Cocoa Futures		03/16/15		3		USD	92,801		829
Cotton No. 2 Futures		12/08/14		1		USD	41,904		(5,149	)
Dow Jones-UBS Commodity Index Futures		09/17/14		19		USD	253,540		2,390
E-Mini Copper Futures		08/27/14		3		USD	115,150		5,000
E-Mini Natural Gas Futures		08/26/14		12		USD	137,491		(4,291	)
Euro Buxl 30 Year Bond Futures		09/08/14		2		EUR	263,243		8,322
Euro-Bobl Futures		09/08/14		3		EUR	383,034		1,857
Euro-Bund Futures		09/08/14		3		EUR	437,604		4,691
Euro-Schatz Futures		09/08/14		7		EUR	774,459		220
Gas Oil Futures		10/10/14		1		USD	94,120		(1,595	)
Gasoline RBOB Futures		08/29/14		1		USD	128,238		(2,007	)
Gold Mini Futures		08/27/14		7		USD	294,210		13,023
Interest Rate Swap 10 Year Futures		09/15/14		6		USD	622,016		8,078
Interest Rate Swap 2 Year Futures		09/15/14		76		USD	7,638,155		5,782
Interest Rate Swap 5 Year Futures		09/15/14		30		USD	3,044,586		17,758
Japanese Government 10 Year Bond Mini Futures		09/09/14		20		JPY	290,498,300		7,716
LME Nickel Futures		08/20/14		1		USD	116,501		(2,429	)
LME Nickel Futures		12/15/14		1		USD	110,504		3,976

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

MIST-5

Met Investors Series Trust

PanAgora Global Diversified Risk Portfolio

Consolidated§ Schedule of Investments as of June 30, 2014 (Unaudited)

Futures Contracts—(Continued)

Futures Contracts—Long	Expiration Date		Number of Contracts			Notional Amount				Unrealized Appreciation/ (Depreciation)
LME Primary Aluminum Futures		07/14/14		1			USD	44,492		$	2,102
LME Primary Aluminum Futures		08/20/14		2			USD	91,347			2,616
LME Primary Aluminum Futures		12/17/14		2			USD	95,609			(59	)
LME Zinc Futures		07/16/14		1			USD	51,067			4,240
LME Zinc Futures		08/20/14		2			USD	104,884			5,817
LME Zinc Futures		12/15/14		2			USD	110,009			1,441
Lean Hogs Futures		12/12/14		10			USD	382,380			12,021
Live Cattle Futures		10/31/14		6			USD	342,174			25,326
Live Cattle Futures		12/31/14		4			USD	238,926			7,034
MSCI EAFE Mini Index Futures		09/19/14		22			USD	2,157,365			8,425
MSCI Emerging Markets Mini Index Futures		09/19/14		13			USD	677,593			(1,138	)
Mini Silver Futures		09/26/14		6			USD	125,881			455
New York Harbor ULSD Heating Oil Futures		08/29/14		1			USD	122,258			3,133
Russell 2000 Mini Index Futures		09/19/14		8			USD	928,684			23,556
S&P 500 E-Mini Index Futures		09/19/14		17			USD	1,641,330			18,210
Soybean Futures		11/14/14		2			USD	124,031			(8,306	)
Soybean Meal Futures		12/12/14		3			USD	119,854			(9,634	)
U.S. Treasury Long Bond Futures		09/19/14		8			USD	1,092,375			5,125
U.S. Treasury Note 10 Year Futures		09/19/14		9			USD	1,124,775			1,772
U.S. Treasury Note 2 Year Futures		09/30/14		2			USD	439,219			(31	)
United Kingdom Long Gilt Bond Futures		09/26/14		9			GBP	987,080			3,765
Wheat Futures		12/12/14		1			USD	34,703			(4,791	)
Futures Contracts—Short
LME Nickel Futures		08/20/14		(1	)		USD	(110,095	)		(3,977	)
LME Primary Aluminum Futures		07/14/14		(1	)		USD	(44,495	)		(2,098	)
LME Primary Aluminum Futures		08/20/14		(2	)		USD	(93,991	)		28
LME Zinc Futures		07/16/14		(1	)		USD	(51,845	)		(3,460	)
LME Zinc Futures		08/20/14		(2	)		USD	(109,228	)		(1,472	)
Net Unrealized Appreciation										$	218,044

(AUD)— Australian Dollar

(CAD)— Canadian Dollar

(EUR)— Euro

(GBP)— British Pound

(JPY)— Japanese Yen

(USD)— United States Dollar

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

MIST-6

Met Investors Series Trust

PanAgora Global Diversified Risk Portfolio

Consolidated§ Schedule of Investments as of June 30, 2014 (Unaudited)

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 Consolidated Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2014:

Description	Level 1			Level 2		Level 3		Total
Total U.S. Treasury & Government Agencies*	$	—		$	1,990,338	$	—	$	1,990,338
Total Investment Company Security		1,746,920			—		—		1,746,920
Short-Term Investments
Federal Agencies		—			2,444,108		—		2,444,108
Mutual Fund		1,000,000			—		—		1,000,000
U.S. Treasury		—			999,956		—		999,956
Total Short-Term Investments		1,000,000			3,444,064		—		4,444,064
Total Investments	$	2,746,920		$	5,434,402	$	—	$	8,181,322
Futures Contracts
Futures Contracts (Unrealized Appreciation)	$	268,481		$	—	$	—	$	268,481
Futures Contracts (Unrealized Depreciation)		(50,437	)		—		—		(50,437	)
Total Futures Contracts	$	218,044		$	—	$	—	$	218,044

* See Consolidated Schedule of Investments for additional detailed categorizations.

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

MIST-7

Met Investors Series Trust

PanAgora Global Diversified Risk Portfolio

Consolidated§ Statement of Assets and Liabilities

June 30, 2014 (Unaudited)

Assets
Investments at value (a)	$	8,181,322
Cash		3,986,698
Receivable for:
Fund shares sold		29,446
Interest		6,724
Variation margin on futures contracts		246,444
Due from investment adviser		21,484
Total Assets		12,472,118
Liabilities
Payables for:
Investments purchased		358,989
Fund shares redeemed		1,109
Accrued expenses:
Management fees		2,280
Distribution and service fees		1,899
Deferred trustees’ fees		5,589
Other expenses		57,517
Total Liabilities		427,383
Net Assets	$	12,044,735
Net assets consist of:
Paid in surplus	$	11,594,215
Accumulated net investment loss		(4,254	)
Accumulated net realized gain		193,815
Unrealized appreciation on investments, futures contracts and foreign currency transactions		260,959
Net Assets	$	12,044,735
Net Assets
Class B	$	12,044,735
Capital Shares Outstanding*
Class B		1,135,223
Net Asset Value, Offering Price and Redemption Price Per Share
Class B	$	10.61

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

(a) Identified cost of investments was $8,138,638.

Consolidated§ Statement of Operations

Period Ended June 30, 2014 (Unaudited) ^(a)

Investment Income
Dividends	$	4,626
Interest		10,242
Total investment income		14,868
Expenses
Management fees		9,560
Administration fees		9,225
Custodian and accounting fees		10,420
Distribution and service fees—Class B		3,677
Audit and tax services		20,777
Legal		19,351
Trustees’ fees and expenses		7,607
Shareholder reporting		2,977
Miscellaneous		1,445
Total expenses		85,039
Less management fee waiver		(5,148	)
Less expenses reimbursed by the Adviser		(60,769	)
Net expenses		19,122
Net Investment Loss		(4,254	)
Net Realized and Unrealized Gain
Net realized gain (loss) on:
Futures contracts		193,850
Foreign currency transactions		(35	)
Net realized gain		193,815
Net change in unrealized appreciation on:
Investments		42,684
Futures contracts		218,044
Foreign currency transactions		231
Net change in unrealized appreciation		260,959
Net realized and unrealized gain		454,774
Net Increase in Net Assets from Operations	$	450,520

(a) Commencement of operations was April 14, 2014.

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

MIST-8

Met Investors Series Trust

PanAgora Global Diversified Risk Portfolio

Consolidated§ Statements of Changes in Net Assets

	Period Ended June 30, 2014 (Unaudited)(a)
Increase (Decrease) in Net Assets:
From Operations
Net investment loss	$	(4,254	)
Net realized gain		193,815
Net change in unrealized appreciation		260,959
Increase in net assets from operations		450,520
Increase in net assets from capital share transactions		11,594,215
Total increase in net assets		12,044,735
Net Assets
Beginning of period		0
End of period	$	12,044,735
Accumulated Net investment loss
End of period	$	(4,254	)

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Period Ended June 30, 2014 (Unaudited)(a)
	Shares			Value
Class B
Sales		1,137,227		$	11,614,952
Redemptions		(2,004	)		(20,737	)
Net increase		1,135,223		$	11,594,215
Increase derived from capital shares transactions				$	11,594,215

(a) Commencement of operations was April 14, 2014.

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

MIST-9

Met Investors Series Trust

PanAgora Global Diversified Risk Portfolio

Consolidated§ Financial Highlights

Selected per share data
	Class B
	Period Ended June 30, 2014(a) (Unaudited)
Net Asset Value, Beginning of Period	$	10.00
Income (Loss) from Investment Operations
Net investment loss (b)		(0.01	)
Net realized and unrealized gain on investments		0.62
Total from investment operations		0.61
Net Asset Value, End of Period	$	10.61
Total Return (%) (c)		6.10	(d)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		5.78	(e)
Net ratio of expenses to average net assets (%) (f)		1.30	(e)
Ratio of net investment loss to average net assets (%)		(0.29	)(e)
Portfolio turnover rate (%)		0	(d) (g)
Net assets, end of period (in millions)	$	12.0

(a) Commencement of operations was April 14, 2014.

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

(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) Periods less than one year are not computed on an annualized basis.

(e) Computed on an annualized basis.

(f) Includes the effects of management fee waivers and expenses reimbursed by the Adviser (see Note 7 of the Notes to Consolidated Financial Statements).

(g) There were no long term sale transactions during the period ended June 30, 2014.

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

MIST-10

Met Investors Series Trust

PanAgora Global Diversified Risk Portfolio

Notes to Consolidated Financial Statements—June 30, 2014 (Unaudited)

1. Organization

Met Investors Series Trust (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 currently offers forty-seven series, each of which operates as a distinct investment vehicle of the Trust. The portfolio included in this report is PanAgora Global Diversified Risk Portfolio (the “Portfolio”) (commenced operations on April 14, 2014), which is non-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 four classes of shares: Class A, B, C and E shares. Class B shares are currently offered by the Portfolio.

2. Consolidation of Subsidiary - PanAgora Global Diversified Risk Portfolio, Ltd.

The Portfolio may invest up to 25% of its total assets in the PanAgora Global Risk Diversified Risk Portfolio, Ltd., which is a wholly-owned and controlled subsidiary of the Portfolio that is organized under the laws of the Cayman Islands as an exempted company (the “Subsidiary”). The Portfolio invests in the Subsidiary in order to gain exposure to the commodities market within the limitations of the federal tax laws, rules and regulations that apply to regulated investment companies.

The Portfolio has obtained an opinion from legal counsel to the effect that the annual net profit, if any, realized by the Subsidiary and imputed for income tax purposes to the Portfolio should constitute “qualifying income” for purposes of the Portfolio remaining qualified as a regulated investment company for U.S federal income tax purposes. It is possible that the Internal Revenue Service or a court could disagree with the legal opinion obtained by the Portfolio.

The Subsidiary invests primarily in commodity futures and swaps on commodity futures, but it may also invest in other commodity related instruments and other investments intended to serve as margin or collateral for the Subsidiary’s derivative positions. Unlike the Portfolio, the Subsidiary may invest without limitation in commodity-linked derivatives; however, the Subsidiary complies with the same 1940 Act asset coverage requirements with respect to its investments in commodity-linked derivatives that are applicable to the Portfolio’s transactions in derivatives. In addition, to the extent applicable to the investment activities of the Subsidiary, the Subsidiary is subject to the same fundamental investment restrictions and follows the same compliance policies and procedures as the Portfolio.

By investing in the Subsidiary, the Portfolio is indirectly exposed to the risks associated with the Subsidiary’s investments. The commodity-related instruments held by the Subsidiary are subject to commodities risk. There can be no assurance that the investment objective of the Subsidiary will be achieved. The Subsidiary is not registered under the 1940 Act and is not subject to all the investor protections of the 1940 Act. The Portfolio, however, wholly owns and controls the Subsidiary, and the Portfolio and Subsidiary are both managed by the PanAgora Asset Management, Inc. (the “Subadviser”), making it unlikely that the Subsidiary will take action contrary to the interests of the Portfolio and its shareholders. Changes in the laws of the United States and/or Cayman Islands could result in the inability of the Portfolio and/or the Subsidiary to operate as described in the Portfolio’s prospectus and could adversely affect the Portfolio. For example, the Cayman Islands does not currently impose any income, corporate or capital gains tax, estate duty, inheritance tax, gift tax or withholding tax on the Subsidiary. If Cayman Islands law changes such that the Subsidiary must pay Cayman Islands taxes, Portfolio shareholders would likely suffer decreased investment returns.

The consolidated Schedule of Investments, Statement of Assets and Liabilities, Statement of Operations, Statement of Changes in Net Assets and the Financial Highlights of the Portfolio include the accounts of the Subsidiary. All inter-company accounts and transactions have been eliminated in consolidation for the Portfolio. The Subsidiary has a fiscal year end of December 31st for financial statement consolidation purposes and a nonconforming tax year end of November 30th.

A summary of the Portfolio’s investment in the Subsidiary is as follows:

	Inception Date of Subsidiary		Subsidiary Net Assets at June 30, 2014		% of Total Assets at June 30, 2014
PanAgora Global Risk Diversified Risk Portfolio, Ltd		4/14/2014	$	2,470,042		19.8	%

3. Significant Accounting Policies

The preparation of consolidated 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 consolidated 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 consolidated financial statements, management has evaluated events and transactions subsequent to June 30, 2014 through the date the consolidated financial statements were issued.

MIST-11

Met Investors Series Trust

PanAgora Global Diversified Risk Portfolio

Notes to Consolidated Financial Statements—June 30, 2014—(Continued)

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

Investment Valuation and Fair Value Measurements - Debt securities (other than short term obligations with a remaining maturity of sixty days or less), 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 MetLife Advisers, LLC (“MetLife Advisers” or the “Adviser”), an affiliate of MetLife, Inc., pursuant to authorization of 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 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.

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, which 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 and futures contracts that are traded over-the-counter 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. 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

MIST-12

Met Investors Series Trust

PanAgora Global Diversified Risk Portfolio

Notes to Consolidated Financial Statements—June 30, 2014—(Continued)

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 has delegated the determination of the fair value of a security to a 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.

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 may primarily be due to futures transactions, foreign currency transactions, swap transactions, distribution redesignations, foreign currency tax expense reclass, distribution and service fees and controlled foreign corporations. 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 remain subject to examination by the Internal

MIST-13

Met Investors Series Trust

PanAgora Global Diversified Risk Portfolio

Notes to Consolidated Financial Statements—June 30, 2014—(Continued)

Revenue Service for three fiscal years after the returns are filed. As of June 30, 2014, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

4. 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 Consolidated 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 Consolidated Statement of Operations. These contracts involve market and/or credit risk in excess of the amount recognized in the Consolidated 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 Consolidated 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 Consolidated Statement of Assets and Liabilities and as a component of net change in unrealized appreciation/depreciation on the Consolidated 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. Futures contracts are exchange-traded and 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.

Commodity Futures Contracts and Swaps on Commodity Futures Contracts - The Subsidiary will invest primarily in commodity futures and swaps on commodity futures. Exposure to the commodities markets may subject the Portfolio to greater volatility than investments in traditional securities. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or sectors affecting a particular industry or commodity.

At June 30, 2014, the Portfolio had the following derivatives, categorized by risk exposure:

	Asset Derivatives			Liability Derivatives
Risk Exposure	Consolidated Statement of Assets & Liabilities Location	Fair Value		Consolidated Statement of Assets & Liabilities Location	Fair Value
Interest Rate	Unrealized appreciation on futures contracts* (a)	$	101,767	Unrealized depreciation on futures contracts* (a)	$	31
Equity	Unrealized appreciation on futures contracts* (a)		50,191	Unrealized depreciation on futures contracts* (a)		1,138
Commodity	Unrealized appreciation on futures contracts* (a)		116,523	Unrealized depreciation on futures contracts* (a)		49,268
Total		$	268,481		$	50,437

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

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

MIST-14

Met Investors Series Trust

PanAgora Global Diversified Risk Portfolio

Notes to Consolidated Financial Statements—June 30, 2014—(Continued)

Transactions in derivative instruments during the period ended June 30, 2014 were as follows:

Consolidated Statement of Operations Location—Net Realized Gain (Loss)	Interest Rate		Equity		Commodity		Total
Futures contracts	$	39,799	$	126,213	$	27,838	$	193,850
Consolidated Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)	Interest Rate		Equity		Commodity		Total
Futures contracts	$	101,736	$	49,053	$	67,255	$	218,044

For the period ended June 30, 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	$	20,225,137
Futures contracts short		(300,531	)

‡ Averages are based on activity levels during the period.

5. 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; currency, interest rate, and price fluctuations.

Commodities Risk: Exposure to the commodities markets may subject the Portfolio to greater volatility than investments in traditional securities. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity.

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 consolidated 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 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 over-the-counter traded derivatives (e.g., forward foreign currency exchange contracts, swap agreements and over-the-counter 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 Consolidated 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

MIST-15

Met Investors Series Trust

PanAgora Global Diversified Risk Portfolio

Notes to Consolidated Financial Statements—June 30, 2014—(Continued)

under derivative contracts, if any, will be reported separately in the Consolidated Statement of Assets and Liabilities. Securities pledged as collateral, if any, for the same purpose are noted in the Consolidated Schedule of Investments.

Customer Account Agreements and related addendums 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.

6. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the period ended June 30, 2014 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$1,956,612	$	1,730,373	$	0	$	0

7. 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 period ended June 30, 2014	% per annum			Average Daily Net Assets
$9,560		0.650	%	First $250 million
		0.640	%	$250 million to $750 million
		0.630	%	$750 million to $1 billion
		0.600	%	Over $1 billion

MetLife Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. The Subadviser is compensated by MetLife Advisers to provide subadvisory services for the Portfolio.

Management Fee Waiver - The Subadviser voluntarily agreed to waive its entire subadvisory fee through July 14, 2014. Also through July 14, 2014, the Adviser voluntarily agreed to waive a portion of the management fee in an amount equal to the subadvisory fees waived. Amounts waived for the period ended June 30, 2014 are shown as a management fee waiver in the Consolidated Statement of Operations.

Expense Limitation Agreement - The Adviser has entered into an expense limitation agreement with the Trust (“Expense Limitation Agreement”) in the interest of limiting expenses of the Portfolio. The Expense Limitation Agreement shall continue in effect with respect to the Portfolio until April 30, 2015. Pursuant to that Expense Limitation Agreement, the Adviser has agreed to waive or limit its fees and to assume other expenses so that the total annual operating expenses of the Portfolio other than interest, taxes, brokerage commissions, other expenditures which are capitalized or expensed in accordance with GAAP, other extraordinary expenses not incurred in the ordinary course of the Portfolio’s business and acquired fund fees and expenses but including amounts payable pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act, are limited to the following expense ratio as a percentage of the Portfolio’s average daily net assets:

Maximum Expense Ratio under current Expense Limitation Agreement	Expenses Deferred in 2014 Subject to repayment until December 31,
Class B	2017
1.30%	$60,769

Amounts waived for the period ended June 30, 2014 are shown as expenses reimbursed by the Adviser in the Consolidated Statement of Operations.

MIST-16

Met Investors Series Trust

PanAgora Global Diversified Risk Portfolio

Notes to Consolidated Financial Statements—June 30, 2014—(Continued)

If, in any year in which the Management Agreement is still in effect, the estimated aggregate operating expenses of the Portfolio for the fiscal year are less than the Maximum Expense Ratio for that year, subject to approval by the Trust’s Board, the Adviser shall be entitled to reimbursement by the Portfolio to the extent that the charge does not cause the expenses in such subsequent year to exceed the Maximum Expense Ratio as stated above. The Portfolio is not obligated to repay any expense paid by the Adviser more than three years after the end of the fiscal year in which such expense was incurred. As of June 30, 2014, there was $60,769 in expense deferrals eligible for recoupment by the Adviser.

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 Agreement and Plan - 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 B Shares. MIDC is a wholly-owned subsidiary of MetLife Investors Group, Inc., an affiliate of the Adviser. The Class B distribution plan provides that the Trust, on behalf of the Portfolio, may pay annually up to 0.50% of the average daily net assets of the Portfolio attributable to its Class B Shares with respect to activities primarily intended to result in the sale of Class B Shares. However, under the Class B distribution agreement, payments to the Distributor for activities pursuant to the Class B distribution plan are currently limited to payments at an annual rate equal to 0.25% of average daily net assets of the Portfolio attributable to its Class B Shares. Amounts incurred by the Portfolio for the period ended June 30, 2014 are shown as Distribution and service fees in the Consolidated Statement of Operations.

Under the terms of the Class B distribution plan and distribution agreement, the Portfolio is authorized to make payments monthly to the Distributor that may be used to pay or reimburse entities providing distribution and shareholder servicing with respect to the Class B Shares for such entities’ fees or expenses incurred.

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 Metropolitan Series Fund, 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 Consolidated Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Consolidated Statement of Assets and Liabilities.

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. 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 January 1, 2015, and interim periods within those fiscal years. Management is evaluating the impact, if any, of this guidance on the Portfolio’s financial statement disclosures.

MIST-17

Met Investors Series Trust

PanAgora Global Diversified Risk Portfolio

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

At an in-person meeting of the Boards of Trustees (the “Board”) of Met Investors Series Trust (the “Trust”) held on November 19-20, 2013, the Board, including a majority of the Trustees who are not considered to be “interested persons” of the Trust (the “Independent Trustees”) under the Investment Company Act of 1940, as amended (the “1940 Act”), initially approved the Trust’s advisory agreement (the “Advisory Agreement”) with MetLife Advisers, LLC (the “Adviser”) and the investment sub-advisory agreement (the “Sub-Advisory Agreement,” and collectively with the Advisory Agreement, the “Agreements”) between the Adviser and PanAgora Asset Management, Inc. (the “Sub-Adviser”) for the PanAgora Global Diversified Risk Portfolio, a new series of the Trust (the “Portfolio”).

In considering the Agreements, the Board reviewed a variety of materials provided by the Adviser and the Sub-Adviser relating to the Portfolio, the Adviser and the Sub-Adviser, including comparative fee and expense information for an appropriate peer group of similar mutual funds, composite performance information for the Portfolio’s proposed strategy, and other information regarding the nature, extent and quality of services to be provided by the Adviser and the Sub-Adviser under their respective Agreements. The Independent Trustees also assessed a report provided by the Board’s independent consultant, Bobroff Consulting, Inc., who reviewed and provided analyses regarding investment fees and expenses, and other information provided by, or at the direction of, the Adviser and the Sub-Adviser, as more fully discussed below.

The Independent Trustees were separately advised by independent legal counsel throughout the process. The Board received an initial presentation from the Adviser regarding the Portfolio during the Board meeting held on August 20-21, 2013. The Board also received additional presentations from the Adviser and the Sub-Adviser during a telephonic meeting on November 4, 2013, and at an in-person meeting on November 19, 2013, during which meetings the representatives of either the Adviser or Sub-Adviser responded to questions from the Independent Trustees. The Independent Trustees also discussed the proposed initial approval of the Agreements in private sessions with their independent legal counsel at which no representatives of management were present.

In considering whether to approve the Agreements, the Board reviewed and analyzed the factors it deemed relevant, including: (1) the nature, extent and quality of the services to be provided to the Portfolio by the Adviser and Sub-Adviser; (2) performance information relating to the proposed strategy; (3) the Adviser’s and the Sub-Adviser’s personnel and operations (4) the financial condition of the Adviser and the Sub-Adviser; (5) the level and method of computing the Portfolio’s proposed advisory and sub-advisory fees; (6) any “fall-out” benefits to the Adviser, the Sub-Adviser and their affiliates (i.e., ancillary benefits realized by the Adviser, the Sub-Adviser or their affiliates from the Adviser’s or Sub-Adviser’s relationship with the Trusts); (7) the effect of growth in size on the Portfolio’s expenses; (8) fees paid by any comparable accounts; and (9) possible conflicts of interest. The Board also considered the nature, quality, and extent of the services to be provided to the Portfolio by the Adviser’s affiliates.

The Board evaluated the nature, extent and quality of the services that the Adviser and the Sub-Adviser would provide to the Portfolio. The Board considered the Adviser’s services as investment manager to the Portfolio, including services relating to the selection and oversight of the Sub-Adviser. The Board considered, among other things, the adviser’s oversight of the provision of services to the Portfolio by the Sub-Adviser, including with respect to investment activities and trading practices, and the Sub-Adviser’s compliance with fund policies, objectives and Board directives, compliance policies and procedures and applicable law. The Adviser’s role in coordinating the activities of the Portfolio’s other service providers was also considered. The Board also evaluated the expertise and performance of the personnel of the Adviser who have performed services for the other portfolios of the Trust and would be performing similar services to the Portfolio (e.g., overseeing the Sub-Adviser). In addition, the Board considered information received from the Trust’s Chief Compliance Officer (the “CCO”) regarding the Portfolio’s compliance policies and procedures established pursuant to Rule 38a-l under the 1940 Act.

With respect to the services to be provided by the Sub-Adviser, the Board considered, among other things, information provided to the Board by the Sub-Adviser. The Board considered the Sub-Adviser’s current level of staffing and its overall resources, as well as its compensation program. The Board reviewed the 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 would be providing services to the Portfolio. The Board also considered the Sub-Adviser’s compliance program and regulatory history. The Board also took into account the financial condition of the Sub-Adviser.

The Board considered the Sub-Adviser’s investment process and philosophy. The Board took into account that the Sub-Adviser’s responsibilities would include the development and maintenance of an investment program for the Portfolio that would be consistent with the Portfolio’s investment objective, 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.

The Board took into account the investment strategy of the proposed Portfolio and noted comparable performance information for PanAgora’s Diversified Risk Multi-Asset strategy. The Board considered that, from 2006 through 2012, this composite strategy outperformed its benchmark during most years, with the exception of 2006 and 2009.

MIST-18

Met Investors Series Trust

PanAgora Global Diversified Risk Portfolio

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

The Board gave consideration to the proposed management fee payable under the Advisory Agreement and the proposed sub-advisory fees payable under the Sub-Advisory Agreement. In addition, the Independent Trustees, with the assistance of an independent consultant, examined the proposed fees to be paid by the Portfolio in light of fees paid to other investment managers by comparable funds and the method of computing the Portfolio’s proposed fee. In comparing the Portfolio’s actual and contractual management fee to that of comparable funds, the Board noted that the advisory fee includes both advisory and administrative fees. With respect to the Portfolio, the Board took into account that the proposed management fee (i.e., the advisory fee plus a small administrative fee) is below the median of comparable funds.

The Board noted that the sub-advisory fee for the Portfolio would be paid by the Adviser, not the Portfolio, out of the advisory fee. It was further noted that the Adviser negotiates the sub-advisory fee at arm’s length. The Board noted the proposed expense limitation agreement, pursuant to which the Adviser would agree to waive a portion of its advisory fee and/or reimburse certain expenses as a means of limiting the Portfolio’s total annual operating expenses. The Board further considered the amount of the sub-advisory fee to be paid out by the Adviser and the amount of the management fees that it would retain in light of the services performed by the Sub-Adviser and Adviser, respectively.

The Board noted that the Adviser agreed to waive a portion of its advisory fee and/or reimburse certain Portfolio expenses (i.e., to forego initially some of its revenue (and profit) in managing the Portfolio). As part of its evaluation of the Adviser’s compensation, the Board also considered other benefits that may be realized by the Adviser and its affiliates from their relationship with the Trust. In addition, the Board took into account the costs borne by the Adviser’s affiliates that support the operations of the Adviser. The Board noted that the Distributor, MetLife Investors Distribution Company, would receive Rule 12b-1 payments to support the distribution of the insurance products that invest in the Portfolio.

The Board also considered the probable effect of the Portfolio’s growth in size on its fees. The Board noted that the Portfolio’s advisory and sub-advisory fee each contains breakpoints that reduce the fee rate above specified asset levels.

The Board considered other benefits that may be realized by the Sub-Adviser and its affiliates from their relationship with the Trust, including the opportunity to provide advisory services to additional portfolios of the Trust and reputational benefits. In conjunction with these considerations, the Board noted the anticipated costs of providing sub-advisory services to the Portfolios.

The Board considered any possible conflicts of interest in the form of material benefits or detriments to the Trust resulting from the nature of the Trust’s and the Adviser’s or the Sub-Adviser’s affiliations and the services to be provided to the Trust, and the manner in which such conflicts would be mitigated.

After full consideration of the factors discussed above, the Board, including a majority of the Independent Trustees, approved the Agreements with respect to the Portfolio. In making its approvals, the Board concluded that the nature, extent and quality of services to be provided by the Adviser and the Sub-Adviser supported the initial approval of the Agreements. In addition, the Board concluded that the proposed fees to be paid by the Portfolio to the Adviser and the Sub-Adviser appeared to be acceptable in light of the nature, extent and quality of the services to be provided by the Adviser and Sub-Adviser. Finally, the Board concluded that the proposed Advisory and Sub-Advisory fees in some measure share economies of scale with contractholders. In approving the Agreements, the Board, including the Independent Trustees, did not identify any single factor as controlling.

MIST-19

Met Investors Series Trust

PIMCO Inflation Protected Bond Portfolio

Managed by Pacific Investment Management Company LLC

Portfolio Manager Commentary*

PERFORMANCE

For the six month period ended June 30, 2014, the Class A, B, and E shares of the PIMCO Inflation Protected Bond Portfolio returned 6.56%, 6.49%, and 6.59%, respectively. The Portfolio’s benchmark, the Barclays U.S. TIPS Index¹, returned 5.83%.

MARKET ENVIRONMENT / CONDITIONS

Treasury Inflation-Protected Securities (“TIPS”) returned 5.83% during the first half of 2014, as represented by the Barclays U.S. TIPS Index. TIPS rallied across the entire curve, with rates falling the most on the long end of the curve (the 10-year real yield fell 52 basis points and the 30-year real yield fell 63 basis points), as accommodative policies from central banks and geopolitical instability saw investors move back into fixed income following the sharp selloff in 2013. In addition, short-term inflation expectations rose, causing breakeven levels (the difference between a nominal bond yield and the real yield available on an index-linked bond of the same maturity) to widen on the front half of the U.S. real yield curve over the first half of the year.

Both uncertainty and volatility increased at the start of 2014 amid geopolitical tensions and weak economic data. An uncharacteristically cold winter took a toll on economic data in the U.S., resulting in a weak first quarter U.S. gross domestic product (“GDP”) rate of -2.1%. On the global front, rising geopolitical tensions between Russia and Ukraine at the outset of the year led to volatile swings in financial markets, particularly in equities. The situation calmed in the months following as Russia acknowledged the legitimacy of the newly elected Ukrainian President and continued to engage in cease-fire negotiations.

Central Banks across the globe continued, and in certain instances increased, their accommodative stance during the first half of the year. Despite the weak first quarter, the Federal Reserve (the “Fed”) continued tapering its asset purchases and remains on track to eliminate these purchases by year-end. The Fed also took considerable steps to strengthen its forward guidance on the policy rate. In Fed Chair Janet Yellen’s first statement in March, the Fed dropped references to a 6.5% unemployment target and placed greater emphasis on inflation and other “measures of labor market conditions” as more appropriate barometers for determining the timing of the first interest rate hike. In Europe, the European Central Bank announced new easing measures, including a historic negative rate on deposits, a policy rate cut, and targeted long-term refinancing operations to spur business lending.

Financial markets, despite the volatility early on, ended the first half of the year in positive territory. Improving global economic data in the second quarter, supportive central banks, and easing of global political risks led to sizable market gains overall with the S&P 500 Index rising 7.1% over the first half of the year and hitting an all-time high. Global fixed income markets also posted strong returns with the Barclays U.S. Aggregate Bond Index returning 3.9%, benefitting from rate declines across most maturities (U.S. 10-year Treasury rates declined 50 basis points) and investors beginning to embrace the view that policy rates will remain lower than historical norms suggest.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Portfolio’s overweight to U.S. real duration, with a focus on intermediate maturities, was positive for returns as real yields rallied during the period. Selling French inflation swaps contributed to performance as French breakeven inflation levels narrowed. A tactical allocation to Italian and Australian inflation-linked bonds (“ILBs”) was positive for performance as real rates fell in these regions. An allocation to non-Agency mortgages, which benefited from limited supply and a recovery in the housing sector, also added to returns. Exposure to investment grade credit securities was positive for performance as the sector outperformed like-duration Treasuries. Holdings of emerging market local debt, specifically in Brazil, contributed to returns as yields fell during the period. Tactical use of pay-fixed interest rate swaps on the long end of the U.S. nominal yield curve, used to underweight this area of the curve, detracted from returns as rates fell across the nominal yield curve over the period. Short exposure to Japanese nominal duration was negative for returns as rates decreased during the reporting period.

At period end, the Portfolio was overweight U.S. duration via TIPS, with a focus on intermediate maturity TIPS. The Portfolio continued to target a neutral U.S. real duration position relative to the benchmark while maintaining an emphasis on positions that stand to gain if market expectations for interest rate increases are not met. At period end we continued to concentrate in the belly of the real yield curve where we see superior opportunities for roll-down. We also maintained allocations to German ILBs that priced in inflation expectations below 1% with real yields comparable to those in the U.S. We favored peripheral European debt including Italian ILBs and nominal bonds from Spain and Slovenia that offered higher real yields with significant policy support to reduce the risk of downside surprises. At period end we also held Australian and New Zealand ILBs that offer attractive real yields and policy maneuverability.

MIST-1

Met Investors Series Trust

PIMCO Inflation Protected Bond Portfolio

Managed by Pacific Investment Management Company LLC

Portfolio Manager Commentary*—(Continued)

Within emerging markets, at period end our focus remained on Mexico and Brazil, which have stronger fundamentals and high real interest rates. Finally, we maintained an overall neutral currency stance as central bank actions continued to drive high levels of currency volatility; we remained short the Japanese yen and the euro while favoring the Mexican peso.

Mihir P. Worah

Portfolio Manager

Pacific Investment 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 and 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 those of the subadvisory firm as of June 30, 2014 and 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 statements) 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 applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable annuity or insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

MIST-2

Met Investors Series Trust

PIMCO Inflation Protected Bond Portfolio

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

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2014

	6 Month		1 Year		5 Year		10 Year		Since Inception2
PIMCO Inflation Protected Bond Portfolio
Class A		6.56		5.39		6.40		5.46		—
Class B		6.49		5.11		6.15		5.21		—
Class E		6.59		5.21		6.24		—		5.73
Barclays U.S. TIPS Index		5.83		4.44		5.55		5.25		—

¹ The Barclays U.S. TIPS Index is an unmanaged market index comprised of all U.S. Treasury Inflation Protected Securities rated investment grade (Baa3 or better), have at least one year to final maturity, and at least $250 million par amount outstanding.

² Inception dates of Class A, Class B and Class E shares are 5/1/2003, 5/1/2003 and 5/1/2006, 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 JUNE 30, 2014

Top Sectors

	% of Net Assets
U.S. Treasury & Government Agencies		92.7
Foreign Government		17.1
Corporate Bonds & Notes		8.3
Mortgage-Backed Securities		3.6
Asset-Backed Securities		2.2
Floating Rate Loans		0.2

MIST-3

Met Investors Series Trust

PIMCO Inflation Protected Bond 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, January 1, 2014 through June 30, 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.

PIMCO Inflation Protected Bond Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2014		Ending Account Value June 30, 2014		Expenses Paid During Period** January 1, 2014 to June 30, 2014
Class A(a)	Actual		0.53	%	$	1,000.00	$	1,065.60	$	2.71
	Hypothetical*		0.53	%	$	1,000.00	$	1,022.17	$	2.66
Class B(a)	Actual		0.78	%	$	1,000.00	$	1,064.90	$	3.99
	Hypothetical*		0.78	%	$	1,000.00	$	1,020.93	$	3.91
Class E(a)	Actual		0.68	%	$	1,000.00	$	1,065.90	$	3.48
	Hypothetical*		0.68	%	$	1,000.00	$	1,021.42	$	3.41

* 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 (181 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.

MIST-4

Met Investors Series Trust

PIMCO Inflation Protected Bond Portfolio

Schedule of Investments as of June 30, 2014

U.S. Treasury & Government Agencies—92.7% of Net Assets

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage - Backed—1.1%
Fannie Mae ARM Pool 1.324%, 07/01/44 (a)		26,774	$	27,344
1.324%, 09/01/44 (a)		46,252		47,360
2.485%, 11/01/34 (a)		1,224,547		1,311,071
Fannie Mae REMICS (CMO) 0.212%, 07/25/37 (a)		1,025,054		1,002,667
0.217%, 12/25/36 (a)		99,459		97,282
0.302%, 08/25/34 (a)		161,296		159,753
0.502%, 07/25/37 (a)		47,072		47,012
0.532%, 07/25/37 (a)		307,870		308,089
0.832%, 02/25/41 (a)		4,254,574		4,308,573
2.269%, 05/25/35 (a)		653,919		674,704
Fannie Mae Whole Loan (CMO) 0.502%, 05/25/42 (a)		83,553		83,501
Freddie Mac ARM Non-Gold Pool 2.368%, 01/01/34		121,322		129,115
Freddie Mac REMICS (CMO) 0.302%, 10/15/20 (a)		593,607		593,750
0.382%, 02/15/19 (a)		1,325,442		1,327,293
0.602%, 08/15/33 (a)		3,625,045		3,636,859
Freddie Mac Strips (CMO) 0.602%, 09/15/42 (a)		10,755,278		10,732,495
Freddie Mac Structured Pass-Through Securities(CMO) 0.412%, 08/25/31 (a)		66,005		64,508
1.319%, 02/25/45 (a)		1,167,734		1,192,057
1.324%, 10/25/44 (a)		3,875,851		3,943,372
Ginnie Mae (CMO) 0.453%, 03/20/37 (a)		5,054,038		5,059,866
				34,746,671
Federal Agencies—0.5%
Federal Home Loan Mortgage Corp. 2.500%, 10/02/19		18,100,000		18,189,197
U.S. Treasury—91.1%
U.S. Treasury Inflation Indexed Bonds 0.625%, 02/15/43 (b)		36,292,256		32,946,545
0.750%, 02/15/42 (b)		3,566,804		3,357,532
1.375%, 02/15/44 (b)		62,926,537		69,209,375
1.750%, 01/15/28 (b)		161,514,070		185,943,073
2.000%, 01/15/26 (b)		91,735,776		108,083,366
2.125%, 02/15/40 (b)		26,102,174		33,208,909
2.375%, 01/15/25 (b)		162,200,106		196,502,833
2.375%, 01/15/27 (b)		126,341,103		155,034,304
2.500%, 01/15/29 (b)		50,473,291		63,683,110
3.625%, 04/15/28 (b)		38,586,842		54,190,396
3.875%, 04/15/29 (b)		97,979,823		143,234,254
U.S. Treasury Inflation Indexed Notes 0.125%, 04/15/16 (b)		110,887,406		113,798,200
0.125%, 04/15/17 (b)		13,894,519		14,372,143
0.125%, 04/15/19 (b)		89,837,044		92,504,126
0.125%, 01/15/22 (b)		82,242,880		82,789,055
0.125%, 07/15/22 (b)		308,101,034		310,195,197
0.125%, 01/15/23 (b)		206,129,752		205,421,077
U.S. Treasury—(Continued)
U.S. Treasury Inflation Indexed Notes 0.375%, 07/15/23 (b) (c) (d)		102,603,620		104,591,565
0.500%, 04/15/15 (b)		33,315,968		33,797,484
0.625%, 07/15/21 (b) (e)		299,477,436		315,457,253
0.625%, 01/15/24 (b)		46,396,868		48,078,754
1.125%, 01/15/21 (b) (e)		46,896,663		50,798,606
1.250%, 07/15/20 (b) (c) (d) (e)		190,684,673		208,963,515
1.375%, 01/15/20 (b) (c) (d) (e)		132,231,120		145,041,010
1.625%, 01/15/15 (b)		16,664,479		16,937,877
1.625%, 01/15/18 (b) (d) (e)		19,351,004		21,106,198
1.875%, 07/15/15 (b)		82,637,518		85,826,830
1.875%, 07/15/19 (b)		12,888,296		14,507,388
2.000%, 07/15/14 (b) (d) (e)		3,774,387		3,781,464
2.000%, 01/15/16 (b)		34,067,030		35,916,768
2.375%, 01/15/17 (b)		3,938,069		4,308,184
2.625%, 07/15/17 (b)		17,741,765		19,861,072
				2,973,447,463
Total U.S. Treasury & Government Agencies (Cost $3,107,302,633)				3,026,383,331
Foreign Government—17.1%
Provincial—0.7%
New South Wales Treasury Corp. 2.500%, 11/20/35 (AUD)		3,900,000		4,862,175
2.750%, 11/20/25 (AUD)		14,400,000		18,491,982
				23,354,157
Sovereign—16.4%
Australia Government Bond 5.500%, 04/21/23 (AUD)		900,000		979,101
Brazil Letras do Tesouro Nacional Zero Coupon, 01/01/17 (BRL)		160,500,000		55,126,211
Zero Coupon, 01/01/18 (BRL)		42,800,000		13,081,129
Brazil Notas do Tesouro Nacional 10.000%, 01/01/21 (BRL)		138,708,000		57,362,208
Bundesrepublik Deutschland Bundesobligation Inflation Linked Bond 0.750%, 04/15/18 (EUR)		140,129,030		202,013,755
Colombian TES 3.000%, 03/25/33 (COP)		6,320,044,170		2,931,760
France Government Bond OAT 0.250%, 07/25/18 (EUR)		9,280,653		13,180,535
Hellenic Republic Government International Bonds 3.800%, 08/08/17 (JPY)		150,000,000		1,428,805
4.500%, 07/03/17 (JPY)		300,000,000		2,839,865
Italy Buoni Poliennali Del Tesoro 1.700%, 09/15/18 (EUR)		8,920,384		12,849,311
2.100%, 09/15/16 (EUR)		2,361,524		3,368,271
2.100%, 09/15/17 (EUR)		14,566,875		21,051,458
2.100%, 09/15/21 (EUR)		3,150,357		4,634,472
2.250%, 04/22/17 (EUR)		5,708,664		8,131,114
2.350%, 09/15/24 (144A) (EUR)		22,370,052		32,796,953
2.550%, 10/22/16 (EUR)		9,414,288		13,411,783
3.100%, 09/15/26 (EUR)		638,010		997,857

See accompanying notes to financial statements.

MIST-5

Met Investors Series Trust

PIMCO Inflation Protected Bond Portfolio

Schedule of Investments as of June 30, 2014

Foreign Government—(Continued)

Security Description	Principal Amount*		Value
Sovereign—(Continued)
New Zealand Government Bond 3.000%, 09/20/30 (NZD) (f)		5,600,000	$	5,090,624
Slovenia Government International Bond 4.700%, 11/01/16 (144A) (EUR)		6,400,000		9,488,177
Spain Government Bonds 3.800%, 04/30/24 (144A) (EUR)		15,500,000		23,259,763
5.400%, 01/31/23 (144A) (EUR)		29,800,000		50,122,188
				534,145,340
Total Foreign Government (Cost $542,080,834)				557,499,497
Corporate Bonds & Notes—8.3%
Banks—6.5%
Achmea Bank NV 3.200%, 11/03/14 (144A)		483,000		487,602
ANZ National International, Ltd. 0.666%, 08/19/14 (144A) (a)		5,000,000		5,003,375
Bankia S.A. 3.500%, 12/14/15 (EUR)		7,800,000		11,097,447
3.500%, 01/17/19 (EUR)		3,100,000		4,510,939
BBVA Bancomer S.A. 6.500%, 03/10/21 (144A)		5,000,000		5,637,500
BNP Paribas S.A. 0.533%, 11/07/15 (a)		23,200,000		23,193,782
BPCE S.A. 0.796%, 11/18/16 (a)		13,300,000		13,331,055
BPE Financiaciones S.A. 2.500%, 02/01/17 (EUR)		2,700,000		3,770,757
2.875%, 05/19/16 (EUR)		5,600,000		7,855,106
China Construction Bank Corp. 1.700%, 04/16/15		4,000,000		4,007,964
Citigroup, Inc. 0.745%, 05/01/17 (a)		33,800,000		33,771,540
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA 0.558%, 04/28/17 (a)		33,700,000		33,730,367
Credit Agricole S.A. 7.875%, 01/23/24 (a)		200,000		218,500
Depfa ACS Bank 3.875%, 11/14/16 (EUR)		600,000		883,337
Eksportfinans ASA 2.375%, 05/25/16		4,100,000		4,100,000
Intesa Sanpaolo S.p.A. 3.125%, 01/15/16		3,200,000		3,289,293
JPMorgan Chase & Co. 0.779%, 04/25/18 (a)		33,700,000		33,699,899
Rabobank Nederland 4.000%, 09/10/15 (GBP)		5,160,000		9,122,682
Turkiye Garanti Bankasi A/S 2.728%, 04/20/16 (144A) (a)		1,600,000		1,580,000
Westpac Banking Corp. 2.700%, 12/09/14 (144A)		4,900,000		4,949,186
3.585%, 08/14/14 (144A)		6,700,000		6,725,882
				210,966,213
Diversified Financial Services—0.1%
Credit Agricole Home Loan SFH 0.978%, 07/21/14 (144A) (a)		2,000,000		2,000,366
Electric—0.4%
Electricite de France S.A. 0.688%, 01/20/17 (144A) (a)		9,000,000		9,036,486
1.150%, 01/20/17 (144A)		2,800,000		2,800,588
				11,837,074
Home Builders—0.2%
D.R. Horton, Inc. 5.250%, 02/15/15		7,500,000		7,675,500
Oil & Gas—0.0%
Chesapeake Energy Corp. 3.479%, 04/15/19 (a)		800,000		809,000
Telecommunications—1.0%
BellSouth Corp. 4.182%, 04/26/15 (144A) (g)		32,600,000		33,538,065
Transportation—0.1%
Hellenic Railways Organization S.A. 4.028%, 03/17/17 (EUR)		3,900,000		5,036,944
Total Corporate Bonds & Notes (Cost $271,536,963)				271,863,162
Mortgage-Backed Securities—3.6%
Collateralized Mortgage Obligations—2.6%
American General Mortgage Loan Trust 5.150%, 03/25/58 (144A) (a)		412,796		414,333
Banc of America Funding Trust 2.651%, 02/20/36 (a)		1,693,589		1,703,378
Banc of America Mortgage Trust 2.628%, 06/25/35 (a)		385,566		367,990
2.767%, 09/25/35 (a)		241,893		229,559
4.682%, 11/25/34 (a)		92,674		89,633
6.500%, 09/25/33		59,545		61,373
BCAP LLC Trust 5.208%, 03/26/37 (144A) (a)		2,324,381		2,296,897
Bear Stearns Adjustable Rate Mortgage Trust 2.150%, 08/25/35 (a)		176,945		179,695
2.528%, 03/25/35 (a)		7,004		7,098
2.580%, 03/25/35 (a)		808,882		820,644
2.684%, 03/25/35 (a)		661,118		647,322
2.881%, 01/25/35 (a)		2,518,962		2,541,379
Bear Stearns ALT-A Trust 0.312%, 02/25/34 (a)		285,741		263,003
2.790%, 09/25/35 (a)		2,055,659		1,794,075
Chase Mortgage Finance Trust 2.502%, 02/25/37 (a)		186,974		186,571
Citigroup Mortgage Loan Trust, Inc. 2.200%, 09/25/35 (a)		272,729		274,601

See accompanying notes to financial statements.

MIST-6

Met Investors Series Trust

PIMCO Inflation Protected Bond Portfolio

Schedule of Investments as of June 30, 2014

Mortgage-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Collateralized Mortgage Obligations—(Continued)
Citigroup Mortgage Loan Trust, Inc. 2.280%, 09/25/35 (a)		252,900	$	253,408
2.500%, 05/25/35 (a)		62,151		60,822
2.500%, 10/25/35 (a)		4,485,692		4,436,054
Countrywide Alternative Loan Trust 0.332%, 05/25/47 (a)		496,116		428,175
0.333%, 02/20/47 (a)		1,483,056		1,104,816
0.432%, 12/25/35 (a)		41,153		37,090
5.500%, 06/25/35		1,089,282		1,050,360
Countrywide Home Loan Mortgage Pass-Through Trust 0.442%, 04/25/35 (a)		1,149,833		1,054,793
0.492%, 06/25/35 (144A) (a)		176,384		158,057
2.521%, 11/19/33 (a)		41,868		41,399
2.747%, 08/25/34 (a)		305,351		271,569
4.780%, 11/20/34 (a)		669,033		639,319
Deutsche ALT-B Securities Mortgage Loan Trust 0.252%, 10/25/36 (a)		46,109		28,371
5.869%, 10/25/36		814,657		655,420
5.886%, 10/25/36		814,657		655,971
First Horizon Alternative Mortgage Securities Trust 2.208%, 06/25/34 (a)		390,908		387,216
Granite Mortgages plc 0.934%, 09/20/44 (GBP) (a)		639,287		1,091,887
GreenPoint Mortgage Funding Trust 0.422%, 11/25/45 (a)		218,042		172,128
GreenPoint MTA Trust 0.372%, 06/25/45 (a)		463,282		416,747
GSR Mortgage Loan Trust 2.613%, 05/25/35 (a)		824,004		765,625
2.657%, 09/25/35 (a)		602,277		607,720
2.834%, 01/25/35 (a)		525,357		516,927
4.862%, 11/25/35 (a)		1,172,007		1,088,586
HarborView Mortgage Loan Trust 0.375%, 05/19/35 (a)		122,345		107,861
0.435%, 02/19/36 (a)		253,860		198,685
Holmes Master Issuer plc 1.678%, 10/15/54 (144A) (EUR) (a)		5,672,531		7,770,342
Indymac Index Mortgage Loan Trust 2.722%, 11/25/35 (a)		1,261,845		1,133,499
JPMorgan Mortgage Trust 2.179%, 07/27/37 (144A) (a)		1,322,081		1,131,850
2.625%, 07/25/35 (a)		387,476		390,752
2.703%, 07/25/35 (a)		449,666		457,347
2.745%, 08/25/35 (a)		802,983		768,106
2.779%, 08/25/35 (a)		540,576		539,262
2.952%, 02/25/35 (a)		679,494		675,122
5.031%, 06/25/35 (a)		1,549,586		1,557,686
5.109%, 09/25/35 (a)		192,456		194,654
Master Adjustable Rate Mortgages Trust 2.182%, 12/25/33 (a)		266,104		268,158
2.636%, 11/21/34 (a)		423,714		432,387
Mellon Residential Funding Corp. 0.592%, 12/15/30 (a)		57,434		54,591
0.852%, 11/15/31 (a)		397,891		397,631
Collateralized Mortgage Obligations—(Continued)
Merrill Lynch Mortgage Investors Trust 0.402%, 11/25/35 (a)		201,619		191,226
1.151%, 10/25/35 (a)		389,744		371,351
1.572%, 10/25/35 (a)		1,357,880		1,341,633
5.394%, 12/25/35 (a)		357,982		338,645
National Credit Union Administration Guaranteed Notes 0.602%, 10/07/20 (a)		3,433,596		3,452,062
0.712%, 12/08/20 (a)		5,248,028		5,282,161
RBSSP Resecuritization Trust 2.107%, 07/26/45 (144A) (a)		9,145,758		9,217,561
Residential Accredit Loans, Inc. 0.452%, 08/25/35 (a)		203,664		162,945
1.483%, 09/25/45 (a)		213,452		176,822
Sequoia Mortgage Trust 0.353%, 07/20/36 (a)		1,925,632		1,845,437
0.855%, 10/19/26 (a)		110,655		110,038
Structured Adjustable Rate Mortgage Loan Trust 1.523%, 01/25/35 (a)		169,779		137,353
2.467%, 02/25/34 (a)		253,567		257,448
5.500%, 12/25/34 (a)		536,027		524,851
Structured Asset Mortgage Investments II Trust 0.342%, 06/25/36 (a)		122,602		99,757
0.362%, 05/25/46 (a)		55,972		42,233
0.405%, 07/19/35 (a)		301,584		274,187
0.485%, 10/19/34 (a)		144,540		137,525
Structured Asset Securities Corp. 2.628%, 10/28/35 (144A) (a)		146,293		138,463
Swan Trust 3.960%, 04/25/41 (AUD) (a)		293,059		277,457
TBW Mortgage Backed Pass-Through Certificates 6.015%, 07/25/37		371,001		276,135
Thornburg Mortgage Securities Trust 6.092%, 09/25/37 (a)		2,039,842		2,128,928
WaMu Mortgage Pass-Through Certificates Trust 0.412%, 11/25/45 (a)		220,396		206,156
0.442%, 10/25/45 (a)		1,361,773		1,279,075
0.893%, 05/25/47 (a)		568,736		499,341
0.933%, 12/25/46 (a)		130,477		119,755
1.123%, 02/25/46 (a)		225,636		212,145
1.123%, 08/25/46 (a)		9,471,166		8,383,375
1.323%, 11/25/42 (a)		28,129		27,537
2.201%, 07/25/46 (a)		856,502		776,694
2.201%, 11/25/46 (a)		273,730		269,266
2.473%, 12/25/35 (a)		272,853		256,283
5.127%, 08/25/35 (a)		269,726		261,328
Wells Fargo Mortgage Backed Securities Trust 2.612%, 03/25/36 (a)		206,509		201,406
2.615%, 10/25/35 (a)		25,260		25,468
2.616%, 11/25/34 (a)		285,299		290,712
2.617%, 09/25/34 (a)		521,300		533,736
2.623%, 04/25/36 (a)		1,243,528		1,218,208
5.588%, 04/25/36 (a)		475,005		472,297
				85,694,944

See accompanying notes to financial statements.

MIST-7

Met Investors Series Trust

PIMCO Inflation Protected Bond Portfolio

Schedule of Investments as of June 30, 2014

Mortgage-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Commercial Mortgage-Backed Securities—1.0%
Banc of America Commercial Mortgage Trust 5.775%, 06/10/49 (a)		1,100,000	$	1,210,662
5.948%, 02/10/51 (a)		869,946		968,704
Banc of America Re-REMIC Trust 5.679%, 06/24/50 (144A) (a)		1,618,615		1,754,579
5.680%, 02/17/51 (144A) (a)		969,575		1,046,657
Commercial Mortgage Pass-Through Certificates 3.156%, 07/10/46 (144A)		2,200,456		2,246,839
Credit Suisse Mortgage Capital Certificates 5.383%, 02/15/40 (144A)		1,221,438		1,329,824
5.467%, 09/18/39 (144A) (a)		1,784,549		1,904,098
GS Mortgage Securities Trust 4.592%, 08/10/43 (144A)		25,000		27,717
Indus Eclipse plc 0.699%, 01/25/20 (GBP) (a)		534,968		898,607
JPMorgan Chase Commercial Mortgage Securities Trust 4.654%, 01/12/37		116,439		116,386
5.794%, 02/12/51 (a)		1,500,000		1,664,235
Merrill Lynch/Countrywide Commercial Mortgage Trust 5.700%, 09/12/49		5,400,000		5,998,887
RBSCF Trust 6.213%, 12/16/49 (144A) (a)		2,600,000		2,791,030
Vornado DP LLC 4.004%, 09/13/28 (144A)		7,000,000		7,504,168
Wachovia Bank Commercial Mortgage Trust 0.232%, 06/15/20 (144A) (a)		855,007		849,572
5.088%, 08/15/41 (a)		462,701		462,349
				30,774,314
Total Mortgage-Backed Securities (Cost $107,862,759)				116,469,258
Asset-Backed Securities—2.2%
Asset-Backed - Credit Card—0.2%
Citibank Omni Master Trust 2.902%, 08/15/18 (144A) (a)		7,100,000		7,123,018
Asset-Backed - Home Equity—0.2%
Asset Backed Funding Certificates 0.852%, 06/25/34 (a)		587,717		545,831
Bear Stearns Asset Backed Securities Trust 0.812%, 10/25/32 (a)		18,438		17,482
1.152%, 10/25/37 (a)		2,820,664		2,618,667
First NLC Trust 0.222%, 08/25/37 (144A) (a)		1,471,605		779,618
HSBC Home Equity Loan Trust 0.303%, 03/20/36 (a)		1,361,057		1,348,955
HSI Asset Securitization Corp. Trust 0.202%, 10/25/36 (a)		8,534		4,474
Soundview Home Loan Trust 0.212%, 11/25/36 (144A) (a)		60,272		23,653
				5,338,680
Asset-Backed - Other—1.3%
Aquilae CLO II plc 0.637%, 01/17/23 (EUR) (a)		2,082,119		2,817,107
Carrington Mortgage Loan Trust 0.472%, 10/25/35 (a)		89,618		89,177
Conseco Finance Securitizations Corp. 6.681%, 12/01/33 (a)		889,231		894,320
Countrywide Asset-Backed Certificates 0.332%, 07/25/36 (a)		3,500,455		3,414,375
0.400%, 04/25/36 (a)		173,980		169,988
Credit-Based Asset Servicing and Securitization LLC 0.272%, 07/25/37 (144A) (a)		161,228		103,574
CSAB Mortgage Backed Trust 5.720%, 09/25/36		948,929		697,957
Equity One Mortgage Pass-Through Trust 0.452%, 04/25/34 (a)		114,656		98,331
Hillmark Funding, Ltd. 0.477%, 05/21/21 (144A) (a)		14,132,677		13,930,141
JPMorgan Mortgage Acquisition Trust 0.212%, 03/25/47 (a)		225,541		217,754
Magi Funding plc 0.677%, 04/11/21 (144A) (EUR) (a)		826,353		1,121,342
Morgan Stanley IXIS Real Estate Capital Trust 0.202%, 11/25/36 (a)		834		428
Nautique Funding, Ltd. 0.477%, 04/15/20 (144A) (a)		598,046		592,431
NYLIM Flatiron CLO, Ltd. 0.445%, 08/08/20 (144A) (a)		398,093		393,286
Park Place Securities, Inc. 0.412%, 09/25/35 (a)		27,301		27,008
1.172%, 12/25/34 (a)		1,346,230		1,347,884
Penta CLO S.A. 0.614%, 06/04/24 (EUR) (a)		4,357,383		5,863,798
Small Business Administration Participation Certificates 5.510%, 11/01/27		3,480,845		3,870,752
Structured Asset Securities Corp. 0.292%, 05/25/47 (a)		3,200,000		3,044,557
1.651%, 04/25/35 (a)		490,989		476,208
Symphony CLO, Ltd. 0.464%, 05/15/19 (144A) (a)		3,329,211		3,297,793
Wood Street CLO B.V. 0.666%, 03/29/21 (144A) (EUR) (a)		359,022		486,877
				42,955,088
Asset-Backed - Student Loan—0.5%
College Loan Corp. Trust 0.479%, 01/25/24 (a)		900,000		877,412
Nelnet Student Loan Trust 0.929%, 07/25/18 (a)		145,991		146,058
North Carolina State Education Assistance Authority 0.679%, 10/26/20 (a)		1,202,226		1,202,491

See accompanying notes to financial statements.

MIST-8

Met Investors Series Trust

PIMCO Inflation Protected Bond Portfolio

Schedule of Investments as of June 30, 2014

Asset-Backed Securities—(Continued)

Security Description	Shares/ Notional/ Principal Amount*		Value
Asset-Backed - Student Loan—(Continued)
SLM Student Loan Trust
0.239%, 10/25/17 (a)		339,573	$	338,975
0.729%, 10/25/17 (a)		315,567		315,974
1.729%, 04/25/23 (a)		14,554,341		15,050,208
				17,931,118
Total Asset-Backed Securities (Cost $70,072,507)				73,347,904
Floating Rate Loan (a)—0.2%
Healthcare - Services—0.2%
Iasis Healthcare LLC Term Loan B2, 4.500%, 05/03/18 (Cost $7,051,629)		7,064,666		7,101,756
Convertible Preferred Stock—0.0%
Banks—0.0%
Wells Fargo & Co., Series L 7.500%, 12/31/49 (Cost $900,000)		900		1,092,600
Municipals—0.0%
Tobacco Settlement Financing Authority 7.467%, 06/01/47 (Cost $712,344)		745,000		637,303
Purchased Options—0.0%
Put Options—0.0%
OTC—5 Year Interest Rate Swap, Exercise Rate 1.000%, Expires 10/29/14 (Counterparty—Goldman Sachs Bank USA) (EUR) (f)		12,500,000		18,588
OTC—5 Year Interest Rate Swap, Exercise Rate 1.000%, Expires 11/10/14 (Counterparty—Goldman Sachs Bank USA) (EUR) (f)		40,400,000		71,805
Total Purchased Options (Cost $748,978)				90,393
Short-Term Investments—20.7%
Commercial Paper—1.8%
Banco Bilbao Vizcaya Argentaria S.A. 0.977%, 10/23/15 (h)		33,750,000		33,747,050
1.075%, 05/16/16 (h)		14,000,000		14,000,000
Itau Unibanco S.A. New York 0.010%, 06/04/15 (h)		10,800,000		10,800,000
				58,547,050
Foreign Government—5.4%
Hellenic Republic Treasury Bills
2.122%, 08/18/14 (EUR) (h)		2,100,000		2,868,822
2.126%, 12/12/14 (EUR) (h)		24,100,000		32,785,789
2.510%, 07/18/14 (EUR) (h)		18,200,000		24,902,898
Japan Treasury Bills
0.047%, 08/04/14 (JPY) (h)		790,000,000		7,797,961
0.054%, 08/11/14 (JPY) (h)		10,810,000,000		106,703,519
				175,058,989
U.S. Treasury—0.1%
U.S. Treasury Bills
0.026%, 07/24/14 (e) (h)		230,000		229,996
0.028%, 11/13/14 (e) (h)		242,000		241,975
0.050%, 10/09/14 (d) (e) (h)		195,000		194,973
0.057%, 08/14/14 (d) (e) (h)		166,000		165,988
0.061%, 09/25/14 (e) (h)		8,000		7,999
0.075%, 09/18/14 (d) (e) (h)		1,048,000		1,047,828
0.077%, 09/11/14 (e) (h)		553,000		552,914
0.080%, 08/21/14 (e) (h)		150,000		149,983
0.090%, 03/05/15 (d) (e) (h)		719,000		718,554
				3,310,210
Repurchase Agreements—13.4%
Barclays Capital, Inc. Repurchase Agreement dated 06/26/14 at 0.090% to be repurchased at $430,006,450 on 07/03/14 collateralized by $355,971,133 U.S. Treasury Inflation Indexed Bonds with rates ranging from 1.750%—3.625%, maturity dates ranging from 01/15/25—04/15/28 with a value of $435,238,798.		430,000,000		430,000,000
Credit Suisse Securities (USA) LLC Repurchase Agreement dated 06/30/14 at 0.15% to be repurchased at $6,700,028 on 07/01/14, collateralized by $6,835,000 U.S. Treasury Note at 0.375% due 03/31/16 with a value of $6,836,299.		6,700,000		6,700,000
				436,700,000
Total Short-Term Investments (Cost $672,910,353)				673,616,249
Total Investments—144.8% (Cost $4,781,179,000) (i)				4,728,101,453
Other assets and liabilities (net)—(44.8)%				(1,463,650,240	)
Net Assets—100.0%			$	3,264,451,213

See accompanying notes to financial statements.

MIST-9

Met Investors Series Trust

PIMCO Inflation Protected Bond Portfolio

Schedule of Investments as of June 30, 2014

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

(a) Variable or floating rate security. The stated rate represents the rate at June 30, 2014. Maturity date shown for callable securities reflects the earliest possible call date.

(b) All or a portion of this security has been transferred in a secured-borrowing transaction. (See Note 2 of the Notes to Financial Statements)

(c) All or a portion of the security was pledged as collateral against open futures contracts. As of June 30, 2014, the market value of securities pledged was $1,052,200.

(d) All or a portion of the security was pledged as collateral against open centrally cleared swap contracts. As of June 30, 2014, the market value of securities pledged was $11,610,078.

(e) All or a portion of the security was pledged as collateral against open swap contracts and open forward foreign currency exchange contracts. As of June 30, 2014, the market value of securities pledged was $8,233,036.

(f) Illiquid security. As of June 30, 2014, these securities represent 0.2% of net assets.

(g) 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 June 30, 2014, the market value of restricted securities was $33,538,065, which is 1.0% of net assets. See details shown in the Restricted Securities table that follows.

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

(i) As of June 30, 2014, the aggregate cost of investments was $4,781,179,000. The aggregate unrealized appreciation and depreciation of investments were $59,938,036 and $(113,015,583), respectively, resulting in net unrealized depreciation of $(53,077,547).

(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 June 30, 2014, the market value of 144A securities was $255,859,851, which is 7.8% of net assets.

(ARM)— Adjustable-Rate Mortgage

(AUD)— Australian Dollar

(BRL)— Brazilian Real

(CLO)— Collateralized Loan Obligation

(CMO)— Collateralized Mortgage Obligation

(COP)— Colombian Peso

(EUR)— Euro

(GBP)— British Pound

(JPY)— Japanese Yen

(NZD)— New Zealand Dollar

(REMIC)— Real Estate Mortgage Investment Conduit

Restricted Securities	Acquisition Date	Principal Amount		Cost		Value
BellSouth Corp.	04/16/14	$	32,600,000	$	33,776,534	$	33,538,065

Forward Foreign Currency Exchange Contracts

Contracts to Buy		Counterparty	Settlement Date		In Exchange for			Unrealized Appreciation/ (Depreciation)
AUD	1,918,000	Deutsche Bank AG		07/02/14		USD	1,775,041	$	33,536
AUD	33,393,000	Societe Generale Paris		07/02/14		USD	31,482,520		5,398
AUD	5,765,000	Deutsche Bank AG		08/05/14		USD	5,424,179		(1,276	)
BRL	12,162	Citibank N.A.		07/02/14		USD	5,521		(17	)
BRL	13,945,025	Credit Suisse International		07/02/14		USD	6,169,000		142,392
BRL	23,797,025	Credit Suisse International		07/02/14		USD	10,525,000		245,321
BRL	25,460,865	Goldman Sachs Bank USA		07/02/14		USD	11,241,000		282,360
BRL	25,478,813	Goldman Sachs Bank USA		07/02/14		USD	11,239,000		292,484
BRL	17,642,332	JPMorgan Chase Bank N.A.		07/02/14		USD	7,881,319		103,443
BRL	75,323,328	JPMorgan Chase Bank N.A.		07/02/14		USD	34,199,013		(108,347	)
BRL	13,346,238	UBS AG Stamford		07/02/14		USD	6,059,587		(19,198	)
BRL	10,355,409	Credit Suisse International		08/04/14		USD	4,579,000		63,952
BRL	13,210,992	Credit Suisse International		08/04/14		USD	5,724,000		199,282
BRL	40,086,479	JPMorgan Chase Bank N.A.		08/04/14		USD	17,744,840		228,339
BRL	17,642,332	UBS AG Stamford		08/04/14		USD	7,737,865		172,253
EUR	23,631,000	BNP Paribas S.A.		07/02/14		USD	32,250,336		107,599
EUR	1,069,000	Citibank N.A.		07/02/14		USD	1,453,657		10,125
EUR	5,559,000	Deutsche Bank AG		07/02/14		USD	7,579,991		31,949
EUR	344,123,000	Deutsche Bank AG		07/02/14		USD	467,697,569		3,510,154
EUR	748,000	UBS AG Stamford		07/02/14		USD	1,022,958		1,279
EUR	4,898,000	UBS AG Stamford		07/02/14		USD	6,640,292		66,541
GBP	6,742,000	Deutsche Bank AG		07/02/14		USD	11,458,029		80,228
INR	40,040,150	Credit Suisse International		07/23/14		USD	655,000		7,450
INR	97,376,770	Deutsche Bank AG		07/23/14		USD	1,622,000		(10,935	)
INR	391,643,100	Deutsche Bank AG		07/23/14		USD	6,390,000		89,598

See accompanying notes to financial statements.

MIST-10

Met Investors Series Trust

PIMCO Inflation Protected Bond Portfolio

Schedule of Investments as of June 30, 2014

Forward Foreign Currency Exchange Contracts—(Continued)

Contracts to Buy		Counterparty	Settlement Date		In Exchange for			Unrealized Appreciation/ (Depreciation)
INR	316,207,700	Goldman Sachs Bank USA		07/23/14		USD	5,155,000	$	76,546
INR	38,981,800	JPMorgan Chase Bank N.A.		07/23/14		USD	638,000		6,940
INR	293,672,940	JPMorgan Chase Bank N.A.		07/23/14		USD	4,939,000		(80,284	)
INR	302,336,840	JPMorgan Chase Bank N.A.		07/23/14		USD	5,083,000		(80,943	)
INR	381,289,440	JPMorgan Chase Bank N.A.		07/23/14		USD	6,216,000		92,300
INR	162,020,970	Societe Generale Paris		07/23/14		USD	2,699,000		(18,420	)
INR	402,508,790	UBS AG Stamford		07/23/14		USD	6,563,000		96,367
JPY	7,113,600,000	JPMorgan Chase Bank N.A.		07/02/14		USD	70,044,358		175,276
MXN	109,275,488	Goldman Sachs Bank USA		08/25/14		USD	8,295,729		96,202
MXN	395,732,077	Goldman Sachs Bank USA		09/23/14		USD	30,344,061		(12,071	)
NZD	5,641,000	Deutsche Bank AG		07/02/14		USD	4,910,519		28,460
Contracts to Deliver
AUD	35,311,000	Societe Generale Paris		07/02/14		USD	32,607,431		(689,064	)
AUD	33,393,000	Societe Generale Paris		08/05/14		USD	31,405,960		(5,488	)
BRL	12,162	Citibank N.A.		07/02/14		USD	5,430		(75	)
BRL	37,742,050	Credit Suisse International		07/02/14		USD	17,136,004		54,289
BRL	50,939,678	Goldman Sachs Bank USA		07/02/14		USD	23,128,117		73,273
BRL	92,965,660	JPMorgan Chase Bank N.A.		07/02/14		USD	38,480,757		(3,594,672	)
BRL	13,346,238	UBS AG Stamford		07/02/14		USD	5,928,500		(111,889	)
BRL	17,642,332	JPMorgan Chase Bank N.A.		08/04/14		USD	7,809,625		(100,494	)
BRL	17,571,835	JPMorgan Chase Bank N.A.		08/04/14		USD	7,277,327		(601,183	)
BRL	15,960,386	JPMorgan Chase Bank N.A.		08/04/14		USD	6,641,029		(514,971	)
BRL	12,344,374	JPMorgan Chase Bank N.A.		08/04/14		USD	5,064,982		(469,743	)
BRL	11,921,598	JPMorgan Chase Bank N.A.		08/04/14		USD	4,904,998		(440,171	)
BRL	5,854,687	JPMorgan Chase Bank N.A.		08/04/14		USD	2,454,178		(170,830	)
BRL	27,393,100	JPMorgan Chase Bank N.A.		10/02/14		USD	11,440,008		(639,410	)
BRL	25,047,395	Credit Suisse International		01/05/15		USD	10,525,000		(248,560	)
BRL	14,671,733	Credit Suisse International		01/05/15		USD	6,169,000		(141,708	)
BRL	13,766,792	Credit Suisse International		01/05/15		USD	5,724,000		(197,468	)
BRL	10,794,993	Credit Suisse International		01/05/15		USD	4,579,000		(64,217	)
BRL	26,809,511	Goldman Sachs Bank USA		01/05/15		USD	11,239,000		(292,493	)
BRL	26,789,551	Goldman Sachs Bank USA		01/05/15		USD	11,241,000		(281,908	)
BRL	41,794,420	JPMorgan Chase Bank N.A.		01/05/15		USD	17,744,839		(232,067	)
BRL	18,389,036	UBS AG Stamford		01/05/15		USD	7,737,865		(171,755	)
COP	4,120,791,639	Credit Suisse International		10/16/14		USD	2,145,408		(31,000	)
EUR	327,393,000	BNP Paribas S.A.		07/02/14		USD	446,547,519		(1,751,810	)
EUR	10,026,000	Barclays Bank plc		07/02/14		USD	13,650,759		(77,846	)
EUR	22,679,000	Credit Suisse International		07/02/14		USD	30,688,996		(365,365	)
EUR	15,889,000	JPMorgan Chase Bank N.A.		07/02/14		USD	21,617,668		(139,145	)
EUR	4,041,000	JPMorgan Chase Bank N.A.		07/02/14		USD	5,501,421		(31,922	)
EUR	24,524,000	Citibank N.A.		08/05/14		USD	33,398,181		(186,835	)
EUR	344,123,000	Deutsche Bank AG		08/05/14		USD	467,754,350		(3,513,654	)
EUR	35,949,000	Goldman Sachs Bank USA		08/05/14		USD	48,914,726		(316,547	)
GBP	6,742,000	BNP Paribas S.A.		07/02/14		USD	11,352,422		(185,835	)
GBP	6,742,000	Deutsche Bank AG		08/05/14		USD	11,455,116		(80,082	)
JPY	3,527,900,000	Barclays Bank plc		07/02/14		USD	34,734,827		(89,712	)
JPY	425,700,000	Citibank N.A.		07/02/14		USD	4,149,804		(52,357	)
JPY	3,160,000,000	JPMorgan Chase Bank N.A.		07/02/14		USD	31,026,019		(166,913	)
JPY	790,000,000	Citibank N.A.		08/04/14		USD	7,737,512		(62,638	)
JPY	7,113,600,000	JPMorgan Chase Bank N.A.		08/05/14		USD	70,060,156		(177,220	)
JPY	10,810,000,000	Citibank N.A.		08/11/14		USD	106,157,321		(581,481	)
NZD	5,641,000	Barclays Bank plc		07/02/14		USD	4,809,134		(129,844	)
NZD	5,641,000	Deutsche Bank AG		08/05/14		USD	4,895,333		(28,398	)

See accompanying notes to financial statements.

MIST-11

Met Investors Series Trust

PIMCO Inflation Protected Bond Portfolio

Schedule of Investments as of June 30, 2014

Forward Foreign Currency Exchange Contracts—(Continued)

Cross Currency Contracts to Buy		Counterparty	Settlement Date		In Exchange for			Unrealized Appreciation/ (Depreciation)
EUR	820,882	Goldman Sachs Bank USA		07/30/14		HUF	255,413,000	$	(3,869	)
EUR	13,302,662	Goldman Sachs Bank USA		07/30/14		HUF	4,138,192,000		(58,895	)
PLN	13,025,500	BNP Paribas S.A.		07/30/14		EUR	3,078,841		65,001
PLN	13,025,500	BNP Paribas S.A.		07/30/14		EUR	3,079,641		63,905
PLN	13,025,500	BNP Paribas S.A.		07/30/14		EUR	3,080,078		63,306
Net Unrealized Depreciation								$	(10,765,477	)

Futures Contracts

Futures Contracts—Long	Expiration Date		Number of Contracts		Notional Amount			Unrealized Depreciation
U.S. Treasury Note 5 Year Futures		09/30/14		1,095		USD	131,086,785	$	(277,057	)

Written Options

Inflation Capped Options	Strike Index	Counterparty	Exercise Index	Expiration Date		Notional Amount			Premiums Received			Market Value			Unrealized Appreciation/ (Depreciation)
Cap - CPI-U Index	4.000	JPMorgan Chase Bank N.A.	Maximum of [(Final Index/Initial Index) - (1 + 4.000%)10 or 0		04/22/24	$	(35,000,000	)	$	(254,625	)	$	(300,041	)	$	(45,416	)
Cap - CPI-U Index	4.000	JPMorgan Chase Bank N.A.	Maximum of [(Final Index/Initial Index) - (1 + 4.000%)10 or 0		05/16/24		(2,800,000	)		(19,460	)		(24,512	)		(5,052	)
Floor - OTC CPURNSA Index	0.000	Deutsche Bank AG	Maximum of [(1 + 0.000%)10 - [Final Index/Initial Index)] or 0		01/22/18		(4,500,000	)		(43,650	)		(9,929	)		33,721
Floor - OTC CPURNSA Index	0.000	BNP Paribas S.A.	Maximum of [(1 + 0.000%)10 - [Final Index/Initial Index)] or 0		03/01/18		(3,500,000	)		(30,100	)		(8,257	)		21,843
Floor - OTC CPURNSA Index	215.949	Deutsche Bank AG	Maximum of [(1 + 0.000%)10 - [Final Index/Initial Index)] or 0		03/10/20		(5,100,000	)		(38,250	)		(1,464	)		36,786
Floor - OTC CPURNSA Index	216.687	Citibank N.A.	Maximum of [(1 + 0.000%)10 - [Final Index/Initial Index)] or 0		04/07/20		(49,000,000	)		(436,720	)		(14,799	)		421,921
Floor - OTC CPURNSA Index	217.965	Citibank N.A.	Maximum of [(1 + 0.000%)10 - [Final Index/Initial Index)] or 0		09/29/20		(4,700,000	)		(60,630	)		(1,768	)		58,862
Totals									$	(883,435	)	$	(360,770	)	$	522,665

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 - OTC - 5-Year Interest Rate Swap	1.250%	Goldman Sachs Bank USA	6-Month EUR-LIBOR	Pay		10/29/14		EUR	(25,000,000	)	$	(188,081	)	$	(10,167	)	$	177,914
Put - OTC - 5-Year Interest Rate Swap	1.235%	Goldman Sachs Bank USA	6-Month EUR-LIBOR	Pay		11/10/14		EUR	(80,800,000	)		(562,106	)		(46,358	)		515,748
Totals											$	(750,187	)	$	(56,525	)	$	693,662

See accompanying notes to financial statements.

MIST-12

Met Investors Series Trust

PIMCO Inflation Protected Bond Portfolio

Schedule of Investments as of June 30, 2014

Written Options—(Continued)

Credit Default Swaptions	Strike Rate	Counterparty	Floating Rate Index	Buy/Sell Protection	Expiration Date		Notional Amount				Premiums Received			Market Value			Unrealized Appreciation/ (Depreciation)
Put - OTC - 5-Year Credit Default Swap	101.000%	BNP Paribas S.A.	Markit CDX North America High Yield, Series 22	Sell		07/16/14		USD	(14,700,000	)	$	(3,493	)	$	(667	)	$	2,826
Put - OTC - 5-Year Credit Default Swap	104.000%	BNP Paribas S.A.	Markit CDX North America High Yield, Series 22	Sell		07/17/14		USD	(29,100,000	)		(15,845	)		(5,529	)		10,316
Put - OTC - 5-Year Credit Default Swap	1.000%	Citibank N.A.	Markit CDX iTraxx Europe, Series 21	Sell		09/17/14		EUR	(2,400,000	)		(7,406	)		(1,454	)		5,952
Put - OTC - 5-Year Credit Default Swap	1.100%	Goldman Sachs International	Markit CDX iTraxx Europe, Series 21	Sell		09/17/14		EUR	(4,000,000	)		(14,018	)		(1,662	)		12,356
Put - OTC - 5-Year Credit Default Swap	1.100%	JPMorgan Chase Bank N.A.	Markit CDX iTraxx Europe, Series 21	Sell		09/17/14		EUR	(4,600,000	)		(16,950	)		(1,912	)		15,038
Put - OTC - 5-Year Credit Default Swap	0.950%	Goldman Sachs International	Markit CDX iTraxx Europe, Series 21	Sell		09/17/14		EUR	(5,600,000	)		(17,010	)		(4,239	)		12,771
Put - OTC - 5-Year Credit Default Swap	1.100%	BNP Paribas S.A.	Markit CDX iTraxx Europe, Series 21	Sell		09/17/14		EUR	(11,100,000	)		(37,757	)		(4,377	)		33,380
Put - OTC - 5-Year Credit Default Swap	0.950%	JPMorgan Chase Bank N.A.	Markit CDX iTraxx Europe, Series 21	Sell		09/17/14		EUR	(10,300,000	)		(34,572	)		(7,798	)		26,774
Put - OTC - 5-Year Credit Default Swap	0.950%	Citibank N.A.	Markit CDX iTraxx Europe, Series 21	Sell		09/17/14		EUR	(10,700,000	)		(35,604	)		(8,101	)		27,503
Put - OTC - 5-Year Credit Default Swap	0.750%	Credit Suisse International	Markit CDX iTraxx Europe, Series 21	Sell		07/16/14		EUR	(23,900,000	)		(9,432	)		(8,173	)		1,259
Totals											$	(192,087	)	$	(43,912	)	$	148,175

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-Month EUR FRCPXTOB	1.950%	07/25/23	Citibank N.A.		EUR	1,400,000	$	66,211		$	17,440		$	48,771
Pay	1-Month EUR FRCPXTOB	1.950%	07/25/23	Credit Suisse International		EUR	2,100,000		99,316			15,260			84,056
Pay	1-Month EUR FRCPXTOB	1.950%	07/25/23	Deutsche Bank AG		EUR	3,300,000		156,066			34,598			121,468
Pay	1-Month EUR FRCPXTOB	1.950%	07/25/23	Morgan Stanley Capital Services, LLC		EUR	100,000		4,730			1,107			3,623
Pay	1-Month EUR FRCPXTOB	1.950%	07/25/23	Societe Generale Paris		EUR	8,600,000		406,719			71,253			335,466
Pay	1-Month EUR FRCPXTOB	2.108%	10/08/23	BNP Paribas S.A.		EUR	30,000,000		2,030,946			114,032			1,916,914
Pay	1-Month EUR FRCPXTOB	2.108%	10/08/23	Citibank N.A.		EUR	3,800,000		257,253			48,295			208,958
Pay	1-Month EUR FRCPXTOB	2.108%	10/08/23	Deutsche Bank AG		EUR	3,800,000		257,253			47,781			209,472
Pay	1-Year BRL CDI	10.410%	01/02/15	UBS AG Stamford		BRL	9,000,000		4,187			5,334			(1,147	)
Pay	1-Year BRL CDI	10.910%	01/02/17	Goldman Sachs Bank USA		BRL	37,900,000		(5,678	)		(10,293	)		4,615
Pay	3-Month BRL CDI	7.900%	01/02/15	JPMorgan Chase Bank N.A.		BRL	50,400,000		(563,786	)		(179,944	)		(383,842	)
Pay	3-Month BRL CDI	8.260%	01/02/15	UBS AG Stamford		BRL	104,400,000		(724,965	)		127,055			(852,020	)
Receive	3-Month USD CPURNSA	1.800%	01/17/16	Deutsche Bank AG		USD	10,100,000		100,434			(3,260	)		103,694
Receive	3-Month USD CPURNSA	1.730%	04/15/16	Goldman Sachs Bank USA		USD	177,900,000		1,269,495			(199,939	)		1,469,434
Receive	3-Month USD CPURNSA	1.940%	10/07/16	Deutsche Bank AG		USD	29,500,000		186,529			—			186,529
Receive	3-Month USD CPURNSA	1.860%	11/05/16	Deutsche Bank AG		USD	32,300,000		293,639			—			293,639
Receive	3-Month USD CPURNSA	1.825%	11/29/16	BNP Paribas S.A.		USD	13,100,000		138,140			(2,972	)		141,112
Receive	3-Month USD CPURNSA	1.825%	11/29/16	Deutsche Bank AG		USD	22,200,000		234,099			(9,106	)		243,205
Receive	3-Month USD CPURNSA	1.845%	11/29/16	Deutsche Bank AG		USD	16,400,000		162,868			—			162,868
Receive	3-Month USD CPURNSA	1.930%	02/10/17	Deutsche Bank AG		USD	9,300,000		103,351			—			103,351
Receive	3-Month USD CPURNSA	2.415%	02/12/17	Goldman Sachs Bank USA		USD	39,500,000		(601,862	)		21,811			(623,673	)
Receive	3-Month USD CPURNSA	1.908%	04/15/17	Barclays Bank plc		USD	12,300,000		70,750			—			70,750
Receive	3-Month USD CPURNSA	1.942%	04/15/17	Goldman Sachs Bank USA		USD	101,400,000		438,251			—			438,251
Receive	3-Month USD CPURNSA	2.250%	07/15/17	BNP Paribas S.A.		USD	10,400,000		(145,070	)		11,440			(156,510	)
Receive	3-Month USD CPURNSA	2.018%	08/19/17	Barclays Bank plc		USD	39,600,000		273,121			(11,377	)		284,498
Receive	3-Month USD CPURNSA	2.315%	11/16/17	Deutsche Bank AG		USD	12,700,000		(187,490	)		—			(187,490	)

See accompanying notes to financial statements.

MIST-13

Met Investors Series Trust

PIMCO Inflation Protected Bond Portfolio

Schedule of Investments as of June 30, 2014

Swap Agreements—(Continued)

Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate	Maturity Date	Counterparty	Notional Amount			Market Value			Upfront Premium Paid		Unrealized Appreciation/ (Depreciation)
Receive	3-Month USD CPURNSA	2.175%	10/01/18	Goldman Sachs Bank USA		USD	43,400,000	$	149,253		$	42,961	$	106,292
Receive	3-Month USD CPURNSA	2.173%	11/01/18	Deutsche Bank AG		USD	21,800,000		89,598			—		89,598
Receive	3-Month USD CPURNSA	2.500%	07/15/22	BNP Paribas S.A.		USD	800,000		(14,051	)		11,440		(25,491	)
Receive	3-Month USD CPURNSA	2.560%	05/08/23	Deutsche Bank AG		USD	12,300,000		(176,591	)		—		(176,591	)
Pay	6-Month AUD LIBOR	4.000%	06/18/19	Barclays Bank plc		AUD	1,500,000		46,621			1,546		45,075
Pay	6-Month AUD LIBOR	4.000%	06/18/19	Credit Suisse International		AUD	9,500,000		295,265			25,416		269,849
Pay	6-Month AUD LIBOR	4.000%	06/18/19	UBS AG Stamford		AUD	32,100,000		997,686			71,789		925,897
Totals								$	5,712,288		$	251,667	$	5,460,621

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		2.750	%		06/19/43		USD	48,800,000	$	2,366,449
Receive		3-Month USD-LIBOR		3.500	%		12/18/43		USD	46,200,000		(3,519,001	)
Receive		3-Month USD-LIBOR		3.750	%		06/18/44		USD	26,200,000		(1,228,389	)
Receive		6-Month EURIBOR		2.000	%		01/29/24		EUR	54,600,000		(4,230,174	)
Receive		6-Month EURIBOR		2.750	%		09/17/44		EUR	19,700,000		(2,197,625	)
Receive		6-Month JPY-LIBOR		1.000	%		09/18/23		JPY	6,910,000,000		(1,756,040	)
Totals											$	(10,564,780	)

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

Reference Obligation	Fixed Deal Receive Rate		Maturity Date		Implied Credit Spread at June 30, 2014(b)	Notional Amount(c)			Unrealized Appreciation
Markit CDX High Yield Index, Series 22		5.000%		06/20/19	3.027%		USD	693,000	$	1,058
Markit CDX iTraxx Europe, Series 21		1.000%		06/20/19	0.622%		EUR	11,000,000		44,811
Markit CDX iTraxx Europe, Series 21		1.000%		06/20/24	1.012%		EUR	3,500,000		77,189
Totals										$123,058

OTC Credit Default Swaps on Sovereign Issues—Sell Protection (a)

Reference Obligation	Fixed Deal Receive Rate		Maturity Date		Counterparty	Implied Credit Spread at June 30, 2014(b)		Notional Amount(c)			Market Value		Upfront Premium (Received)		Unrealized Appreciation
Brazilian Government International Bond 12.250%, due 03/06/30		1.000%		03/20/19	Deutsche Bank AG		1.316%		USD	12,000,000	$	(171,599)	$	(605,335)	$	433,736
Brazilian Government International Bond 12.250%, due 03/06/30		1.000%		03/20/19	Morgan Stanley Capital Services, LLC		1.316%		USD	16,900,000		(241,668)		(860,195)		618,527
Greek Government International Bond 1.000%, due 06/20/15		1.000%		06/20/15	Morgan Stanley Capital Services, LLC		3.139%		EUR	1,700,000		(46,830)		(78,898)		32,068
Russian Federation 7.500%, due 03/31/30		1.000%		03/20/19	Citibank N.A.		1.662%		USD	2,200,000		(65,140)		(183,683)		118,543
Totals											$	(525,237)	$	(1,728,111)	$	1,202,874

(a) 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.

See accompanying notes to financial statements.

MIST-14

Met Investors Series Trust

PIMCO Inflation Protected Bond Portfolio

Schedule of Investments as of June 30, 2014

(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.

(AUD)— Australian Dollar

(BRL)— Brazilian Real

(CDI)— Brazil Interbank Deposit Rate

(COP)— Colombian Peso

(CPI-U)— USA-Non-Revised Consumer Price Index-Urban

(CPURNSA)— U.S. Consumer Price All Urban Non-Seasonally Adjusted

(EUR)— Euro

(EURIBOR)— Euro Interbank Offered Rate

(FRCPXTOB)— France Consumer Price Ex-Tobacco Index

(GBP)— British Pound

(HUF)— Hungarian Forint

(INR)— Indian Rupee

(JPY)— Japanese Yen

(LIBOR)— London InterBank Offered Rate

(MXN)— Mexican Peso

(NZD)— New Zealand Dollar

(PLN)— Polish Zloty

(USD)— United States Dollar

See accompanying notes to financial statements.

MIST-15

Met Investors Series Trust

PIMCO Inflation Protected Bond Portfolio

Schedule of Investments as of June 30, 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 June 30, 2014:

Description	Level 1			Level 2			Level 3		Total
Total U.S. Treasury & Government Agencies*	$	—		$	3,026,383,331		$	—	$	3,026,383,331
Total Foreign Government*		—			557,499,497			—		557,499,497
Total Corporate Bonds & Notes*		—			271,863,162			—		271,863,162
Total Mortgage-Backed Securities*		—			116,469,258			—		116,469,258
Total Asset-Backed Securities*		—			73,347,904			—		73,347,904
Total Floating Rate Loan*		—			7,101,756			—		7,101,756
Total Convertible Preferred Stock*		1,092,600			—			—		1,092,600
Total Municipals		—			637,303			—		637,303
Total Purchased Options*		—			90,393			—		90,393
Short-Term Investments
Commercial Paper		—			58,547,050			—		58,547,050
Foreign Government		—			175,058,989			—		175,058,989
U.S. Treasury		—			3,310,210			—		3,310,210
Repurchase Agreements		—			436,700,000			—		436,700,000
Total Short-Term Investments		—			673,616,249			—		673,616,249
Total Investments	$	1,092,600		$	4,727,008,853		$	—	$	4,728,101,453
Secured Borrowings (Liability)	$	—		$	(2,483,364,203	)	$	—	$	(2,483,364,203	)
Forward Contracts
Forward Foreign Currency Exchange Contracts (Unrealized Appreciation)	$	—		$	6,565,548			—	$	6,565,548
Forward Foreign Currency Exchange Contracts (Unrealized Depreciation)		—			(17,331,025	)		—		(17,331,025	)
Total Forward Contracts	$	—		$	(10,765,477	)	$	—	$	(10,765,477	)
Futures Contracts
Futures Contracts (Unrealized Depreciation)	$	(277,057	)	$	—		$	—	$	(277,057	)
Written Options
Credit Default Swaptions at Value	$	—		$	(43,912	)	$	—	$	(43,912	)
Inflation Capped Options at Value		—			(360,770	)		—		(360,770	)
Interest Rate Swaptions at Value		—			(56,525	)		—		(56,525	)
Total Written Options	$	—		$	(461,207	)	$	—	$	(461,207	)
Centrally Cleared Swap Contracts
Centrally Cleared Swap Contracts (Unrealized Appreciation)	$	—		$	2,489,507		$	—	$	2,489,507
Centrally Cleared Swap Contracts (Unrealized Depreciation)		—			(12,931,229	)		—		(12,931,229	)
Total Centrally Cleared Swap Contracts	$	—		$	(10,441,722	)	$	—	$	(10,441,722	)
OTC Swap Contracts
OTC Swap Contracts at Value (Assets)	$	—		$	8,131,781		$	—	$	8,131,781
OTC Swap Contracts at Value (Liabilities)		—			(2,944,730	)		—		(2,944,730	)
Total OTC Swap Contracts	$	—		$	5,187,051		$	—	$	5,187,051

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

MIST-16

Met Investors Series Trust

PIMCO Inflation Protected Bond Portfolio

Statement of Assets and Liabilities

June 30, 2014

Assets
Investments at value (a)	$	4,291,401,453
Repurchase Agreements		436,700,000
Cash		1,437,785
Cash denominated in foreign currencies (b)		3,167,841
Cash collateral for centrally cleared swap contracts		202,000
OTC swap contracts at market value (c)		8,131,781
Unrealized appreciation on forward foreign currency exchange contracts		6,565,548
Receivable for:
Investments sold		1,020,649,271
Fund shares sold		540,578
Principal paydowns		2,911
Interest		20,160,395
Variation margin on futures contracts		77,013
Interest on OTC swap contracts		9,475
Other assets		421,372
Total Assets		5,789,467,423
Liabilities
Written options at value (d)		461,207
Secured borrowings		2,483,364,203
OTC swap contracts at market value (e)		2,944,730
Cash collateral (f)		13,590,000
Unrealized depreciation on forward foreign currency exchange contracts		17,331,025
Payables for:
Investments purchased		23,637
Open OTC swap contracts cash collateral		1,843,000
Fund shares redeemed		839,784
Deferred dollar roll income		2,082,729
Variation margin on swap contracts		549,537
Interest on OTC swap contracts		803
Accrued expenses:
Management fees		1,243,303
Distribution and service fees		324,858
Deferred trustees’ fees		58,994
Other expenses		358,400
Total Liabilities		2,525,016,210
Net Assets	$	3,264,451,213
Net assets consist of:
Paid in surplus	$	3,450,215,305
Undistributed net investment income		48,050,915
Accumulated net realized loss		(166,817,336	)
Unrealized depreciation on investments, written options, futures contracts, swap contracts and foreign currency transactions		(66,997,671	)
Net Assets	$	3,264,451,213
Net Assets
Class A	$	1,654,976,527
Class B		1,562,853,388
Class E		46,621,298
Capital Shares Outstanding*
Class A		158,969,727
Class B		150,912,313
Class E		4,496,851
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	10.41
Class B		10.36
Class E		10.37

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

(a) Identified cost of investments, excluding repurchase agreements, was $4,344,479,000.

(b) Identified cost of cash denominated in foreign currencies was $3,153,095.

(c) Net premium paid on OTC swap contracts was $270,158.

(d) Premiums received on written options were $1,825,709.

(e) Net premium received on OTC swap contracts was $1,746,602.

(f) Includes collateral of $5,492,000 for OTC swap contracts and $8,098,000 for secured borrowings.

Statement of Operations

Six Months Ended June 30, 2014

Investment Income
Dividends	$	33,750
Interest (a)		65,802,834
Total investment income		65,836,584
Expenses
Management fees		7,739,366
Administration fees		38,096
Custodian and accounting fees		285,753
Distribution and service fees—Class B		1,940,333
Distribution and service fees—Class E		34,832
Interest expense		604,617
Audit and tax services		61,308
Legal		15,667
Trustees’ fees and expenses		22,086
Shareholder reporting		85,203
Insurance		11,640
Miscellaneous		13,033
Total expenses		10,851,934
Less management fee waiver		(41,517	)
Net expenses		10,810,417
Net Investment Income		55,026,167
Net Realized and Unrealized Gain
Net realized gain (loss) on:
Investments		(6,161,268	)
Futures contracts		2,183,273
Written options		5,761,082
Swap contracts		(202,517	)
Foreign currency transactions		2,088,599
Net realized gain		3,669,169
Net change in unrealized appreciation (depreciation) on:
Investments		177,904,943
Futures contracts		3,358,188
Written options		(1,377,248	)
Swap contracts		(12,903,708	)
Foreign currency transactions		(16,896,614	)
Net change in unrealized appreciation		150,085,561
Net realized and unrealized gain		153,754,730
Net Increase in Net Assets From Operations	$	208,780,897

(a) Net of foreign withholding taxes of $3,737.

See accompanying notes to financial statements.

MIST-17

Met Investors Series Trust

PIMCO Inflation Protected Bond Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2014			Year Ended December 31, 2013
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	55,026,167		$	24,941,781
Net realized gain		3,669,169			31,583,608
Net change in unrealized appreciation (depreciation)		150,085,561			(397,276,805	)
Increase (decrease) in net assets from operations		208,780,897			(340,751,416	)
From Distributions to Shareholders
Net investment income
Class A		(32,181,909	)		(38,778,159	)
Class B		(23,767,735	)		(39,507,606	)
Class E		(749,414	)		(1,439,192	)
Net realized capital gains
Class A		0			(92,280,355	)
Class B		0			(105,520,314	)
Class E		0			(3,658,670	)
Total distributions		(56,699,058	)		(281,184,296	)
Increase (decrease) in net assets from capital share transactions		(261,623,588	)		265,074,852
Total decrease in net assets		(109,541,749	)		(356,860,860	)
Net Assets
Beginning of period		3,373,992,962			3,730,853,822
End of period	$	3,264,451,213		$	3,373,992,962
Undistributed net investment income
End of period	$	48,050,915		$	49,723,806

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2014						Year Ended December 31, 2013
	Shares			Value			Shares			Value
Class A
Sales		4,935,585		$	50,143,891			31,780,025		$	333,464,689
Reinvestments		3,195,820			32,181,909			11,979,754			131,058,514
Redemptions		(23,230,679	)		(235,025,807	)		(12,071,370	)		(128,685,404	)
Net increase (decrease)		(15,099,274	)	$	(152,700,007	)		31,688,409		$	335,837,799
Class B
Sales		2,955,772		$	29,869,387			16,133,362		$	172,366,442
Reinvestments		2,372,030			23,767,735			13,317,532			145,027,920
Redemptions		(15,714,715	)		(158,633,047	)		(36,151,639	)		(377,009,503	)
Net decrease		(10,386,913	)	$	(104,995,925	)		(6,700,745	)	$	(59,615,141	)
Class E
Sales		155,845		$	1,586,810			598,602		$	6,457,554
Reinvestments		74,717			749,414			467,694			5,097,862
Redemptions		(619,226	)		(6,263,880	)		(2,167,447	)		(22,703,222	)
Net decrease		(388,664	)	$	(3,927,656	)		(1,101,151	)	$	(11,147,806	)
Increase (decrease) derived from capital shares transactions				$	(261,623,588	)				$	265,074,852

See accompanying notes to financial statements.

MIST-18

Met Investors Series Trust

PIMCO Inflation Protected Bond Portfolio

Statement of Cash Flows

For the Period Ended June 30, 2014

Cash Flows From Operating Activities
Net increase in net assets from operations	$	208,780,897
Adjustments to reconcile net increase/(decrease) in net assets resulting from operations to net cash provided by/ (used in) operating activities:
Investments purchased		(1,513,088,660	)
Proceeds from investments sold		1,392,765,704
Sales of short-term investments, net		1,677,590,374
Net amortization/accretion of premium (discount)		(41,194,459	)
Premium received on open written options, net		2,542,807
Increase in interest receivable		(3,764,661	)
Decrease in cash collateral, asset		4,405,500
Increase in OTC swap contracts at market value, asset		(3,336,006	)
Decrease in receivable for principal paydowns		919
Decrease in receivable for variation margin on swap contracts		2,104,896
Increase in receivable for variation margin on futures contracts		(77,013	)
Increase in interest receivable on OTC swap contracts		(9,475	)
Decrease in receivable for deferred dollar roll income, asset		960,019
Decrease in unrealized appreciation on forward foreign currency exchange contracts		4,596,286
Increase in receivable for investments sold		(1,020,649,271	)
Increase in other assets and prepaid expenses		(2,007	)
Decrease in payable for investments purchased		(733,728	)
Increase in payable for open swap contracts cash collateral		1,843,000
Increase in cash collateral, liability		8,346,000
Increase in payable for deferred dollar roll income, liability		2,082,729
Decrease in OTC swap contracts at market value, liability		(4,206,668	)
Decrease in payable for variation margin on futures contracts		(403,103	)
Increase in unrealized depreciation on forward foreign currency exchange contracts		12,529,043
Decrease in interest payable on OTC swap contracts		(15,681	)
Increase in payable for variation margin on swap contracts		549,537
Decrease in accrued management fees		(104,339	)
Decrease in accrued distribution and service fees		(22,919	)
Increase in deferred trustee’s fees		5,110
Increase in other expenses		40,300
Net realized loss from investments and written options		400,186
Net change in unrealized (appreciation) depreciation on investments and written options		(176,527,695	)
Net cash provided by operating activities	$	555,407,622
Cash Flows From Financing Activities
Proceeds from shares sold, including decrease in receivable for fund shares sold		82,273,946
Payment on shares redeemed, including decrease in payable for fund shares redeemed		(400,907,658	)
Proceeds from issuance of reverse repurchase agreements		59,201,019
Repayment of reverse repurchase agreements		(59,201,019	)
Proceeds from secured borrowings		9,623,530,762
Repayment of secured borrowings		(9,858,464,385	)
Decrease in due to custodian bank		(3,572	)
Net cash used in financing activities	$	(553,570,907	)
Net increase in cash and foreign currency (a)	$	1,836,715
Cash and cash in foreign currency at beginning of period	$	2,768,911
Cash and cash in foreign currency at end of period	$	4,605,626
Supplemental disclosure of cash flow information:
Non cash financing activities included herein consist of reinvestment of dividends and distributions:	$	56,699,058
Cash paid for interest and fees on borrowings:	$	604,617

(a) Includes net change in unrealized appreciation (depreciation) on foreign currency of $42,338.

See accompanying notes to financial statements.

MIST-19

Met Investors Series Trust

PIMCO Inflation Protected Bond Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2014			Year Ended December 31,
				2013			2012			2011			2010			2009
Net Asset Value, Beginning of Period	$	9.95		$	11.83		$	11.91		$	11.43		$	11.17		$	9.84
Income (Loss) from Investment Operations
Net investment income (a)		0.17			0.09			0.20			0.24			0.16			0.29
Net realized and unrealized gain (loss) on investments		0.48			(1.07	)		0.85			1.02			0.71			1.46
Total from investment operations		0.65			(0.98	)		1.05			1.26			0.87			1.75
Less Distributions
Distributions from net investment income		(0.19	)		(0.27	)		(0.40	)		(0.22	)		(0.30	)		(0.42	)
Distributions from net realized capital gains		0.00			(0.63	)		(0.73	)		(0.56	)		(0.31	)		0.00
Total distributions		(0.19	)		(0.90	)		(1.13	)		(0.78	)		(0.61	)		(0.42	)
Net Asset Value, End of Period	$	10.41		$	9.95		$	11.83		$	11.91		$	11.43		$	11.17
Total Return (%) (b)		6.56	(c)		(8.98	)		9.33			11.48			8.00			18.37
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.54	(d)		0.55			0.58			0.51			0.51			0.53
Gross ratio of expenses to average net assets excluding interest expense (%)		0.50	(d)		0.50			0.50			0.50			0.51			0.53
Net ratio of expenses to average net assets (%)		0.53	(d)(e)		0.55			0.58			0.50			0.51			0.53
Net ratio of expenses to average net assets excluding interest expense (%)		0.50	(d)(e)		0.50			0.50			0.50			0.51			0.53
Ratio of net investment income to average net assets (%)		3.43	(d)		0.83			1.70			2.07			1.38			2.78
Portfolio turnover rate (%)		12	(c)		44	(f)		53			458			527			668
Net assets, end of period (in millions)	$	1,655.0		$	1,731.8		$	1,685.0		$	1,576.3		$	1,273.4		$	1,160.3
	Class B
	Six Months Ended June 30, 2014			Year Ended December 31,
				2013			2012			2011			2010			2009
Net Asset Value, Beginning of Period	$	9.88		$	11.76		$	11.84		$	11.38		$	11.13		$	9.80
Income (Loss) from Investment Operations
Net investment income (a)		0.16			0.06			0.17			0.21			0.13			0.27
Net realized and unrealized gain (loss) on investments		0.48			(1.07	)		0.85			1.01			0.71			1.45
Total from investment operations		0.64			(1.01	)		1.02			1.22			0.84			1.72
Less Distributions
Distributions from net investment income		(0.16	)		(0.24	)		(0.37	)		(0.20	)		(0.28	)		(0.39	)
Distributions from net realized capital gains		0.00			(0.63	)		(0.73	)		(0.56	)		(0.31	)		0.00
Total distributions		(0.16	)		(0.87	)		(1.10	)		(0.76	)		(0.59	)		(0.39	)
Net Asset Value, End of Period	$	10.36		$	9.88		$	11.76		$	11.84		$	11.38		$	11.13
Total Return (%) (b)		6.49	(c)		(9.27	)		9.13			11.14			7.76			18.05
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.79	(d)		0.80			0.83			0.76			0.76			0.78
Gross ratio of expenses to average net assets excluding interest expense (%)		0.75	(d)		0.75			0.75			0.75			0.76			0.78
Net ratio of expenses to average net assets (%)		0.78	(d)(e)		0.80			0.83			0.75			0.76			0.78
Net ratio of expenses to average net assets excluding interest expense (%)		0.75	(d)(e)		0.75			0.75			0.75			0.76			0.78
Ratio of net investment income to average net assets (%)		3.21	(d)		0.58			1.46			1.83			1.13			2.55
Portfolio turnover rate (%)		12	(c)		44	(f)		53			458			527			668
Net assets, end of period (in millions)	$	1,562.9		$	1,593.8		$	1,975.4		$	1,786.3		$	1,391.6		$	971.4

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

MIST-20

Met Investors Series Trust

PIMCO Inflation Protected Bond Portfolio

Financial Highlights

Selected per share data
	Class E
	Six Months Ended June 30, 2014			Year Ended December 31,
				2013			2012			2011			2010			2009
Net Asset Value, Beginning of Period	$	9.90		$	11.78		$	11.85		$	11.39		$	11.13		$	9.80
Income (Loss) from Investment Operations
Net investment income (a)		0.17			0.07			0.18			0.22			0.14			0.28
Net realized and unrealized gain (loss) on investments		0.47			(1.07	)		0.86			1.00			0.71			1.45
Total from investment operations		0.64			(1.00	)		1.04			1.22			0.85			1.73
Less Distributions
Distributions from net investment income		(0.17	)		(0.25	)		(0.38	)		(0.20	)		(0.28	)		(0.40	)
Distributions from net realized capital gains		0.00			(0.63	)		(0.73	)		(0.56	)		(0.31	)		0.00
Total distributions		(0.17	)		(0.88	)		(1.11	)		(0.76	)		(0.59	)		(0.40	)
Net Asset Value, End of Period	$	10.37		$	9.90		$	11.78		$	11.85		$	11.39		$	11.13
Total Return (%) (b)		6.48	(c)(g)		(9.17	)		9.22			11.18			7.90			18.15
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.69	(d)		0.70			0.73			0.66			0.66			0.68
Gross ratio of expenses to average net assets excluding interest expense (%)		0.65	(d)		0.65			0.65			0.65			0.66			0.68
Net ratio of expenses to average net assets (%)		0.68	(d)(e)		0.70			0.73			0.65			0.66			0.68
Net ratio of expenses to average net assets excluding interest expense (%)		0.65	(d)(e)		0.65			0.65			0.65			0.66			0.68
Ratio of net investment income to average net assets (%)		3.29	(d)		0.68			1.54			1.91			1.24			2.63
Portfolio turnover rate (%)		12	(c)		44	(f)		53			458			527			668
Net assets, end of period (in millions)	$	46.6		$	48.4		$	70.5		$	61.9		$	52.8		$	48.5

(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) Periods less than one year are not computed on an annualized basis.

(d) Computed on an annualized basis.

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

(f) Includes mortgage dollar roll and TBA transactions; excluding these transactions the portfolio turnover rate would have been 39% for the year ended December 31, 2013.

(g) Generally accepted accounting principles may require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes, and as such, the net asset values for shareholder transactions and the returns based on those net asset values may differ from the returns reported in the portfolio manager commentary section of this report.

See accompanying notes to financial statements.

MIST-21

Met Investors Series Trust

PIMCO Inflation Protected Bond Portfolio

Notes to Financial Statements—June 30, 2014

1. Organization

Met Investors Series Trust (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 currently offers forty-seven series, each of which operates as a distinct investment vehicle of the Trust. The portfolio included in this report is PIMCO Inflation Protected Bond 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 four classes of shares: Class A, B, C and E shares. Class A, B and E shares are currently offered by the Portfolio. 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 June 30, 2014 through the date the financial statements were issued.

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 (other than short term obligations with a remaining maturity of sixty days or less), 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 MetLife Advisers, LLC (“MetLife Advisers” or the “Adviser”), an affiliate of MetLife, Inc., pursuant to authorization of 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 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.

MIST-22

Met Investors Series Trust

PIMCO Inflation Protected Bond Portfolio

Notes to Financial Statements—June 30, 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, which 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 and futures contracts that are traded over-the-counter 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. 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 has delegated the determination of the fair value of a security to a 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.

MIST-23

Met Investors Series Trust

PIMCO Inflation Protected Bond Portfolio

Notes to Financial Statements—June 30, 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 futures and swap transactions, foreign currency transactions, paydown, premium amortization, deferred deflation adjustments and treasury rolls. 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 June 30, 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 Master Repurchase Agreement 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 June 30, 2014, the Portfolio had investments in repurchase agreements with a gross value of $436,700,000, which is reflected as repurchase agreements on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at June 30, 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 Master Repurchase Agreement 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 six months ended June 30, 2014, the Portfolio had an outstanding reverse repurchase agreement balance for 31 days. The average amount of borrowings was $30,289,695 and the weighted average interest rate was 0.08% during the 31 day period. There were no outstanding reverse repurchase agreements as of June 30, 2014.

MIST-24

Met Investors Series Trust

PIMCO Inflation Protected Bond Portfolio

Notes to Financial Statements—June 30, 2014—(Continued)

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 six months ended June 30, 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. The agreed upon proceeds for securities to be reacquired by the Portfolio are reflected as a liability on the Statement of Assets and Liabilities.

For the six months ended June 30, 2014, the Portfolio’s average amount of borrowings was $954,256,121 and the weighted average interest rate was 0.125%. For the six months ended June 30, 2014, the Portfolio had an outstanding secured borrowing transaction balance for 181 days.

At June 30, 2014, the amount of the Portfolio’s outstanding borrowings was $2,483,364,203. Cash in the amount of $8,098,000 has been received as collateral under the terms of the Master Securities Forward Transaction Agreement (“MSFTA”) as of June 30, 2014. The MSFTA is a master netting agreement (“MNA”) which provides both parties with the rights to set-off in the event of default by either party. 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 secured borrowings by counterparty net of amounts available for offset under the MSFTA agreement and net of the related collateral pledged or received by the Portfolio as of June 30, 2014:

Counterparty	Payable for Secured Borrowings			Financial Instruments Available for Offset(a)		Collateral Received(b)			Net Amount(c)
Barclays Capital Inc.	$	(1,173,206,604	)	$	1,170,022,942	$	(1,920,000	)	$	(5,103,662	)
BNP Paribas Securities Corp.		(935,606,644	)		935,606,644		—			—
Morgan Stanley & Co. LLC		(374,550,955	)		374,550,955		—			—
	$	(2,483,364,203	)	$	2,480,180,541	$	(1,920,000	)	$	(5,103,662	)

(a) Represents market value of borrowings as of June 30, 2014.

(b) Under the terms of the MSFTA agreement, the Portfolio and the counterparties are not permitted to sell, repledge, or use the collateral associated with the transaction.

(c) Net amount represents the net amount payable due to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity.

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.

Secured borrowing transactions and 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 secured borrowing transaction 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.

MIST-25

Met Investors Series Trust

PIMCO Inflation Protected Bond Portfolio

Notes to Financial Statements—June 30, 2014—(Continued)

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 sales 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.

Short Sales - The Portfolio may enter into a “short sale” of securities in circumstances in which, at the time the short position is open, the Portfolio owns an equal amount of the securities sold short or owns preferred stocks or debt securities, convertible or exchangeable without payment of further consideration, into an equal number of securities sold short. This kind of short sale, which is referred to as one “against the box,” may be entered into by the Portfolio to, for example, lock in a sale price for a security the Portfolio does not wish to sell immediately.

The Portfolio may also make short sales of a security it does not own, in anticipation of a decline in the market value of that security. To complete such a transaction, the Portfolio must borrow the security to make delivery to the buyer. The Portfolio then is obligated to replace the security borrowed by purchasing it at market price at the time of replacement. The price at such time may be more or less than the price at which the security was sold short by the Portfolio. Until the security is replaced, the Portfolio is required to pay to the lender any dividends or interest which accrue during the period of the loan. To borrow the security, the Portfolio also may be required to pay a premium, which would increase the cost of the security sold short. Until the Portfolio replaces a borrowed security, the Portfolio will segregate with its custodian, or set aside in the Portfolio’s records, cash or other liquid assets at such a level that (i) the amount segregated, or set aside, plus the amount deposited with the broker as collateral will equal the current value of the security

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Notes to Financial Statements—June 30, 2014—(Continued)

sold short and (ii) the amount segregated plus the amount deposited with the broker as collateral will not be less than the market value of the security at the time it was sold short. The Portfolio will realize a loss as a result of the short sale if the price of the security increases between the date of the short sale and the date on which the Portfolio replaces the borrowed security. Conversely, the Portfolio will realize a gain if the security declines in price between those dates. The latter result is the opposite of what one would expect from a cash purchase of a long position in a security. The amount of any gain will be decreased, and the amount of any loss increased, by the amount of any premium, dividends or interest the Portfolio may be required to pay in connection with a short sale. No more than one third of the Portfolio’s net assets will be, when added together: (i) deposited as collateral for the obligation to replace securities borrowed to effect short sales; and (ii) segregated in connection with short sales.

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. Futures contracts are exchange-traded and 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.

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Notes to Financial Statements—June 30, 2014—(Continued)

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.

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.

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 over-the-counter 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

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Notes to Financial Statements—June 30, 2014—(Continued)

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 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 June 30, 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

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Notes to Financial Statements—June 30, 2014—(Continued)

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.

Asset Swaps: Asset swaps combine an interest rate swap with a bond and are used to alter the cash flow profile of a bond. Asset swaps can be used to transform the cash flow characteristics of referenced assets, so that the Portfolio can hedge the currency, credit, and interest rate risks to create synthetic investments with more suitable cash flow characteristics. An asset swap involves transactions in which a Portfolio acquires or sells a bond position and then enters into an interest rate swap which transforms the fixed coupon of the bond into a floating coupon.

At June 30, 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)	$	90,393
	OTC swap contracts at market value (b)		8,131,781	OTC swap contracts at market value (b)	$	2,419,493
	Unrealized appreciation on centrally cleared swap contracts **(c)		2,366,449	Unrealized depreciation on centrally cleared swap contracts **(c)		12,931,229
				Unrealized depreciation on futures contracts *(c)		277,057
				Written options at value		417,295
Credit				OTC swap contracts at market value (b)		525,237
	Unrealized appreciation on centrally cleared swap contracts **(c)		123,058
				Written options at value		43,912
Foreign Exchange	Unrealized appreciation on forward foreign currency exchange contracts		6,565,548	Unrealized depreciation on forward foreign currency exchange contracts		17,331,025
Total		$	17,277,229		$	33,945,248

* 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) Excludes OTC swap interest receivable of $9,475 and OTC swap interest payable of $803.

(c) Financial instrument 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.

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Notes to Financial Statements—June 30, 2014—(Continued)

The following table presents the Portfolio’s derivative assets by counterparty net of amounts available for offset under a master netting agreement (“MNA”), or similar agreement, and net of the related collateral received by the Portfolio as of June 30, 2014.

Counterparty	Derivative Assets subject to a MNA by Counterparty		Financial Instruments available for offset			Collateral Received†			Net Amount*
Barclays Bank plc	$	390,492	$	(297,402	)	$	(93,090	)	$	—
BNP Paribas S.A.		2,468,897		(2,115,596	)		(353,301	)		—
Citibank N.A.		333,589		(333,589	)		—			—
Credit Suisse International		1,107,267		(1,056,491	)		(50,776	)		—
Deutsche Bank AG		5,357,762		(4,181,418	)		(1,176,344	)		—
Goldman Sachs Bank USA		2,768,257		(1,629,848	)		(1,138,409	)		—
JPMorgan Chase Bank N.A.		606,298		(606,298	)		—			—
Morgan Stanley Capital Services, LLC		4,730		(4,730	)		—			—
Societe Generale Paris		412,117		(412,117	)		—			—
UBS AG Stamford		1,338,313		(1,027,807	)		(140,000	)		170,506
	$	14,787,722	$	(11,665,296	)	$	(2,951,920	)	$	170,506

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 June 30, 2014.

Counterparty	Derivative Liabilities subject to a MNA by Counterparty		Financial Instruments available for offset			Collateral Pledged†			Net Amount**
Barclays Bank plc	$	297,402	$	(297,402	)	$	—		$	—
BNP Paribas S.A.		2,115,596		(2,115,596	)		—			—
Citibank N.A.		974,665		(333,589	)		—			641,076
Credit Suisse International		1,056,491		(1,056,491	)		—			—
Deutsche Bank AG		4,181,418		(4,181,418	)		—			—
Goldman Sachs Bank USA		1,629,848		(1,629,848	)		—			—
Goldman Sachs International		5,901		—			—			5,901
JPMorgan Chase Bank N.A.		8,446,364		(606,298	)		(7,605,847	)		234,219
Morgan Stanley Capital Services, LLC		288,498		(4,730	)		(283,768	)		—
Societe Generale Paris		712,972		(412,117	)		(260,972	)		39,883
UBS AG Stamford		1,027,807		(1,027,807	)		—			—
	$	20,736,962	$	(11,665,296	)	$	(8,150,587	)	$	921,079

* 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 six months ended June 30, 2014 were as follows:

Statement of Operations Location—Net Realized Gain (Loss)	Interest Rate			Credit			Foreign Exchange			Total
Investments (a)	$	(1,262,089	)	$	—		$	—		$	(1,262,089	)
Forward foreign currency transactions		—			—			3,037,611			3,037,611
Futures contracts		2,183,273			—			—			2,183,273
Swap contracts		671,945			(874,462	)		—			(202,517	)
Written options		4,214,976			217,302			1,328,804			5,761,082
	$	5,808,105		$	(657,160	)	$	4,366,415		$	9,517,360
Statement of Operations Location— Net Change in Unrealized Appreciation (Depreciation)	Interest Rate			Credit			Foreign Exchange			Total
Investments (a)	$	(404,064	)	$	—		$	—		$	(404,064	)
Forward foreign currency transactions		—			—			(17,125,329	)		(17,125,329	)
Futures contracts		3,358,188			—			—			3,358,188
Swap contracts		(16,041,159	)		3,137,451			—			(12,903,708	)
Written options		(1,525,423	)		148,175			—			(1,377,248	)
	$	(14,612,458	)	$	3,285,626		$	(17,125,329	)	$	(28,452,161	)

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Notes to Financial Statements—June 30, 2014—(Continued)

For the six months ended June 30, 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)	$	43,952,548
Forward foreign currency transactions		1,633,072,540
Futures contracts long		434,358,333
Futures contracts short		(75,923,577	)
Swap contracts		1,310,043,235
Written options		(661,488,275	)

‡ Averages are based on activity levels during the period.

(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 six months June 30, 2014:

Call Options	Notional Amount			Number of Contracts			Premium Received
Options outstanding December 31, 2013		245,000,000			—			792,823
Options written		214,794,000			445			1,772,164
Options exercised		(112,900,000	)		(445	)		(890,984	)
Options expired		(309,094,000	)		—			(1,399,918	)
Options outstanding June 30, 2014		37,800,000			—			274,085
Put Options	Notional Amount			Number of Contracts			Premium Received
Options outstanding December 31, 2013		957,100,000			205			4,251,162
Options written		392,858,000			—			1,848,115
Options bought back		(64,500,000	)		—			(462,714	)
Options expired		(996,458,000	)		(205	)		(4,084,939	)
Options outstanding June 30, 2014		289,000,000			—			1,551,624

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; 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 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

MIST-32

Met Investors Series Trust

PIMCO Inflation Protected Bond Portfolio

Notes to Financial Statements—June 30, 2014—(Continued)

house for exchange traded derivatives (e.g., futures contracts and exchange traded options) while collateral terms are contract specific for over-the-counter traded derivatives (e.g., forward foreign currency exchange contracts, swap agreements and over-the-counter 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 (“Master Forward Agreements”) govern the considerations and factors surrounding the settlement of certain forward settling transactions, such as To-Be-Announced securities, 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 addendums 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 six months ended June 30, 2014 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$664,616,566	$	692,933,936	$	185,165,054	$	278,085,501

MIST-33

Met Investors Series Trust

PIMCO Inflation Protected Bond Portfolio

Notes to Financial Statements—June 30, 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 six months ended June 30, 2014	% per annum			Average Daily Net Assets
$7,739,366		0.500	%	First $1.2 billion
		0.450	%	Over $1.2 billion

MetLife Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. Pacific Investment 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, 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
0.025%	Over $3 Billion

An identical agreement was in place for the period January 1, 2014 through April 27, 2014. Amounts waived for the six months ended June 30, 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 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 Agreements and Plans - The Trust has distribution agreements with MetLife Investors Distribution Company (“MIDC” or the “Distributor”) in which MIDC serves as the distributor for the Portfolio’s Class A, Class B and Class E Shares. MIDC is a wholly-owned subsidiary of MetLife Investors Group, Inc., an affiliate of the Adviser. The Class B and Class E distribution plans provide that the Trust, on behalf of the Portfolio, may pay annually up to 0.50% and 0.25%, respectively, of the average daily net assets of the Portfolio attributable to its Class B and Class E Shares with respect to activities primarily intended to result in the sale of Class B and Class E Shares. However, under the Class B and Class E distribution agreements, payments to the Distributor for activities pursuant to the Class B and Class E distribution plans are currently limited to payments at an annual rate equal to 0.25% and 0.15% of average daily net assets of the Portfolio attributable to its Class B and Class E Shares, respectively. Amounts incurred by the Portfolio for the six months ended June 30, 2014 are shown as Distribution and service fees in the Statement of Operations.

Under the terms of the Class B and Class E distribution plans and distribution agreements, the Portfolio is authorized to make payments monthly to the Distributor that may be used to pay or reimburse entities providing distribution and shareholder servicing with respect to the Class B and Class E Shares for such entities’ fees or expenses incurred.

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 Metropolitan Series Fund, 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.

MIST-34

Met Investors Series Trust

PIMCO Inflation Protected Bond Portfolio

Notes to Financial Statements—June 30, 2014—(Continued)

8. Income Tax Information

The tax character of distributions paid for the years ended December 31, 2013 and 2012 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2013	2012		2013		2012		2013		2012
$278,481,724	$	310,184,267	$	2,702,572	$	19,276,820	$	281,184,296	$	329,461,087

As of December 31, 2013, 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
$54,344,055	$	—	$	(366,129,865	)	$	—	$	(26,006,240	)	$	(337,792,050	)

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.

At December 31, 2013, the Portfolio had post-enactment short-term capital losses of $10,695,752 and post-enactment long-term capital losses of $15,310,488.

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 January 1, 2015, and interim periods within those fiscal years. Management is evaluating the impact, if any, of this guidance on the Portfolio’s financial statement disclosures.

MIST-35

Met Investors Series Trust

PIMCO Inflation Protected Bond Portfolio

Report of Independent Registered Public Accounting Firm

To the Shareholders of PIMCO Inflation Protected Bond Portfolio and the Board of Trustees of Met Investors Series Trust:

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of PIMCO Inflation Protected Bond Portfolio, one of the portfolios constituting Met Investors Series Trust (the “Trust”), as of June 30, 2014, and the related statements of operations and cash flows for the six months then ended, the statements of changes in net assets for the six months then ended and the year ended December 31, 2013, and the financial highlights for the six months then ended and each of the five years in the period ended December 31, 2013. 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 June 30, 2014, by correspondence with the custodian and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the PIMCO Inflation Protected Bond Portfolio of the Met Investors Series Trust as of June 30, 2014, the results of its operations and its cash flows for the six months then ended, the changes in its net assets for the six months then ended and the year ended December 31, 2013, and the financial highlights for the six months then ended and each of the five years in the period ended December 31, 2013, in conformity with accounting principles generally accepted in the United States of America.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

August 26, 2014

MIST-36

Met Investors Series Trust

PIMCO Total Return Portfolio

Managed by Pacific Investment Management Company LLC

Portfolio Manager Commentary*

PERFORMANCE

For the six month period ended June 30, 2014, the Class A, B, and E shares of the PIMCO Total Return Portfolio returned 3.19%, 3.05%, and 3.12%, respectively. The Portfolio’s benchmark, the Barclays U.S. Aggregate Bond Index¹, returned 3.93%.

MARKET ENVIRONMENT / CONDITIONS

Both uncertainty and volatility increased at the start of 2014 amid geopolitical tensions and weak economic data. An uncharacteristically cold winter took a toll on economic data in the U.S., resulting in a weak first quarter U.S. gross domestic product (“GDP”) rate of -2.9%. On the global front, rising geopolitical tensions between Russia and Ukraine at the outset of the year led to volatile swings in financial markets, particularly in equities. The situation calmed in the months following as Russia acknowledged the legitimacy of the newly elected Ukrainian President and continued to engage in cease-fire negotiations.

Central Banks across the globe continued, and in certain instances increased, their accommodative stance during the first half of the year. Despite the weak first quarter, the Federal Reserve (the “Fed”) continued tapering its asset purchases and remains on track to eliminate these purchases by year-end. The Fed also took considerable steps to strengthen its forward guidance on the policy rate. In Fed Chair Janet Yellen’s first statement in March, the Fed dropped references to a 6.5% unemployment target and placed greater emphasis on inflation and other “measures of labor market conditions” as more appropriate barometers for determining the timing of the first interest rate hike. In Europe, the European Central Bank (the “ECB”) announced new easing measures, including a historic negative rate on deposits, a policy rate cut, and targeted long-term refinancing operations to spur business lending.

Financial markets, despite the volatility early on, ended the first half of the year in positive territory. Improving global economic data in the second quarter, supportive central banks, and easing of global political risks led to sizable market gains overall, with the S&P 500 Index rising 7.1% over the first half of the year and hitting an all-time high. Global fixed income markets also posted strong returns with the Barclays U.S. Aggregate Bond Index returning 3.9%, benefitting from rate declines across most maturities (U.S. 10-year Treasury rates declined 50 basis points) and investors beginning to embrace the view that policy rates will remain lower than historical norms suggest.

PORTFOLIO REVIEW / PERIOD END POSITIONING

An underweight to U.S. duration, through the use of cash bonds and interest rate swaps, for most of the first half, detracted from performance as rates fell across the curve during the period; a focus on the front-end and intermediate portion of the yield curve detracted from returns as the yield curve flattened. In corporate space, an underweight to Investment Grade Corporates detracted to returns as they outperformed like-duration Treasuries. However, exposure to High Yield Corporates partially offset this negative performance as investors moved out on the risk spectrum in search of higher yields. An allocation to non-Agency mortgages contributed to performance, as they benefited from the ongoing housing recovery. Exposure to emerging markets, especially to Brazilian and Mexican local-denominated debt through the use of interest rate swaps and cash bonds, was positive for performance as rates fell in these regions. Finally, exposure to Build America municipal bonds added to returns as spreads tightened amid investor demand for attractive yields.

In regards to Portfolio positioning as of June 30, 2014, PIMCO maintained a duration position around benchmark levels with expected variation throughout the quarter; our focus continued to be on short-to-intermediate maturities while maintaining an underweight position to long-end maturities. We gradually added exposure to short-dated credit with a focus on issuers within housing, finance, and energy. Within Agency mortgage-backed securities (“MBS”), we maintained an underweight amid valuations and focused on security selection to capitalize on relative value opportunities within the coupon stack. We continued to hold non-Agency MBS positions which offered attractive value to other spread sectors. Within non-U.S. developed debt, at period end, our focus was on Italy and Spain as we expected the ECB to remain accommodative. Within emerging markets, we remained focused on Mexico and Brazil, which have exhibited stronger fundamentals and high real interest rates. We continued to target Treasury Inflation-Protected Securities exposure on the intermediate segment of the real yield curve as we believed inflation protection was attractively priced at these maturities. At period end, we retained exposure to high quality municipal bonds that offer attractive yields.

William H. Gross

Portfolio Manager

Pacific Investment Management Company LLC

MIST-1

* 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 and 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 those of the subadvisory firm as of June 30, 2014 and 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 statements) 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 applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable annuity or insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

Met Investors Series Trust

PIMCO Total Return Portfolio

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

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2014

	6 Month		1 Year		5 Year		10 Year
PIMCO Total Return Portfolio
Class A		3.19		4.34		6.15		6.04
Class B		3.05		4.12		5.89		5.78
Class E		3.12		4.19		5.99		5.88
Barclays U.S. Aggregate Bond Index		3.93		4.37		4.85		4.93

¹ The 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 B 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 JUNE 30, 2014

Top Sectors

	% of Net Assets
U.S. Treasury & Government Agencies		34.6
Corporate Bonds & Notes		23.9
Foreign Government		21.6
Asset-Backed Securities		4.9
Mortgage-Backed Securities		4.8
Municipals		3.7
Convertible Preferred Stocks		0.5
Preferred Stocks		0.4
Floating Rate Loans		0.3

MIST-2

Met Investors Series Trust

PIMCO Total Return Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

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, January 1, 2014 through June 30, 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.

PIMCO Total Return Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2014		Ending Account Value June 30, 2014		Expenses Paid During Period** January 1, 2014 to June 30, 2014
Class A	Actual		0.51	%	$	1,000.00	$	1,031.90	$	2.57
	Hypothetical*		0.51	%	$	1,000.00	$	1,022.27	$	2.56
Class B	Actual		0.76	%	$	1,000.00	$	1,030.50	$	3.83
	Hypothetical*		0.76	%	$	1,000.00	$	1,021.03	$	3.81
Class E	Actual		0.66	%	$	1,000.00	$	1,031.20	$	3.32
	Hypothetical*		0.66	%	$	1,000.00	$	1,021.52	$	3.31

* 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 (181 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

MIST-3

Met Investors Series Trust

PIMCO Total Return Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

U.S. Treasury & Government Agencies—34.6% of Net Assets

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage-Backed—19.1%
Fannie Mae 10 Yr. Pool 2.310%, 08/01/22		8,200,000	$	8,034,862
3.000%, 12/01/20		289,911		303,123
3.000%, 02/01/21		838,451		876,677
3.000%, 08/01/21		601,956		629,354
3.000%, 11/01/21		153,256		160,253
3.000%, 03/01/22		657,836		687,933
3.000%, 05/01/22		2,136,514		2,233,872
3.240%, 07/01/22		22,915,038		23,910,477
3.330%, 11/01/21		1,529,431		1,617,818
4.000%, 05/01/19		28,272		30,040
4.500%, 10/01/14		2,182		2,315
4.500%, 03/01/18		106,257		112,794
4.500%, 07/01/18		105,511		111,956
4.500%, 11/01/18		35,101		37,266
4.500%, 12/01/18		24,824		26,352
4.500%, 05/01/19		934,140		992,098
5.500%, 11/01/17		116,293		123,636
5.500%, 09/01/18		226,241		240,558
5.500%, 10/01/18		105,303		112,002
Fannie Mae 15 Yr. Pool 2.870%, 09/01/27		7,300,000		6,905,781
3.000%, 10/01/27		499,999		520,271
3.000%, 12/01/27		3,999,998		4,161,565
3.000%, 06/01/28		5,999,997		6,242,236
3.000%, 09/01/28		907,969		944,552
3.000%, 11/01/28		999,999		1,040,040
3.000%, 05/01/29		25,999,988		27,041,035
3.000%, 06/01/29		10,499,997		10,920,420
3.000%, TBA (a)		35,000,000		36,356,250
3.500%, TBA (a)		73,000,000		77,368,597
4.000%, 07/01/18		7,168		7,608
4.000%, 08/01/18		3,147		3,347
4.000%, 09/01/18		1,743		1,854
4.000%, 05/01/19		1,650,215		1,754,287
4.000%, 07/01/19		790,864		840,927
4.000%, 08/01/20		431,230		458,382
4.000%, 03/01/22		91,010		96,726
4.000%, 04/01/24		94,518		101,064
4.000%, 05/01/24		3,755,151		4,015,429
4.000%, 06/01/24		4,138,557		4,425,398
4.000%, 07/01/24		39,342		42,069
4.000%, 02/01/25		1,333,815		1,426,505
4.000%, 06/01/25		440,268		471,636
4.000%, 07/01/25		13,043		13,963
4.000%, 08/01/25		1,276,222		1,367,225
4.000%, 09/01/25		77,965		83,529
4.000%, 12/01/25		483,796		518,334
4.000%, 02/01/26		331,507		355,176
4.000%, 03/01/26		67,469		72,286
4.000%, 06/01/26		60,959		64,864
4.500%, 12/01/17		1,853		1,967
4.500%, 03/01/18		361,653		384,059
4.500%, 04/01/18		537,867		571,184
4.500%, 06/01/18		1,570,089		1,666,861
4.500%, 07/01/18		799,942		849,554
Agency Sponsored Mortgage-Backed—(Continued)
Fannie Mae 15 Yr. Pool 4.500%, 08/01/18		8,758		9,336
4.500%, 10/01/18		31,189		33,116
4.500%, 11/01/18		2,026,887		2,153,500
4.500%, 12/01/18		503,825		535,169
4.500%, 02/01/19		328,384		348,739
4.500%, 05/01/19		588,061		625,871
4.500%, 06/01/19		296,596		315,033
4.500%, 11/01/19		308,479		327,673
4.500%, 12/01/19		398,591		423,273
4.500%, 08/01/20		571,333		607,589
4.500%, 09/01/20		816,899		867,987
4.500%, 10/01/20		30,728		32,678
4.500%, 12/01/20		591,111		628,320
4.500%, 01/01/22		31,699		33,660
4.500%, 02/01/23		416,526		443,595
4.500%, 03/01/23		866,017		921,889
4.500%, 05/01/23		83,623		89,154
4.500%, 06/01/23		5,129		5,468
4.500%, 01/01/24		12,830		13,623
4.500%, 04/01/24		128,423		136,935
4.500%, 05/01/24		429,991		460,728
4.500%, 08/01/24		89,485		95,411
4.500%, 10/01/24		604,873		648,370
4.500%, 11/01/24		140,600		150,590
4.500%, 02/01/25		1,151,539		1,232,441
4.500%, 03/01/25		784,533		839,739
4.500%, 04/01/25		511,545		548,324
4.500%, 05/01/25		1,330,689		1,425,565
4.500%, 06/01/25		141,354		151,284
4.500%, 07/01/25		5,423,627		5,814,264
4.500%, 08/01/25		218,343		234,065
4.500%, 09/01/25		388,015		415,590
4.500%, 11/01/25		266,258		285,438
4.500%, 04/01/26		20,119		21,545
4.500%, 01/01/27		313,491		333,149
5.500%, 12/01/17		4,837		5,138
5.500%, 01/01/18		127,467		135,378
5.500%, 02/01/18		1,091,652		1,159,393
5.500%, 11/01/18		3,953		4,199
5.500%, 09/01/19		133,104		141,364
5.500%, 09/01/20		23,005		24,961
5.500%, 12/01/20		3,802		4,038
5.500%, 03/01/22		245,355		268,309
5.500%, 04/01/22		240,132		261,737
5.500%, 07/01/22		182,396		198,994
5.500%, 09/01/22		94,471		103,545
5.500%, 10/01/22		784,332		859,477
5.500%, 11/01/22		198,881		218,222
5.500%, 12/01/22		207,356		227,660
5.500%, 02/01/23		238,131		261,440
5.500%, 03/01/23		36,910		40,448
5.500%, 07/01/23		18,668		20,504
5.500%, 08/01/23		103,421		113,422
5.500%, 10/01/23		145,711		159,165
5.500%, 11/01/23		38,600		41,037

See accompanying notes to financial statements.

MIST-4

Met Investors Series Trust

PIMCO Total Return Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

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

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage-Backed—(Continued)
Fannie Mae 15 Yr. Pool 5.500%, 12/01/23		78,102	$	85,271
5.500%, 01/01/24		22,967		25,302
5.500%, 03/01/24		140,819		154,273
5.500%, 09/01/24		106,759		114,941
5.500%, 01/01/25		1,865,115		2,044,475
5.500%, 05/01/25		538,627		572,060
6.000%, 03/01/17		6,406		6,477
6.000%, 04/01/17		8,943		9,288
6.000%, 06/01/17		5,200		5,405
6.000%, 07/01/17		18,058		18,737
6.500%, 04/01/16		10,480		10,773
6.500%, 06/01/16		5,295		5,461
6.500%, 07/01/16		18,227		18,935
6.500%, 08/01/16		1,135		1,173
6.500%, 09/01/16		7,123		7,422
6.500%, 10/01/16		14,725		15,353
6.500%, 02/01/17		8,619		8,967
6.500%, 07/01/17		19,038		19,091
6.500%, 10/01/17		6,682		7,089
Fannie Mae 20 Yr. Pool 4.000%, 04/01/29		118,831		127,233
4.000%, 05/01/29		383,360		410,446
4.000%, 03/01/30		233,597		250,025
4.000%, 05/01/30		351,585		376,841
4.000%, 08/01/30		325,589		350,267
4.000%, 09/01/30		198,267		213,082
4.000%, 10/01/30		8,503		9,148
4.000%, 11/01/30		881,348		948,130
4.000%, 12/01/30		121,232		130,423
4.000%, 06/01/31		18,693		20,113
4.000%, 09/01/31		467,328		502,921
4.000%, 11/01/31		77,228		83,137
4.500%, 01/01/25		20,763		22,496
4.500%, 04/01/28		57,289		62,069
4.500%, 05/01/29		427,504		463,178
4.500%, 06/01/29		156,537		170,385
4.500%, 07/01/29		45,535		49,772
4.500%, 03/01/30		32,744		35,865
4.500%, 05/01/30		15,740		17,277
4.500%, 06/01/30		2,705,632		2,960,362
4.500%, 07/01/30		146,987		159,252
4.500%, 04/01/31		96,226		105,255
5.000%, 05/01/23		253,873		282,104
5.000%, 05/01/24		306,389		340,460
5.000%, 01/01/25		222,813		247,590
5.000%, 09/01/25		67,070		74,528
5.000%, 11/01/25		81,294		90,334
5.000%, 12/01/25		534,482		593,917
5.000%, 01/01/26		151,382		168,216
5.000%, 03/01/26		112,230		124,710
5.000%, 02/01/27		10,824		12,028
5.000%, 05/01/27		302,560		336,205
5.000%, 07/01/27		14,602		16,225
5.000%, 08/01/27		7,582		8,429
5.000%, 03/01/28		34,366		38,188
Agency Sponsored Mortgage-Backed—(Continued)
Fannie Mae 20 Yr. Pool 5.000%, 04/01/28		1,049,358		1,166,048
5.000%, 05/01/28		1,238,519		1,376,245
5.000%, 06/01/28		3,770,258		4,189,517
5.000%, 01/01/29		137,279		152,966
5.000%, 05/01/29		666,185		743,944
5.000%, 07/01/29		206,525		230,104
5.000%, 12/01/29		50,938		56,779
5.500%, 02/01/19		26,738		29,914
5.500%, 06/01/23		383,064		428,567
5.500%, 07/01/24		17,337		19,454
5.500%, 01/01/25		18,027		20,230
5.500%, 02/01/25		5,058		5,676
5.500%, 03/01/25		1,136,168		1,285,155
5.500%, 08/01/25		114,581		129,747
5.500%, 10/01/25		8,267		9,294
5.500%, 11/01/25		20,040		22,535
5.500%, 03/01/26		143,701		161,535
5.500%, 05/01/26		4,215		4,739
5.500%, 06/01/26		772,709		868,820
5.500%, 11/01/26		65,951		73,785
5.500%, 01/01/27		105,283		118,063
5.500%, 06/01/27		21,215		23,735
5.500%, 07/01/27		413,569		464,268
5.500%, 08/01/27		174,331		195,580
5.500%, 10/01/27		265,612		298,233
5.500%, 11/01/27		76,137		85,361
5.500%, 12/01/27		521,482		585,558
5.500%, 01/01/28		194,453		218,254
5.500%, 03/01/28		102,294		114,743
5.500%, 04/01/28		296,367		332,073
5.500%, 05/01/28		119,023		133,438
5.500%, 06/01/28		34,804		39,090
5.500%, 07/01/28		17,572		19,724
5.500%, 09/01/28		257,075		288,445
5.500%, 10/01/28		43,456		48,787
5.500%, 12/01/28		16,718		18,704
5.500%, 01/01/29		233,757		262,352
5.500%, 07/01/29		202,373		227,130
5.500%, 10/01/29		456,950		511,787
5.500%, 04/01/30		446,495		500,466
6.000%, 08/01/18		6,801		7,699
6.000%, 12/01/18		178,254		200,618
6.000%, 02/01/19		11,551		12,998
6.000%, 06/01/22		1,084,534		1,220,384
6.000%, 09/01/22		256,545		288,694
6.000%, 10/01/22		165,144		185,843
6.000%, 01/01/23		288,736		324,903
6.000%, 06/01/26		21,002		23,803
6.000%, 08/01/26		27,898		31,500
6.000%, 12/01/26		25,203		28,445
6.000%, 07/01/27		95,355		107,696
6.000%, 11/01/27		18,378		20,774
6.000%, 09/01/28		157,876		178,804
6.000%, 10/01/28		83,395		94,567

See accompanying notes to financial statements.

MIST-5

Met Investors Series Trust

PIMCO Total Return Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

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

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage-Backed—(Continued)
Fannie Mae 30 Yr. Pool 4.000%, 05/01/34		324,398	$	345,573
4.000%, 05/01/35		281,968		300,175
4.000%, 05/01/39		1,563,787		1,662,258
4.000%, 12/01/40		2,901,796		3,083,931
4.000%, 01/01/41		1,476,886		1,571,856
4.000%, 03/01/41		536,272		570,686
4.000%, 05/01/41		623,782		663,765
4.000%, 12/01/41		927,077		985,266
4.000%, 01/01/42		3,612,893		3,843,403
4.000%, 02/01/42		14,638		15,580
4.000%, 05/01/42		271,800		289,145
4.000%, 12/01/43		1,049,013		1,115,478
4.000%, TBA (a)		9,000,000		9,551,250
4.500%, 01/01/34		53,047		57,604
4.500%, 02/01/36		518,584		562,961
4.500%, 02/01/39		31,927		34,907
4.500%, 04/01/39		1,823,357		1,990,530
4.500%, 05/01/39		172,999		188,632
4.500%, 06/01/39		68,528		74,496
4.500%, 08/01/39		58,722		63,941
4.500%, 09/01/39		408,628		446,349
4.500%, 12/01/39		15,799		17,353
4.500%, 02/01/40		3,267,673		3,540,871
4.500%, 03/01/40		537,057		581,877
4.500%, 04/01/40		486,882		527,707
4.500%, 05/01/40		202,225		219,660
4.500%, 06/01/40		69,177		75,223
4.500%, 07/01/40		843,499		914,042
4.500%, 08/01/40		1,136,667		1,231,825
4.500%, 09/01/40		5,777,972		6,261,336
4.500%, 10/01/40		3,235,207		3,508,414
4.500%, 11/01/40		1,356,185		1,469,546
4.500%, 12/01/40		7,552,141		8,185,158
4.500%, 01/01/41		1,966,355		2,132,772
4.500%, 02/01/41		4,853,432		5,262,380
4.500%, 03/01/41		5,237,494		5,677,331
4.500%, 04/01/41		2,321,322		2,515,761
4.500%, 05/01/41		30,613,269		33,176,024
4.500%, 06/01/41		6,407,867		6,961,348
4.500%, 07/01/41		22,439,027		24,319,182
4.500%, 08/01/41		588,829		638,556
4.500%, 09/01/41		8,220,298		8,912,253
4.500%, 10/01/41		12,578,165		13,631,046
4.500%, 11/01/41		768,606		833,438
4.500%, 12/01/41		206,588		223,827
4.500%, 01/01/42		1,969,119		2,133,433
4.500%, 02/01/42		194,786		211,047
4.500%, 03/01/42		805,179		873,107
4.500%, 04/01/42		380,746		412,525
4.500%, 06/01/42		146,519		159,430
4.500%, 07/01/42		2,434,637		2,643,458
4.500%, 09/01/43		38,396		41,600
4.500%, 10/01/43		2,868,754		3,108,139
4.500%, 11/01/43		1,638,048		1,775,431
4.500%, 12/01/43		471,316		510,880
Agency Sponsored Mortgage-Backed—(Continued)
Fannie Mae 30 Yr. Pool 4.500%, 02/01/44		3,146,674		3,410,254
4.500%, 03/01/44		132,230		143,372
4.500%, 05/01/44		29,267		31,847
4.500%, 06/01/44		791,839		859,022
4.500%, TBA (a)		140,000,000		151,381,865
5.000%, 11/01/28		117,700		131,624
5.000%, 04/01/29		462,311		517,477
5.000%, 03/01/32		4,059		4,510
5.000%, 09/01/32		2,637		2,930
5.000%, 10/01/32		14,329		15,996
5.000%, 11/01/32		3,034		3,389
5.000%, 03/01/33		5,544		6,193
5.000%, 04/01/33		4,405,732		4,920,926
5.000%, 05/01/33		798,251		891,250
5.000%, 06/01/33		1,722,064		1,920,832
5.000%, 07/01/33		8,181,623		9,134,852
5.000%, 08/01/33		375,552		418,443
5.000%, 09/01/33		723,766		807,323
5.000%, 10/01/33		481,577		536,487
5.000%, 11/01/33		1,143		1,270
5.000%, 12/01/33		6,551		7,303
5.000%, 01/01/34		208,932		233,821
5.000%, 03/01/34		210,233		233,860
5.000%, 04/01/34		580,981		648,493
5.000%, 05/01/34		661,221		734,930
5.000%, 06/01/34		711,477		792,460
5.000%, 10/01/34		2,959		3,288
5.000%, 11/01/34		880,193		981,059
5.000%, 12/01/34		350,987		390,543
5.000%, 01/01/35		528,710		590,117
5.000%, 02/01/35		15,283,417		17,042,048
5.000%, 03/01/35		19,503,169		21,719,091
5.000%, 04/01/35		128,519		143,090
5.000%, 05/01/35		3,735		4,158
5.000%, 06/01/35		8,472,313		9,434,156
5.000%, 07/01/35		26,982,660		30,064,001
5.000%, 08/01/35		3,027,126		3,368,816
5.000%, 09/01/35		365,655		407,193
5.000%, 10/01/35		2,800,268		3,116,082
5.000%, 11/01/35		920		1,024
5.000%, 02/01/36		1,300,955		1,448,354
5.000%, 05/01/36		14,142		15,715
5.000%, 07/01/36		55,652		61,968
5.000%, 08/01/36		1,837,555		2,045,157
5.000%, 09/01/36		135,675		150,974
5.000%, 10/01/36		131,099		145,677
5.000%, 12/01/36		640,892		712,755
5.000%, 02/01/37		59,474		66,210
5.000%, 04/01/37		45,860		51,008
5.000%, 06/01/37		317,912		353,264
5.000%, 07/01/37		2,035,971		2,267,496
5.000%, 01/01/38		382,195		425,880
5.000%, 02/01/38		1,289,545		1,435,022
5.000%, 03/01/38		337,853		376,072
5.000%, 06/01/38		139,496		155,176

See accompanying notes to financial statements.

MIST-6

Met Investors Series Trust

PIMCO Total Return Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

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

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage-Backed—(Continued)
Fannie Mae 30 Yr. Pool 5.000%, 02/01/39		259,089	$	288,511
5.000%, 04/01/39		205,758		228,827
5.000%, 10/01/39		19,011		21,233
5.000%, 11/01/39		48,472		54,392
5.000%, 03/01/40		38,114		42,429
5.000%, 05/01/40		143,440		159,491
5.000%, 06/01/40		56,062		62,500
5.000%, 07/01/40		57,221		63,584
5.000%, 08/01/40		86,345		96,025
5.000%, 11/01/40		281,744		313,537
5.000%, 05/01/41		2,994,674		3,337,901
5.000%, 07/01/41		356,999		397,936
5.000%, 08/01/41		357,677		397,649
5.000%, 10/01/41		24,155		26,869
5.000%, 01/01/42		833,330		929,319
5.000%, 11/01/42		237,162		263,535
5.000%, TBA (a)		102,600,000		113,934,099
5.500%, 12/01/28		37,759		42,377
5.500%, 06/01/33		120,846		135,980
5.500%, 07/01/33		20,086		22,588
5.500%, 09/01/33		330,407		371,623
5.500%, 11/01/33		254,907		285,187
5.500%, 12/01/33		3,177		3,568
5.500%, 04/01/34		25,772		28,857
5.500%, 05/01/34		184,328		206,871
5.500%, 06/01/34		73,804		82,968
5.500%, 07/01/34		52,704		58,965
5.500%, 08/01/34		385,521		433,503
5.500%, 09/01/34		35,671		40,085
5.500%, 11/01/34		827,985		931,795
5.500%, 12/01/34		2,051,011		2,306,724
5.500%, 01/01/35		697,093		783,683
5.500%, 02/01/35		984,324		1,106,008
5.500%, 03/01/35		1,082,943		1,212,416
5.500%, 04/01/35		312,148		352,724
5.500%, 05/01/35		366,411		411,638
5.500%, 06/01/35		581,563		653,357
5.500%, 08/01/35		376,115		424,606
5.500%, 09/01/35		6,447,987		7,237,892
5.500%, 10/01/35		1,259,942		1,413,601
5.500%, 11/01/35		2,717,860		3,052,674
5.500%, 12/01/35		2,818,558		3,159,218
5.500%, 01/01/36		3,402,147		3,813,530
5.500%, 02/01/36		1,306,680		1,461,896
5.500%, 03/01/36		676,116		759,114
5.500%, 04/01/36		35,646		39,886
5.500%, 05/01/36		3,353,464		3,754,484
5.500%, 06/01/36		2,277,776		2,549,721
5.500%, 07/01/36		2,658,402		2,988,717
5.500%, 09/01/36		427,171		479,951
5.500%, 10/01/36		24,804		27,794
5.500%, 11/01/36		343,982		385,428
5.500%, 12/01/36		930,609		1,042,012
5.500%, 01/01/37		164,277		183,830
5.500%, 02/01/37		333,317		372,974
Agency Sponsored Mortgage-Backed—(Continued)
Fannie Mae 30 Yr. Pool 5.500%, 03/01/37		3,622,591		4,060,352
5.500%, 04/01/37		5,738,031		6,419,632
5.500%, 05/01/37		2,036,470		2,280,345
5.500%, 06/01/37		23,027		25,767
5.500%, 07/01/37		401,632		449,340
5.500%, 08/01/37		4,154,361		4,656,689
5.500%, 01/01/38		1,005,233		1,124,642
5.500%, 02/01/38		2,830,991		3,169,475
5.500%, 03/01/38		3,322,057		3,748,663
5.500%, 04/01/38		1,007,224		1,126,868
5.500%, 05/01/38		18,983,309		21,240,281
5.500%, 06/01/38		39,237,682		43,899,601
5.500%, 07/01/38		5,955		6,667
5.500%, 08/01/38		47,549		53,197
5.500%, 09/01/38		860,599		962,826
5.500%, 10/01/38		2,075,098		2,327,260
5.500%, 11/01/38		4,996,510		5,590,027
5.500%, 12/01/38		10,371,279		11,639,822
5.500%, 01/01/39		192,399		216,733
5.500%, 03/01/39		525,029		587,395
5.500%, 04/01/39		2,189,442		2,450,700
5.500%, 05/01/39		892,158		1,000,248
5.500%, 06/01/39		1,949,371		2,180,930
5.500%, 07/01/39		22,976		25,720
5.500%, 08/01/39		376,858		421,624
5.500%, 09/01/39		1,649,257		1,856,786
5.500%, 11/01/39		6,683,214		7,477,090
5.500%, 12/01/39		9,604		10,760
5.500%, 01/01/40		822,275		919,950
5.500%, 02/01/40		1,068,890		1,195,860
5.500%, 03/01/40		2,423,717		2,713,160
5.500%, 06/01/40		202,803		226,893
5.500%, 08/01/40		20,715		23,210
5.500%, 09/01/40		4,868,485		5,446,795
5.500%, 12/01/40		303,388		340,885
5.500%, 07/01/41		12,343,820		13,810,099
5.500%, 09/01/41		11,055,900		12,369,192
5.500%, TBA (a)		48,000,000		53,718,797
6.000%, 12/01/28		78,227		88,201
6.000%, 01/01/29		41,293		47,097
6.000%, 02/01/29		213,226		242,816
6.000%, 04/01/29		6,704		7,643
6.000%, 06/01/29		8,199		9,230
6.000%, 11/01/32		56,407		63,570
6.000%, 01/01/33		27,317		30,903
6.000%, 02/01/33		39,587		44,863
6.000%, 03/01/33		37,446		42,535
6.000%, 04/01/33		23,058		26,148
6.000%, 05/01/33		39,391		44,868
6.000%, 07/01/33		39,906		45,500
6.000%, 08/01/33		81,395		91,600
6.000%, 01/01/34		117,212		133,064
6.000%, 09/01/34		85,581		96,622
6.000%, 11/01/34		18,032		20,447
6.000%, 04/01/35		1,685,556		1,911,657

See accompanying notes to financial statements.

MIST-7

Met Investors Series Trust

PIMCO Total Return Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

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

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage-Backed—(Continued)
Fannie Mae 30 Yr. Pool 6.000%, 05/01/35		77,959	$	88,367
6.000%, 06/01/35		10,144		11,485
6.000%, 07/01/35		126,915		143,428
6.000%, 09/01/35		24,904		28,164
6.000%, 11/01/35		711,204		803,554
6.000%, 12/01/35		277,323		313,255
6.000%, 01/01/36		240,640		271,745
6.000%, 02/01/36		654,716		739,530
6.000%, 03/01/36		195,046		219,803
6.000%, 04/01/36		65,375		73,798
6.000%, 05/01/36		1,488,451		1,679,818
6.000%, 06/01/36		158,554		178,578
6.000%, 07/01/36		1,821,714		2,053,504
6.000%, 08/01/36		5,436,557		6,136,305
6.000%, 09/01/36		1,899,608		2,145,705
6.000%, 10/01/36		928,644		1,046,660
6.000%, 11/01/36		460,488		519,656
6.000%, 12/01/36		4,878,582		5,500,063
6.000%, 01/01/37		4,918,442		5,539,872
6.000%, 02/01/37		2,585,875		2,915,378
6.000%, 03/01/37		625,699		706,383
6.000%, 04/01/37		1,506,318		1,697,182
6.000%, 05/01/37		4,336,038		4,891,709
6.000%, 06/01/37		667,872		753,177
6.000%, 07/01/37		534,249		602,062
6.000%, 08/01/37		2,572,651		2,901,008
6.000%, 09/01/37		2,312,079		2,610,883
6.000%, 10/01/37		383,855		431,939
6.000%, 11/01/37		172,760		194,832
6.000%, 12/01/37		705,644		794,324
6.000%, 01/01/38		527,622		593,816
6.000%, 02/01/38		1,408,238		1,590,722
6.000%, 03/01/38		226,912		255,578
6.000%, 04/01/38		26,053		29,361
6.000%, 05/01/38		303,053		341,013
6.000%, 06/01/38		24,073		27,089
6.000%, 07/01/38		2,495,981		2,814,497
6.000%, 08/01/38		142,731		160,612
6.000%, 09/01/38		2,219,724		2,501,818
6.000%, 10/01/38		1,983,057		2,236,216
6.000%, 11/01/38		737,413		830,135
6.000%, 12/01/38		805,428		908,606
6.000%, 01/01/39		1,449,135		1,634,298
6.000%, 04/01/39		2,593,063		2,919,994
6.000%, 06/01/39		202,117		228,683
6.000%, 07/01/39		300,621		339,445
6.000%, 08/01/39		1,606,834		1,813,659
6.000%, 09/01/39		1,974,284		2,224,010
6.000%, 02/01/40		4,686		5,273
6.000%, 04/01/40		408,777		460,886
6.000%, 05/01/40		13,319		15,024
6.000%, 06/01/40		792,278		891,520
6.000%, 07/01/40		66,774		75,282
6.000%, 09/01/40		20,729		23,325
6.000%, 10/01/40		18,071,905		20,343,016
Agency Sponsored Mortgage-Backed—(Continued)
Fannie Mae 30 Yr. Pool 6.000%, 04/01/41		1,620,236		1,829,868
6.000%, 05/01/41		88,253,232		99,490,682
6.000%, TBA (a)		32,000,000		36,044,992
7.500%, 09/01/30		594		642
8.000%, 10/01/25		1,890		2,080
Fannie Mae ARM Pool 1.324%, 08/01/41 (b)		469,114		486,300
1.324%, 07/01/42 (b)		461,037		475,846
1.324%, 08/01/42 (b)		428,046		440,551
1.324%, 10/01/44 (b)		650,613		665,857
1.374%, 09/01/41 (b)		1,453,895		1,520,771
1.753%, 09/01/35 (b)		2,967,115		3,148,949
1.790%, 06/01/33 (b)		64,765		69,128
1.899%, 01/01/35 (b)		443,667		467,472
1.952%, 12/01/34 (b)		2,407,929		2,581,997
1.977%, 12/01/34 (b)		1,025,301		1,077,207
1.979%, 11/01/35 (b)		370,947		392,157
1.984%, 03/01/35 (b)		74,997		79,555
1.998%, 08/01/36 (b)		820,812		876,553
2.095%, 02/01/31 (b)		245,209		246,062
2.113%, 11/01/34 (b)		8,308		8,726
2.121%, 10/01/28 (b)		187,783		188,856
2.160%, 05/01/34 (b)		1,150,502		1,227,970
2.193%, 10/01/34 (b)		35,872		38,249
2.207%, 01/01/35 (b)		136,753		146,473
2.208%, 01/01/35 (b)		100,533		107,419
2.214%, 12/01/34 (b)		92,428		98,101
2.214%, 05/01/35 (b)		113,185		121,419
2.228%, 03/01/33 (b)		5,848		6,261
2.241%, 10/01/35 (b)		726,315		778,333
2.243%, 01/01/35 (b)		106,741		113,255
2.244%, 01/01/35 (b)		34,119		36,248
2.254%, 02/01/35 (b)		64,308		68,774
2.261%, 07/01/32 (b)		38,914		39,188
2.310%, 11/01/35 (b)		902,337		962,978
2.320%, 02/01/35 (b)		250,885		265,133
2.340%, 09/01/31 (b)		62,626		66,818
2.345%, 11/01/35 (b)		561,081		604,245
2.348%, 08/01/35 (b)		1,722,630		1,819,924
2.349%, 07/01/33 (b)		51,848		55,211
2.417%, 09/01/32 (b)		266,120		284,159
2.420%, 11/01/34 (b)		191,888		204,087
2.421%, 04/01/34 (b)		15,671		16,804
2.435%, 04/01/35 (b)		196,825		209,449
2.438%, 05/01/35 (b)		726,465		782,002
2.485%, 11/01/34 (b)		4,163,460		4,457,640
2.500%, 08/01/35 (b)		999,321		1,066,456
2.510%, 11/01/32 (b)		101,809		102,535
2.560%, 09/01/34 (b)		1,262,649		1,350,643
4.376%, 12/01/36 (b)		464,758		495,050
4.508%, 09/01/34 (b)		99,237		105,926
5.344%, 01/01/36 (b)		265,571		286,130
Fannie Mae Pool 2.475%, 04/01/19		15,155,977		15,635,396
5.500%, 04/01/36		8,312		9,319

See accompanying notes to financial statements.

MIST-8

Met Investors Series Trust

PIMCO Total Return Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

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

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage-Backed—(Continued)
Fannie Mae REMICS (CMO) 0.554%, 09/18/31 (b)		486,793	$	490,389
1.052%, 04/25/32 (b)		167,131		171,074
2.269%, 05/25/35 (b)		2,082,852		2,149,057
Freddie Mac 15 Yr. Gold Pool 5.500%, 04/01/16		2,193		2,328
5.500%, 09/01/19		370,823		397,117
6.000%, 03/01/15		93		94
Freddie Mac 20 Yr. Gold Pool 4.000%, 06/01/30		236,346		252,915
4.000%, 09/01/30		996,689		1,070,071
4.000%, 10/01/30		55,254		59,335
5.500%, 04/01/21		30,117		33,570
5.500%, 12/01/22		1,456		1,623
5.500%, 03/01/23		315,608		351,858
5.500%, 06/01/26		5,467		6,119
5.500%, 08/01/26		2,538		2,829
5.500%, 06/01/27		85,281		95,172
5.500%, 12/01/27		138,086		154,240
5.500%, 01/01/28		84,577		94,700
5.500%, 02/01/28		21,398		23,855
5.500%, 05/01/28		186,022		208,252
5.500%, 06/01/28		269,219		300,124
6.000%, 03/01/21		63,709		71,504
6.000%, 01/01/22		295,934		332,312
6.000%, 10/01/22		976,006		1,096,125
6.000%, 12/01/22		58,329		65,510
6.000%, 04/01/23		60,294		67,693
Freddie Mac 30 Yr. Gold Pool 4.000%, 09/01/40		101,838		108,032
4.000%, 11/01/40		1,053,582		1,117,665
4.000%, 12/01/40		408,545		433,394
4.000%, TBA (a)		33,000,000		34,959,375
4.500%, 04/01/34		43,872		47,623
4.500%, 06/01/35		185,542		201,262
4.500%, 09/01/41		802,638		869,397
4.500%, 10/01/41		289,740		314,626
4.500%, TBA (a)		35,000,000		37,867,886
5.500%, 03/01/32		47,553		53,214
5.500%, 01/01/33		3,625		4,072
5.500%, 05/01/33		5,635		6,296
5.500%, 08/01/33		4,526		5,071
5.500%, 10/01/33		9,745		10,946
5.500%, 12/01/33		3,167		3,560
5.500%, 01/01/34		4,225		4,748
5.500%, 05/01/34		92,664		104,159
5.500%, 09/01/34		41,335		46,464
5.500%, 01/01/35		83,663		93,984
5.500%, 07/01/35		4,221		4,740
5.500%, 10/01/35		121,075		135,336
5.500%, 11/01/35		204,028		227,555
5.500%, 12/01/35		83,277		93,523
5.500%, 01/01/36		175,448		195,564
5.500%, 02/01/36		139,821		155,996
5.500%, 04/01/36		54,066		60,364
5.500%, 06/01/36		4,179,596		4,694,010
Agency Sponsored Mortgage-Backed—(Continued)
Freddie Mac 30 Yr. Gold Pool 5.500%, 07/01/36		106,309		118,681
5.500%, 08/01/36		132,194		147,351
5.500%, 10/01/36		41,347		46,244
5.500%, 12/01/36		908,610		1,012,793
5.500%, 02/01/37		88,657		98,877
5.500%, 03/01/37		38,086		42,793
5.500%, 04/01/37		81,350		90,678
5.500%, 06/01/37		120,661		134,987
5.500%, 07/01/37		761,927		850,285
5.500%, 08/01/37		227,432		256,096
5.500%, 09/01/37		112,324		125,204
5.500%, 10/01/37		30,006		33,447
5.500%, 11/01/37		803,721		895,875
5.500%, 12/01/37		41,461		46,214
5.500%, 01/01/38		255,578		284,882
5.500%, 02/01/38		653,971		728,957
5.500%, 03/01/38		261,600		291,594
5.500%, 04/01/38		553,632		617,232
5.500%, 05/01/38		1,133,975		1,263,996
5.500%, 06/01/38		850,834		948,390
5.500%, 07/01/38		1,343,887		1,498,213
5.500%, 08/01/38		3,532,258		3,937,264
5.500%, 09/01/38		892,107		994,394
5.500%, 10/01/38		25,315,787		28,218,482
5.500%, 11/01/38		10,105,892		11,264,881
5.500%, 12/01/38		12,805		14,274
5.500%, 01/01/39		1,953,480		2,177,465
5.500%, 02/01/39		337,617		376,328
5.500%, 03/01/39		255,431		284,718
5.500%, 06/01/39		9,156,777		10,206,689
5.500%, 09/01/39		165,073		186,771
5.500%, 02/01/40		265,660		296,121
5.500%, 03/01/40		28,957		32,277
5.500%, 05/01/40		8,011		8,930
5.500%, 08/01/40		251,568		280,412
5.500%, 02/01/41		143,761		162,619
Freddie Mac ARM Non-Gold Pool 2.001%, 09/01/35 (b)		456,154		476,839
2.232%, 10/01/34 (b)		90,130		95,559
2.233%, 02/01/35 (b)		78,466		83,397
2.246%, 02/01/35 (b)		85,330		90,210
2.250%, 02/01/35 (b)		119,646		126,508
2.302%, 01/01/35 (b)		91,033		96,589
2.303%, 02/01/35 (b)		88,515		93,795
2.350%, 09/01/35 (b)		825,624		878,804
2.375%, 11/01/31 (b)		34,022		36,123
2.375%, 11/01/34 (b)		153,792		164,120
2.375%, 01/01/35 (b)		402,103		428,676
2.375%, 02/01/35 (b)		166,466		177,766
2.375%, 06/01/35 (b)		1,986,097		2,116,397
2.375%, 08/01/35 (b)		978,684		1,044,956
2.516%, 11/01/34 (b)		83,265		88,842
2.525%, 11/01/34 (b)		102,501		109,716
2.526%, 02/01/35 (b)		103,840		110,745
2.576%, 01/01/29 (b)		579,623		612,676

See accompanying notes to financial statements.

MIST-9

Met Investors Series Trust

PIMCO Total Return Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

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

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage - Backed—(Continued)
Freddie Mac ARM Non-Gold Pool 2.616%, 08/01/32 (b)		188,614	$	189,368
5.400%, 03/01/35 (b)		138,508		144,149
Freddie Mac REMICS (CMO) 0.402%, 07/15/34 (b)		153,699		154,100
1.875%, 11/15/23 (b)		591,826		617,114
3.500%, 07/15/32		46,975		48,463
3.500%, 01/15/42		21,762,591		20,186,044
6.500%, 01/15/24		39,355		43,894
Freddie Mac Structured Pass-Through Securities(CMO) 1.319%, 02/25/45 (b)		136,488		139,331
1.324%, 10/25/44 (b)		1,522,656		1,549,182
1.524%, 07/25/44 (b)		7,742,595		7,726,970
Ginnie Mae I 30 Yr. Pool 5.000%, 03/15/33		2,795		3,074
5.000%, 10/15/33		15,485		17,099
5.000%, 12/15/33		66,306		73,583
5.000%, 05/15/34		8,908		9,848
5.000%, 07/15/34		10,789		11,867
5.000%, 11/15/35		7,074		7,849
5.000%, 03/15/36		5,641		6,246
5.000%, 03/15/38		481,342		529,113
5.000%, 05/15/38		40,037		44,010
5.000%, 06/15/38		1,000,801		1,100,125
5.000%, 10/15/38		1,780,381		1,957,082
5.000%, 11/15/38		5,173,600		5,687,092
5.000%, 01/15/39		1,051,350		1,155,110
5.000%, 02/15/39		274,526		301,913
5.000%, 03/15/39		4,417,584		4,853,482
5.000%, 04/15/39		10,379,166		11,414,181
5.000%, 05/15/39		7,405,771		8,193,085
5.000%, 06/15/39		3,619,520		3,978,213
5.000%, 07/15/39		5,242,084		5,761,621
5.000%, 08/15/39		817,899		899,454
5.000%, 09/15/39		907,034		997,564
5.000%, 10/15/39		1,867,594		2,053,921
5.000%, 05/15/40		93,542		103,663
5.000%, 07/15/40		1,669,834		1,840,266
5.000%, 09/15/40		981,215		1,081,944
5.000%, 12/15/40		73,325		80,659
5.000%, 07/15/41		56,764		62,840
7.000%, 10/15/23		8,251		9,008
7.500%, 01/15/26		11,326		12,673
Ginnie Mae II ARM Pool 1.625%, 01/20/23 (b)		25,377		26,318
1.625%, 01/20/26 (b)		14,835		14,881
1.625%, 02/20/26 (b)		14,381		14,781
1.625%, 05/20/26 (b)		23,615		24,513
1.625%, 01/20/27 (b)		7,563		7,783
1.625%, 02/20/27 (b)		10,981		11,024
1.625%, 06/20/27 (b)		8,015		8,269
1.625%, 08/20/27 (b)		89,915		92,010
1.625%, 09/20/27 (b)		78,732		78,971
1.625%, 11/20/27 (b)		23,698		24,543
1.625%, 02/20/28 (b)		17,173		17,692
Agency Sponsored Mortgage - Backed—(Continued)
Ginnie Mae II ARM Pool 1.625%, 03/20/28 (b)		18,914		19,489
1.625%, 05/20/28 (b)		8,252		8,523
1.625%, 10/20/28 (b)		16,464		17,129
1.625%, 04/20/29 (b)		6,827		6,848
1.625%, 05/20/29 (b)		11,504		11,894
1.625%, 07/20/29 (b)		13,024		13,468
1.625%, 08/20/29 (b)		12,884		13,325
1.625%, 09/20/29 (b)		19,387		20,164
1.625%, 10/20/29 (b)		9,965		10,294
1.625%, 01/20/30 (b)		47,687		49,231
1.625%, 06/20/30 (b)		15,406		15,944
1.625%, 11/20/30 (b)		64,728		66,618
1.625%, 04/20/31 (b)		17,878		18,621
1.625%, 08/20/31 (b)		4,980		5,176
1.625%, 03/20/32 (b)		848		877
1.625%, 04/20/32 (b)		10,567		10,997
1.625%, 05/20/32 (b)		23,851		24,764
1.625%, 07/20/32 (b)		11,708		12,177
1.625%, 03/20/33 (b)		7,981		8,258
1.625%, 09/20/33 (b)		81,650		84,860
2.000%, 02/20/22 (b)		15,843		16,514
2.000%, 04/20/22 (b)		1,725		1,791
2.000%, 04/20/30 (b)		29,301		30,725
2.000%, 05/20/30 (b)		38,835		40,722
2.125%, 04/20/29 (b)		16,026		16,680
2.125%, 10/20/31 (b)		6,431		6,461
2.500%, 11/20/26 (b)		16,116		16,119
2.500%, 10/20/30 (b)		4,956		4,990
Government National Mortgage Association (CMO) 0.452%, 01/16/31 (b)		36,826		36,980
0.652%, 02/16/30 (b)		15,217		15,342
				1,637,747,319
Federal Agencies—5.5%
Federal Home Loan Mortgage Corp. 0.875%, 03/07/18		3,300,000		3,252,886
1.000%, 03/08/17 (c) (d)		68,400,000		68,635,843
1.000%, 06/29/17		46,300,000		46,400,193
1.000%, 07/28/17		66,800,000		66,841,015
1.000%, 09/29/17		42,600,000		42,512,159
1.250%, 05/12/17		20,500,000		20,707,973
1.250%, 08/01/19		31,100,000		30,433,527
1.250%, 10/02/19		58,400,000		56,719,540
1.750%, 05/30/19		3,700,000		3,713,890
2.375%, 01/13/22		7,100,000		7,086,027
3.750%, 03/27/19		10,900,000		11,979,198
5.500%, 08/23/17		1,600,000		1,821,310
Federal National Mortgage Association 0.875%, 08/28/17		20,500,000		20,386,246
0.875%, 12/20/17		300,000		297,744
0.875%, 02/08/18		23,500,000		23,178,708
0.875%, 05/21/18		4,200,000		4,129,507
1.125%, 04/27/17		33,500,000		33,668,706

See accompanying notes to financial statements.

MIST-10

Met Investors Series Trust

PIMCO Total Return Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

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

Security Description	Principal Amount*		Value
Federal Agencies—(Continued)
Federal National Mortgage Association 1.250%, 01/30/17		4,700,000	$	4,758,792
1.875%, 09/18/18		4,400,000		4,472,274
5.000%, 05/11/17		7,100,000		7,923,210
5.375%, 06/12/17		9,700,000		10,957,489
				469,876,237
U.S. Treasury—10.0%
U.S. Treasury Inflation Indexed Bonds 1.750%, 01/15/28		141,324,350		162,699,658
2.000%, 01/15/26		57,207,928		67,402,552
2.375%, 01/15/25		87,903,444		106,493,616
2.375%, 01/15/27		93,800,910		115,103,941
2.500%, 01/15/29 (e)		49,573,192		62,547,438
3.625%, 04/15/28		732,800		1,029,126
3.875%, 04/15/29		2,307,104		3,372,698
U.S. Treasury Inflation Indexed Notes 0.125%, 01/15/22		13,719,892		13,811,006
0.125%, 07/15/22		32,057,880		32,275,777
0.125%, 01/15/23		48,472,512		48,305,864
0.375%, 07/15/23		24,650,120		25,127,716
0.625%, 07/15/21		12,936,402		13,626,675
0.625%, 01/15/24		52,116,696		54,005,926
1.125%, 01/15/21		15,170,820		16,433,078
1.250%, 07/15/20		34,564,692		37,878,029
U.S. Treasury Floating Rate Notes 0.109%, 04/30/16 (b) (c) (d) (e)		101,800,000		101,826,468
				861,939,568
Total U.S. Treasury & Government Agencies (Cost $2,944,033,578)				2,969,563,124
Corporate Bonds & Notes—23.3%
Banks—12.6%
American Express Bank FSB 6.000%, 09/13/17		31,500,000		35,998,263
American Express Centurion Bank 6.000%, 09/13/17		26,500,000		30,355,909
Banco Bilbao Vizcaya Argentaria S.A. 7.000%, 02/19/19 (EUR) (b)		400,000		579,214
Banco Santander Brazil S.A. 4.250%, 01/14/16 (144A)		18,200,000		18,937,100
Banco Santander Chile 1.127%, 04/11/17 (144A) (b)		29,900,000		29,899,940
1.828%, 01/19/16 (144A) (b)		6,900,000		6,951,750
Bank of America Corp. 4.500%, 04/01/15		39,133,000		40,300,298
5.625%, 10/14/16		30,407,000		33,384,940
6.400%, 08/28/17		3,100,000		3,541,065
6.875%, 04/25/18		21,300,000		25,094,190
Bank of America N.A. 0.645%, 05/08/17 (b)		8,000,000		7,995,384
0.695%, 11/14/16 (b)		41,700,000		41,778,479
Banks—(Continued)
Bank of China (Hong Kong), Ltd. 5.550%, 02/11/20 (144A)		2,500,000		2,760,720
Bank of India 4.750%, 09/30/15		3,100,000		3,209,644
Bank of Montreal 1.950%, 01/30/17 (144A)		3,600,000		3,692,624
2.850%, 06/09/15 (144A)		800,000		818,936
Bank of Nova Scotia 1.250%, 04/11/17		71,200,000		71,506,943
1.650%, 10/29/15 (144A)		4,700,000		4,775,623
1.950%, 01/30/17 (144A)		800,000		820,604
Barclays Bank plc 5.200%, 07/10/14		900,000		900,810
10.179%, 06/12/21 (144A)		17,900,000		24,759,459
BB&T Corp. 1.091%, 06/15/18 (b)		27,200,000		27,668,248
BBVA Bancomer S.A. 4.500%, 03/10/16 (144A)		3,900,000		4,104,750
6.500%, 03/10/21 (144A)		7,800,000		8,794,500
BNP Paribas S.A. 0.533%, 11/07/15 (b)		39,500,000		39,489,414
BPCE S.A. 0.796%, 11/18/16 (b)		54,700,000		54,827,725
CIT Group, Inc. 4.750%, 02/15/15 (144A)		2,000,000		2,040,000
5.250%, 03/15/18		2,400,000		2,577,000
Citigroup, Inc. 0.745%, 05/01/17 (b)		65,300,000		65,245,017
1.025%, 04/01/16 (b)		2,700,000		2,717,134
1.189%, 07/25/16 (b)		3,200,000		3,234,739
1.250%, 01/15/16		11,295,000		11,363,030
5.000%, 09/15/14		23,602,000		23,810,972
5.500%, 10/15/14		21,447,000		21,756,609
Credit Agricole S.A. 8.375%, 10/13/19 (144A) (b)		6,900,000		8,150,625
Export-Import Bank of Korea 4.000%, 01/29/21		2,500,000		2,656,240
5.125%, 06/29/20		2,500,000		2,827,790
ING Bank NV 0.574%, 06/30/14 (144A) (b) (f)		66,400,000		66,380,147
JPMorgan Chase & Co. 0.744%, 02/15/17 (b)		55,300,000		55,501,181
0.779%, 04/25/18 (b)		14,400,000		14,399,957
3.150%, 07/05/16		4,900,000		5,107,510
3.450%, 03/01/16		5,849,000		6,103,549
3.700%, 01/20/15		15,500,000		15,774,552
JPMorgan Chase Bank N.A. 0.560%, 06/13/16 (b)		5,300,000		5,281,053
6.000%, 10/01/17		23,600,000		26,844,292
Lloyds Bank plc 12.000%, 12/16/24 (144A) (b) (f)		5,700,000		8,265,000
Morgan Stanley 1.509%, 04/25/18 (b)		60,800,000		62,005,542
6.000%, 04/28/15		2,300,000		2,406,966
National Australia Bank, Ltd. 0.515%, 07/01/14 (144A) (b) (f)		48,300,000		48,344,277

See accompanying notes to financial statements.

MIST-11

Met Investors Series Trust

PIMCO Total Return Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Banks—(Continued)
National Bank of Canada 2.200%, 10/19/16 (144A)		1,400,000	$	1,445,354
Royal Bank of Scotland Group plc 6.990%, 10/05/17 (144A) (b)		2,000,000		2,330,000
Santander Issuances S.A. Unipersonal 7.300%, 07/27/19 (GBP) (b)		5,000,000		8,652,410
Sberbank of Russia Via SB Capital S.A. 5.499%, 07/07/15		9,300,000		9,644,286
State Bank of India 4.500%, 07/27/15 (144A)		12,200,000		12,565,658
Turkiye Garanti Bankasi A/S 2.728%, 04/20/16 (144A) (b)		3,000,000		2,962,500
United Overseas Bank, Ltd. 5.375%, 09/03/19 (144A) (b)		470,000		472,621
U.S. Bank N.A. 0.349%, 04/22/16 (b)		7,400,000		7,400,844
Wachovia Corp. 0.501%, 06/15/17 (b)		27,870,000		27,831,818
Wells Fargo & Co. 7.980%, 03/15/18 (b)		20,300,000		23,091,250
				1,082,136,455
Biotechnology—0.1%
Amgen, Inc. 1.875%, 11/15/14		2,000,000		2,011,250
2.300%, 06/15/16		5,108,000		5,252,260
				7,263,510
Chemicals—0.1%
Braskem Finance, Ltd. 5.750%, 04/15/21 (144A)		3,300,000		3,450,150
Rohm & Haas Co. 6.000%, 09/15/17		2,438,000		2,755,618
				6,205,768
Computers—0.1%
Apple, Inc. 2.850%, 05/06/21		4,600,000		4,639,629
3.450%, 05/06/24		6,000,000		6,066,858
				10,706,487
Diversified Financial Services—3.0%
Ally Financial, Inc. 2.750%, 01/30/17		14,540,000		14,703,575
3.125%, 01/15/16		5,000,000		5,131,250
4.625%, 06/26/15		2,600,000		2,684,500
5.500%, 02/15/17		15,000,000		16,256,250
6.750%, 12/01/14		9,458,000		9,682,628
7.500%, 09/15/20		7,100,000		8,555,500
8.300%, 02/12/15		3,500,000		3,646,563
Bear Stearns Cos. LLC (The) 5.300%, 10/30/15		9,000,000		9,539,991
6.400%, 10/02/17		1,400,000		1,614,103
7.250%, 02/01/18		4,200,000		4,998,315
Diversified Financial Services—(Continued)
BM&FBovespa S.A. 5.500%, 07/16/20 (144A)		1,000,000		1,082,500
Ford Motor Credit Co. LLC 0.675%, 11/08/16 (b)		27,900,000		27,886,720
1.500%, 01/17/17		2,550,000		2,563,862
2.500%, 01/15/16		3,259,000		3,341,674
2.750%, 05/15/15		31,195,000		31,793,913
3.984%, 06/15/16		9,497,000		10,035,214
4.207%, 04/15/16		5,429,000		5,729,788
7.000%, 04/15/15		9,700,000		10,186,164
8.000%, 12/15/16		500,000		580,815
8.700%, 10/01/14		500,000		510,342
12.000%, 05/15/15		19,300,000		21,203,559
General Electric Capital Corp. 6.375%, 11/15/67 (b)		5,100,000		5,686,500
GMAC International Finance B.V. 7.500%, 04/21/15 (EUR)		2,800,000		4,024,554
International Lease Finance Corp. 6.750%, 09/01/16 (144A)		5,300,000		5,869,750
8.625%, 09/15/15		10,745,000		11,631,462
Navient Corp. 6.000%, 01/25/17		1,125,000		1,222,031
6.250%, 01/25/16		14,714,000		15,633,625
8.450%, 06/15/18		8,300,000		9,814,750
Springleaf Finance Corp. 6.900%, 12/15/17		3,200,000		3,552,000
SteelRiver Transmission Co. LLC 4.710%, 06/30/17 (144A)		6,078,778		6,422,479
				255,584,377
Electric—1.7%
Arizona Public Service Co. 4.650%, 05/15/15		165,000		170,977
Centrais Eletricas Brasileiras S.A. 6.875%, 07/30/19 (144A)		54,400,000		60,384,000
Entergy Corp. 3.625%, 09/15/15		14,300,000		14,754,611
Korea Hydro & Nuclear Power Co., Ltd. 3.125%, 09/16/15 (144A)		11,200,000		11,483,338
Majapahit Holding B.V. 7.250%, 06/28/17		2,040,000		2,307,750
7.750%, 01/20/20		5,000,000		5,850,000
Pacific Gas & Electric Co. 0.423%, 05/11/15 (b)		44,700,000		44,714,572
TECO Finance, Inc. 6.750%, 05/01/15		4,400,000		4,622,037
				144,287,285
Forest Products & Paper—0.1%
International Paper Co. 5.250%, 04/01/16		6,500,000		6,947,324
Healthcare-Services—0.1%
HCA, Inc. 3.750%, 03/15/19		4,500,000		4,539,375

See accompanying notes to financial statements.

MIST-12

Met Investors Series Trust

PIMCO Total Return Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Holding Companies-Diversified—0.0%
Blackstone CQP Holdco L.P. 2.324%, 07/02/14 (144A) (f)		3,500,000	$	3,527,265
Noble Group, Ltd. 4.875%, 08/05/15 (144A)		700,000		724,500
				4,251,765
Insurance—0.6%
AIG Life Holdings, Inc. 8.125%, 03/15/46 (144A) (f)		24,700,000		34,190,852
American International Group, Inc. 5.050%, 10/01/15		6,300,000		6,641,592
5.450%, 05/18/17		700,000		780,936
6.765%, 11/15/17 (GBP)		2,500,000		4,867,871
CNA Financial Corp. 5.850%, 12/15/14		5,000,000		5,124,890
				51,606,141
Lodging—0.2%
MGM Resorts International 6.875%, 04/01/16		14,200,000		15,442,500
7.625%, 01/15/17		4,960,000		5,604,800
				21,047,300
Machinery-Diversified—0.8%
John Deere Capital Corp. 0.363%, 04/12/16 (b)		67,500,000		67,475,632
Media—0.2%
DISH DBS Corp. 4.250%, 04/01/18		500,000		520,000
4.625%, 07/15/17		1,000,000		1,061,250
6.625%, 10/01/14		6,849,000		6,934,612
7.125%, 02/01/16		2,600,000		2,811,250
Time Warner, Inc. 5.875%, 11/15/16		6,500,000		7,237,737
				18,564,849
Mining—0.0%
AngloGold Ashanti Holdings plc 5.375%, 04/15/20		2,400,000		2,437,358
Oil & Gas—1.2%
CNPC General Capital, Ltd. 1.125%, 05/14/17 (144A) (b)		26,700,000		26,774,813
Gazprom OAO Via Gaz Capital S.A. 8.125%, 07/31/14		3,600,000		3,616,344
Indian Oil Corp., Ltd. 4.750%, 01/22/15		2,200,000		2,236,131
Novatek Finance, Ltd. 5.326%, 02/03/16 (144A)		3,100,000		3,251,280
Petrobras International Finance Co. 5.375%, 01/27/21		8,200,000		8,546,286
5.750%, 01/20/20		2,700,000		2,885,760
Oil & Gas—(Continued)
Ras Laffan Liquefied Natural Gas Co., Ltd. III 5.500%, 09/30/14		1,400,000		1,415,750
Statoil ASA 0.685%, 11/08/18 (b)		49,900,000		50,243,112
				98,969,476
Real Estate—0.0%
Qatari Diar Finance QSC 3.500%, 07/21/15		1,000,000		1,025,500
Retail—0.0%
CVS Pass-Through Trust 6.943%, 01/10/30		928,661		1,122,524
Savings & Loans—0.1%
Nationwide Building Society 6.250%, 02/25/20 (144A)		10,800,000		12,752,046
Telecommunications—2.2%
BellSouth Corp. 4.182%, 04/28/14 (144A) (f)		78,600,000		80,861,715
Ooredoo International Finance, Ltd. 3.375%, 10/14/16 (144A)		400,000		419,416
Rogers Communications, Inc. 7.500%, 03/15/15		3,000,000		3,145,017
Sprint Communications, Inc. 9.125%, 03/01/17		2,000,000		2,342,500
Telefonica Emisiones S.A.U. 0.880%, 06/23/17 (b)		29,500,000		29,482,448
Verizon Communications, Inc. 0.631%, 06/09/17 (b)		39,900,000		39,946,084
1.981%, 09/14/18 (b)		3,700,000		3,903,707
2.500%, 09/15/16		4,500,000		4,638,344
3.000%, 04/01/16		2,000,000		2,073,538
3.650%, 09/14/18		15,100,000		16,149,163
4.500%, 09/15/20		1,400,000		1,539,989
				184,501,921
Transportation—0.1%
Con-way, Inc. 7.250%, 01/15/18		7,000,000		8,162,525
Trucking & Leasing—0.1%
GATX Corp. 6.000%, 02/15/18		5,000,000		5,642,590
GATX Financial Corp. 5.800%, 03/01/16		5,000,000		5,386,800
				11,029,390
Total Corporate Bonds & Notes (Cost $1,898,756,312)				2,000,617,008
Municipal—0.0%
Autonomous Community of Valencia Spain 3.250%, 07/06/15 (EUR)		300,000		417,938

See accompanying notes to financial statements.

MIST-13

Met Investors Series Trust

PIMCO Total Return Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Foreign Government—21.6%

Security Description	Principal Amount*		Value
Provincial—1.3%
Province of Ontario 1.000%, 07/22/16		2,800,000	$	2,818,925
1.600%, 09/21/16		300,000		305,802
1.650%, 09/27/19		7,000,000		6,891,577
3.000%, 07/16/18		4,300,000		4,545,990
3.150%, 06/02/22 (CAD)		9,300,000		8,967,673
4.000%, 06/02/21 (CAD)		31,100,000		31,831,850
4.200%, 03/08/18 (CAD)		1,100,000		1,123,123
4.200%, 06/02/20 (CAD)		10,800,000		11,185,523
4.300%, 03/08/17 (CAD)		1,000,000		1,007,675
4.400%, 06/02/19 (CAD)		6,300,000		6,552,697
4.400%, 04/14/20		2,700,000		3,026,492
5.500%, 06/02/18 (CAD)		2,600,000		2,778,653
Province of Quebec 3.500%, 07/29/20		10,600,000		11,344,025
3.500%, 12/01/22 (CAD)		3,300,000		3,242,972
4.250%, 12/01/21 (CAD)		15,200,000		15,755,978
4.500%, 12/01/17 (CAD)		700,000		718,060
4.500%, 12/01/20 (CAD)		2,900,000		3,050,918
				115,147,933
Sovereign—20.3%
Banco Nacional de Desenvolvimento Economico e Social 3.375%, 09/26/16 (144A)		2,600,000		2,687,750
4.125%, 09/15/17 (144A) (EUR)		2,700,000		3,941,120
Brazil Letras do Tesouro Nacional Zero Coupon, 04/01/15 (BRL)		127,000,000		53,085,080
Zero Coupon, 07/01/15 (BRL)		69,000,000		28,106,312
Zero Coupon, 01/01/17 (BRL)		5,000,000		1,717,328
Brazil Notas do Tesouro Nacional 10.000%, 01/01/17 (BRL)		77,900,000		34,075,917
Italy Buoni Poliennali Del Tesoro 1.150%, 05/15/17 (EUR)		32,400,000		44,743,322
2.250%, 05/15/16 (EUR)		28,400,000		40,067,994
2.750%, 12/01/15 (EUR)		14,800,000		20,893,170
3.000%, 06/15/15 (EUR)		23,700,000		33,237,181
3.000%, 11/01/15 (EUR)		4,400,000		6,224,768
3.750%, 08/01/15 (EUR)		51,200,000		72,579,067
3.750%, 04/15/16 (EUR)		18,300,000		26,469,222
3.750%, 08/01/16 (EUR)		273,500,000		398,504,817
4.500%, 07/15/15 (EUR)		69,000,000		98,411,404
4.750%, 06/01/17 (EUR)		47,700,000		72,565,658
Italy Certificati di Credito del Tesoro Zero Coupon, 06/30/15 (EUR)		13,800,000		18,810,895
Zero Coupon, 12/31/15 (EUR)		10,100,000		13,713,900
Zero Coupon, 04/29/16 (EUR)		16,200,000		21,924,015
Korea Housing Finance Corp. 4.125%, 12/15/15 (144A)		2,500,000		2,615,120
Mexico Cetes 2.886%, 09/25/14 (MXN)		13,510,003,500		103,427,259
2.894%, 07/24/14 (MXN)		604,402,480		46,501,329
3.042%, 12/24/14 (MXN)		4,631,833,000		35,188,150
Spain Government Bonds 2.100%, 04/30/17 (EUR)		57,500,000		81,641,497
3.000%, 04/30/15 (EUR)		3,700,000		5,178,328
Sovereign—(Continued)
Spain Government Bonds 3.150%, 01/31/16 (EUR)		6,600,000		9,421,850
3.250%, 04/30/16 (EUR)		8,200,000		11,792,752
3.300%, 07/30/16 (EUR)		158,900,000		229,896,947
3.750%, 10/31/15 (EUR)		33,400,000		47,767,808
3.800%, 01/31/17 (EUR)		18,600,000		27,501,054
4.000%, 07/30/15 (EUR)		55,100,000		78,398,480
4.250%, 10/31/16 (EUR)		22,400,000		33,218,436
5.500%, 07/30/17 (EUR)		21,400,000		33,429,771
				1,737,737,701
Total Foreign Government (Cost $1,870,179,261)				1,853,303,572
Asset-Backed Securities—4.9%
Asset-Backed - Automobile—2.0%
Ally Auto Receivables Trust 0.480%, 02/15/17		71,800,000		71,799,784
Nissan Auto Lease Trust 0.314%, 09/15/16 (b)		31,300,000		31,301,033
Santander Drive Auto Receivables Trust 0.431%, 08/15/17 (b)		22,300,000		22,300,618
Toyota Auto Receivables Owner Trust 0.400%, 12/15/16		44,700,000		44,700,939
				170,102,374
Asset-Backed - Home Equity—0.9%
ACE Securities Corp. Home Equity Loan Trust 0.302%, 04/25/36 (b)		11,421,522		10,157,628
Asset Backed Funding Certificates 0.852%, 06/25/34 (b)		2,913,840		2,706,171
Asset Backed Securities Corp. Home Equity Loan Trust 0.232%, 05/25/37 (b)		36,715		23,691
Bear Stearns Asset Backed Securities Trust 0.402%, 04/25/37 (b)		15,761,000		8,770,728
0.952%, 10/27/32 (b)		19,042		18,042
1.152%, 10/25/37 (b)		5,689,959		5,282,484
Citigroup Mortgage Loan Trust, Inc. 0.212%, 07/25/45 (b)		641,895		572,733
0.392%, 10/25/36 (b)		14,700,000		13,715,291
Countrywide Asset-Backed Certificates 0.502%, 04/25/36 (b)		13,137,179		12,869,351
First Franklin Mortgage Loan Trust 0.512%, 10/25/35 (b)		12,751,875		11,516,231
HSI Asset Securitization Corp. Trust 0.322%, 12/25/36 (b)		14,001,842		6,599,908
Merrill Lynch Mortgage Investors, Inc. 0.652%, 06/25/36 (b)		3,312,263		3,025,129
Morgan Stanley ABS Capital I 0.212%, 05/25/37 (b)		326,041		214,181
Morgan Stanley Home Equity Loan Trust 0.322%, 04/25/37 (b)		6,686,057		4,025,662

See accompanying notes to financial statements.

MIST-14

Met Investors Series Trust

PIMCO Total Return Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Asset-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Asset-Backed - Home Equity—(Continued)
Option One Mortgage Loan Trust 0.792%, 08/25/33 (b)		21,802	$	20,428
Renaissance Home Equity Loan Trust 1.030%, 08/25/33 (b)		168,270		158,051
Residential Asset Securities Corp. Trust 0.732%, 06/25/33 (b)		1,492,719		1,316,481
0.915%, 03/25/34 (b)		2,727,939		2,522,994
Soundview Home Loan Trust 0.232%, 06/25/37 (b)		26,197		15,539
				83,530,723
Asset-Backed - Other—1.9%
BlackRock Senior Income Corp. 0.468%, 04/20/19 (144A) (b)		4,740,818		4,681,842
Carrington Mortgage Loan Trust 0.472%, 10/25/35 (b)		218,200		217,125
Conseco Financial Corp. 6.220%, 03/01/30		67,926		72,154
Countrywide Asset-Backed Certificates 0.292%, 02/25/37 (b)		3,512,068		3,355,402
0.302%, 05/25/37 (b)		4,352,810		3,692,728
0.302%, 03/25/47 (b)		4,253,130		3,560,052
0.332%, 06/25/36 (b)		6,533,201		6,257,846
1.155%, 01/25/35 (b)		9,328,661		9,019,546
5.689%, 10/25/46 (b)		2,643,083		2,252,967
First Franklin Mortgage Loan Trust 0.292%, 12/25/36 (b)		9,592,021		5,758,694
1.577%, 10/25/34 (b)		5,362,296		4,141,505
Galaxy CLO, Ltd. 0.469%, 04/25/19 (144A) (b)		4,238,929		4,213,263
Hillmark Funding, Ltd. 0.477%, 05/21/21 (144A) (b)		26,815,848		26,431,550
Home Equity Loan Trust 0.382%, 04/25/37 (b)		15,900,000		9,307,971
Lehman XS Trust 0.322%, 02/25/37 (b)		15,395,111		8,407,748
0.952%, 10/25/35 (b)		7,858,040		7,381,615
Mid-State Trust 7.791%, 03/15/38		147,239		153,176
Morgan Stanley ABS Capital I, Inc. Trust 1.112%, 06/25/35 (b)		7,600,000		7,215,577
Mountain View Funding CLO 0.487%, 04/15/19 (144A) (b)		3,861,987		3,833,806
MSIM Peconic Bay, Ltd. 0.508%, 07/20/19 (144A) (b)		1,650,619		1,649,747
Octagon Investment Partners V, Ltd. 0.529%, 11/28/18 (144A) (b)		1,289,382		1,282,011
Pacifica CDO, Ltd. 0.488%, 01/26/20 (144A) (b)		2,510,986		2,504,872
Park Place Securities, Inc. 0.642%, 09/25/35 (b)		5,000,000		4,011,065
Penta CLO S.A. 0.614%, 06/04/24 (EUR) (b)		2,808,091		3,778,892
Popular ABS Mortgage Pass-Through Trust 0.242%, 06/25/47 (b)		682,972		653,547
Asset-Backed - Other—(Continued)
Securitized Asset Backed Receivables LLC Trust 0.402%, 05/25/36 (b)		11,826,151		6,827,391
Small Business Administration Participation Certificates 5.500%, 10/01/18		15,440		16,260
6.220%, 12/01/28		5,696,829		6,506,250
Specialty Underwriting & Residential Finance Trust 0.422%, 04/25/37 (b)		6,400,000		3,381,638
Structured Asset Investment Loan Trust 0.642%, 08/25/35 (b)		8,760,000		7,733,021
Structured Asset Securities Corp. Mortgage Loan Trust 0.312%, 03/25/36 (b)		7,094,902		6,766,969
1.052%, 08/25/37 (b)		1,226,748		1,133,286
Tobacco Settlement Financing Corp. 6.250%, 06/01/42		1,300,000		1,300,221
United States Small Business Administration 5.471%, 03/10/18		1,079,503		1,164,868
Wood Street CLO B.V. 0.657%, 11/22/21 (EUR) (b)		4,296,512		5,821,452
				164,486,057
Asset-Backed - Student Loan—0.1%
SLM Student Loan Trust 0.359%, 01/25/19 (b)		2,846,676		2,843,681
0.679%, 01/25/17 (b)		606,566		606,776
2.802%, 12/16/19 (144A) (b)		1,783,920		1,817,088
				5,267,545
Total Asset-Backed Securities (Cost $410,598,762)				423,386,699
Mortgage-Backed Securities—4.8%
Collateralized Mortgage Obligations—3.7%
Adjustable Rate Mortgage Trust 2.718%, 11/25/35 (b)		787,276		678,565
Alternative Loan Trust 5.500%, 02/25/36		7,155,136		6,492,456
Alternative Loan Trust Resecuritization 2.565%, 03/25/47 (b)		6,713,463		6,115,301
American Home Mortgage Assets 1.043%, 11/25/46 (b)		4,492,241		2,503,481
American Home Mortgage Investment Trust 2.322%, 02/25/45 (b)		1,946,522		1,963,743
Arran Residential Mortgages Funding plc 1.728%, 05/16/47 (144A) (EUR) (b)		8,586,532		11,889,332
Banc of America Alternative Loan Trust 16.606%, 09/25/35 (b) (g)		7,955,677		9,771,759
27.792%, 11/25/46 (b) (g)		2,735,301		3,873,224
Banc of America Funding Corp. Trust 2.651%, 02/20/36 (b)		6,286,373		6,322,708
2.689%, 05/25/35 (b)		2,267,757		2,326,082
2.938%, 01/20/47 (b)		364,928		283,037

See accompanying notes to financial statements.

MIST-15

Met Investors Series Trust

PIMCO Total Return Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Mortgage-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Collateralized Mortgage Obligations—(Continued)
Banc of America Funding, Ltd. 0.411%, 05/08/14 (144A) (b) (f)		28,248,055	$	27,964,362
BCAP LLC Trust 0.322%, 01/25/37 (b)		2,480,558		1,870,998
4.000%, 02/26/37 (144A) (b)		2,673,261		2,711,013
5.250%, 02/26/36 (144A)		8,613,191		7,986,297
5.250%, 08/26/37 (144A)		13,812,484		14,384,237
Bear Stearns Adjustable Rate Mortgage Trust 2.150%, 08/25/35 (b)		33,012		33,525
2.250%, 08/25/35 (b)		981,124		995,560
2.663%, 10/25/35 (b)		7,171,983		7,138,977
2.667%, 02/25/33 (b)		25,943		24,560
Bear Stearns ALT-A Trust 0.992%, 11/25/34 (b)		841,826		826,923
2.583%, 05/25/35 (b)		2,311,987		2,257,369
2.648%, 11/25/36 (b)		3,370,451		2,362,181
2.691%, 11/25/36 (b)		5,660,128		4,217,242
2.790%, 09/25/35 (b)		1,813,817		1,583,007
5.215%, 05/25/36 (b)		4,019,265		3,136,976
Bear Stearns Structured Products, Inc. 2.488%, 12/26/46 (b)		1,290,780		887,079
Bear Stearns Structured Products, Inc. Trust 2.096%, 01/26/36 (b)		1,882,468		1,566,696
CC Mortgage Funding Corp. 0.402%, 08/25/35 (144A) (b)		75,920		68,943
Chase Mortgage Finance Trust 4.893%, 12/25/35 (b)		9,007,500		8,853,985
5.647%, 09/25/36 (b)		5,876,821		5,386,665
Citigroup Mortgage Loan Trust, Inc. 2.200%, 09/25/35 (b)		3,597,423		3,622,112
2.280%, 09/25/35 (b)		1,177,292		1,179,658
2.322%, 10/25/46 (b)		3,236,291		2,581,894
2.500%, 10/25/35 (b)		6,364,815		6,294,382
Countrywide Alternative Loan Trust 0.363%, 03/20/46 (b)		264,703		204,346
4.848%, 05/25/35 (b) (h)		4,109,902		530,979
Countrywide Home Loan Mortgage Pass-Through Trust 0.442%, 04/25/35 (b)		135,275		124,094
0.472%, 03/25/35 (b)		1,154,819		1,037,531
0.492%, 06/25/35 (144A) (b)		3,386,563		3,034,703
2.514%, 09/20/36 (b)		5,266,486		3,880,031
Credit Suisse First Boston Mortgage Securities Corp. 0.799%, 03/25/32 (144A) (b)		91,830		86,410
6.000%, 11/25/35		3,214,029		2,696,204
6.500%, 04/25/33		86,959		88,233
Deutsche Alt-A Securities Mortgage Loan Trust 0.342%, 08/25/47 (b)		9,096,901		7,729,737
Downey Savings & Loan Association Mortgage Loan Trust 2.631%, 07/19/44 (b)		882,680		884,702
First Horizon Alternative Mortgage Securities Trust 4.548%, 01/25/36 (b) (h)		56,617,109		7,017,181
Collateralized Mortgage Obligations—(Continued)
First Horizon Mortgage Pass-Through Trust 2.612%, 08/25/35 (b)		599,005		564,967
Granite Mortgages plc 0.496%, 09/20/44 (EUR) (b)		275,541		375,488
0.707%, 01/20/44 (EUR) (b)		282,884		386,539
0.908%, 01/20/44 (GBP) (b)		455,038		776,260
0.934%, 09/20/44 (GBP) (b)		2,312,140		3,949,081
GreenPoint MTA Trust 0.372%, 06/25/45 (b)		90,397		81,317
GSR Mortgage Loan Trust 2.593%, 04/25/36 (b)		4,120,362		3,737,857
2.657%, 09/25/35 (b)		92,658		93,495
6.000%, 03/25/32		239		247
HarborView Mortgage Loan Trust 0.345%, 01/19/38 (b)		204,955		176,686
0.375%, 05/19/35 (b)		1,437,550		1,267,365
Holmes Master Issuer plc 1.678%, 10/15/54 (144A) (EUR) (b)		2,817,728		3,859,778
Indymac ARM Trust 1.717%, 01/25/32 (b)		588		573
1.751%, 01/25/32 (b)		34,071		33,061
Indymac Index Mortgage Loan Trust 2.509%, 12/25/34 (b)		230,208		213,966
JP Morgan Mortgage Trust 2.663%, 07/25/35 (b)		4,206,634		4,321,264
2.952%, 02/25/35 (b)		330,625		328,498
5.240%, 07/25/35 (b)		4,880,346		4,977,801
5.750%, 01/25/36		609,826		564,236
MASTR Alternative Loan Trust 0.552%, 03/25/36 (b)		814,874		246,059
Merrill Lynch Mortgage Investors Trust 0.402%, 11/25/35 (b)		147,337		139,742
1.151%, 10/25/35 (b)		288,072		274,477
2.400%, 10/25/35 (b)		752,440		763,044
Merrill Lynch Mortgage Investors, Inc. 0.362%, 02/25/36 (b)		1,458,831		1,338,167
0.532%, 08/25/35 (b)		8,700,000		7,792,451
MLCC Mortgage Investors, Inc. 2.136%, 11/25/35 (b)		2,939,665		2,920,740
Morgan Stanley Mortgage Loan Trust 5.500%, 08/25/35		2,206,216		2,246,641
Nomura Asset Acceptance Corp. 4.976%, 05/25/35		3,242,935		3,052,824
RALI Series Trust 6.000%, 12/25/35		14,470,632		12,099,271
RBSSP Resecuritization Trust 0.392%, 06/27/36 (144A) (b)		8,300,000		6,985,131
Residential Accredit Loans, Inc. 0.332%, 06/25/46 (b)		1,959,015		899,323
Residential Accredit Loans, Inc. 0.552%, 03/25/33 (b)		270,211		267,171
0.592%, 06/25/34 (b)		2,434,196		2,416,158
6.000%, 06/25/36		2,394,100		1,922,014
Residential Asset Securitization Trust 0.552%, 05/25/33 (b)		155,018		153,745
0.552%, 01/25/46 (b)		1,759,621		959,729

See accompanying notes to financial statements.

MIST-16

Met Investors Series Trust

PIMCO Total Return Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Mortgage-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Collateralized Mortgage Obligations—(Continued)
Residential Asset Securitization Trust 6.000%, 06/25/36		5,262,082	$	3,869,056
Residential Funding Mortgage Securities I 0.502%, 06/25/18 (b)		4,597		4,467
Sequoia Mortgage Trust 0.503%, 07/20/33 (b)		397,803		378,732
Structured Adjustable Rate Mortgage Loan Trust 2.488%, 01/25/35 (b)		3,379,511		3,167,423
2.518%, 08/25/35 (b)		246,187		230,803
2.631%, 04/25/35 (b)		11,254,154		11,057,026
Structured Asset Mortgage Investments II Trust 0.382%, 05/25/45 (b)		1,418,750		1,279,773
0.405%, 07/19/35 (b)		1,566,762		1,497,890
Structured Asset Securities Corp. 2.628%, 10/28/35 (144A) (b)		45,717		43,270
WaMu Mortgage Pass-Through Certificates Trust 1.523%, 06/25/42 (b)		222,394		211,907
1.523%, 08/25/42 (b)		107,312		102,854
1.932%, 02/27/34 (b)		277,049		274,555
Wells Fargo Mortgage Backed Securities Trust 2.491%, 09/25/33 (b)		1,016,544		1,032,639
2.610%, 07/25/36 (b)		10,675,567		10,365,804
2.612%, 10/25/36 (b)		3,893,691		3,751,552
2.613%, 03/25/36 (b)		19,799,323		19,353,108
2.623%, 04/25/36 (b)		1,994,262		1,953,655
5.588%, 04/25/36 (b)		916,789		303,670
				316,531,830
Commercial Mortgage-Backed Securities—1.1%
Banc of America Merrill Lynch Commercial Mortgage, Inc. 5.451%, 01/15/49		8,400,000		9,055,704
Bear Stearns Commercial Mortgage Securities, Inc. 5.331%, 02/11/44		385,259		415,791
5.700%, 06/11/50		5,300,000		5,929,052
Commercial Mortgage Pass-Through Certificates 5.383%, 02/15/40		747,614		812,726
Credit Suisse Commercial Mortgage Trust 5.297%, 12/15/39		4,536,249		4,924,484
Credit Suisse Mortgage Capital Certificates 5.467%, 09/15/39		20,576,764		22,167,512
Greenwich Capital Commercial Funding Corp. 4.799%, 08/10/42 (b)		100,000		100,880
5.444%, 03/10/39		7,700,000		8,401,978
JP Morgan Chase Commercial Mortgage Securities Trust 5.420%, 01/15/49		379,222		414,169
LB-UBS Commercial Mortgage Trust 5.866%, 09/15/45 (b)		11,457,576		12,883,793
ML-CFC Commercial Mortgage Trust 5.485%, 03/12/51 (b)		2,200,000		2,416,396
6.079%, 08/12/49 (b)		7,400,000		8,217,974
Commercial Mortgage-Backed Securities—(Continued)
Morgan Stanley Re-REMIC Trust 5.997%, 08/12/45 (144A) (b)		784,144		866,033
Silenus European Loan Conduit, Ltd. 0.485%, 05/15/19 (EUR) (b)		282,841		382,452
Wachovia Bank Commercial Mortgage Trust 5.933%, 06/15/49 (b)		16,700,000		18,273,992
				95,262,936
Total Mortgage-Backed Securities (Cost $395,415,761)				411,794,766
Municipals—3.7%
American Municipal Power-Ohio, Inc., Combined Hydroelectric Projects Revenue, Build America Bonds, Taxable 8.084%, 02/15/50		6,900,000		10,385,466
Bay Area Toll Bridge Authority, Build America Bonds 7.043%, 04/01/50		10,400,000		14,707,160
Buckeye Tobacco Settlement Financing Authority 5.875%, 06/01/47		3,500,000		2,773,540
California Infrastructure & Economic Development Bank Revenue, Build America Bonds 6.486%, 05/15/49		2,500,000		3,153,325
California State General Obligation Unlimited, Build America Bonds 7.550%, 04/01/39		2,900,000		4,359,628
7.625%, 03/01/40		16,600,000		24,488,984
7.950%, 03/01/36		5,700,000		6,948,300
California State Public Works Board Lease Revenue Build America Bonds, Taxable, University Projects 7.804%, 03/01/35		3,100,000		4,186,333
California State University Revenue, Build America Bonds 6.484%, 11/01/41		4,400,000		5,555,220
Calleguas-Las Virgenes California Public Financing Water Revenue Authority, Build America Bonds 5.944%, 07/01/40		7,800,000		8,892,312
Chicago Transit Authority Transfer Tax Receipts Revenue 6.300%, 12/01/21		400,000		448,920
6.899%, 12/01/40		14,500,000		18,098,861
Clark County NV, Airport Revenue 6.820%, 07/01/45		4,800,000		6,615,264
Clark County NV, Refunding 4.750%, 06/01/30		5,500,000		5,727,315
East Baton Rouge Sewer Commission, Build America Bonds 6.087%, 02/01/45		17,000,000		18,874,760
Irvine Ranch CA, Water District, Build America Bonds, Taxable 6.622%, 05/01/40		21,700,000		27,978,461

See accompanying notes to financial statements.

MIST-17

Met Investors Series Trust

PIMCO Total Return Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Municipals—(Continued)

Security Description	Principal Amount*		Value
Los Angeles CA, Wastewater System Revenue, Build America Bonds 5.713%, 06/01/39		2,300,000	$	2,735,574
Los Angeles Department of Water & Power Revenue, Build America Bonds 6.166%, 07/01/40		60,200,000		66,495,114
Los Angeles, California Unified School District, Build America Bonds 4.500%, 07/01/25		5,000,000		5,474,600
4.500%, 01/01/28		3,700,000		3,967,547
Los Angeles, Unified School District, Build America Bonds 6.758%, 07/01/34		1,100,000		1,473,274
Metropolitan Transportation Authority Build America Bonds, Metro Transit Authority 6.089%, 11/15/40		200,000		253,228
Newport Beach CA, Certificates of Participation, Build America Bonds 7.168%, 07/01/40		31,650,000		38,749,728
Pennsylvania Economic Development Financing Authority, Build America Bonds 6.532%, 06/15/39		1,000,000		1,139,260
Port Authority of New York & New Jersey, One Hundred Sixtieth 5.647%, 11/01/40		3,000,000		3,577,860
Public Power Generation Agency, Build America Bonds, Whelan Energy Centre Unit 7.242%, 01/01/41		1,800,000		2,038,194
State of California General Obligation Unlimited, Build America Bonds 6.548%, 05/15/48		3,400,000		4,446,214
7.500%, 04/01/34		2,900,000		4,128,150
7.600%, 11/01/40		1,900,000		2,872,591
7.700%, 11/01/30		100,000		123,346
State of Georgia 6.655%, 04/01/57		1,300,000		1,586,169
State of Texas Transportation Commission Revenue, Build America Bonds 5.178%, 04/01/30		2,300,000		2,703,190
State of Wisconsin, General Fund Annual Appropriation Revenue 5.050%, 05/01/18		2,900,000		3,254,467
Tobacco Settlement Financing Authority 7.467%, 06/01/47		7,355,000		6,291,761
Tobacco Settlement Financing Corp. 5.000%, 06/01/41		500,000		370,900
Total Municipals (Cost $267,784,273)				314,875,016
Convertible Bonds—0.6%
Banks—0.6%
LBG Capital No.2 plc 15.000%, 12/21/19 (GBP) (Cost $50,020,987)		20,400,000		50,623,200
Convertible Preferred Stock—0.5%
Security Description	Shares/ Principal Amount*		Value
Banks—0.5%
Wells Fargo & Co., Series L 7.500%, 12/31/49 (Cost $25,992,733)		36,950		44,857,300
Preferred Stock—0.4%
Banks—0.4%
GMAC Capital Trust I, 8.125% (b) (Cost $28,270,000)		1,130,800		30,870,840
Floating Rate Loans (b)—0.3%
Auto Manufacturers—0.1%
Chrysler Group LLC Term Loan B, 3.500%, 05/24/17		6,782,519		6,814,838
Healthcare-Services—0.2%
HCA, Inc. Term Loan B5, 0.000%, 03/31/17 (i)		13,422,191		13,466,685
Total Floating Rate Loans (Cost $20,284,384)				20,281,523
Short-Term Investments—10.7%
Discount Notes—0.6%
Federal Home Loan Bank 0.070%, 08/15/14 (j)		43,100,000		43,096,229
Federal Home Loan Mortgage Corp. 0.055%, 09/12/14 (j)		11,000,000		10,998,773
				54,095,002
U.S. Treasury—0.0%
U.S. Treasury Bills 0.040%, 12/18/14 (e) (j)		230,000		229,957
0.061%, 12/26/14 (e) (j)		590,000		589,823
0.063%, 12/04/14 (e) (j)		310,000		309,915
0.068%, 12/11/14 (e) (j)		430,000		429,868
				1,559,563
Commercial Paper—2.5%
Bank of Nova Scotia 1.000%, 02/10/15 (CAD) (j)		64,900,000		60,352,400
Glencore Funding LLC 0.450%, 08/25/14 (j)		2,700,000		2,698,144
0.580%, 10/06/14 (j)		25,000,000		24,960,931
0.630%, 11/05/14 (j)		20,700,000		20,653,994
Itau Unibanco S.A. New York 1.381%, 10/31/14 (j)		8,900,000		8,858,357
Vodafone Group plc 0.600%, 06/29/15 (j)		93,900,000		93,331,905
				210,855,731

See accompanying notes to financial statements.

MIST-18

Met Investors Series Trust

PIMCO Total Return Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Short-Term Investments—(Continued)

Security Description	Principal Amount*		Value
Repurchase Agreements—5.5%
Credit Suisse Securities (USA) LLC Repurchase Agreement dated 06/30/14 at 0.150% to be repurchased at $468,801,953 on 07/01/14, collateralized by $473,924,000 U.S. Treasury Note at 1.500% due 08/31/18 with a value of $476,404,518.		468,800,000	$	468,800,000
Fixed Income Clearing Corp. Repurchase Agreement dated 06/30/14 at 0.000% to be repurchased at $2,974,453 on 07/01/14, collateralized by $3,035,000 U.S. Government Agency obligations with rates ranging from of 0.150% - 0.250%, maturity dates ranging from 03/30/15 - 03/31/15, with a value of $3,036,913.		2,974,453		2,974,453
				471,774,453
Certificate of Deposit—2.1%
Barclays Bank plc. 0.531%, 05/01/15		138,600,000		138,600,000
Credit Suisse International 0.465%, 03/17/15 (j)		5,500,000		5,500,000
Rabobank Nederland NV 0.280%, 06/12/15		36,500,000		36,500,000
				180,600,000
Total Short-Term Investments (Cost $917,720,269)				918,884,749
Total Investments—105.4% (Cost $8,829,056,320) (k)				9,039,057,803
Other assets and liabilities (net)—(5.4)%				(461,568,169	)
Net Assets—100.0%			$	8,577,489,634

* 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 June 30, 2014. Maturity date shown for callable securities reflects the earliest possible call date.

(c) All or a portion of the security was pledged as collateral against open centrally cleared swap contracts. As of June 30, 2014, the market value of securities pledged was $54,640,719.

(d) All or a portion of the security was pledged as collateral against open futures contracts. As of June 30, 2014, the market value of securities pledged was $48,375,737.

(e) All or a portion of the security was pledged as collateral against open swap contracts and forward foreign currency exchange contracts. As of June 30, 2014, the market value of securities pledged was $8,163,318.

(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 June 30, 2014, the market value of restricted securities was $269,533,618, which is 3.1% of net assets. See details shown in the Restricted Securities table that follows.

(g) Illiquid security. As of June 30, 2014, these securities represent 0.2% of net assets.

(h) Interest only security.

(i) This loan will settle after June 30, 2014, at which time the interest rate will be determined.

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

(k) As of June 30, 2014, the aggregate cost of investments was $8,829,056,320. The aggregate unrealized appreciation and depreciation of investments were $270,397,494 and $(60,396,011), respectively, resulting in net unrealized appreciation of $210,001,483.

(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 June 30, 2014, the market value of 144A securities was $646,003,970, which is 7.5% of net assets.

(ARM)— Adjustable-Rate Mortgage

(BRL)— Brazilian Real

(CAD)— Canadian Dollar

(CDO)— Collateralized Debt Obligation

(CLO)— Collateralized Loan Obligation

(CMO)— Collateralized Mortgage Obligation

(EUR)— Euro

(GBP)— British Pound

(MXN)— Mexican Peso

(REMIC)— Real Estate Mortgage Investment Conduit

Restricted Securities	Acquisition Date	Principal Amount		Cost		Value
AIG Life Holdings, Inc.	07/06/10	$	24,700,000	$	22,489,116	$	34,190,852
Banc of America Funding, Ltd.	05/08/14		28,248,055		27,965,574		27,964,362
BellSouth Corp.	04/16/14		78,600,000		81,436,674		80,861,715
Blackstone CQP Holdco L.P.	07/02/14		3,500,000		3,570,000		3,527,265
ING Bank NV	06/30/14		66,400,000		66,339,023		66,380,147
Lloyds Bank plc	12/16/09		5,700,000		5,700,000		8,265,000
National Australia Bank, Ltd.	07/01/14		48,300,000		48,300,000		48,344,277
							269,533,618

See accompanying notes to financial statements.

MIST-19

Met Investors Series Trust

PIMCO Total Return Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Forward Foreign Currency Exchange Contracts

Contracts to Buy		Counterparty	Settlement Date		In Exchange for		Unrealized Appreciation/ (Depreciation)
BRL	4,942,850	BNP Paribas S.A.		07/02/14	$	2,200,002	$	37,088
BRL	92,403,719	JPMorgan Chase Bank N.A.		07/02/14		41,279,302		541,797
BRL	4,808,580	UBS AG, Stamford		07/02/14		2,140,000		36,320
BRL	97,346,569	UBS AG, Stamford		07/02/14		44,198,215		(140,026	)
BRL	11,528,217	Deutsche Bank AG		08/04/14		5,194,763		(25,970	)
BRL	50,608,207	Goldman Sachs Bank USA		08/04/14		22,792,383		(101,681	)
BRL	9,751,430	UBS AG, Stamford		08/04/14		4,313,837		58,315
BRL	82,652,289	UBS AG, Stamford		08/04/14		36,251,003		806,987
CAD	4,657,000	JPMorgan Chase Bank N.A.		09/18/14		4,348,090		7,946
DKK	22,080,000	Barclays Bank plc		08/13/14		4,122,395		(66,242	)
EUR	898,000	Barclays Bank plc		07/02/14		1,223,347		6,285
EUR	18,538,000	Barclays Bank plc		07/02/14		25,118,842		265,247
EUR	24,522,000	Barclays Bank plc		07/02/14		33,246,928		331,054
EUR	28,951,000	Barclays Bank plc		07/02/14		39,428,367		214,246
EUR	10,096,000	Credit Suisse International		07/02/14		13,705,320		119,136
EUR	25,265,000	Credit Suisse International		07/02/14		34,196,178		399,194
EUR	853,916,000	Credit Suisse International		07/02/14		1,164,826,815		4,440,609
EUR	1,010,000	Deutsche Bank AG		07/02/14		1,373,713		9,280
EUR	37,241,000	Deutsche Bank AG		07/02/14		50,498,796		495,316
EUR	1,028,000	UBS AG, Stamford		07/02/14		1,399,636		8,005
GBP	41,545,000	Deutsche Bank AG		07/02/14		70,605,728		494,377
JPY	8,552,800,000	JPMorgan Chase Bank N.A.		07/02/14		84,215,502		210,736
MXN	405,508,350	Goldman Sachs Bank USA		08/25/14		30,784,464		356,995
MXN	186,972,910	Goldman Sachs Bank USA		09/23/14		14,312,620		18,441
MXN	274,874,890	Goldman Sachs Bank USA		09/23/14		21,076,938		(8,384	)
Contracts to Deliver
BRL	4,942,850	BNP Paribas S.A.		07/02/14		2,244,200		7,110
BRL	92,403,719	JPMorgan Chase Bank N.A.		07/02/14		41,954,015		132,916
BRL	92,403,719	UBS AG, Stamford		07/02/14		41,046,428		(774,671	)
BRL	9,751,430	UBS AG, Stamford		07/02/14		4,353,317		(60,093	)
BRL	62,136,424	Citibank N.A.		08/04/14		27,990,641		131,146
BRL	92,403,719	JPMorgan Chase Bank N.A.		08/04/14		40,903,795		(526,347	)
BRL	86,150,511	UBS AG, Stamford		01/05/15		36,251,004		(804,653	)
BRL	860,000	BNP Paribas S.A.		04/02/15		349,562		(12,246	)
BRL	73,140,000	Credit Suisse International		04/02/15		29,687,056		(1,083,469	)
BRL	53,000,000	JPMorgan Chase Bank N.A.		04/02/15		22,386,484		89,002
BRL	1,202,727	BNP Paribas S.A.		07/02/15		497,225		2,499
BRL	12,571,330	Deutsche Bank AG		07/02/15		5,194,764		23,718
BRL	55,225,944	Goldman Sachs Bank USA		07/02/15		22,792,383		75,940
CAD	99,083,000	Citibank N.A.		09/18/14		91,003,358		(1,676,282	)
CAD	64,278,258	Citibank N.A.		02/10/15		58,679,366		(1,227,730	)
EUR	200,000	BNP Paribas S.A.		07/01/14		253,000		(20,860	)
EUR	4,957,000	BNP Paribas S.A.		07/02/14		6,709,285		(78,337	)
EUR	5,267,000	Barclays Bank plc		07/02/14		7,146,447		(65,657	)
EUR	5,200,000	Barclays Bank plc		07/02/14		7,035,367		(84,995	)
EUR	1,697,000	Barclays Bank plc		07/02/14		2,310,526		(13,176	)
EUR	957,693,000	Deutsche Bank AG		07/02/14		1,304,346,262		(7,023,038	)
EUR	10,777,000	Deutsche Bank AG		07/02/14		14,678,026		(78,923	)
EUR	11,444,000	UBS AG, Stamford		07/02/14		15,514,802		(155,470	)
EUR	4,430,000	UBS AG, Stamford		07/02/14		6,058,424		(7,577	)
EUR	200,000	BNP Paribas S.A.		08/01/14		253,120		(20,771	)
EUR	58,428,000	Barclays Bank plc		08/05/14		79,803,714		(211,998	)
EUR	853,916,000	Credit Suisse International		08/05/14		1,164,980,520		(4,436,486	)
EUR	85,797,000	Goldman Sachs Bank USA		08/05/14		116,741,404		(755,482	)
EUR	18,538,000	BNP Paribas S.A.		06/15/15		25,141,050		(288,432	)
EUR	24,522,000	Barclays Bank plc		06/15/15		33,315,834		(322,194	)
EUR	25,265,000	Credit Suisse International		06/15/15		34,263,130		(394,108	)

See accompanying notes to financial statements.

MIST-20

Met Investors Series Trust

PIMCO Total Return Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Forward Foreign Currency Exchange Contracts—(Continued)

Contracts to Deliver		Counterparty	Settlement Date		In Exchange for		Unrealized Appreciation/ (Depreciation)
EUR	10,096,000	Credit Suisse International		06/15/15	$	13,731,872	$	(117,305	)
EUR	37,241,000	Deutsche Bank AG		06/13/16		50,990,377		(458,731	)
EUR	28,951,000	Barclays Bank plc		06/27/16		39,809,073		(198,533	)
GBP	41,545,000	BNP Paribas S.A.		07/02/14		69,954,967		(1,145,138	)
GBP	41,545,000	Deutsche Bank AG		08/05/14		70,587,780		(493,472	)
JPY	462,400,000	Barclays Bank plc		07/02/14		4,534,340		(30,094	)
JPY	8,090,400,000	JPMorgan Chase Bank N.A.		07/02/14		79,434,462		(427,341	)
JPY	8,552,800,000	JPMorgan Chase Bank N.A.		08/05/14		84,234,495		(213,075	)
MXN	20,470,000	BNP Paribas S.A.		07/23/14		1,572,635		(2,878	)
MXN	603,042,060	BNP Paribas S.A.		07/24/14		46,202,685		(208,372	)
MXN	1,338,919,055	BNP Paribas S.A.		09/25/14		102,210,409		(401,044	)
MXN	2,225,000	Barclays Bank plc		09/25/14		169,845		(674	)
MXN	456,268,293	BNP Paribas S.A.		12/24/14		34,630,055		(129,992	)
TRY	4,718,480	JPMorgan Chase Bank N.A.		07/16/14		2,213,794		(6,403	)
Net Unrealized Depreciation							$	(14,978,645	)

Futures Contracts

Futures Contracts—Long	Expiration Date		Number of Contracts		Notional Amount			Unrealized Appreciation/ (Depreciation)
3-Month Euribor		06/13/16		244		EUR	60,801,032	$	21,866
3-Month Euribor		09/19/16		244		EUR	60,761,782		21,318
3-Month Euribor		12/19/16		244		EUR	60,720,519		23,526
3-Month Euribor		03/13/17		244		EUR	60,672,207		35,388
90 Day EuroDollar Futures		03/13/17		31		USD	7,572,955		7,707
90 Day EuroDollar Futures		09/14/15		9,824		USD	2,434,661,061		3,901,339
90 Day EuroDollar Futures		12/14/15		19,531		USD	4,835,291,295		1,804,992
90 Day EuroDollar Futures		03/14/16		8,815		USD	2,177,381,350		474,587
90 Day EuroDollar Futures		06/13/16		1,330		USD	327,623,826		88,174
90 Day EuroDollar Futures		09/19/16		518		USD	127,332,103		(53,028	)
90 Day EuroDollar Futures		12/19/16		31		USD	7,590,380		6,557
U.S. Treasury Long Bond Futures		09/19/14		1,964		USD	268,013,801		1,422,449
U.S. Treasury Note 10 Year Futures		09/19/14		10,618		USD	1,325,173,164		3,901,804
U.S. Treasury Note 5 Year Futures		09/30/14		11,486		USD	1,373,356,788		(1,228,454	)
Net Unrealized Appreciation								$	10,428,225

Written Options

Inflation Capped Options	Strike Index	Counterparty	Exercise Index	Expiration Date		Notional Amount			Premiums Received			Market Value			Unrealized Appreciation
Floor - OTC CPURNSA Index	215.949	Deutsche Bank AG	Maximum of [(1 + 0.000%)10 - [Final Index/Initial Index)] or 0		03/10/20	$	(5,800,000	)	$	(43,500	)	$	(1,665	)	$	41,835
Floor - OTC CPURNSA Index	215.949	Citibank N.A.	Maximum of [(1 + 0.000%)10 - [Final Index/Initial Index)] or 0		03/12/20		(16,200,000	)		(137,080	)		(4,697	)		132,383
Floor - OTC CPURNSA Index	216.687	Citibank N.A.	Maximum of [(1 + 0.000%)10 - [Final Index/Initial Index)] or 0		04/07/20		(38,800,000	)		(346,040	)		(11,718	)		334,322
Floor - OTC CPURNSA Index	217.965	Citibank N.A.	Maximum of [(1 + 0.000%)10 - [Final Index/Initial Index)] or 0		09/29/20		(17,500,000	)		(225,750	)		(6,581	)		219,169
Floor - OTC CPURNSA Index	218.011	Deutsche Bank AG	Maximum of [(1 + 0.000%)10 - [Final Index/Initial Index)] or 0		10/13/20		(18,000,000	)		(176,400	)		(6,884	)		169,516
Totals									$	(928,770	)	$	(31,545	)	$	897,225

See accompanying notes to financial statements.

MIST-21

Met Investors Series Trust

PIMCO Total Return Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Written Options—(Continued)

Interest Rate Swaptions	Exercise Rate	Counterparty	Floating Rate Index	Pay/ Receive Floating Rate	Expiration Date		Notional Amount			Premiums Received			Market Value			Unrealized Appreciation/ (Depreciation)
Put - OTC - 5-Year Interest Rate Swap	2.400%	Morgan Stanley Capital Services, LLC	3-Month USD-LIBOR	Pay		07/28/14	$	(108,600,000	)	$	(682,053	)	$	(109	)	$	681,944
Call - OTC - 5-Year Interest Rate Swap	1.550%	JPMorgan Chase Bank N.A.	3-Month USD-LIBOR	Receive		07/28/14		(68,900,000	)		(177,418	)		(26,940	)		150,478
Call - OTC - 5-Year Interest Rate Swap	1.550%	Morgan Stanley Capital Services, LLC	3-Month USD-LIBOR	Receive		07/28/14		(88,500,000	)		(212,400	)		(34,604	)		177,796
Put - OTC - 10-Year Interest Rate Swap	3.100%	Morgan Stanley Capital Services, LLC	3-Month USD-LIBOR	Pay		09/02/14		(50,700,000	)		(405,600	)		(38,887	)		366,713
Call - OTC - 5-Year Interest Rate Swap	1.560%	JPMorgan Chase Bank N.A.	3-Month USD-LIBOR	Receive		09/02/14		(90,700,000	)		(163,260	)		(86,165	)		77,095
Call - OTC - 10-Year Interest Rate Swap	2.500%	Morgan Stanley Capital Services, LLC	3-Month USD-LIBOR	Receive		09/02/14		(50,700,000	)		(141,960	)		(136,231	)		5,729
Put - OTC - 5-Year Interest Rate Swap	1.860%	JPMorgan Chase Bank N.A.	3-Month USD-LIBOR	Pay		09/02/14		(90,700,000	)		(1,333,290	)		(349,014	)		984,276
Totals										$	(3,115,981	)	$	(671,950	)	$	2,444,031

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		10.630	%	01/02/17	Goldman Sachs Bank USA		BRL	3,600,000	$	(14,255	)	$	6,494		$	(20,749	)
Pay	1-Year BRL CDI		9.095	%	01/02/17	Goldman Sachs Bank USA		BRL	5,400,000		(109,686	)		—			(109,686	)
Pay	3-Month BRL CDI		8.640	%	01/02/17	Morgan Stanley Capital Services, LLC		BRL	4,900,000		(111,457	)		(5,659	)		(105,798	)
Pay	3-Month BRL CDI		8.900	%	01/02/17	UBS AG, Stamford		BRL	12,700,000		(277,532	)		(1,109	)		(276,423	)
Pay	28-Day MXN TIIE		5.600	%	09/06/16	Barclays Bank plc		MXN	313,000,000		889,940			145,041			744,899
Pay	28-Day MXN TIIE		5.600	%	09/06/16	Morgan Stanley Capital Services, LLC		MXN	37,200,000		105,769			7,444			98,325
Pay	28-Day MXN TIIE		5.500	%	09/13/17	Barclays Bank plc		MXN	296,000,000		863,051			(179,911	)		1,042,962
Pay	28-Day MXN TIIE		5.000	%	09/13/17	Barclays Bank plc		MXN	4,900,000		8,523			(2,831	)		11,354
Pay	28-Day MXN TIIE		5.500	%	09/13/17	Morgan Stanley Capital Services, LLC		MXN	136,000,000		396,537			(63,908	)		460,445
Pay	28-Day MXN TIIE		5.500	%	06/11/18	Barclays Bank plc		MXN	5,700,000		15,715			(1,268	)		16,983
Pay	28-Day MXN TIIE		5.250	%	06/11/18	Barclays Bank plc		MXN	7,400,000		15,138			(4,794	)		19,932
Pay	28-Day MXN TIIE		5.500	%	06/11/18	Goldman Sachs Bank USA		MXN	25,200,000		69,478			(4,151	)		73,629
Pay	28-Day MXN TIIE		5.250	%	06/11/18	Goldman Sachs Bank USA		MXN	13,500,000		27,616			(8,510	)		36,126
Pay	28-Day MXN TIIE		5.000	%	06/11/18	JPMorgan Chase Bank N.A.		MXN	140,000,000		186,796			(211,683	)		398,479
Pay	28-Day MXN TIIE		5.250	%	06/11/18	JPMorgan Chase Bank N.A.		MXN	5,900,000		12,069			(2,042	)		14,111
Pay	28-Day MXN TIIE		5.500	%	06/11/18	JPMorgan Chase Bank N.A.		MXN	3,000,000		8,271			(185	)		8,456
Pay	28-Day MXN TIIE		5.000	%	06/11/18	Morgan Stanley Capital Services, LLC		MXN	264,000,000		352,244			(428,178	)		780,422
Pay	28-Day MXN TIIE		5.500	%	06/11/18	Morgan Stanley Capital Services, LLC		MXN	16,600,000		45,768			(3,381	)		49,149
Pay	28-Day MXN TIIE		5.250	%	06/11/18	Morgan Stanley Capital Services, LLC		MXN	9,000,000		18,411			(4,910	)		23,321

See accompanying notes to financial statements.

MIST-22

Met Investors Series Trust

PIMCO Total Return Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

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	28-Day MXN TIIE		5.700	%	01/18/19	Deutsche Bank AG		MXN	38,000,000	$	113,173		$	(15,644	)	$	128,817
Pay	28-Day MXN TIIE		5.700	%	01/18/19	Goldman Sachs Bank USA		MXN	39,000,000		116,151			(11,158	)		127,309
Pay	28-Day MXN TIIE		5.700	%	01/18/19	JPMorgan Chase Bank N.A.		MXN	39,000,000		116,151			(13,119	)		129,270
Pay	28-Day MXN TIIE		5.700	%	01/18/19	Societe Generale Paris		MXN	116,000,000		345,474			(19,336	)		364,810
Pay	28-Day MXN TIIE		6.350	%	06/02/21	Morgan Stanley Capital Services, LLC		MXN	30,900,000		111,089			7,317			103,772
Pay	28-Day MXN TIIE		5.500	%	09/02/22	Morgan Stanley Capital Services, LLC		MXN	700,000		(1,094	)		(1,068	)		(26	)
Pay	28-Day MXN TIIE		5.750	%	06/05/23	BNP Paribas S.A.		MXN	100,000		(90	)		(128	)		38
Pay	28-Day MXN TIIE		6.000	%	06/05/23	Barclays Bank plc		MXN	200,000		98			(348	)		446
Pay	28-Day MXN TIIE		5.750	%	06/05/23	Barclays Bank plc		MXN	100,000		(90	)		(287	)		197
Pay	28-Day MXN TIIE		5.750	%	06/05/23	Deutsche Bank AG		MXN	200,000		(180	)		(337	)		157
Pay	28-Day MXN TIIE		5.750	%	06/05/23	Goldman Sachs Bank USA		MXN	200,000		(180	)		(486	)		306
Pay	28-Day MXN TIIE		6.000	%	06/05/23	JPMorgan Chase Bank N.A.		MXN	300,000		147			(1,099	)		1,246
Pay	28-Day MXN TIIE		6.300	%	04/26/24	UBS AG, Stamford		MXN	510,000,000		779,614			789,472			(9,858	)
Totals										$	4,082,659		$	(29,762	)	$	4,112,421

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 USD-LIBOR		1.500	%		03/18/16		USD	474,100,000	$	294,758
Pay	3-Month USD-LIBOR		1.500	%		12/16/16		USD	142,900,000		123,200
Pay	3-Month USD-LIBOR		1.750	%		06/15/17		USD	729,400,000		(327,841	)
Pay	3-Month USD-LIBOR		3.000	%		09/21/17		USD	1,639,400,000		2,829,706
Receive	3-Month USD-LIBOR		2.750	%		06/18/24		USD	52,000,000		(336,212	)
Pay	3-Month USD-LIBOR		4.000	%		06/19/24		USD	63,200,000		(154,863	)
Receive	3-Month USD-LIBOR		4.250	%		06/15/41		USD	335,900,000		38,833,055
Receive	3-Month USD-LIBOR		2.750	%		06/19/43		USD	167,400,000		8,478,544
Pay	1-Day USD Federal Funds Rate Compounded-OIS		1.000	%		10/15/17		USD	417,900,000		(3,074,149	)
Pay	28-Day MXN TIIE		6.300	%		04/26/24		MXN	760,000,000		30,453
Total										$	46,696,651

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

Reference Obligation	Fixed Deal Receive Rate			Maturity Date		Implied Credit Spread at June 30, 2014(b)	Notional Amount(c)			Unrealized Appreciation
Markit CDX North America Investment Grade, Series 22		1.000	%		06/20/19	0.609%		USD	83,000,000	$	326,404

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

Reference Obligation	Fixed Deal Receive Rate		Maturity Date		Counterparty	Implied Credit Spread at June 30, 2014(b)		Notional Amount(c)			Market Value		Upfront Premium Paid/(Received)		Unrealized Appreciation/ (Depreciation)
Berkshire Hathaway Finance Corp. 4.625%, due 10/15/13		1.000%		03/20/15	Goldman Sachs International		0.074%		USD	3,100,000	$	20,932	$	(54,777)	$	75,709
Brazilian Government International Bond 12.250%, due 3/6/30		1.000%		06/20/15	Citibank N.A.		0.320%		USD	11,700,000		78,161		(327,293)		405,454
Brazilian Government International Bond 12.250%, due 3/6/30		1.000%		06/20/15	Deutsche Bank AG		0.320%		USD	6,100,000		40,751		(66,949)		107,700

See accompanying notes to financial statements.

MIST-23

Met Investors Series Trust

PIMCO Total Return Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

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

Reference Obligation	Fixed Deal Receive Rate		Maturity Date		Counterparty	Implied Credit Spread at June 30, 2014(b)		Notional Amount(c)			Market Value			Upfront Premium Paid/(Received)			Unrealized Appreciation/ (Depreciation)
Brazilian Government International Bond 12.250%, due 3/6/30		1.000%		06/20/15	JPMorgan Chase Bank N.A.		0.320%		USD	12,700,000	$	84,842		$	(139,386	)	$	224,228
Brazilian Government International Bond 12.250%, due 3/6/30		1.000%		09/20/15	Citibank N.A.		0.355%		USD	1,200,000		9,550			(18,832	)		28,382
Brazilian Government International Bond 12.250%, due 3/6/30		1.000%		09/20/15	JPMorgan Chase Bank N.A.		0.355%		USD	4,100,000		32,629			(41,229	)		73,858
Brazilian Government International Bond 12.250%, due 3/6/30		1.000%		09/21/15	UBS AG, Stamford		0.355%		USD	1,600,000		12,733			(15,139	)		27,872
Brazilian Government International Bond 12.250%, due 3/6/30		1.000%		12/20/15	Morgan Stanley Capital Services, LLC		0.454%		USD	37,100,000		300,296			(214,047	)		514,343
Brazilian Government International Bond 12.250%, due 3/6/30		1.000%		06/20/16	Deutsche Bank AG		0.577%		USD	3,500,000		29,281			(11,731	)		41,012
Brazilian Government International Bond 12.250%, due 03/06/30		1.000%		03/20/19	Deutsche Bank AG		1.316%		USD	1,100,000		(15,730	)		(47,059	)		31,329
China Government International Bond 4.750%, due 10/29/13		1.000%		03/20/15	Deutsche Bank AG		0.123%		USD	2,000,000		12,786			11,410			1,376
China Government International Bond 4.250%, due 10/28/14		1.000%		12/20/16	Barclays Bank plc		0.299%		USD	3,500,000		60,861			62,970			(2,109	)
China Government International Bond 4.250%, due 10/28/14		1.000%		12/20/16	Barclays Bank plc		0.299%		USD	3,300,000		57,384			68,668			(11,284	)
China Government International Bond 4.250%, due 10/28/14		1.000%		12/20/16	Deutsche Bank AG		0.299%		USD	3,100,000		53,906			60,395			(6,489	)
China Government International Bond 4.250%, due 10/28/14		1.000%		12/20/16	Deutsche Bank AG		0.299%		USD	3,100,000		53,906			61,254			(7,348	)
China Government International Bond 4.250%, due 10/28/14		1.000%		12/20/18	Barclays Bank plc		0.623%		USD	800,000		13,170			7,830			5,340
China Government International Bond 4.250%, due 10/28/14		1.000%		12/20/18	Citibank N.A.		0.623%		USD	2,200,000		36,219			20,448			15,771
General Electric Capital Corp. 5.625%, due 9/15/17		1.000%		09/20/15	Deutsche Bank AG		0.204%		USD	3,500,000		34,390			43,236			(8,846	)
General Electric Capital Corp. 5.625%, due 9/15/17		1.000%		12/20/15	Morgan Stanley Capital Services, LLC		0.221%		USD	6,500,000		75,176			(127,348	)		202,524
Italy Government International Bond 6.875%, due 9/27/23		1.000%		06/20/17	Barclays Bank plc		0.669%		USD	2,200,000		21,469			8,305			13,164
Italy Government International Bond 6.875%, due 9/27/23		1.000%		06/20/17	Citibank N.A.		0.669%		USD	1,400,000		13,662			8,209			5,453
Italy Government International Bond 6.875%, due 9/27/23		1.000%		06/20/17	Goldman Sachs International		0.669%		USD	1,300,000		12,686			7,405			5,281
Italy Government International Bond 6.875%, due 9/27/23		1.000%		06/20/17	Morgan Stanley Capital Services, LLC		0.669%		USD	2,200,000		21,469			7,617			13,852
Italy Government International Bond 6.875%, due 9/27/23		1.000%		06/20/19	Barclays Bank plc		0.919%		USD	3,500,000		13,459			(22,112	)		35,571
Italy Government International Bond 6.875%, due 9/27/23		1.000%		06/20/19	Barclays Bank plc		0.919%		USD	3,500,000		13,459			(23,803	)		37,262
Italy Government International Bond 6.875%, due 9/27/23		1.000%		06/20/19	Deutsche Bank AG		0.919%		USD	1,200,000		4,615			(8,723	)		13,338
Italy Government International Bond 6.875%, due 9/27/23		1.000%		06/20/19	Goldman Sachs International		0.919%		USD	8,700,000		33,455			(39,667	)		73,122
Mexico Government International Bond 7.500%, due 4/8/33		1.000%		03/20/15	Citibank N.A.		0.115%		USD	3,100,000		19,990			(71,176	)		91,166
Mexico Government International Bond 7.500%, due 4/8/33		1.000%		03/20/15	Deutsche Bank AG		0.115%		USD	1,400,000		9,028			(32,144	)		41,172
Mexico Government International Bond 7.500%, due 4/8/33		1.000%		09/20/15	Citibank N.A.		0.147%		USD	1,900,000		20,025			(28,651	)		48,676
Mexico Government International Bond 7.500%, due 4/8/33		1.000%		09/20/15	UBS AG, Stamford		0.147%		USD	600,000		6,324			(8,488	)		14,812

See accompanying notes to financial statements.

MIST-24

Met Investors Series Trust

PIMCO Total Return Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

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

Reference Obligation	Fixed Deal Receive Rate		Maturity Date		Counterparty	Implied Credit Spread at June 30, 2014(b)		Notional Amount(c)			Market Value			Upfront Premium Paid/(Received)			Unrealized Appreciation/ (Depreciation)
Mexico Government International Bond 7.500%, due 4/8/33		1.000%		03/20/16	Barclays Bank plc		0.200%		USD	10,800,000	$	149,875		$	(82,990	)	$	232,865
Mexico Government International Bond 5.950%, due 3/19/19		1.000%		03/20/16	Citibank N.A.		0.200%		USD	6,900,000		95,754			(125,166	)		220,920
Mexico Government International Bond 7.500%, due 4/8/33		1.000%		03/20/16	Deutsche Bank AG		0.200%		USD	19,600,000		271,995			(143,793	)		415,788
Mexico Government International Bond 7.500%, due 4/8/33		1.000%		06/20/16	Citibank N.A.		0.217%		USD	10,000,000		155,580			(21,564	)		177,144
Mexico Government International Bond 7.500%, due 4/8/33		1.000%		09/20/16	Goldman Sachs International		0.230%		USD	4,600,000		79,251			(21,933	)		101,184
Mexico Government International Bond 5.950% due 3/19/19		1.000%		09/20/16	JPMorgan Chase Bank N.A.		0.230%		USD	2,000,000		34,457			11,531			22,926
Mexico Government International Bond 7.500%, due 4/8/33		1.000%		09/20/16	Morgan Stanley Capital Services, LLC		0.230%		USD	9,400,000		161,948			(40,540	)		202,488
Mexico Government International Bond 7.500%, due 4/8/33		1.000%		09/20/16	UBS AG, Stamford		0.230%		USD	4,100,000		70,637			(17,990	)		88,627
Mexico Government International Bond 5.950%, due 3/19/19		1.000%		12/20/16	Citibank N.A.		0.262%		USD	5,000,000		91,578			65,986			25,592
Mexico Government International Bond 5.950% due 3/19/19		1.000%		12/20/16	JPMorgan Chase Bank N.A.		0.262%		USD	1,200,000		21,979			16,197			5,782
Mexico Government International Bond 5.950% due 3/19/19		1.000%		06/20/17	Goldman Sachs International		0.311%		USD	2,900,000		59,360			(12,796	)		72,156
Mexico Government International Bond 5.950% due 3/19/19		1.000%		12/20/18	Citibank N.A.		0.545%		USD	700,000		13,971			(1,033	)		15,004
Mexico Government International Bond 5.950% due 3/19/19		1.000%		12/20/18	Goldman Sachs International		0.545%		USD	2,800,000		55,886			(6,879	)		62,765
Mexico Government International Bond 5.950% due 3/19/19		1.000%		12/20/18	JPMorgan Chase Bank N.A.		0.545%		USD	700,000		13,971			(1,118	)		15,089
Republic of Indonesia 6.750%, due 3/10/14		1.000%		09/20/15	Citibank N.A.		0.366%		USD	1,400,000		10,936			(31,728	)		42,664
Republic of Indonesia 7.250% due 4/20/15		1.000%		06/20/16	Barclays Bank plc		0.609%		USD	5,600,000		43,318			(89,360	)		132,678
Republic of Indonesia 7.250% due 4/20/15		1.000%		06/20/16	Barclays Bank plc		0.609%		USD	5,000,000		38,676			(78,629	)		117,305
Republic of Indonesia 6.750% due 3/10/14		1.000%		06/20/16	Citibank N.A.		0.609%		USD	4,200,000		32,488			(77,852	)		110,340
Republic of Indonesia 6.750% due 3/10/14		1.000%		06/20/16	Citibank N.A.		0.609%		USD	1,700,000		13,150			(32,306	)		45,456
Republic of Indonesia 7.250%, due 4/20/15		1.000%		09/20/16	Morgan Stanley Capital Services, LLC		0.653%		USD	5,900,000		45,466			(87,543	)		133,009
Republic of Indonesia 7.250%, due 4/20/15		1.000%		09/20/16	UBS AG, Stamford		0.653%		USD	2,600,000		20,036			(41,034	)		61,070
Russian Federation 7.500%, due 3/31/30		1.000%		03/20/19	BNP Paribas S.A.		1.662%		USD	10,900,000		(322,735	)		(787,250	)		464,515
Russian Federation 7.500%, due 3/31/30		1.000%		03/20/19	Barclays Bank plc		1.662%		USD	9,200,000		(272,400	)		(664,468	)		392,068
Russian Federation 7.500%, due 03/31/30		1.000%		03/20/19	Citibank N.A.		1.662%		USD	6,700,000		(198,378	)		(511,648	)		313,270
Russian Federation 7.500%, due 3/31/30		1.000%		03/20/19	Deutsche Bank AG		1.662%		USD	2,600,000		(76,983	)		(195,608	)		118,625
Russian Foreign Bond 7.500%, due 3/31/30		1.000%		06/20/19	JPMorgan Chase Bank N.A.		1.717%		USD	1,200,000		(40,288	)		(69,247	)		28,959
Russian Foreign Bond 7.500%, due 3/31/30		1.000%		06/20/19	Morgan Stanley Capital Services, LLC		1.717%		USD	100,000		(3,357	)		(5,680	)		2,323
U.S. Treasury Note 4.875%, due 8/15/16		0.250%		09/20/15	UBS AG, Stamford		0.063%		EUR	31,800,000		100,652			(477,132	)		577,784

See accompanying notes to financial statements.

MIST-25

Met Investors Series Trust

PIMCO Total Return Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

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

Reference Obligation	Fixed Deal Receive Rate		Maturity Date		Counterparty	Implied Credit Spread at June 30, 2014(b)		Notional Amount(c)			Market Value		Upfront Premium Paid/(Received)		Unrealized Appreciation/ (Depreciation)
U.S. Treasury Note 4.875%, due 8/15/16		0.250%		03/20/16	BNP Paribas S.A.		0.081%		EUR	21,500,000	$	86,519	$	(303,267)	$	389,786
Totals											$	1,934,226	$	(4,765,647)	$	6,699,873

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

Reference Obligation	Fixed Deal Receive Rate		Maturity Date		Counterparty	Implied Credit Spread at June 30, 2014(b)		Notional Amount(c)			Market Value		Upfront Premium (Received)		Unrealized Appreciation
Markit CDX North America Investment Grade, Series 9		0.553%		12/20/17	JPMorgan Chase Bank N.A.		0.111%		USD	1,928,998	$	29,419	$	—	$	29,419
Markit CMBX North America AAA, Series 4		0.350%		02/17/51	Deutsche Bank AG		0.000%		USD	1,466,716		(8,159)		(39,432)		31,273
Markit CMBX North America AAA, Series 4		0.350%		02/17/51	Goldman Sachs International		0.000%		USD	2,053,403		(11,422)		(53,922)		42,500
Totals											$	9,838	$	(93,354)	$	103,192

(a) 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.

(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.

(BRL)— Brazilian Real

(CAD)— Canadian Dollar

(CDI)— Brazil Interbank Deposit Rate

(CPURNSA)— U.S. Consumer Price All Urban Non-Seasonally Adjusted

(DKK)— Danish Krone

(EUR)— Euro

(EURIBOR)— Euro Interbank Offered Rate

(GBP)— British Pound

(JPY)— Japanese Yen

(LIBOR)— London InterBank Offered Rate

(MXN)— Mexican Peso

(OIS)— Overnight Index Swap

(TRY)— Turkish Lira

(TIIE)— Tasa de Interès Interbancaria de Equilibio

(USD)— United States Dollar

See accompanying notes to financial statements.

MIST-26

Met Investors Series Trust

PIMCO Total Return Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

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 June 30, 2014:

Description	Level 1			Level 2			Level 3		Total
Total U.S. Treasury & Government Agencies*	$	—		$	2,969,563,124		$	—	$	2,969,563,124
Total Corporate Bonds & Notes*		—			2,000,617,008			—		2,000,617,008
Total Foreign Government*		—			1,853,303,572			—		1,853,303,572
Total Asset-Backed Securities*		—			423,386,699			—		423,386,699
Total Mortgage-Backed Securities*		—			411,794,766			—		411,794,766
Total Municipals		—			314,875,016			—		314,875,016
Total Convertible Bonds*		—			50,623,206			—		50,623,206
Total Convertible Preferred Stock*		44,857,300			—			—		44,857,300
Total Preferred Stock*		30,870,840			—			—		30,870,840
Total Floating Rate Loans*		—			20,281,523			—		20,281,523
Short-Term Investments
Discount Notes		—			54,095,002			—		54,095,002
U.S. Treasury		—			1,559,563			—		1,559,563
Commercial Paper		—			210,855,731			—		210,855,731
Repurchase Agreements		—			471,774,453			—		471,774,453
Certificate of Deposit		—			180,600,000			—		180,600,000
Total Short-Term Investments		—			918,884,749			—		918,884,749
Total Investments	$	75,728,140		$	8,963,329,663		$	—	$	9,039,057,803
Forward Contracts
Forward Foreign Currency Exchange Contracts (Unrealized Appreciation)	$	—		$	9,319,705		$	—	$	9,319,705
Forward Foreign Currency Exchange Contracts (Unrealized Depreciation)		—			(24,298,350	)		—		(24,298,350	)
Total Forward Contracts	$	—		$	(14,978,645	)	$	—	$	(14,978,645	)
Futures Contracts
Futures Contracts (Unrealized Appreciation)	$	11,709,707		$	—		$	—	$	11,709,707
Futures Contracts (Unrealized Depreciation)		(1,281,482	)		—			—		(1,281,482	)
Total Futures Contracts	$	10,428,225		$	—		$	—	$	10,428,225
Written Options
Inflation Capped Options at Value	$	—		$	(31,545	)	$	—	$	(31,545	)
Interest Rate Swaptions at Value		—			(671,950	)		—		(671,950	)
Total Written Options	$	—		$	(703,495	)	$	—	$	(703,495	)
Centrally Cleared Swap Contracts
Centrally Cleared Swap Contracts (Unrealized Appreciation)	$	—		$	50,916,120		$	—	$	50,916,120
Centrally Cleared Swap Contracts (Unrealized Depreciation)		—			(3,893,065	)		—		(3,893,065	)
Total Centrally Cleared Swap Contracts	$	—		$	47,023,055		$	—	$	47,023,055

See accompanying notes to financial statements.

MIST-27

Met Investors Series Trust

PIMCO Total Return Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Fair Value Hierarchy—(Continued)

Description	Level 1		Level 2			Level 3		Total
OTC Swap Contracts
OTC Swap Contracts at Value (Assets)	$	—	$	7,490,739		$	—	$	7,490,739
OTC Swap Contracts at Value (Liabilities)		—		(1,464,016	)		—		(1,464,016	)
Total OTC Swap Contracts	$	—	$	6,026,723		$	—	$	6,026,723

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

MIST-28

Met Investors Series Trust

PIMCO Total Return Portfolio

Statement of Assets and Liabilities

June 30, 2014 (Unaudited)

Assets
Investments at value (a)	$	9,039,057,803
Cash		5,105,722
Cash denominated in foreign currencies (b)		31,326,528
Cash collateral (c)		178,000
OTC swap contracts at market value (d)		7,490,739
Unrealized appreciation on forward foreign currency exchange contracts		9,319,705
Receivable for:
Investments sold		273,496,546
TBA securities sold		58,733,750
Open swap contracts cash collateral		290,000
Fund shares sold		839,818
Interest		62,236,967
Variation margin on futures contracts		4,400,974
Interest on OTC swap contracts		491,291
Other assets		345,798
Total Assets		9,493,313,641
Liabilities
Written options at value (e)		703,495
OTC swap contracts at market value (f)		1,464,016
Cash collateral (g)		8,797,000
Unrealized depreciation on forward foreign currency exchange contracts		24,298,350
Payables for:
Investments purchased		257,443,496
TBA securities purchased		606,811,555
Open OTC swap contracts cash collateral		3,500,000
Fund shares redeemed		5,465,492
Variation margin on swap contracts		1,916,956
Interest on OTC swap contracts		242,927
Accrued expenses:
Management fees		3,369,527
Distribution and service fees		839,053
Deferred trustees’ fees		58,994
Other expenses		913,146
Total Liabilities		915,824,007
Net Assets	$	8,577,489,634
Net assets consist of:
Paid in surplus	$	8,292,967,109
Undistributed net investment income		82,205,710
Accumulated net realized loss		(63,396,764	)
Unrealized appreciation on investments, written options, futures contracts, swap contracts and foreign currency transactions		265,713,579
Net Assets	$	8,577,489,634
Net Assets
Class A	$	4,466,831,676
Class B		4,049,762,148
Class E		60,895,810
Capital Shares Outstanding*
Class A		374,123,170
Class B		344,485,447
Class E		5,138,889
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	11.94
Class B		11.76
Class E		11.85

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

(a) Identified cost of investments was $8,829,056,320.

(b) Identified cost of cash denominated in foreign currencies was $31,300,176.

(c) Includes collateral of $6,000 for futures contracts and $172,000 for centrally cleared swap contracts.

(d) Net premium received on OTC swap contracts was $2,511,869.

(e) Premiums received on written options were $4,044,751.

(f) Net premium received on OTC swap contracts was $2,376,894.

(g) Includes collateral of $3,810,000 for OTC swap contracts and forward foreign currency contracts, $1,920,000 for centrally cleared swap contracts and $3,067,000 for TBAs.

Statement of Operations

Six Months Ended June 30, 2014 (Unaudited)

Investment Income
Dividends	$	2,534,095
Interest		96,381,373
Total investment income		98,915,468
Expenses
Management fees		20,497,538
Administration fees		99,930
Custodian and accounting fees		763,237
Distribution and service fees—Class B		5,088,382
Distribution and service fees—Class E		46,733
Audit and tax services		56,443
Legal		15,671
Trustees’ fees and expenses		22,085
Shareholder reporting		191,209
Insurance		29,179
Miscellaneous		29,334
Total expenses		26,839,741
Net Investment Income		72,075,727
Net Realized and Unrealized Gain
Net realized gain (loss) on:
Investments		21,117,822
Futures contracts		18,493,912
Written options		9,447,064
Swap contracts		(9,065,819	)
Foreign currency transactions		107,439
Net realized gain		40,100,418
Net change in unrealized appreciation (depreciation) on:
Investments		167,269,118
Futures contracts		30,854,108
Written options		(284,473	)
Swap contracts		(43,715,831	)
Foreign currency transactions		(244,308	)
Net change in unrealized appreciation		153,878,614
Net realized and unrealized gain		193,979,032
Net Increase in Net Assets From Operations	$	266,054,759

See accompanying notes to financial statements.

MIST-29

Met Investors Series Trust

PIMCO Total Return Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2014 (Unaudited)			Year Ended December 31, 2013
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	72,075,727		$	145,139,469
Net realized gain (loss)		40,100,418			(13,049,859	)
Net change in unrealized appreciation (depreciation)		153,878,614			(295,005,004	)
Increase (decrease) in net assets from operations		266,054,759			(162,915,394	)
From Distributions to Shareholders
Net investment income
Class A		(113,343,451	)		(188,927,907	)
Class B		(93,757,690	)		(187,898,207	)
Class E		(1,475,047	)		(3,143,930	)
Net realized capital gains
Class A		0			(82,935,566	)
Class B		0			(87,419,822	)
Class E		0			(1,435,014	)
Total distributions		(208,576,188	)		(551,760,446	)
Decrease in net assets from capital share transactions		(136,102,012	)		(387,471,910	)
Total decrease in net assets		(78,623,441	)		(1,102,147,750	)
Net Assets
Beginning of period		8,656,113,075			9,758,260,825
End of period	$	8,577,489,634		$	8,656,113,075
Undistributed net investment income
End of period	$	82,205,710		$	218,706,171

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2014 (Unaudited)						Year Ended December 31, 2013
	Shares			Value			Shares			Value
Class A
Sales		14,495,037		$	171,545,030			31,368,544		$	382,765,466
Reinvestments		9,621,685			113,343,451			22,283,891			271,863,473
Redemptions		(22,555,798	)		(267,296,505	)		(74,095,563	)		(940,755,909	)
Net increase (decrease)		1,560,924		$	17,591,976			(20,443,128	)	$	(286,126,970	)
Class B
Sales		7,261,791		$	85,374,289			28,480,356		$	344,219,656
Reinvestments		8,075,598			93,757,690			22,904,994			275,318,029
Redemptions		(27,925,858	)		(328,550,473	)		(59,841,603	)		(713,042,429	)
Net decrease		(12,588,469	)	$	(149,418,494	)		(8,456,253	)	$	(93,504,744	)
Class E
Sales		56,345		$	667,504			188,927		$	2,306,266
Reinvestments		126,072			1,475,047			378,113			4,578,944
Redemptions		(540,989	)		(6,418,045	)		(1,226,055	)		(14,725,406	)
Net decrease		(358,572	)	$	(4,275,494	)		(659,015	)	$	(7,840,196	)
Decrease derived from capital shares transactions				$	(136,102,012	)				$	(387,471,910	)

See accompanying notes to financial statements.

MIST-30

Met Investors Series Trust

PIMCO Total Return Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2014 (Unaudited)			Year Ended December 31,
				2013			2012			2011			2010			2009
Net Asset Value, Beginning of Period	$	11.87		$	12.86		$	12.14		$	12.47		$	12.02		$	11.60
Income (Loss) from Investment Operations
Net investment income (a)		0.11			0.21			0.25			0.30			0.28			0.45
Net realized and unrealized gain (loss) on investments		0.27			(0.41	)		0.89			0.12			0.71			1.47
Total from investment operations		0.38			(0.20	)		1.14			0.42			0.99			1.92
Less Distributions
Distributions from net investment income		(0.31	)		(0.55	)		(0.42	)		(0.36	)		(0.47	)		(0.96	)
Distributions from net realized capital gains		0.00			(0.24	)		0.00			(0.39	)		(0.07	)		(0.54	)
Total distributions		(0.31	)		(0.79	)		(0.42	)		(0.75	)		(0.54	)		(1.50	)
Net Asset Value, End of Period	$	11.94		$	11.87		$	12.86		$	12.14		$	12.47		$	12.02
Total Return (%) (b)		3.19	(c)		(1.72	)		9.56			3.42			8.41			18.39
Ratios/Supplemental Data
Ratio of expenses to average net assets (%)		0.51	(d)		0.51			0.51			0.51			0.51			0.52
Ratio of expenses to average net assets excluding interest expense (%)		0.51	(d)		0.51			0.51			0.51			0.51			0.52
Ratio of net investment income to average net assets (%)		1.81	(d)		1.73			1.97			2.47			2.31			3.93
Portfolio turnover rate (%)		175	(c)(f)		352	(f)		424	(f)		516			714			633
Net assets, end of period (in millions)	$	4,466.8		$	4,422.4		$	5,052.8		$	5,249.4		$	5,543.8		$	4,095.7
	Class B
	Six Months Ended June 30, 2014 (Unaudited)			Year Ended December 31,
				2013			2012			2011			2010			2009
Net Asset Value, Beginning of Period	$	11.68		$	12.66		$	11.96		$	12.30		$	11.87		$	11.47
Income (Loss) from Investment Operations
Net investment income (a)		0.09			0.18			0.21			0.27			0.25			0.42
Net realized and unrealized gain (loss) on investments		0.26			(0.40	)		0.88			0.11			0.70			1.45
Total from investment operations		0.35			(0.22	)		1.09			0.38			0.95			1.87
Less Distributions
Distributions from net investment income		(0.27	)		(0.52	)		(0.39	)		(0.33	)		(0.45	)		(0.93	)
Distributions from net realized capital gains		0.00			(0.24	)		0.00			(0.39	)		(0.07	)		(0.54	)
Total distributions		(0.27	)		(0.76	)		(0.39	)		(0.72	)		(0.52	)		(1.47	)
Net Asset Value, End of Period	$	11.76		$	11.68		$	12.66		$	11.96		$	12.30		$	11.87
Total Return (%)(b)		3.05	(c)		(1.92	)		9.27			3.17			8.17			18.03
Ratios/Supplemental Data
Ratio of expenses to average net assets (%)		0.76	(d)		0.76			0.76			0.76			0.76			0.77
Ratio of expenses to average net assets excluding interest expense (%)		0.76	(d)		0.76			0.76			0.76			0.76			0.77
Ratio of net investment income to average net assets (%)		1.55	(d)		1.49			1.72			2.23			2.06			3.64
Portfolio turnover rate (%)		175	(c)(f)		352	(f)		424	(f)		516			714			633
Net assets, end of period (in millions)	$	4,049.8		$	4,169.0		$	4,626.9		$	4,436.1		$	3,958.7		$	2,849.6

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

MIST-31

Met Investors Series Trust

PIMCO Total Return Portfolio

Financial Highlights

Selected per share data
	Class E
	Six Months Ended June 30, 2014 (Unaudited)			Year Ended December 31,
				2013			2012			2011			2010			2009
Net Asset Value, Beginning of Period	$	11.77		$	12.75		$	12.05		$	12.37		$	11.93		$	11.52
Income (Loss) from Investment Operations
Net investment income (a)		0.10			0.19			0.23			0.28			0.27			0.44
Net realized and unrealized gain (loss) on investments		0.26			(0.40	)		0.86			0.13			0.69			1.44
Total from investment operations		0.36			(0.21	)		1.09			0.41			0.96			1.88
Less Distributions
Distributions from net investment income		(0.28	)		(0.53	)		(0.39	)		(0.34	)		(0.45	)		(0.93	)
Distributions from net realized capital gains		0.00			(0.24	)		0.00			(0.39	)		(0.07	)		(0.54	)
Total distributions		(0.28	)		(0.77	)		(0.39	)		(0.73	)		(0.52	)		(1.47	)
Net Asset Value, End of Period	$	11.85		$	11.77		$	12.75		$	12.05		$	12.37		$	11.93
Total Return (%) (b)		3.12	(c)		(1.82	)		9.27			3.37			8.24			18.21
Ratios/Supplemental Data
Ratio of expenses to average net assets (%)		0.66	(d)		0.66			0.66			0.66			0.66			0.67
Ratio of expenses to average net assets excluding interest expense (%)		0.66	(d)		0.66			0.66			0.66			0.66			0.67
Ratio of net investment income to average net assets (%)		1.64	(d)		1.59			1.82			2.31			2.17			3.82
Portfolio turnover rate (%)		175	(c)(f)		352	(f)		424	(f)		516			714			633
Net assets, end of period (in millions)	$	60.9		$	64.7		$	78.5		$	83.2		$	118.5		$	110.9

(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) Periods less than one year are not computed on an annualized basis.

(d) Computed on an annualized basis.

(f) Includes mortgage dollar roll and TBA transactions; excluding these transactions the portfolio turnover rate would have been 76%, 140% and 183% for the six months ended June 30, 2014 and for the years ended December 31, 2013 and 2012, respectively.

See accompanying notes to financial statements.

MIST-32

Met Investors Series Trust

PIMCO Total Return Portfolio

Notes to Financial Statements—June 30, 2014 (Unaudited)

1. Organization

Met Investors Series Trust (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 currently offers forty-seven series, each of which operates as a distinct investment vehicle of the Trust. The portfolio included in this report is PIMCO 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 four classes of shares: Class A, B, C and E shares. Class A, B and E shares are currently offered by the Portfolio. 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 June 30, 2014 through the date the financial statements were issued.

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 (other than short term obligations with a remaining maturity of sixty days or less), 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 MetLife Advisers, LLC (“MetLife Advisers” or the “Adviser”), an affiliate of MetLife, Inc., pursuant to authorization of 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 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.

MIST-33

Met Investors Series Trust

PIMCO Total Return Portfolio

Notes to Financial Statements—June 30, 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, which 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 and futures contracts that are traded over-the-counter 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. 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 has delegated the determination of the fair value of a security to a 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.

MIST-34

Met Investors Series Trust

PIMCO Total Return Portfolio

Notes to Financial Statements—June 30, 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 futures transactions, foreign currency transactions, swap transactions, premium amortization adjustments, paydown transactions, treasury rolls and foreign currency tax expense reclass. 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 June 30, 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 Master Repurchase Agreement 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 June 30, 2014, the Portfolio had investments in repurchase agreements with a gross value of $471,774,453, 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 June 30, 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 Master Repurchase Agreement 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 Consolidated Statement of Assets and Liabilities.

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 six months ended

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Met Investors Series Trust

PIMCO Total Return Portfolio

Notes to Financial Statements—June 30, 2014—(Continued)

June 30, 2014, the Portfolio entered into secured borrowing transactions involving U.S. Treasury and Federal Agency 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. The agreed upon proceeds for securities to be reacquired by the Portfolio are reflected as a liability on the Statement of Assets and Liabilities.

For the six months ended June 30, 2014, the Portfolio had an outstanding secured borrowing transaction balance for 114 days. For the six months ended June 30, 2014, the Portfolio’s average amount of borrowings was $93,619,417 and the weighted average interest rate was (0.61)% during the 114 day period. At June 30, 2014, the Portfolio had no outstanding borrowings.

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.

Secured borrowing transactions and 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 secured borrowing transaction 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 sales 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.

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Met Investors Series Trust

PIMCO Total Return Portfolio

Notes to Financial Statements—June 30, 2014—(Continued)

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.

Short Sales - The Portfolio may enter into a “short sale” of securities in circumstances in which, at the time the short position is open, the Portfolio owns an equal amount of the securities sold short or owns preferred stocks or debt securities, convertible or exchangeable without payment of further consideration, into an equal number of securities sold short. This kind of short sale, which is referred to as one “against the box,” may be entered into by the Portfolio to, for example, lock in a sale price for a security the Portfolio does not wish to sell immediately.

The Portfolio may also make short sales of a security it does not own, in anticipation of a decline in the market value of that security. To complete such a transaction, the Portfolio must borrow the security to make delivery to the buyer. The Portfolio then is obligated to replace the security borrowed by purchasing it at market price at the time of replacement. The price at such time may be more or less than the price at which the security was sold short by the Portfolio. Until the security is replaced, the Portfolio is required to pay to the lender any dividends or interest which accrue during the period of the loan. To borrow the security, the Portfolio also may be required to pay a premium, which would increase the cost of the security sold short. Until the Portfolio replaces a borrowed security, the Portfolio will segregate with its custodian, or set aside in the Portfolio’s records, cash or other liquid assets at such a level that (i) the amount segregated, or set aside, plus the amount deposited with the broker as collateral will equal the current value of the security sold short and (ii) the amount segregated plus the amount deposited with the broker as collateral will not be less than the market value of the security at the time it was sold short. The Portfolio will realize a loss as a result of the short sale if the price of the security increases between the date of the short sale and the date on which the Portfolio replaces the borrowed security. Conversely, the Portfolio will realize a gain if the security declines in price between those dates. The latter result is the opposite of what one would expect from a cash purchase of a long position in a security. The amount of any gain will be decreased, and the amount of any loss increased, by the amount of any premium, dividends or interest the Portfolio may be required to pay in connection with a short sale. No more than one third of the Portfolio’s net assets will be, when added together: (i) deposited as collateral for the obligation to replace securities borrowed to effect short sales; and (ii) segregated in connection with short sales.

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.

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Met Investors Series Trust

PIMCO Total Return Portfolio

Notes to Financial Statements—June 30, 2014—(Continued)

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. Futures contracts are exchange-traded and 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.

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.

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Met Investors Series Trust

PIMCO Total Return Portfolio

Notes to Financial Statements—June 30, 2014—(Continued)

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 over-the-counter 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 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

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Met Investors Series Trust

PIMCO Total Return Portfolio

Notes to Financial Statements—June 30, 2014—(Continued)

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 June 30, 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.

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Met Investors Series Trust

PIMCO Total Return Portfolio

Notes to Financial Statements—June 30, 2014—(Continued)

At June 30, 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	OTC swap contracts at market value (a)	$	4,597,223	OTC swap contracts at market value (a)	$	514,564
	Unrealized appreciation on centrally cleared swap contracts * (b)		50,589,716	Unrealized depreciation on centrally cleared swap contracts* (b)		3,893,065
	Unrealized appreciation on futures contracts ** (b)		11,709,707	Unrealized depreciation on futures contracts** (b)		1,281,482
				Written options at value		703,495
Credit	OTC swap contracts at market value (a)		2,893,516	OTC swap contracts at market value (a)		949,452
	Unrealized appreciation on centrally cleared swap contracts * (b)		326,404
Foreign Exchange	Unrealized appreciation on forward foreign currency exchange contracts		9,319,705	Unrealized depreciation on forward foreign currency exchange contracts		24,298,350
Total		$	79,436,271		$	31,640,408

* 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) Excludes OTC swap interest receivable of $491,291 and OTC swap interest payable of $242,927.

(b) Financial instrument 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”), or similar agreement, and net of the related collateral received by the Portfolio as of June 30, 2014.

Counterparty	Derivative Assets subject to a MNA by Counterparty		Financial Instruments available for offset			Collateral Received†			Net Amount*
Barclays Bank plc	$	3,020,968	$	(1,266,053	)	$	(1,740,000	)	$	14,915
BNP Paribas S.A.		133,216		(133,216	)		—			—
Citibank N.A.		722,210		(722,210	)		—			—
Credit Suisse International		4,958,939		(4,958,939	)		—			—
Deutsche Bank AG		1,646,522		(1,646,522	)		—			—
Goldman Sachs Bank USA		664,621		(664,621	)		—			—
Goldman Sachs International		261,570		(11,422	)		(250,148	)		—
JPMorgan Chase Bank N.A.		1,523,128		(1,523,128	)		—			—
Morgan Stanley Capital Services, LLC		1,634,173		(325,739	)		(1,308,434	)		—
Societe Generale Paris		345,474		—			(160,000	)		185,474
UBS AG, Stamford		1,899,623		(1,899,623	)		—			—
	$	16,810,444	$	(13,151,473	)	$	(3,458,582	)	$	200,389

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 June 30, 2014.

Counterparty	Derivative Liabilities subject to a MNA by Counterparty		Financial Instruments available for offset			Collateral Pledged†			Net Amount**
Barclays Bank plc	$	1,266,053	$	(1,266,053	)	$	—		$	—
BNP Paribas S.A.		2,630,895		(133,216	)		(1,559,563	)		938,116
Citibank N.A.		3,125,386		(722,210	)		(2,403,176	)		—
Credit Suisse International		6,031,368		(4,958,939	)		(1,051,273	)		21,156
Deutsche Bank AG		8,189,735		(1,646,522	)		(1,807,181	)		4,736,032
Goldman Sachs Bank USA		989,668		(664,621	)		—			325,047
Goldman Sachs International		11,422		(11,422	)		—			—
JPMorgan Chase Bank N.A.		1,675,573		(1,523,128	)		(152,445	)		—
Morgan Stanley Capital Services, LLC		325,739		(325,739	)		—			—
UBS AG, Stamford		2,220,022		(1,899,623	)		(320,399	)		—
	$	26,465,861	$	(13,151,473	)	$	(7,294,037	)	$	6,020,351

* 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.

MIST-41

Met Investors Series Trust

PIMCO Total Return Portfolio

Notes to Financial Statements—June 30, 2014—(Continued)

Transactions in derivative instruments during the six months ended June 30, 2014 were as follows:

Statement of Operations Location—Net Realized Gain (Loss)	Interest Rate			Credit			Foreign Exchange			Total
Forward foreign currency transactions	$	—		$	—		$	(2,066,139	)	$	(2,066,139	)
Futures contracts		18,493,912			—			—			18,493,912
Swap contracts		(11,109,268	)		2,043,449			—			(9,065,819	)
Written options		9,310,638			136,426			—			9,447,064
	$	16,695,282		$	2,179,875		$	(2,066,139	)	$	16,809,018
Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)	Interest Rate			Credit			Foreign Exchange			Total
Forward foreign currency transactions	$	—		$	—		$	20,218		$	20,218
Futures contracts		30,854,108			—			—			30,854,108
Swap contracts		(46,642,397	)		2,926,566			—			(43,715,831	)
Written options		(256,513	)		(27,960	)		—			(284,473	)
	$	(16,044,802	)	$	2,898,606		$	20,218		$	(13,125,978	)

For the six months ended June 30, 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	$	3,420,708,956
Futures contracts long		11,475,508,926
Futures contracts short		(36,903,492	)
Swap contracts		4,533,752,028
Written options		(1,220,878,663	)

‡ Averages are based on activity levels during the period.

Written Options

The Portfolio transactions in written options during the six months June 30, 2014:

Call Options	Notional Amount			Number of Contracts			Premium Received
Options outstanding December 31, 2013		717,700,000			–			1,441,459
Options written		647,700,000			233			1,743,654
Options exercised		(162,100,000	)		(233	)		(655,377	)
Options expired		(904,500,000	)		–			(1,834,698	)
Options outstanding June 30, 2014		298,800,000			–			695,038
Put Options	Notional Amount			Number of Contracts			Premium Received
Options outstanding December 31, 2013		1,153,500,000			724			6,461,553
Options written		503,800,000			233			4,503,774
Options bought back		(25,400,000	)		–			(36,363	)
Options expired		(1,285,600,000	)		(957	)		(7,579,251	)
Options outstanding June 30, 2014		346,300,000			–			3,349,713

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; currency, interest rate, and price fluctuations.

MIST-42

Met Investors Series Trust

PIMCO Total Return Portfolio

Notes to Financial Statements—June 30, 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 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 over-the-counter traded derivatives (e.g., forward foreign currency exchange contracts, swap agreements and over-the-counter 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 (“Master Forward Agreements”) govern the considerations and factors surrounding the settlement of certain forward settling transactions, such as To-Be-Announced securities, 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 addendums 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.

MIST-43

Met Investors Series Trust

PIMCO Total Return Portfolio

Notes to Financial Statements—June 30, 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, including mortgage dollar roll and TBA transactions but excluding short-term securities, for the six months ended June 30, 2014 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$11,961,322,286	$	2,943,295,571	$	15,900,984,266	$	682,009,949

Purchases and sales of mortgage dollar rolls and TBA transactions for the six months ended June 30, 2014 were as follows:

Purchases	Sales
$9,185,727,836	$	10,140,306,485

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 six months ended June 30, 2014	% per annum			Average Daily Net Assets
$20,497,538		0.500	%	First $1.2 billion
		0.475	%	Over $1.2 billion

MetLife Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. Pacific Investment Management Company LLC is compensated by MetLife Advisers to provide subadvisory services for the Portfolio.

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 Agreements and Plans - The Trust has distribution agreements with MetLife Investors Distribution Company (“MIDC” or the “Distributor”) in which MIDC serves as the distributor for the Portfolio’s Class A, Class B and Class E Shares. MIDC is a wholly-owned subsidiary of MetLife Investors Group, Inc., an affiliate of the Adviser. The Class B and Class E distribution plans provide that the Trust, on behalf of the Portfolio, may pay annually up to 0.50% and 0.25%, respectively, of the average daily net assets of the Portfolio attributable to its Class B and Class E Shares with respect to activities primarily intended to result in the sale of Class B and Class E Shares. However, under the Class B and Class E distribution agreements, payments to the Distributor for activities pursuant to the Class B and Class E distribution plans are currently limited to payments at an annual rate equal to 0.25% and 0.15% of average daily net assets of the Portfolio attributable to its Class B and Class E Shares, respectively. Amounts incurred by the Portfolio for the six months ended June 30, 2014 are shown as Distribution and service fees in the Statement of Operations.

Under the terms of the Class B and Class E distribution plans and distribution agreements, the Portfolio is authorized to make payments monthly to the Distributor that may be used to pay or reimburse entities providing distribution and shareholder servicing with respect to the Class B and Class E Shares for such entities’ fees or expenses incurred.

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 Metropolitan Series Fund, 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.

MIST-44

Met Investors Series Trust

PIMCO Total Return Portfolio

Notes to Financial Statements—June 30, 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, 2013 and 2012 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2013	2012		2013		2012		2013		2012
$472,507,003	$	327,861,594	$	79,253,443	$	—	$	551,760,446	$	327,861,594

As of December 31, 2013, 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
$207,855,344	$	—	$	116,062,513	$	—	$	(96,820,016	)	$	227,097,841

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.

At December 31, 2013, the Portfolio had post-enactment accumulated short-term capital losses of $96,820,016.

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 January 1, 2015, and interim periods within those fiscal years. Management is evaluating the impact, if any, of this guidance on the Portfolio’s financial statement disclosures.

MIST-45

Met Investors Series Trust

Pioneer Fund Portfolio

Managed by Pioneer Investment Management, Inc.

Portfolio Manager Commentary*

PERFORMANCE

For the six month period ended June 30, 2014, the Class A and B shares of the Pioneer Fund Portfolio returned 6.71% and 6.58%, respectively. The Portfolio’s benchmark, the Standard & Poor’s (“S&P”) 500 Index¹, returned 7.14%.

MARKET ENVIRONMENT / CONDITIONS

Severe winter weather put a crimp on the U.S. economy in the first quarter, but the economy appeared to improve during the second quarter. The global economic outlook at mid-year was somewhat brighter than at the start of the year, but geopolitical tensions and risks have risen, with the Ukraine and the self-declared caliphate in the Middle East notably troubling developments.

Although the Federal Reserve (the “Fed”) began “tapering” its quantitative easing program at the beginning of 2014, bond yields declined in both the first and second quarters, with the yield on 10-year Treasury bonds falling from 3.0% to 2.5% over the six months. Investor appetite for yield trumped economic caution: corporate bonds outperformed similar-maturity treasuries as credit spreads narrowed further. For the six months, the Barclays U.S. Universal Bond Index returned 4.2% and the Bank of America Merrill Lynch High Yield Index returned 5.6%.

Global equity markets were generally up slightly in the first quarter and up more strongly in the second. For the six-month period, the MSCI All Country World ex-U.S. Index returned 5.9% and the S&P 500 Index—our benchmark—returned 7.1%.

The S&P 500’s Utilities sector led all index sectors with a 19% return, followed (at a distance) by Energy (up 13%) and Health Care (up 11%). Utilities benefited from slow economic growth, falling bond yields, and confidence that the Fed would keep rates low. Energy Services firms led the Energy sector higher despite Exxon Mobil returning less than 1%. Strength in Health Care was widespread; businesses appear to have successfully positioned themselves to benefit from the Affordable Care Act.

The Consumer Discretionary sector (up less than 1%) was the S&P 500’s weakest sector, pulled down by retailers; Amazon’s -19% return was a notable drag on the sector. Telecom Services and Industrials (each up 4%) were also relatively weak; General Electric (-5%) was a notable drag on the Industrial sector.

All other sectors earned between 5 and 9%. Of special note was the divergence within the Financials (up 5%) sector; where money center banks posted negative returns while the real estate investment trust (“REIT”) group returned 16%.

PORTFOLIO REVIEW / PERIOD END POSITIONING

Security selection in the Information Technology sector and an underweight of the Utilities sector were the primary reasons first-half performance lagged that of the benchmark index; security selection in Energy and Materials also detracted from benchmark-relative results.

The primary cause of below-benchmark returns in the Information Technology sector was disappointing security selection results among semiconductor stocks. We had emphasized specialized chipmakers like Xilinx, ASML (Netherlands), and Analog Devices; each posted positive returns, but significantly lagged Intel (up 21%) and the benchmark industry group.

Our underweight of the Utilities sector was based on valuations: other than their dividend yields, most looked relatively unattractive. With an accommodative Fed, declining bond yields, and fears of a market correction influencing investors, though, this underweight was a drag on benchmark-relative returns.

The largest drag on performance in the Energy sector was Cabot Oil & Gas (down 12% even as the index sector returned 13%). Cabot’s weakness appears to be primarily due to insufficient pipeline capacity in the Marcellus shale region, hampering the firm’s ability to get gas to the market: we expect the stock to rebound as this problem is addressed, and believe the value of the company’s assets justifies a patient approach. A second drag was a bias toward refiners over producers, which was not rewarded in the first half of 2014. Results in the Materials sector were pulled down by security selection in the Chemicals industry, where Airgas declined 2% while the benchmark industry gained almost 10%. At period end we maintained a positive longer-term view on Airgas.

While sector weights were, in the aggregate, a drag on benchmark-relative results, stock selection added value overall, with our best results coming in the Consumer Staples sector; selection in the Consumer Discretionary, Industrials, and Health Care sectors also helping.

In Consumer Staples, drugstore chain Walgreen, a standout performer in 2013, continued to outperform, returning 30% in the first half of 2014, boosted by strong business results and investor enthusiasm over its combination with Alliance Boots, Europe’s largest drug retailer.

Results in the Consumer Discretionary sector were mixed, but positive on balance. Results were boosted by avoiding Amazon (down 19%) due to its valuation, but off-price retailers TJX and Ross Stores were notable drags, limiting overall results.

Above-benchmark results in the Industrials sector reflected our emphasis on railroads (notably Union Pacific, up 20%) and machinery companies, most notably heavy engine maker Cummins (up 10%). The Portfolio’s Health Care sector returns were boosted by Covidien, which returned 35% as it agreed to be taken over, and by Smith & Nephew (U.K.), up 26% on speculation it would be a takeover target. The acquisition of Covidien is only the latest in a string of acquisitions of Portfolio companies (not just in the Health Care sector). We generally view such actions as affirmation of the value we saw in the stock of the company being acquired—we are happy to be invested in the acquired company more often than the acquiring company.

MIST-1

Met Investors Series Trust

Pioneer Fund Portfolio

Managed by Pioneer Investment Management, Inc.

Portfolio Manager Commentary*—(Continued)

In the Consumer Discretionary sector, we eliminated positions in retailer Target, luxury goods maker Coach, and cable company Comcast based on fundamental concerns. Target and Coach have not been executing well; Comcast’s merger/acquisition with/of Time Warner poses significant integration challenges. We invested in CBS, which appeared undervalued and likely to prevail over Aero in a critical lawsuit, removing a cloud of uncertainty over the business. In the Consumer Staples sector, we took advantage of a price dip to invest in baby food (infant nutrition) producer Mead Johnson Nutrition, a high quality company with particularly strong Asian growth prospects. In the Energy sector, we eliminated a position in Chevron based on relative value.

In the Financials sector, we eliminated our position in Citigroup and invested in Regions Financial and State Street. We lack confidence in Citi’s business model and prefer to invest in companies we understand better and in which we have more confidence. We invested in Regions Financial as we continued to build our exposure to commercial banks, a group we expect to benefit from a strengthening U.S. economy. We also invested in State Street, a “trust bank” which specializes in back office functions and asset management, rather than lending. This is a firm we have owned in the past; we had sold it because of concerns about a deteriorating business environment. With the business backdrop improved, and with valuations appearing attractive, we are purchased the stock again.

In the Health Care sector, the Portfolio sold Covidien after its merger was announced and took profits in biotech company Amgen, feeling its long-term growth prospects were limited by its drug pipeline. We invested in pharmaceuticals company Roche (we have owned Roche in the past and felt this was a good time to buy it again). We also bought shares in health insurer and health care provider Humana, expanding our roster of companies benefiting from the Affordable Care Act.

In the Industrials sector, we initiated a position in post-bankruptcy American Airlines. The airline industry has historically been a difficult environment for long-term investment, as destructive competition led to poor returns on capital. More recently, though, a relatively stable oligopoly appears to have emerged in the U.S. airline industry, and the industry is exercising enough capital spending restraint to keep load factors and profits high. We will be alert for signs of a return of profit pressures if fuel costs rise, but at period end found the investment opportunity appealing.

In the Information Technology sector, we sold MasterCard based on valuation and took profits in Oracle: we are concerned about the sustainability Oracle’s profit margins as the firm moves toward a licensing-based business model. In the Materials sector, we eliminated a position in International Paper based on fundamentals (product price trends appear unfavorable). The pace of corporate restructurings and spin-offs has been heating up along with M&A activity. We received new shares in two newly-independent businesses in the second quarter. National Oilwell Varco spun off its industrial supplies distribution business as an independent public company, NOW, and we received shares in magazine publisher Time from Time Warner.

As of June 30, sector weights were close to those of the S&P 500 Index, with modest overweights in the Health Care and Consumer Staples sectors and modest underweights in Information Technology and Utilities.

John A. Carey

Walter Hunnewell Jr.

Portfolio Managers

Pioneer Investment Management, 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 and 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 those of the subadvisory firm as of June 30, 2014 and 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 statements) 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 applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable annuity or insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

MIST-2

Met Investors Series Trust

Pioneer Fund Portfolio

A $10,000 INVESTMENT COMPARED TO THE S&P 500 INDEX

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2014

	6 Month		1 Year		5 Year		10 Year		Since Inception2
Pioneer Fund Portfolio
Class A		6.71		24.57		16.29		7.39		—
Class B		6.58		24.25		15.98		—		17.08
S&P 500 Index		7.14		24.61		18.83		7.78		—

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 and Class B shares are 2/4/1994 and 4/28/2009, 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 JUNE 30, 2014

Top Holdings

	% of Net Assets
Wells Fargo & Co.		2.4
Hershey Co. (The)		2.3
Microsoft Corp.		2.2
Apple, Inc.		2.1
Walgreen Co.		2.1
Johnson & Johnson		1.9
PNC Financial Services Group, Inc. (The)		1.9
United Technologies Corp.		1.8
Walt Disney Co. (The)		1.7
C.R. Bard, Inc.		1.7

Top Sectors

	% of Net Assets
Health Care		16.9
Financials		16.7
Information Technology		15.5
Consumer Discretionary		12.5
Consumer Staples		12.2
Industrials		11.5
Energy		9.7
Materials		2.7
Utilities		0.9
Telecommunication Services		0.7

MIST-3

Met Investors Series Trust

Pioneer Fund Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

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, January 1, 2014 through June 30, 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.

Pioneer Fund Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2014		Ending Account Value June 30, 2014		Expenses Paid During Period** January 1, 2014 to June 30, 2014
Class A(a)	Actual		0.67	%	$	1,000.00	$	1,067.10	$	3.43
	Hypothetical*		0.67	%	$	1,000.00	$	1,021.47	$	3.36
Class B(a)	Actual		0.92	%	$	1,000.00	$	1,065.80	$	4.71
	Hypothetical*		0.92	%	$	1,000.00	$	1,020.23	$	4.61

* 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 (181 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.

MIST-4

Met Investors Series Trust

Pioneer Fund Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Common Stocks—99.4% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—1.8%
United Technologies Corp.		75,813	$	8,752,611
Airlines—0.4%
American Airlines Group, Inc. (a)		47,056		2,021,526
Auto Components—1.4%
BorgWarner, Inc.		45,814		2,986,615
Johnson Controls, Inc.		80,228		4,005,784
				6,992,399
Automobiles—1.2%
Ford Motor Co.		348,165		6,002,365
Banks—9.2%
Bank of America Corp.		190,594		2,929,430
BB&T Corp.		92,600		3,651,218
Canadian Imperial Bank of Commerce (b)		20,107		1,829,335
JPMorgan Chase & Co.		53,021		3,055,070
KeyCorp		368,803		5,284,947
PNC Financial Services Group, Inc. (The)		103,370		9,205,099
Regions Financial Corp.		92,291		980,130
U.S. Bancorp		147,469		6,388,357
Wells Fargo & Co.		229,779		12,077,184
				45,400,770
Beverages—0.9%
Coca-Cola Enterprises, Inc.		30,928		1,477,740
Dr Pepper Snapple Group, Inc.		31,604		1,851,362
PepsiCo, Inc.		11,545		1,031,430
				4,360,532
Biotechnology—1.5%
Celgene Corp. (a)		37,942		3,258,459
Gilead Sciences, Inc. (a)		49,242		4,082,654
				7,341,113
Building Products—0.3%
Allegion plc		24,886		1,410,538
Capital Markets—2.9%
Franklin Resources, Inc.		69,681		4,030,349
Invesco, Ltd.		64,418		2,431,780
Morgan Stanley		48,500		1,568,005
State Street Corp.		45,021		3,028,112
T. Rowe Price Group, Inc.		38,027		3,209,859
				14,268,105
Chemicals—2.7%
Airgas, Inc.		37,152		4,046,224
Ecolab, Inc.		51,199		5,700,497
Monsanto Co.		17,104		2,133,553
Mosaic Co. (The)		30,968		1,531,368
				13,411,642
Communications Equipment—0.9%
F5 Networks, Inc. (a)		22,745	$	2,534,703
Motorola Solutions, Inc.		26,057		1,734,614
				4,269,317
Consumer Finance—1.5%
American Express Co.		35,964		3,411,905
Discover Financial Services		62,082		3,847,842
				7,259,747
Diversified Telecommunication Services—0.7%
Verizon Communications, Inc.		69,665		3,408,708
Electric Utilities—0.9%
American Electric Power Co., Inc.		37,873		2,112,177
Southern Co. (The)		55,400		2,514,052
				4,626,229
Electrical Equipment—0.9%
Eaton Corp. plc		31,232		2,410,486
Rockwell Automation, Inc.		14,944		1,870,391
				4,280,877
Energy Equipment & Services—3.4%
Cameron International Corp. (a)		30,684		2,077,614
Ensco plc - Class A (b)		45,713		2,540,271
FMC Technologies, Inc. (a)		15,329		936,142
Halliburton Co.		30,131		2,139,602
Helmerich & Payne, Inc. (b)		14,414		1,673,610
National Oilwell Varco, Inc.		28,969		2,385,597
Schlumberger, Ltd.		41,107		4,848,571
				16,601,407
Food & Staples Retailing—3.0%
CVS Caremark Corp.		64,549		4,865,058
Walgreen Co.		136,966		10,153,290
				15,018,348
Food Products—5.7%
Campbell Soup Co. (b)		45,234		2,072,169
General Mills, Inc.		69,142		3,632,721
Hershey Co. (The)		118,140		11,503,292
Kraft Foods Group, Inc.		34,839		2,088,598
Mead Johnson Nutrition Co.		42,815		3,989,073
Mondelez International, Inc. - Class A		132,411		4,979,978
				28,265,831
Health Care Equipment & Supplies—4.3%
Abbott Laboratories		98,381		4,023,783
Becton Dickinson & Co.		46,532		5,504,736
C.R. Bard, Inc.		60,215		8,611,347
Smith & Nephew plc (ADR)		33,902		3,026,770
				21,166,636

See accompanying notes to financial statements.

MIST-5

Met Investors Series Trust

Pioneer Fund Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Health Care Providers & Services—2.7%
Aetna, Inc.		40,202	$	3,259,578
DaVita HealthCare Partners, Inc. (a)		28,738		2,078,332
Express Scripts Holding Co. (a)		24,200		1,677,786
Humana, Inc.		9,784		1,249,613
McKesson Corp.		28,072		5,227,287
				13,492,596
Hotels, Restaurants & Leisure—1.2%
McDonald’s Corp.		33,285		3,353,131
Starbucks Corp.		31,676		2,451,089
				5,804,220
Household Products—2.6%
Clorox Co. (The) (b)		18,310		1,673,534
Colgate-Palmolive Co.		105,073		7,163,877
Procter & Gamble Co. (The)		48,622		3,821,203
				12,658,614
Industrial Conglomerates—2.9%
3M Co.		58,768		8,417,928
General Electric Co.		221,466		5,820,127
				14,238,055
Insurance—3.2%
Aflac, Inc.		57,098		3,554,351
Chubb Corp. (The)		88,132		8,123,126
Travelers Cos., Inc. (The)		41,590		3,912,371
				15,589,848
Internet Software & Services—2.7%
eBay, Inc. (a)		53,470		2,676,708
Facebook, Inc. - Class A (a)		58,154		3,913,183
Google, Inc. - Class A (a)		4,496		2,628,676
Google, Inc. - Class C (a)		4,496		2,586,459
Yahoo!, Inc. (a)		43,700		1,535,181
				13,340,207
IT Services—3.1%
Automatic Data Processing, Inc.		35,902		2,846,311
DST Systems, Inc.		30,659		2,825,840
Fiserv, Inc. (a)		60,062		3,622,940
International Business Machines Corp.		19,493		3,533,496
Visa, Inc. - Class A		10,809		2,277,564
				15,106,151
Life Sciences Tools & Services—0.9%
Thermo Fisher Scientific, Inc.		39,648		4,678,464
Machinery—3.2%
Cummins, Inc.		30,448		4,697,822
Ingersoll-Rand plc		74,659		4,666,934
PACCAR, Inc.		44,769		2,812,836
SPX Corp.		33,396		3,613,781
				15,791,373
Media—5.3%
CBS Corp. - Class B		28,876		1,794,355
John Wiley & Sons, Inc. - Class A (b)		96,119		5,823,850
Pearson plc		150,962		2,979,169
Scripps Networks Interactive, Inc. - Class A		61,379		4,980,292
Time Warner, Inc.		25,387		1,783,437
Time, Inc. (a)		3,173		76,859
Walt Disney Co. (The)		100,494		8,616,356
				26,054,318
Multiline Retail—1.2%
Macy’s, Inc.		69,766		4,047,823
Nordstrom, Inc.		29,152		1,980,296
				6,028,119
Oil, Gas & Consumable Fuels—6.3%
Apache Corp.		39,883		4,013,027
Cabot Oil & Gas Corp.		113,432		3,872,569
ConocoPhillips		41,776		3,581,457
Exxon Mobil Corp.		46,392		4,670,747
Marathon Oil Corp.		100,608		4,016,271
Marathon Petroleum Corp.		39,376		3,074,084
Occidental Petroleum Corp.		12,411		1,273,741
Phillips 66		37,611		3,025,053
Southwestern Energy Co. (a)		76,905		3,498,408
				31,025,357
Pharmaceuticals—7.4%
AbbVie, Inc.		98,380		5,552,567
Actavis plc (a)		17,066		3,806,571
Eli Lilly & Co.		40,012		2,487,546
Johnson & Johnson		88,923		9,303,124
Mallinckrodt plc (a) (b)		6,949		556,059
Merck & Co., Inc.		93,991		5,437,380
Pfizer, Inc.		98,851		2,933,898
Roche Holding AG		7,462		2,226,672
Zoetis, Inc.		129,360		4,174,447
				36,478,264
Road & Rail—2.1%
Norfolk Southern Corp.		49,327		5,082,161
Union Pacific Corp.		50,442		5,031,589
				10,113,750
Semiconductors & Semiconductor Equipment—2.6%
Analog Devices, Inc.		82,537		4,462,776
ASML Holding NV (b)		28,188		2,629,095
Intel Corp.		71,162		2,198,906
Xilinx, Inc.		77,098		3,647,506
				12,938,283
Software—3.7%
Adobe Systems, Inc. (a)		68,986		4,991,827
Microsoft Corp.		265,885		11,087,404
Symantec Corp.		104,980		2,404,042
				18,483,273

See accompanying notes to financial statements.

MIST-6

Met Investors Series Trust

Pioneer Fund Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares/ Principal Amount*		Value
Specialty Retail—2.2%
Home Depot, Inc. (The)		23,533	$	1,905,232
Lowe’s Cos., Inc.		30,284		1,453,329
Ross Stores, Inc.		49,308		3,260,738
TJX Cos., Inc. (The)		79,360		4,217,984
				10,837,283
Technology Hardware, Storage & Peripherals—2.4%
Apple, Inc.		110,978		10,313,186
EMC Corp.		66,095		1,740,942
				12,054,128
Trading Companies & Distributors—0.1%
NOW, Inc. (a) (b)		7,242		262,233
Total Common Stocks (Cost $335,795,981)				489,833,237
Short-Term Investments—3.9%
Mutual Fund—3.4%
State Street Navigator Securities Lending MET Portfolio (c)		16,909,885		16,909,885
Repurchase Agreement—0.5%
Fixed Income Clearing Corp. Repurchase Agreement dated 06/30/14 at 0.000% to be repurchased at $2,497,779 on 07/01/14, collateralized by $2,540,000 Federal National Mortgage Association at 0.500% due 09/28/15 with a value of $2,549,525.		2,497,779		2,497,779
Total Short-Term Investments (Cost $19,407,664)				19,407,664
Total Investments—103.3% (Cost $355,203,645) (d)				509,240,901
Other assets and liabilities (net)—(3.3)%				(16,200,622	)
Net Assets—100.0%			$	493,040,279

* 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 June 30, 2014, the market value of securities loaned was $16,634,211 and the collateral received consisted of cash in the amount of $16,909,885. The cash collateral is invested in a money market fund managed by an affiliate of the custodian.

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

(d) As of June 30, 2014, the aggregate cost of investments was $355,203,645. The aggregate unrealized appreciation and depreciation of investments were $154,877,966 and $(840,710), respectively, resulting in net unrealized appreciation of $154,037,256.

(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.

MIST-7

Met Investors Series Trust

Pioneer Fund Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

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 June 30, 2014:

Description	Level 1		Level 2		Level 3		Total
Common Stocks
Aerospace & Defense	$	8,752,611	$	—	$	—	$	8,752,611
Airlines		2,021,526		—		—		2,021,526
Auto Components		6,992,399		—		—		6,992,399
Automobiles		6,002,365		—		—		6,002,365
Banks		45,400,770		—		—		45,400,770
Beverages		4,360,532		—		—		4,360,532
Biotechnology		7,341,113		—		—		7,341,113
Building Products		1,410,538		—		—		1,410,538
Capital Markets		14,268,105		—		—		14,268,105
Chemicals		13,411,642		—		—		13,411,642
Communications Equipment		4,269,317		—		—		4,269,317
Consumer Finance		7,259,747		—		—		7,259,747
Diversified Telecommunication Services		3,408,708		—		—		3,408,708
Electric Utilities		4,626,229		—		—		4,626,229
Electrical Equipment		4,280,877		—		—		4,280,877
Energy Equipment & Services		16,601,407		—		—		16,601,407
Food & Staples Retailing		15,018,348		—		—		15,018,348
Food Products		28,265,831		—		—		28,265,831
Health Care Equipment & Supplies		21,166,636		—		—		21,166,636
Health Care Providers & Services		13,492,596		—		—		13,492,596
Hotels, Restaurants & Leisure		5,804,220		—		—		5,804,220
Household Products		12,658,614		—		—		12,658,614
Industrial Conglomerates		14,238,055		—		—		14,238,055
Insurance		15,589,848		—		—		15,589,848
Internet Software & Services		13,340,207		—		—		13,340,207
IT Services		15,106,151		—		—		15,106,151
Life Sciences Tools & Services		4,678,464		—		—		4,678,464
Machinery		15,791,373		—		—		15,791,373
Media		23,075,149		2,979,169		—		26,054,318
Multiline Retail		6,028,119		—		—		6,028,119
Oil, Gas & Consumable Fuels		31,025,357		—		—		31,025,357
Pharmaceuticals		34,251,592		2,226,672		—		36,478,264
Road & Rail		10,113,750		—		—		10,113,750
Semiconductors & Semiconductor Equipment		12,938,283		—		—		12,938,283
Software		18,483,273		—		—		18,483,273
Specialty Retail		10,837,283		—		—		10,837,283

See accompanying notes to financial statements.

MIST-8

Met Investors Series Trust

Pioneer Fund Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Fair Value Hierarchy—(Continued)

Description	Level 1		Level 2			Level 3		Total
Technology Hardware, Storage & Peripherals	$	12,054,128	$	—		$	—	$	12,054,128
Trading Companies & Distributors		262,233		—			—		262,233
Total Common Stocks		484,627,396		5,205,841			—		489,833,237
Short-Term Investments
Mutual Fund		16,909,885		—			—		16,909,885
Repurchase Agreement		—		2,497,779			—		2,497,779
Total Short-Term Investments		16,909,885		2,497,779			—		19,407,664
Total Investments	$	501,537,281	$	7,703,620		$	—	$	509,240,901
Collateral for securities loaned (Liability)	$	—	$	(16,909,885	)	$	—	$	(16,909,885	)

See accompanying notes to financial statements.

MIST-9

Met Investors Series Trust

Pioneer Fund Portfolio

Statement of Assets and Liabilities

June 30, 2014 (Unaudited)

Assets
Investments at value (a) (b)	$	509,240,901
Receivable for:
Investments sold		2,467,409
Fund shares sold		47,510
Dividends		444,784
Total Assets		512,200,604
Liabilities
Collateral for securities loaned		16,909,885
Payables for:
Investments purchased		1,522,829
Fund shares redeemed		269,729
Accrued expenses:
Management fees		250,696
Distribution and service fees		17,154
Deferred trustees’ fees		59,777
Other expenses		130,255
Total Liabilities		19,160,325
Net Assets	$	493,040,279
Net assets consist of:
Paid in surplus	$	321,503,522
Undistributed net investment income		2,773,532
Accumulated net realized gain		14,725,892
Unrealized appreciation on investments and foreign currency transactions		154,037,333
Net Assets	$	493,040,279
Net Assets
Class A	$	408,920,337
Class B		84,119,942
Capital Shares Outstanding*
Class A		29,401,649
Class B		6,126,006
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	13.91
Class B		13.73

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

(a) Identified cost of investments was $355,203,645.

(b) Includes securities loaned at value of $16,634,211.

Statement of Operations

Six Months Ended June 30, 2014 (Unaudited)

Investment Income
Dividends (a)	$	4,543,224
Securities lending income		17,154
Total investment income		4,560,378
Expenses
Management fees		1,598,906
Administration fees		5,853
Custodian and accounting fees		20,985
Distribution and service fees—Class B		97,707
Audit and tax services		18,322
Legal		15,668
Trustees’ fees and expenses		21,517
Shareholder reporting		25,599
Insurance		1,435
Miscellaneous		6,519
Total expenses		1,812,511
Less management fee waiver		(119,226	)
Less broker commission recapture		(3,473	)
Net expenses		1,689,812
Net Investment Income		2,870,566
Net Realized and Unrealized Gain
Net realized gain (loss) on:
Investments		15,451,030
Foreign currency transactions		(2,267	)
Net realized gain		15,448,763
Net change in unrealized appreciation on:
Investments		12,856,885
Foreign currency transactions		84
Net change in unrealized appreciation		12,856,969
Net realized and unrealized gain		28,305,732
Net Increase in Net Assets From Operations	$	31,176,298

(a) Net of foreign withholding taxes of $9,802.

See accompanying notes to financial statements.

MIST-10

Met Investors Series Trust

Pioneer Fund Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2014 (Unaudited)			Year Ended December 31, 2013
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	2,870,566		$	8,008,162
Net realized gain		15,448,763			185,099,147
Net change in unrealized appreciation (depreciation)		12,856,969			(6,781,422	)
Increase in net assets from operations		31,176,298			186,325,887
From Distributions to Shareholders
Net investment income
Class A		(6,786,696	)		(12,370,049	)
Class B		(1,198,381	)		(1,961,396	)
Net realized capital gains
Class A		(112,709,894	)		0
Class B		(22,654,500	)		0
Total distributions		(143,349,471	)		(14,331,445	)
Increase (decrease) in net assets from capital share transactions		118,975,019			(617,923,964	)
Total increase (decrease) in net assets		6,801,846			(445,929,522	)
Net Assets
Beginning of period		486,238,433			932,167,955
End of period	$	493,040,279		$	486,238,433
Undistributed net investment income
End of period	$	2,773,532		$	7,888,043

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2014 (Unaudited)						Year Ended December 31, 2013
	Shares			Value			Shares			Value
Class A
Sales		103,066		$	1,623,355			1,309,171		$	21,053,690
Reinvestments		9,170,882			119,496,590			806,392			12,370,049
Redemptions		(1,833,714	)		(29,207,132	)		(40,355,872	)		(653,396,117	)
Net increase (decrease)		7,440,234		$	91,912,813			(38,240,309	)	$	(619,972,378	)
Class B
Sales		739,435		$	12,137,931			1,193,633		$	19,794,938
Reinvestments		1,853,371			23,852,881			128,954			1,961,396
Redemptions		(563,287	)		(8,928,606	)		(1,190,490	)		(19,707,920	)
Net increase		2,029,519		$	27,062,206			132,097		$	2,048,414
Increase (decrease) derived from capital shares transactions				$	118,975,019					$	(617,923,964	)

See accompanying notes to financial statements.

MIST-11

Met Investors Series Trust

Pioneer Fund Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2014 (Unaudited)			Year Ended December 31,
				2013			2012			2011			2010			2009
Net Asset Value, Beginning of Period	$	18.69		$	14.54		$	13.35		$	14.15		$	12.28		$	10.13
Income (Loss) from Investment Operations
Net investment income (a)		0.10			0.22			0.23			0.22			0.18			0.18
Net realized and unrealized gain (loss) on investments		0.77			4.47			1.18			(0.85	)		1.80			2.17
Total from investment operations		0.87			4.69			1.41			(0.63	)		1.98			2.35
Less Distributions
Distributions from net investment income		(0.32	)		(0.54	)		(0.22	)		(0.17	)		(0.11	)		(0.20	)
Distributions from net realized capital gains		(5.33	)		0.00			0.00			0.00			0.00			0.00
Total distributions		(5.65	)		(0.54	)		(0.22	)		(0.17	)		(0.11	)		(0.20	)
Net Asset Value, End of Period	$	13.91		$	18.69		$	14.54		$	13.35		$	14.15		$	12.28
Total Return (%) (b)		6.71	(c)		33.08			10.59			(4.55	)		16.22			23.89
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.72	(d)		0.70			0.68			0.69			0.69			0.74
Net ratio of expenses to average net assets (%) (e)		0.67	(d)		0.66			0.66			0.68			0.67			0.72
Ratio of net investment income to average net assets (%)		1.25	(d)		1.34			1.60			1.56			1.46			1.63
Portfolio turnover rate (%)		7	(c)		11			49			20			10			41
Net assets, end of period (in millions)	$	408.9		$	410.4		$	875.1		$	789.0		$	938.0		$	717.0
	Class B
	Six Months Ended June 30, 2014 (Unaudited)			Year Ended December 31,
				2013			2012			2011			2010			2009(f)
Net Asset Value, Beginning of Period	$	18.50		$	14.40		$	13.22		$	14.04		$	12.20		$	9.29
Income (Loss) from Investment Operations
Net investment income (a)		0.08			0.18			0.19			0.19			0.15			0.10
Net realized and unrealized gain (loss) on investments		0.76			4.42			1.18			(0.86	)		1.79			2.81
Total from investment operations		0.84			4.60			1.37			(0.67	)		1.94			2.91
Less Distributions
Distributions from net investment income		(0.28	)		(0.50	)		(0.19	)		(0.15	)		(0.10	)		0.00
Distributions from net realized capital gains		(5.33	)		0.00			0.00			0.00			0.00			0.00
Total distributions		(5.61	)		(0.50	)		(0.19	)		(0.15	)		(0.10	)		0.00
Net Asset Value, End of Period	$	13.73		$	18.50		$	14.40		$	13.22		$	14.04		$	12.20
Total Return (%) (b)		6.58	(c)		32.71			10.38			(4.87	)		15.93			31.32	(c)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.97	(d)		0.95			0.93			0.94			0.94			0.99	(d)
Net ratio of expenses to average net assets (%) (e)		0.92	(d)		0.91			0.91			0.93			0.92			0.97	(d)
Ratio of net investment income to average net assets (%)		1.00	(d)		1.09			1.34			1.37			1.20			1.34	(d)
Portfolio turnover rate (%)		7	(c)		11			49			20			10			41
Net assets, end of period (in millions)	$	84.1		$	75.8		$	57.1		$	61.6		$	32.6		$	22.3

(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) Periods less than one year are not computed on an annualized basis.

(d) Computed on an annualized basis.

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

(f) Commencement of operations was April 28, 2009.

See accompanying notes to financial statements.

MIST-12

Met Investors Series Trust

Pioneer Fund Portfolio

Notes to Financial Statements—June 30, 2014 (Unaudited)

1. Organization

Met Investors Series Trust (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 currently offers forty-seven series, each of which operates as a distinct investment vehicle of the Trust. The portfolio included in this report is Pioneer Fund 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 four classes of shares: Class A, B, C and E shares. Class A and B shares are currently offered by the Portfolio. 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 June 30, 2014 through the date the financial statements were issued.

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 (other than short term obligations with a remaining maturity of sixty days or less), 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 MetLife Advisers, LLC (“MetLife Advisers” or the “Adviser”), an affiliate of MetLife, Inc., pursuant to authorization of 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 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.

MIST-13

Met Investors Series Trust

Pioneer Fund Portfolio

Notes to Financial Statements—June 30, 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, which 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 and futures contracts that are traded over-the-counter 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 has delegated the determination of the fair value of a security to a 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.

MIST-14

Met Investors Series Trust

Pioneer Fund Portfolio

Notes to Financial Statements—June 30, 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 broker commission recapture, 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 June 30, 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 Master Repurchase Agreement 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 June 30, 2014, the Portfolio had investments in repurchase agreements with a gross value of $2,497,779, 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 June 30, 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. 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 at least equal to 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 six months ended June 30, 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 June 30, 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 June 30, 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 has agreed to 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

MIST-15

Met Investors Series Trust

Pioneer Fund Portfolio

Notes to Financial Statements—June 30, 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; 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 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 six months ended June 30, 2014 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	33,506,846	$	0	$	53,840,744

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 six months ended June 30, 2014	% per annum			Average Daily Net Assets
$1,598,906		0.700	%	First $200 Million
		0.650	%	$200 Million to $500 Million
		0.600	%	$500 Million to $2 Billion
		0.550	%	Over $2 Billion

MetLife Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. Pioneer Investment Management, Inc. is compensated by MetLife Advisers to provide subadvisory services for the Portfolio.

MIST-16

Met Investors Series Trust

Pioneer Fund Portfolio

Notes to Financial Statements—June 30, 2014—(Continued)

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 reduction			Average Daily Net Assets
	0.075	%	First $200 million
	0.025	%	$200 million to $400 million
	0.050	%	$400 million to $500 million
	0.050	%	$900 million to $2 billion

An identical agreement was in place for the period April 29, 2013 through April 27, 2014. Amounts waived for the six months ended June 30, 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 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 Agreement and Plan - 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 Class B Shares. MIDC is a wholly-owned subsidiary of MetLife Investors Group, Inc., an affiliate of the Adviser. The Class B distribution plan provides that the Trust, on behalf of the Portfolio, may pay annually up to 0.50% of the average daily net assets of the Portfolio attributable to its Class B Shares with respect to activities primarily intended to result in the sale of Class B Shares. However, under the Class B distribution agreement, payments to the Distributor for activities pursuant to the Class B distribution plan are currently limited to payments at an annual rate equal to 0.25% of average daily net assets of the Portfolio attributable to its Class B Shares. Amounts incurred by the Portfolio for the six months ended June 30, 2014 are shown as Distribution and service fees in the Statement of Operations.

Under the terms of the Class B distribution plan and distribution agreement, the Portfolio is authorized to make payments monthly to the Distributor that may be used to pay or reimburse entities providing distribution and shareholder servicing with respect to the Class B Shares for such entities’ fees or expenses incurred.

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 Metropolitan Series Fund, 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, 2013 and 2012 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2013	2012		2013		2012		2013		2012
$14,331,445	$	13,765,767	$	—	$	—	$	14,331,445	$	13,765,767

As of December 31, 2013, 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
$7,943,578	$	135,279,634	$	140,542,253	$	—	$	283,765,465

MIST-17

Met Investors Series Trust

Pioneer Fund Portfolio

Notes to Financial Statements—June 30, 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.

During the year ended December 31, 2013, the Portfolio utilized capital loss carryforwards of $48,531,952.

As of December 31, 2013, the Portfolio had no capital loss carryforwards.

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 January 1, 2015, and interim periods within those fiscal years. Management is evaluating the impact, if any, of this guidance on the Portfolio’s financial statement disclosures.

MIST-18

Met Investors Series Trust

Pioneer Strategic Income Portfolio

Managed by Pioneer Investment Management, Inc.

Portfolio Manager Commentary*

PERFORMANCE

For the six month period ended June 30, 2014, the Class A, B, and E shares of the Pioneer Strategic Income Portfolio returned 5.16%, 5.08%, and 5.11%, respectively. The Portfolio’s primary benchmark, the Barclays U.S. Universal Index¹, returned 4.19%.

MARKET ENVIRONMENT / CONDITIONS

Improving economic growth within developed markets, particularly in the U.S., and rebounding growth in China, combined with stimulative global monetary policy, supported rallies among bonds, stocks, and commodities, for the first time since 1993. Investors largely discounted extremely weak (revised -2.1%) first quarter 2014 U.S. gross domestic product (“GDP”) growth, blaming transitory factors including severe weather, inventory reductions (after a late 2013 build-up), and uncertainty surrounding the Affordable Care Act on healthcare spending. In addition, the negative market impact of increased geopolitical risk and potential energy supply shocks—particularly with respect to the Russia-Ukraine conflict and militant group ISIS’s gains in Iraq—was relatively short-lived.

Investors were cheered by all-time high U.S. employment, as initial claims trended toward 300,000; non-farm payrolls sustained levels well in excess of 200,000; and even the long-term unemployed declined sharply from 37.7% to 32.8% over the period. Additionally, the U.S. housing market bounced back as mortgage rates fell and ISM (Institute for Supply Management) indices, which measure activity of manufacturing and services firms in the U.S. economy, nearly recovered to expansionary year-end levels. Despite the strength of these indicators and a rise in the Personal Consumption Expenditure (“PCE”) Price Index from 1.1% at year end to 1.5% at the end of May, the Federal Reserve maintained its dovish stance on the Federal Funds rate, with the first move expected in the second half of 2015. On a global basis, Chinese PMIs (Purchasing Managers Index) benefited from fiscal stimulus, while European growth outside of Germany appeared to lose momentum and low inflation remained a concern. Responding to deflationary risks, the European Central Bank (“ECB”) unveiled its anticipated stimulus package in June, including a negative -0.10% deposit rate and €400 billion in loans to banks for business lending.

U.S. Treasury prices, particularly at the long end of the yield curve, enjoyed an extended and unexpected rally, responding to a range of factors: softer revised first quarter GDP growth; continued dovish remarks by the Federal Reserve as well as the ECB stimulus; reduced supply with lower deficits, with the Federal Reserve purchases offsetting the majority of net new Treasury supply; investor risk-off response to the simmering conflict in the Ukraine and the new conflict in Iraq; and short covering by investors that had held short duration positions. The 5-year Treasury yield fell from 1.73% to 1.63%, the 10-year yield fell from 3.02% to 2.52% and the 30-year yield fell from 3.94% to 3.34%.

Municipals outperformed Treasuries, returning 6.0%: the yield ratio of 30-Year AAA Municipals to 30-Year Treasuries fell from 106% to 98%. Agency Mortgage-Backed Securities (“MBS”) returned 4.03% for a 0.68% excess return over similar-maturity Treasury bonds, as the option-adjusted spread narrowed from 0.34% to 0.24%. Commercial MBS returned 2.62% for a robust 1.21% excess return. Investment Grade Corporates returned 5.68% for a 1.45% excess return; longer duration Utilities outperformed, as did Industrials, while Financials underperformed. High Yield Corporates returned 5.64% (3.42% excess return) as the option-adjusted spread narrowed from 400 basis points bps to 353 (bps). High Yield Convertibles returned 9.63%, outperforming more volatile equities. Floating rate assets underperformed longer duration assets. Bank Loans delivered 2.53% returns, supported by record collateralized loan obligation (“CLO”) demand. Non-Agency MBS/ABS (asset-backed securities; as measured by the Floating Rate Home Equity ABS Index) returned 2.53%. Event-Linked (Catastrophe) Bonds returned 2.40%. Early in the year, Emerging Markets assets sold off in response to concerns about Russia and general political instability and weaker growth within emerging markets. As the Ukraine crisis cooled, Emerging Markets rebounded. Emerging Market Sovereigns ultimately returned 9.47%, while Corporates returned 7.20% over the reporting period. The U.S. dollar had mixed performance relative to developed market and emerging market currencies. The yen outperformed the U.S. dollar by 3.95%, while the U.S. Dollar outperformed the euro by 0.37%.

PORTFOLIO REVIEW / PERIOD END POSITIONING

Performance benefited primarily from sector allocation, relative quality and security selection. Sector allocation primarily reflected the benefit of the 5% Convertibles allocation and the 26% underweight to U.S. Treasuries. In addition, the 10% Bank Loan exposure and the 2% Preferred Stock allocation outperformed the benchmark. The 16% underweight to Agency MBS also helped. Relative quality benefited from the lower relative quality within Industrials and Financials; the lower relative quality of ABS and Agencies also contributed. Industrials and Financials issues were the major contributors to security selection; Agency MBS and CMBS issues also outperformed.

The biggest detractor from performance was the 1.44-year relative short duration position. This underperformance was partly offset by the outperformance of the barbelled yield curve position, which benefited from underweights to the 2-year and 5-year maturities and the modest overweight to the 30-year maturity; the 30-year outperformed all other key rates, returning 13.77% for the period. The Portfolio’s currency allocation also underperformed, reflecting underperformance of the Norwegian krone, the Ghanian cedi, and Russian ruble, the negative impact of which was partly offset by strong performance of the Brazilian real.

The strategy uses Treasury futures to manage duration and yield curve positioning, and currency forwards to establish positions in currencies that may not offer viable or attractive alternatives for investment, as well as to hedge out currency risk. Over the first half of the year, we held average long positions in ultra-long term Treasury futures and

MIST-1

Met Investors Series Trust

Pioneer Strategic Income Portfolio

Managed by Pioneer Investment Management, Inc.

Portfolio Manager Commentary*—(Continued)

average short positions in 5-year and 10-year Treasury futures. We also held positions in 2-year and 30-year Treasury futures. Gross and net average notional exposures to Treasury Futures were 21% and -17% of market value, respectively; these positions detracted.

We also held currency forwards in both developed and emerging market currencies, and used them both to hedge currency exposures in cash bonds, as well as to establish currency positions. Non-dollar currency forward gross and net average notional exposures were 5% and -3% of market value for the period; these positions hurt performance over the period.

We continued to maintain our long-term view of relative value, which favors corporate debt and more broadly, spread product. Steady global economic growth and easy global monetary policy may continue to support credit assets including corporate bonds.

At the margin, during the period we pared back higher risk allocations and added Agency MBS. We reduced exposures to Bank Loans, High Yield Bonds, certain fully-valued Investment Grade Financials issues, and Convertibles. We increased the Agency MBS allocation by approximately 4.5%, to 13.6% at period end. At period end, we continued to believe, however, that Investment Grade and High Yield Corporates and Bank Loans offer modest value despite lower than average spreads as; fundamentals remain strong and default risk remains low. We also continued to hold overweights to U.S. sectors and underweights to eurozone sectors, given our more constructive view of the U.S. economy and of U.S. Financials. We have become more selective with respect to Emerging Markets exposure, in light of the less compelling yield advantage over U.S. assets, stronger U.S. growth, and weaker commodities prices. At period end we continued to hold some exposure to Convertibles, given our preference for equities over fixed income.

Finally, we reduced the Municipals exposure as prices have rallied and relative value became less compelling. At period end the Portfolio held an approximate 1.9-year short duration position relative to the Index. That short position is held primarily in the “belly” of the yield curve, between the 2 year and 7 year maturities. We remained modestly underweight to the long end (30 year) part of the yield curve. At period end, we believed this yield is closer to fair value than at shorter maturities. Real yields of shorter duration Treasuries, however, are unattractive—the two year remains significantly negative, below -1%. We continued to believe short yields are most vulnerable to another sell-off, as was experienced in March, as economic growth and inflation may surprise on the upside, and the market prices in a quicker increase in interest rates by the Federal Reserve.

Ken Taubes

Andrew Feltus

Charles Melchreit

Portfolio Managers

Pioneer Investment Management, 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 and 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 those of the subadvisory firm as of June 30, 2014 and 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 statements) 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 applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable annuity or insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

MIST-2

Met Investors Series Trust

Pioneer Strategic Income Portfolio

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

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2014

	6 Month		1 Year		5 Year		10 Year		Since Inception2
Pioneer Strategic Income Portfolio
Class A		5.16		7.57		9.63		7.86		—
Class B		5.08		—		—		—		6.64
Class E		5.11		7.44		9.49		—		7.94
Barclays U.S. Universal Index		4.19		5.20		5.58		5.27		—

¹ The Barclays U.S. Universal Index represents the union of the U.S. Aggregate Bond Index, U.S. Corporate High Yield Index, Investment Grade 144A Index, Eurodollar Index, U.S. Emerging Markets Index, and the non-ERISA eligible portion of the CMBS Index. The index covers USD-denominated, taxable bonds that are rated either investment grade or high-yield.

² Inception dates of the Class A, Class B and Class E shares are 6/16/1994, 7/17/2013 and 4/28/2008, 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 JUNE 30, 2014

Top Sectors

	% of Net Assets
Corporate Bonds & Notes		41.4
U.S. Treasury & Government Agencies		17.6
Floating Rate Loans		9.1
Mortgage-Backed Securities		9.0
Foreign Government		6.4
Municipals		3.8
Asset-Backed Securities		3.5
Convertible Bonds		3.1
Preferred Stocks		2.1
Convertible Preferred Stocks		1.0

MIST-3

Met Investors Series Trust

Pioneer Strategic Income Portfolio

Understanding Your Portfolio's Expenses (Unaudited)

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, January 1, 2014 through June 30, 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.

Pioneer Strategic Income Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2014		Ending Account Value June 30, 2014		Expenses Paid During Period** January 1, 2014 to June 30, 2014
Class A	Actual		0.62	%	$	1,000.00	$	1,051.60	$	3.15
	Hypothetical*		0.62	%	$	1,000.00	$	1,021.72	$	3.11
Class B	Actual		0.87	%	$	1,000.00	$	1,050.80	$	4.42
	Hypothetical*		0.87	%	$	1,000.00	$	1,020.48	$	4.36
Class E	Actual		0.77	%	$	1,000.00	$	1,051.10	$	3.92
	Hypothetical*		0.77	%	$	1,000.00	$	1,020.98	$	3.86

* 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 (181 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

MIST-4

Met Investors Series Trust

Pioneer Strategic Income Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Corporate Bonds & Notes—41.4% of Net Assets

Security Description	Principal Amount*		Value
Agriculture—0.3%
Alliance One International, Inc.
9.875%, 07/15/21 (a)		1,875,000	$	1,912,500
Lorillard Tobacco Co.
3.750%, 05/20/23		800,000		790,093
MHP S.A.
8.250%, 04/02/20 (144A)		1,800,000		1,647,360
				4,349,953
Airlines—0.4%
Air Canada Pass-Through Trust
4.125%, 05/15/25 (144A)		805,326		815,393
Delta Air Lines Pass-Through Trust
4.950%, 05/23/19		471,316		513,734
6.375%, 01/02/16 (144A)		725,000		775,750
Hawaiian Airlines Pass-Through Certificates
3.900%, 01/15/26		475,000		472,625
TAM Capital 3, Inc.
8.375%, 06/03/21 (144A) (a)		660,000		716,100
United Continental Holdings, Inc.
6.000%, 07/15/26 (a)		1,975,000		1,925,625
				5,219,227
Auto Manufacturers—0.2%
Hyundai Capital America
4.000%, 06/08/17 (144A)		200,000		213,873
Navistar International Corp.
8.250%, 11/01/21 (a)		2,030,000		2,118,813
				2,332,686
Auto Parts & Equipment—0.2%
Commercial Vehicle Group, Inc.
7.875%, 04/15/19		250,000		260,000
Dana Holding Corp.
6.000%, 09/15/23 (a)		2,265,000		2,400,900
				2,660,900
Banks—6.8%
Akbank TAS
7.500%, 02/05/18 (144A) (TRY)		300,000		131,323
Alfa Bank OJSC Via Alfa Bond Issuance plc
7.500%, 09/26/19 (144A)		2,150,000		2,217,188
8.625%, 04/26/16 (144A) (RUB)		41,800,000		1,202,558
Australia & New Zealand Banking Group, Ltd.
4.500%, 03/19/24 (144A) (a)		1,470,000		1,508,802
Banco de Credito del Peru
6.875%, 09/16/26 (144A) (a) (b)		1,915,000		2,140,013
9.750%, 11/06/69 (144A) (b)		455,000		551,688
Banco do Estado do Rio Grande do Sul S.A.
7.375%, 02/02/22 (144A) (a)		700,000		749,000
Banco Nacional de Costa Rica
4.875%, 11/01/18 (144A) (a)		1,000,000		1,025,000
Bank of America Corp.
6.110%, 01/29/37		1,600,000		1,845,819
7.750%, 05/14/38		3,200,000		4,395,898
Banks—(Continued)
Bank of New York Mellon Corp. (The)
4.500%, 06/20/23 (a) (b)		925,000		860,250
BBVA Bancomer S.A.
4.375%, 04/10/24 (144A)		650,000		662,188
6.500%, 03/10/21 (144A) (a)		4,110,000		4,634,025
Citigroup, Inc.
5.950%, 01/30/23 (b)		2,576,000		2,601,760
CorpGroup Banking S.A.
6.750%, 03/15/23 (144A)		1,300,000		1,288,353
Goldman Sachs Group, Inc. (The)
6.450%, 05/01/36		875,000		1,021,759
6.750%, 10/01/37		600,000		721,820
Intesa Sanpaolo S.p.A.
3.625%, 08/12/15 (144A)		1,900,000		1,941,240
6.500%, 02/24/21 (144A)		1,175,000		1,389,729
JPMorgan Chase & Co.
4.250%, 11/02/18 (NZD)		2,600,000		2,183,641
5.150%, 05/01/23 (b)		1,200,000		1,150,500
7.900%, 04/30/18 (b)		5,993,000		6,697,177
KeyBank N.A.
5.800%, 07/01/14		1,225,000		1,225,000
M&T Bank Corp.
6.450%, 02/15/24 (b)		3,130,000		3,337,362
Morgan Stanley
4.100%, 05/22/23		2,500,000		2,536,032
4.875%, 11/01/22		450,000		483,038
5.500%, 01/26/20		1,100,000		1,259,025
6.625%, 04/01/18		714,000		834,647
Nordea Bank AB
4.250%, 09/21/22 (144A) (a)		3,400,000		3,522,505
Oversea-Chinese Banking Corp., Ltd.
4.000%, 10/15/24 (144A) (b)		800,000		813,959
PNC Financial Services Group, Inc.
4.447%, 08/11/14 (a) (b)		2,749,000		2,749,000
6.750%, 08/01/21 (a) (b)		5,295,000		5,903,925
Russian Agricultural Bank OJSC Via RSHB Capital S.A.
8.500%, 10/16/23 (144A)		3,800,000		3,942,500
Santander Bank N.A.
8.750%, 05/30/18		2,655,000		3,231,892
Scotia Bank Peru DPR Finance Co.
2.981%, 03/15/17 (144A) (b)		578,947		577,706
Scotiabank Peru S.A.
4.500%, 12/13/27 (144A) (a) (b)		1,900,000		1,819,250
Turkiye Garanti Bankasi A/S
7.375%, 03/07/18 (144A) (TRY)		2,700,000		1,170,561
Turkiye Is Bankasi
6.000%, 10/24/22 (144A)		850,000		850,425
UBS AG
7.625%, 08/17/22		5,600,000		6,742,803
VTB Bank OJSC Via VTB Capital S.A.
6.000%, 04/12/17 (144A) (a)		1,000,000		1,054,000
6.950%, 10/17/22 (144A) (a)		2,500,000		2,550,000
Wells Fargo & Co.
5.900%, 06/15/24 (b)		1,145,000		1,214,559

See accompanying notes to financial statements.

MIST-5

Met Investors Series Trust

Pioneer Strategic Income Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Banks—(Continued)
Wells Fargo Bank N.A.
6.000%, 11/15/17		1,215,000	$	1,392,029
				88,129,949
Beverages—0.2%
Ajecorp B.V.
6.500%, 05/14/22 (144A) (a)		960,000		883,200
Anheuser-Busch InBev Worldwide, Inc.
7.750%, 01/15/19		1,254,000		1,549,234
Central American Bottling Corp.
6.750%, 02/09/22 (144A)		630,000		672,525
				3,104,959
Building Materials—0.6%
Cemex Espana Luxembourg
9.875%, 04/30/19 (144A) (a)		1,420,000		1,629,450
Cemex S.A.B. de C.V.
7.250%, 01/15/21 (144A) (a)		800,000		880,000
Desarrolladora Homex S.A.B. de C.V.
9.500%, 12/11/19 (144A) (c) (d)		855,000		128,250
9.750%, 03/25/20 (144A) (c) (d)		905,000		135,750
Holcim U.S. Finance Sarl & Cie SCS
6.000%, 12/30/19 (144A)		225,000		260,691
Masco Corp.
5.950%, 03/15/22		1,425,000		1,574,625
7.125%, 03/15/20		2,905,000		3,418,371
Urbi Desarrollos Urbanos S.A.B. de C.V.
9.500%, 01/21/20 (144A) (c) (d)		346,000		38,060
9.750%, 02/03/22 (144A) (c) (d)		700,000		77,000
				8,142,197
Chemicals—0.4%
Eastman Chemical Co.
4.800%, 09/01/42 (a)		740,000		751,376
EuroChem Mineral & Chemical Co. OJSC via EuroChem GI, Ltd.
5.125%, 12/12/17 (144A)		600,000		604,500
Hexion U.S. Finance Corp. / Hexion Nova Scotia Finance ULC
8.875%, 02/01/18 (a)		640,000		665,600
9.000%, 11/15/20 (a)		655,000		668,100
LyondellBasell Industries NV
5.000%, 04/15/19		570,000		642,946
Phosagro OAO via Phosagro Bond Funding, Ltd.
4.204%, 02/13/18 (144A)		900,000		892,125
Rain CII Carbon LLC / CII Carbon Corp.
8.000%, 12/01/18 (144A)		1,275,000		1,338,750
				5,563,397
Coal—0.2%
Alpha Natural Resources, Inc.
6.000%, 06/01/19 (a)		820,000		596,550
Berau Coal Energy Tbk PT
7.250%, 03/13/17 (144A)		1,500,000		1,455,000
Coal—(Continued)
Bumi Capital Pte, Ltd.
12.000%, 11/10/16 (144A)		475,000		237,500
				2,289,050
Commercial Services—1.0%
Amherst College
3.794%, 11/01/42		400,000		365,295
Board of Trustees of The Leland Stanford Junior University (The)
4.750%, 05/01/19		950,000		1,069,256
Bowdoin College
4.693%, 07/01/2112		800,000		751,308
Massachusetts Institute of Technology
5.600%, 07/01/2111		800,000		1,003,907
President and Fellows of Harvard College
2.300%, 10/01/23		1,000,000		939,400
Red de Carreteras de Occidente SAPIB de C.V.
9.000%, 06/10/28 (144A) (MXN)		15,000,000		1,099,976
SFX Entertainment, Inc.
9.625%, 02/01/19 (144A)		2,950,000		3,097,500
Tufts University
5.017%, 04/15/2112		2,700,000		2,741,680
University of Southern California
5.250%, 10/01/2111		550,000		663,553
William Marsh Rice University
4.626%, 05/15/63		900,000		924,408
				12,656,283
Computers—0.3%
Brocade Communications Systems, Inc.
4.625%, 01/15/23 (a)		550,000		533,500
Seagate HDD Cayman
4.750%, 06/01/23 (144A)		3,165,000		3,188,738
				3,722,238
Diversified Financial Services—5.1%
Alterra Finance LLC
6.250%, 09/30/20		2,100,000		2,420,050
Armor Re, Ltd.
4.020%, 12/15/16 (144A) (b)		600,000		590,160
Atlas Reinsurance VII, Ltd.
8.105%, 01/07/16 (144A) (b)		250,000		259,050
Ausdrill Finance Pty, Ltd.
6.875%, 11/01/19 (144A)		810,000		755,325
Blue Danube II, Ltd.
4.273%, 05/23/16 (144A) (a) (b)		900,000		908,280
Blue Danube, Ltd.
6.007%, 04/10/15 (144A) (b)		250,000		254,150
BM&FBovespa S.A.
5.500%, 07/16/20 (144A) (a)		2,000,000		2,165,000
Bosphorus 1 Re, Ltd.
2.520%, 05/03/16 (144A) (b)		250,000		249,450
Caelus Re, Ltd.
5.270%, 03/07/16 (144A) (b)		1,150,000		1,160,695
6.870%, 04/07/17 (144A) (b)		1,050,000		1,088,850

See accompanying notes to financial statements.

MIST-6

Met Investors Series Trust

Pioneer Strategic Income Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Diversified Financial Services—(Continued)
Cantor Fitzgerald L.P.
7.875%, 10/15/19 (144A)		2,345,000	$	2,601,787
Capital One Bank USA N.A.
8.800%, 07/15/19		720,000		932,998
Carlyle Holdings II Finance LLC
5.625%, 03/30/43 (144A)		4,505,000		4,983,264
Combine Re, Ltd.
4.520%, 01/07/15 (144A) (b)		750,000		758,325
Compass Re, Ltd.
9.020%, 01/08/15 (144A) (b)		300,000		303,180
10.270%, 01/08/15 (144A) (b)		800,000		810,080
Corp. Financiera de Desarrollo S.A.
4.750%, 02/08/22 (144A) (a)		690,000		719,325
DTEK Finance plc
7.875%, 04/04/18 (144A)		1,600,000		1,324,320
East Lane Re V, Ltd.
9.020%, 03/16/16 (144A) (b)		250,000		265,600
Embarcadero Reinsurance, Ltd.
5.020%, 08/07/15 (144A) (b)		1,000,000		1,020,200
6.654%, 08/04/14 (144A) (b)		250,000		250,175
Galileo Re, Ltd.
7.420%, 01/09/17 (144A) (b)		1,000,000		1,019,300
General Electric Capital Corp.
7.125%, 06/15/22 (b)		3,200,000		3,776,640
Hyundai Capital Services, Inc.
3.500%, 09/13/17 (144A)		660,000		694,360
Ibis Re II, Ltd.
4.020%, 06/28/16 (144A) (b)		750,000		753,375
8.370%, 02/05/15 (144A) (b)		500,000		502,600
Intercorp Retail Trust
8.875%, 11/14/18 (144A) (a)		1,050,000		1,152,375
Kilimanjaro Re, Ltd.
4.520%, 04/30/18 (144A) (b)		250,000		245,550
4.770%, 04/30/18 (144A) (b)		1,650,000		1,627,560
KKR Group Finance Co. II LLC
5.500%, 02/01/43 (144A) (a)		3,750,000		3,984,229
LeasePlan Corp. NV
2.500%, 05/16/18 (144A)		1,075,000		1,083,897
Legg Mason, Inc.
5.625%, 01/15/44		1,150,000		1,250,017
Lion I Re, Ltd.
1.722%, 04/28/17 (144A) (EUR) (b)		350,000		474,942
Loma Reinsurance, Ltd.
9.770%, 01/08/18 (144A) (b)		300,000		306,750
Longpoint Re, Ltd. III
3.980%, 05/18/16 (144A) (b)		850,000		857,395
Macquarie Group, Ltd.
6.000%, 01/14/20 (144A)		1,400,000		1,585,973
6.250%, 01/14/21 (144A) (a)		400,000		458,290
Magnesita Finance, Ltd.
8.625%, 04/05/17 (144A)		750,000		742,500
Merna Reinsurance V, Ltd.
2.020%, 04/07/17 (144A) (b)		1,000,000		1,001,900
Mystic Re, Ltd.
9.020%, 03/12/15 (144A) (b)		500,000		510,000
12.020%, 03/12/15 (144A) (b)		750,000		772,725
Diversified Financial Services—(Continued)
Mythen Re, Ltd.
8.003%, 05/07/15 (144A) (b)		1,050,000		1,088,430
8.526%, 01/05/17 (144A) (b)		950,000		1,003,390
Queen Street IV Capital, Ltd.
7.520%, 04/09/15 (144A) (b)		750,000		759,000
Queen Street V Re, Ltd.
8.520%, 04/09/15 (144A) (b)		600,000		610,440
Queen Street VII Re, Ltd.
8.620%, 04/08/16 (144A) (b)		850,000		880,940
Residential Reinsurance 2010, Ltd.
4.520%, 12/06/16 (144A) (b)		1,400,000		1,429,260
Residential Reinsurance 2011, Ltd.
8.770%, 06/06/15 (144A) (b)		1,000,000		1,044,200
8.920%, 12/06/15 (144A) (b)		250,000		259,075
9.020%, 06/06/15 (144A) (b)		1,175,000		1,218,828
Residential Reinsurance 2012, Ltd.
5.770%, 12/06/16 (144A) (b)		1,250,000		1,295,625
8.020%, 06/06/16 (144A) (b)		950,000		1,031,890
10.020%, 06/06/16 (144A) (b)		800,000		877,760
Residential Reinsurance 2013, Ltd.
9.270%, 06/06/17 (144A) (b)		350,000		364,770
Sanders Re, Ltd.
3.020%, 05/25/18 (144A) (b)		500,000		495,050
3.520%, 05/05/17 (144A) (b)		500,000		494,450
4.020%, 05/05/17 (144A) (b)		1,500,000		1,485,900
SLM Corp.
4.000%, 07/25/14 (b)		989,000		989,010
SUAM Finance B.V.
4.875%, 04/17/24 (144A) (a)		975,000		994,500
Successor X, Ltd.
11.020%, 01/27/15 (144A) (b)		650,000		654,615
11.270%, 11/10/15 (144A) (b)		250,000		260,175
Tar Heel Re, Ltd.
8.520%, 05/09/16 (144A) (b)		400,000		414,040
Tradewynd Re, Ltd.
6.270%, 01/08/15 (144A) (b)		250,000		250,400
Vita Capital V, Ltd.
2.738%, 01/15/17 (144A) (b)		500,000		508,250
3.438%, 01/15/17 (144A) (b)		1,000,000		1,025,000
				66,055,640
Electric—2.0%
Commonwealth Edison Co.
6.950%, 07/15/18 (a)		1,100,000		1,300,743
Dubai Electricity & Water Authority
8.500%, 04/22/15 (144A)		2,820,000		2,989,200
Electricite de France
6.000%, 01/22/2114 (144A) (a)		4,000,000		4,517,044
Electricite de France S.A.
5.250%, 01/29/23 (144A) (a) (b)		950,000		969,123
Enel S.p.A.
8.750%, 09/24/73 (144A) (a) (b)		2,090,000		2,460,975
FPL Energy American Wind LLC
6.639%, 06/20/23 (144A)		207,570		212,493

See accompanying notes to financial statements.

MIST-7

Met Investors Series Trust

Pioneer Strategic Income Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Electric—(Continued)
FPL Energy Wind Funding LLC
6.876%, 06/27/17 (144A)		98,195	$	96,845
Instituto Costarricense de Electricidad
6.375%, 05/15/43 (144A)		850,000		754,800
6.950%, 11/10/21 (144A) (a)		1,520,000		1,649,200
InterGen NV
7.000%, 06/30/23 (144A)		900,000		929,250
Israel Electric Corp., Ltd.
6.700%, 02/10/17 (144A) (a)		770,000		840,498
7.250%, 01/15/19 (144A)		845,000		960,131
9.375%, 01/28/20 (144A)		410,000		511,721
Juniper Generation LLC
6.790%, 12/31/14 (144A)		5,499		5,406
Kiowa Power Partners LLC
5.737%, 03/30/21 (144A)		831,362		902,461
NSG Holdings LLC / NSG Holdings, Inc.
7.750%, 12/15/25 (144A)		867,000		936,360
Panoche Energy Center LLC
6.885%, 07/31/29 (144A)		790,073		881,948
Public Service Co. of New Mexico
7.950%, 05/15/18		625,000		750,378
Southern California Edison Co.
6.250%, 02/01/22 (a) (b)		1,575,000		1,708,875
Star Energy Geothermal Wayang Windu, Ltd.
6.125%, 03/27/20 (144A)		1,300,000		1,327,560
West Penn Power Co.
5.950%, 12/15/17 (144A)		1,197,000		1,352,901
				26,057,912
Electrical Components & Equipment—0.0%
Legrand France S.A.
8.500%, 02/15/25		20,000		27,794
Electronics—0.3%
Flextronics International, Ltd.
4.625%, 02/15/20 (a)		780,000		801,450
5.000%, 02/15/23		1,300,000		1,345,500
Viasystems, Inc.
7.875%, 05/01/19 (144A)		1,100,000		1,163,250
				3,310,200
Energy-Alternate Sources—0.0%
Alta Wind Holdings LLC
7.000%, 06/30/35 (144A)		285,537		316,717
Engineering & Construction—0.5%
Abengoa Finance SAU
8.875%, 11/01/17 (144A) (a)		500,000		565,000
Dycom Investments, Inc.
7.125%, 01/15/21		1,000,000		1,075,000
Empresas ICA S.A.B. de C.V.
8.375%, 07/24/17 (144A) (a)		550,000		581,625
8.900%, 02/04/21 (144A)		1,500,000		1,586,250
Engineering & Construction—(Continued)
OAS Investments GmbH
8.250%, 10/19/19 (144A) (a)		2,400,000		2,484,000
				6,291,875
Entertainment—0.4%
GLP Capital L.P. / GLP Financing II, Inc.
4.375%, 11/01/18 (144A)		1,010,000		1,042,825
4.875%, 11/01/20 (144A)		985,000		1,014,550
Gtech S.p.A.
8.250%, 03/31/66 (144A) (EUR) (b)		1,957,000		2,885,523
Mashantucket Western Pequot Tribe
6.500%, 07/01/36 (f)		652,229		91,312
				5,034,210
Food—1.4%
BRF S.A.
3.950%, 05/22/23 (144A)		600,000		567,000
5.875%, 06/06/22 (144A)		1,425,000		1,542,563
CFG Investment SAC
9.750%, 07/30/19 (144A)		995,000		957,688
Grupo Bimbo S.A.B. de C.V.
3.875%, 06/27/24 (144A)		1,800,000		1,796,436
Independencia International, Ltd.
12.000%, 12/30/16 (144A) (c) (d)		296,948		742
JBS Finance II, Ltd.
8.250%, 01/29/18 (144A)		1,430,000		1,515,800
JBS Investments GmbH
7.750%, 10/28/20 (144A)		890,000		952,300
Marfrig Holding Europe B.V.
6.875%, 06/24/19 (144A) (a)		2,885,000		2,918,177
8.375%, 05/09/18 (144A)		1,200,000		1,276,140
Marfrig Overseas, Ltd.
9.500%, 05/04/20 (144A)		1,775,000		1,908,125
Minerva Luxembourg S.A.
7.750%, 01/31/23 (144A) (a)		1,700,000		1,819,000
12.250%, 02/10/22 (144A)		800,000		904,000
Mondelez International, Inc.
6.500%, 02/09/40		1,282,000		1,641,637
				17,799,608
Forest Products & Paper—0.2%
Inversiones CMPC S.A.
4.375%, 05/15/23 (144A) (a)		400,000		397,468
Resolute Forest Products, Inc.
5.875%, 05/15/23		1,880,000		1,851,800
				2,249,268
Gas—0.2%
Nakilat, Inc.
6.067%, 12/31/33 (144A)		520,000		570,001
6.267%, 12/31/33 (144A)		1,252,235		1,369,632
Transportadora de Gas del Peru S.A.
4.250%, 04/30/28 (144A)		1,000,000		942,500
				2,882,133

See accompanying notes to financial statements.

MIST-8

Met Investors Series Trust

Pioneer Strategic Income Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Hand/Machine Tools—0.1%
Stanley Black & Decker, Inc.
5.750%, 12/15/53 (b)		1,525,000	$	1,647,000
Healthcare-Products—0.2%
Physio-Control International, Inc.
9.875%, 01/15/19 (144A)		2,280,000		2,519,400
Healthcare-Services—0.3%
Gentiva Health Services, Inc.
11.500%, 09/01/18 (a)		470,000		501,725
HCA, Inc.
6.500%, 02/15/20		350,000		393,750
7.690%, 06/15/25		50,000		56,375
8.360%, 04/15/24		50,000		59,375
Kindred Healthcare, Inc.
6.375%, 04/15/22 (144A)		600,000		603,000
NYU Hospitals Center
4.428%, 07/01/42		1,800,000		1,689,638
				3,303,863
Holding Companies-Diversified—0.0%
Boart Longyear Management Pty, Ltd.
7.000%, 04/01/21 (144A) (a)		525,000		393,750
Home Builders—0.6%
Brookfield Residential Properties, Inc. / Brookfield Residential U.S. Corp.
6.125%, 07/01/22 (144A)		1,000,000		1,040,000
DR Horton, Inc.
5.750%, 08/15/23 (a)		1,375,000		1,478,125
KB Home
7.000%, 12/15/21 (a)		1,800,000		1,962,000
Meritage Homes Corp.
7.000%, 04/01/22		2,500,000		2,753,125
				7,233,250
Home Furnishings—0.1%
Arcelik A/S
5.000%, 04/03/23 (144A) (a)		1,300,000		1,249,300
Household Products/Wares—0.3%
Controladora Mabe S.A. de C.V.
7.875%, 10/28/19 (144A)		2,121,000		2,428,545
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC
7.125%, 04/15/19		1,300,000		1,358,500
9.875%, 08/15/19		705,000		780,787
				4,567,832
Insurance—2.7%
Aquarius + Investments plc for Swiss Reinsurance Co., Ltd.
6.375%, 09/01/24 (b)		2,700,000		2,889,000
Insurance—(Continued)
AXA S.A.
8.600%, 12/15/30		1,320,000		1,773,750
Delphi Financial Group, Inc.
7.875%, 01/31/20		2,190,000		2,658,021
Foundation Re III, Ltd.
5.020%, 02/25/15 (144A) (b)		750,000		752,400
Hanover Insurance Group, Inc. (The)
7.500%, 03/01/20		325,000		388,302
7.625%, 10/15/25		1,166,000		1,426,699
Ironshore Holdings U.S., Inc.
8.500%, 05/15/20 (144A)		1,635,000		1,943,281
Kane SAC, Ltd.
Zero Coupon, 06/12/15 (e)		1,300,000		1,150,370
Zero Coupon, 08/01/15 (e)		600,000		604,860
Liberty Mutual Insurance Co.
7.697%, 10/15/97 (144A)		2,600,000		2,928,523
Montpelier Re Holdings, Ltd.
4.700%, 10/15/22		1,965,000		2,030,796
OneBeacon U.S. Holdings, Inc.
4.600%, 11/09/22		1,500,000		1,548,648
Platinum Underwriters Finance, Inc.
7.500%, 06/01/17		2,214,000		2,541,612
Protective Life Corp.
7.375%, 10/15/19		1,925,000		2,381,818
Prudential Financial, Inc.
5.625%, 06/15/43 (b)		1,750,000		1,871,940
5.875%, 09/15/42 (a) (b)		1,200,000		1,303,500
8.875%, 06/15/38 (b)		915,000		1,122,064
QBE Insurance Group, Ltd.
2.400%, 05/01/18 (144A)		850,000		848,597
Sirius International Group, Ltd.
7.506%, 06/30/17 (144A) (b)		3,465,000		3,638,250
Vitality Re IV, Ltd.
2.770%, 01/09/17 (144A) (b)		400,000		408,960
Vitality Re V, Ltd.
1.770%, 01/07/19 (144A) (b)		250,000		249,450
2.520%, 01/07/19 (144A) (b)		250,000		252,650
Voya Financial, Inc.
5.650%, 05/15/53 (b)		450,000		457,875
Wilton Re Finance LLC
5.875%, 03/30/33 (144A) (b)		1,050,000		1,094,625
				36,265,991
Internet—0.1%
Expedia, Inc.
5.950%, 08/15/20		675,000		763,734
Investment Company Security—0.1%
Gruposura Finance
5.700%, 05/18/21 (144A) (a)		915,000		995,063
Iron/Steel—0.6%
Allegheny Technologies, Inc.
9.375%, 06/01/19		1,135,000		1,408,101

See accompanying notes to financial statements.

MIST-9

Met Investors Series Trust

Pioneer Strategic Income Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Iron/Steel—(Continued)
Essar Steel Algoma, Inc.
9.375%, 03/15/15 (144A) (a)		450,000	$	448,875
Ferrexpo Finance plc
7.875%, 04/07/16 (144A) (a)		650,000		624,000
Glencore Funding LLC
4.125%, 05/30/23 (144A)		875,000		878,798
Metalloinvest Finance, Ltd.
5.625%, 04/17/20 (144A) (a)		1,000,000		970,000
Metinvest B.V.
8.750%, 02/14/18 (144A) (a)		1,200,000		1,044,000
10.250%, 05/20/15 (144A)		550,000		529,375
Samarco Mineracao S.A.
4.125%, 11/01/22 (144A) (a)		1,275,000		1,208,063
5.750%, 10/24/23 (144A) (a)		700,000		734,790
				7,846,002
Lodging—0.2%
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp.
4.250%, 05/30/23 (144A)		920,000		890,100
5.375%, 03/15/22		1,115,000		1,160,994
				2,051,094
Machinery-Construction & Mining—0.1%
Ormat Funding Corp.
8.250%, 12/30/20		754,072		750,302
Machinery-Diversified—0.2%
Cummins, Inc.
5.650%, 03/01/98		2,375,000		2,689,281
6.750%, 02/15/27		393,000		490,966
				3,180,247
Media—0.3%
Myriad International Holding B.V.
6.375%, 07/28/17 (144A)		1,530,000		1,683,000
Nara Cable Funding, Ltd.
8.875%, 12/01/18 (144A) (EUR)		360,000		526,232
8.875%, 12/01/18 (144A)		500,000		533,750
Numericable Group S.A.
6.000%, 05/15/22 (144A)		975,000		1,014,000
Time Warner Cable, Inc.
8.250%, 04/01/19		313,000		396,612
8.750%, 02/14/19		198,000		253,929
				4,407,523
Metal Fabricate/Hardware—0.3%
Mueller Water Products, Inc.
7.375%, 06/01/17		1,096,000		1,113,810
Valmont Industries, Inc.
6.625%, 04/20/20		940,000		1,117,000
Worthington Industries, Inc.
4.550%, 04/15/26		710,000		738,502
Metal Fabricate/Hardware—(Continued)
WPE International Cooperatief UA
10.375%, 09/30/20 (144A)		600,000		315,000
				3,284,312
Mining—1.3%
ALROSA Finance S.A.
7.750%, 11/03/20 (144A) (a)		640,000		708,032
AngloGold Ashanti Holdings plc
5.375%, 04/15/20 (a)		1,615,000		1,640,139
Freeport-McMoRan Copper & Gold, Inc.
3.875%, 03/15/23 (a)		1,605,000		1,600,114
Fresnillo plc
5.500%, 11/13/23 (144A) (a)		1,275,000		1,332,375
Gold Fields Orogen Holding BVI, Ltd.
4.875%, 10/07/20 (144A) (a)		4,860,000		4,471,200
IAMGOLD Corp.
6.750%, 10/01/20 (144A) (a)		500,000		462,500
KGHM International, Ltd.
7.750%, 06/15/19 (144A)		2,100,000		2,254,875
MMC Norilsk Nickel OJSC via MMC Finance, Ltd.
5.550%, 10/28/20 (144A)		1,400,000		1,407,000
Vedanta Resources plc
6.000%, 01/31/19 (144A)		1,150,000		1,188,870
8.250%, 06/07/21 (144A)		700,000		784,000
9.500%, 07/18/18 (144A)		725,000		835,563
Volcan Cia Minera SAA
5.375%, 02/02/22 (144A) (a)		625,000		625,000
				17,309,668
Multi-National—0.8%
Inter-American Development Bank
4.500%, 02/04/16 (IDR)		21,400,000,000		1,724,775
International Bank for Reconstruction & Development
5.750%, 10/21/19 (AUD)		1,600,000		1,670,831
International Finance Corp.
7.750%, 12/03/16 (INR)		189,120,000		3,175,119
8.250%, 06/10/21 (INR)		190,030,000		3,299,751
				9,870,476
Oil & Gas—3.2%
Carrizo Oil & Gas, Inc.
8.625%, 10/15/18		1,130,000		1,190,737
Dolphin Energy, Ltd.
5.500%, 12/15/21 (144A)		470,000		534,038
EP Energy LLC / EP Energy Finance, Inc.
9.375%, 05/01/20 (a)		1,750,000		2,003,750
Gazprom OAO Via Gaz Capital S.A.
4.950%, 07/19/22 (144A)		200,000		198,960
8.146%, 04/11/18 (144A)		190,000		218,263
KazMunayGas National Co. JSC
4.400%, 04/30/23 (144A) (a)		600,000		588,300

See accompanying notes to financial statements.

MIST-10

Met Investors Series Trust

Pioneer Strategic Income Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Oil & Gas—(Continued)
Linn Energy LLC / Linn Energy Finance Corp.
7.250%, 11/01/19		1,375,000	$	1,440,312
8.625%, 04/15/20		825,000		891,000
National JSC Naftogaz of Ukraine
9.500%, 09/30/14		1,000,000		980,000
Newfield Exploration Co.
5.625%, 07/01/24		1,625,000		1,783,437
Novatek OAO via Novatek Finance, Ltd.
4.422%, 12/13/22 (144A) (a)		2,600,000		2,414,750
Oasis Petroleum, Inc.
6.875%, 03/15/22 (144A)		600,000		654,000
6.875%, 01/15/23		2,050,000		2,234,500
Offshore Group Investment, Ltd.
7.500%, 11/01/19		1,000,000		1,057,500
Pacific Rubiales Energy Corp.
5.375%, 01/26/19 (144A)		710,000		740,175
Petrobras Global Finance B.V.
3.000%, 01/15/19 (a)		2,375,000		2,331,419
PetroQuest Energy, Inc.
10.000%, 09/01/17		500,000		527,550
Plains Exploration & Production Co.
6.750%, 02/01/22		3,505,000		3,982,556
8.625%, 10/15/19		1,025,000		1,096,750
Precision Drilling Corp.
6.625%, 11/15/20		1,100,000		1,177,000
Rosneft Finance S.A.
6.625%, 03/20/17 (144A) (a)		375,000		410,625
7.500%, 07/18/16 (144A) (a)		1,090,000		1,193,550
Rowan Cos., Inc.
4.750%, 01/15/24 (a)		3,125,000		3,306,341
Samson Investment Co.
10.750%, 02/15/20 (144A)		865,000		911,494
SandRidge Energy, Inc.
7.500%, 03/15/21		625,000		677,344
8.125%, 10/15/22		325,000		357,906
Swift Energy Co.
7.875%, 03/01/22 (a)		1,600,000		1,672,000
Tengizchevroil Finance Co. SARL
6.124%, 11/15/14 (144A)		192,968		195,170
Tesoro Corp.
5.375%, 10/01/22 (a)		1,630,000		1,703,350
Transocean, Inc.
6.375%, 12/15/21		3,100,000		3,586,207
Valero Energy Corp.
9.375%, 03/15/19		1,230,000		1,614,451
W&T Offshore, Inc.
8.500%, 06/15/19		600,000		648,000
				42,321,435
Oil & Gas Services—0.5%
Calfrac Holdings L.P.
7.500%, 12/01/20 (144A)		500,000		537,500
Expro Finance Luxembourg SCA
8.500%, 12/15/16 (144A)		304,000		317,680
Exterran Holdings, Inc.
7.250%, 12/01/18		1,525,000		1,608,875
Oil & Gas Services—(Continued)
SESI LLC
7.125%, 12/15/21		1,460,000		1,646,150
Weatherford International, Ltd.
5.950%, 04/15/42 (a)		475,000		538,693
9.625%, 03/01/19		1,209,000		1,586,565
				6,235,463
Packaging & Containers—0.4%
AEP Industries, Inc.
8.250%, 04/15/19		290,000		305,950
Ardagh Packaging Finance plc
9.125%, 10/15/20 (144A)		2,325,000		2,574,938
9.250%, 10/15/20 (144A) (EUR)		400,000		597,015
Ardagh Packaging Finance plc / Ardagh MP Holdings USA, Inc.
6.750%, 01/31/21 (144A)		300,000		309,750
7.000%, 11/15/20 (144A)		211,765		219,176
Mondi Consumer Packaging International AG
9.750%, 07/15/17 (144A) (EUR)		950,000		1,367,815
				5,374,644
Pharmaceuticals—0.3%
Endo Finance Co.
5.750%, 01/15/22 (144A) (a)		1,000,000		1,020,000
Endo Finance LLC & Endo Finco, Inc.
5.375%, 01/15/23 (144A)		480,000		479,400
Valeant Pharmaceuticals International, Inc.
7.500%, 07/15/21 (144A)		1,390,000		1,539,425
Warner Chilcott Co. LLC / Warner Chilcott Finance LLC
7.750%, 09/15/18		1,075,000		1,130,137
				4,168,962
Pipelines—2.4%
Buckeye Partners L.P.
6.050%, 01/15/18		505,000		570,614
DCP Midstream LLC
5.850%, 05/21/43 (144A) (b)		2,951,000		2,803,450
9.750%, 03/15/19 (144A)		1,267,000		1,633,628
Energy Transfer Partners L.P.
3.243%, 11/01/66 (b)		900,000		827,100
EnLink Midstream Partners L.P.
4.400%, 04/01/24 (a)		1,060,000		1,112,335
Enterprise Products Operating LLC
8.375%, 08/01/66 (b)		1,059,000		1,192,011
Gibson Energy, Inc.
6.750%, 07/15/21 (144A) (a)		2,735,000		2,960,638
Kinder Morgan Energy Partners L.P.
4.150%, 03/01/22 (a)		2,300,000		2,389,261
5.950%, 02/15/18		1,559,000		1,778,822
ONEOK, Inc.
6.875%, 09/30/28		1,850,000		2,095,578
Plains All American Pipeline L.P. / PAA Finance Corp.
6.125%, 01/15/17		1,467,000		1,643,989

See accompanying notes to financial statements.

MIST-11

Met Investors Series Trust

Pioneer Strategic Income Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Pipelines—(Continued)
Questar Pipeline Co.
5.830%, 02/01/18		1,441,000	$	1,628,687
Sabine Pass Liquefaction LLC
5.625%, 02/01/21		2,150,000		2,273,625
Spectra Energy Capital LLC
6.200%, 04/15/18		1,109,000		1,272,754
6.750%, 07/15/18		600,000		688,620
Sunoco Logistics Partners Operations L.P.
6.100%, 02/15/42		1,700,000		1,961,469
Transportadora de Gas del Sur S.A.
9.625%, 05/14/20 (144A)		703,895		717,973
Williams Cos., Inc. (The)
7.750%, 06/15/31		1,549,000		1,866,509
Williams Partners L.P.
4.300%, 03/04/24		2,440,000		2,544,671
				31,961,734
Real Estate—0.1%
WP Carey, Inc.
4.600%, 04/01/24		1,210,000		1,257,524
Real Estate Investment Trusts—1.6%
Alexandria Real Estate Equities, Inc.
3.900%, 06/15/23 (a)		811,000		807,591
4.600%, 04/01/22		575,000		607,977
BioMed Realty L.P.
4.250%, 07/15/22 (a)		685,000		706,271
Corporate Office Properties L.P.
3.600%, 05/15/23		1,100,000		1,051,833
CubeSmart L.P.
4.800%, 07/15/22		550,000		591,917
DCT Industrial Operating Partnership L.P.
4.500%, 10/15/23		1,250,000		1,287,790
Digital Realty Trust L.P.
4.500%, 07/15/15		900,000		925,669
5.875%, 02/01/20 (a)		350,000		388,993
Health Care REIT, Inc.
4.500%, 01/15/24		900,000		948,301
Healthcare Realty Trust, Inc.
5.750%, 01/15/21		630,000		712,490
6.500%, 01/17/17		1,130,000		1,270,479
Highwoods Realty L.P.
3.625%, 01/15/23		1,525,000		1,506,127
Hospitality Properties Trust
5.000%, 08/15/22		1,490,000		1,576,305
Omega Healthcare Investors, Inc.
4.950%, 04/01/24 (144A)		3,120,000		3,186,650
Piedmont Operating Partnership L.P.
3.400%, 06/01/23 (a)		1,880,000		1,787,136
Senior Housing Properties Trust
6.750%, 04/15/20		2,235,000		2,582,093
Trust F/1401
5.250%, 12/15/24 (144A) (a)		940,000		987,000
				20,924,622
Retail—0.1%
CVS Pass-Through Trust
5.773%, 01/10/33 (144A)		859,844		962,496
Savings & Loans—0.3%
Astoria Financial Corp.
5.000%, 06/19/17		1,700,000		1,846,844
Santander Holdings USA, Inc.
3.450%, 08/27/18		1,450,000		1,536,575
				3,383,419
Semiconductors—0.0%
KLA-Tencor Corp.
6.900%, 05/01/18		154,000		181,191
LDK Solar Co., Ltd.
10.000%, 02/28/14 (CNH) (c)		2,000,000		40,290
				221,481
Software—0.2%
Activision Blizzard, Inc.
5.625%, 09/15/21 (144A)		1,100,000		1,185,250
Audatex North America, Inc.
6.000%, 06/15/21 (144A)		1,950,000		2,081,625
				3,266,875
Telecommunications—2.7%
Altice Financing S.A.
6.500%, 01/15/22 (144A)		1,250,000		1,331,250
CenturyLink, Inc.
6.450%, 06/15/21 (a)		700,000		759,500
7.600%, 09/15/39		700,000		702,625
Cincinnati Bell, Inc.
8.375%, 10/15/20		1,408,000		1,543,520
Crown Castle Towers LLC
4.883%, 08/15/20 (144A)		1,600,000		1,767,328
6.113%, 01/15/20 (144A)		785,000		923,965
Digicel, Ltd.
8.250%, 09/01/17 (144A) (a)		1,350,000		1,388,880
Frontier Communications Corp.
8.500%, 04/15/20		1,775,000		2,094,500
8.750%, 04/15/22		1,950,000		2,262,000
GCI, Inc.
8.625%, 11/15/19		370,000		390,813
GTP Acquisition Partners I LLC
7.628%, 06/15/16 (144A)		1,800,000		1,908,567
GTP Cellular Sites LLC
3.721%, 03/15/17 (144A)		590,117		618,129
GTP Towers Issuer LLC
4.436%, 02/15/15 (144A)		1,980,000		2,012,169
Intelsat Jackson Holdings S.A.
8.500%, 11/01/19		250,000		265,625
MetroPCS Wireless, Inc.
6.625%, 11/15/20		875,000		934,062
Oi S.A.
5.750%, 02/10/22 (144A)		1,700,000		1,696,600

See accompanying notes to financial statements.

MIST-12

Met Investors Series Trust

Pioneer Strategic Income Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Telecommunications—(Continued)
PAETEC Holding Corp.
9.875%, 12/01/18 (a)		500,000	$	538,750
Unison Ground Lease Funding LLC
2.981%, 03/15/20 (144A)		1,100,000		1,109,097
Verizon Communications, Inc.
6.550%, 09/15/43		2,950,000		3,712,401
VimpelCom Holdings B.V.
7.504%, 03/01/22 (144A)		2,500,000		2,696,875
9.000%, 02/13/18 (144A) (RUB)		72,000,000		2,036,260
WCP Wireless Site Funding LLC
6.829%, 11/15/15 (144A)		1,850,000		1,927,654
Windstream Corp.
6.375%, 08/01/23 (a)		265,000		268,644
7.750%, 10/15/20		1,615,000		1,750,256
8.125%, 09/01/18		400,000		420,000
				35,059,470
Textiles—0.0%
Mohawk Industries, Inc.
3.850%, 02/01/23		575,000		572,844
Transportation—0.4%
Far East Capital, Ltd. S.A.
8.000%, 05/02/18 (144A)		600,000		495,000
Golar LNG Partners L.P.
6.960%, 10/12/17 (NOK) (b)		6,000,000		1,029,533
Inversiones Alsacia S.A.
8.000%, 08/18/18 (144A)		1,339,800		897,666
Viterra, Inc.
5.950%, 08/01/20 (144A)		2,760,000		3,150,153
				5,572,352
Trucking & Leasing—0.2%
GATX Corp.
6.000%, 02/15/18		1,896,000		2,139,670
Total Corporate Bonds & Notes (Cost $509,158,071)				539,257,994
U.S. Treasury & Government Agencies—17.6%
Agency Sponsored Mortgage - Backed—13.7%
Fannie Mae 10 Yr. Pool
4.000%, 08/01/19		510,924		542,862
4.000%, 12/01/19		177,490		188,620
Fannie Mae 15 Yr. Pool
3.000%, TBA (g)		3,100,000		3,220,125
3.500%, TBA (g)		2,900,000		3,073,547
4.000%, 07/01/18		157,048		166,969
4.000%, 08/01/18		173,062		183,973
4.000%, 03/01/19		201,439		214,159
5.000%, 02/01/20		77,765		83,046
5.000%, 10/01/20		381,235		409,279
5.000%, 12/01/21		35,990		38,874
5.000%, 02/01/22		13,668		14,751
Agency Sponsored Mortgage - Backed—(Continued)
Fannie Mae 15 Yr. Pool
5.000%, 06/01/22		33,961		36,704
5.000%, 09/01/22		285,806		304,634
5.000%, 07/01/23		224,424		244,719
Fannie Mae 20 Yr. Pool
5.500%, 03/01/25		120,386		135,079
Fannie Mae 30 Yr. Pool
3.000%, 02/01/43		931,269		923,346
3.500%, 11/01/40		3,401,306		3,506,693
3.500%, 08/01/42		12,976,727		13,378,805
3.500%, 12/01/42		1,092,936		1,128,131
3.500%, 07/01/43		2,923,663		3,014,251
3.500%, 02/01/44		4,657,669		4,801,984
3.500%, TBA (g)		13,000,000		13,381,875
4.000%, 12/01/40		1,221,497		1,303,157
4.000%, 07/01/41		1,256,120		1,334,962
4.000%, 12/01/41		872,332		928,104
4.000%, 01/01/42		896,425		953,395
4.000%, 04/01/42		865,263		920,064
4.000%, 12/01/42		122,426		130,110
4.000%, 05/01/44		2,992,826		3,180,675
4.000%, TBA (g)		5,000,000		5,306,250
4.500%, 03/01/35		78,471		85,019
4.500%, 07/01/35		172,431		186,855
4.500%, 05/01/39		3,551,983		3,893,123
4.500%, 11/01/40		5,876,287		6,368,177
4.500%, 12/01/40		883,601		963,559
4.500%, 05/01/41		350,944		380,261
4.500%, 07/01/41		4,413,022		4,812,502
4.500%, 11/01/41		566,588		615,664
4.500%, 12/01/41		136,804		148,679
4.500%, 11/01/43		930,269		1,016,021
4.500%, 12/01/43		741,495		809,855
4.500%, TBA (g)		10,000,000		10,829,690
5.000%, 01/01/38		5,496,432		6,107,645
5.000%, 01/01/39		898,045		997,909
5.000%, 06/01/40		403,665		449,007
5.000%, 07/01/40		344,476		383,040
5.000%, TBA (g)		20,000,000		22,209,376
6.000%, 03/01/32		809		921
6.000%, 07/01/37		58,876		66,251
6.000%, 07/01/38		535,415		602,481
6.500%, 07/01/31		356		402
6.500%, 10/01/31		627		709
6.500%, 02/01/32		493		556
6.500%, 12/01/36		2,798		3,154
6.500%, 03/01/37		87,184		98,393
6.500%, 10/01/37		54,293		61,218
7.000%, 09/01/29		342		384
7.500%, 01/01/30		810		960
7.500%, 10/01/30		104		118
Fannie Mae Pool
4.000%, 04/01/42		561,689		597,313
Fannie Mae REMICS (CMO)
3.500%, 01/25/29 (h)		375,802		22,027
4.500%, 06/25/29		709,369		769,114

See accompanying notes to financial statements.

MIST-13

Met Investors Series Trust

Pioneer Strategic Income Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

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

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage - Backed—(Continued)
Fannie Mae REMICS (CMO)
5.000%, 09/25/39		112,759	$	118,086
Freddie Mac 15 Yr. Gold Pool
3.500%, 11/01/28		1,832,073		1,944,398
4.500%, 11/01/18		83,974		89,554
5.000%, 12/01/21		127,936		138,218
5.500%, 10/01/16		969		1,028
6.000%, 06/01/17		12,546		13,180
Freddie Mac 30 Yr. Gold Pool
3.500%, 10/01/40		772,646		795,218
3.500%, 08/01/43		3,706,558		3,814,843
4.000%, 01/01/44		3,906,384		4,143,984
4.000%, 04/01/44		7,468,682		7,922,953
4.500%, 04/01/41		2,397,107		2,596,411
4.500%, 03/01/42		3,525,583		3,819,459
4.500%, 05/01/44		1,504,940		1,630,355
5.000%, 05/01/34		325,688		361,384
5.000%, 06/01/35		109,501		121,437
5.000%, 05/01/37		429,311		475,097
5.000%, 09/01/38		75,545		83,602
5.000%, 10/01/38		183,478		203,046
5.000%, 11/01/39		1,507,632		1,675,521
5.000%, 12/01/39		349,314		393,613
6.000%, 06/01/35		25,338		28,439
6.000%, 12/01/36		40,339		45,288
Freddie Mac REMICS (CMO)
5.000%, 06/15/34		186,523		188,324
Ginnie Mae I 15 Yr. Pool
5.000%, 10/15/18		106,220		113,008
5.500%, 08/15/19		36,014		38,366
5.500%, 10/15/19		182,200		193,665
6.000%, 05/15/17		1,102		1,145
6.000%, 06/15/17		1,300		1,353
6.000%, 08/15/19		11,151		11,862
Ginnie Mae I 30 Yr. Pool
4.000%, TBA (g)		6,250,000		6,675,781
4.500%, 09/15/33		149,525		163,920
4.500%, 05/15/34		263,978		288,492
4.500%, 12/15/34		104,477		114,531
4.500%, 04/15/35		351,819		383,972
4.500%, 10/15/35		124,451		136,105
4.500%, 01/15/40		2,657,957		2,905,514
4.500%, 09/15/40		535,160		585,009
4.500%, 07/15/41		816,315		892,187
4.500%, 08/15/41		804,557		878,063
5.000%, 05/15/34		1,221,143		1,355,071
5.000%, 04/15/35		16,345		18,257
5.500%, 01/15/34		100,018		114,826
5.500%, 04/15/34		39,504		44,615
5.500%, 07/15/34		193,755		218,822
5.500%, 10/15/34		123,793		139,598
5.500%, 06/15/35		48,215		53,998
5.500%, 11/15/35		60,814		68,206
5.750%, 10/15/38		146,966		164,147
6.000%, 02/15/24		2,317		2,605
6.000%, 11/15/28		1,129		1,270
Agency Sponsored Mortgage - Backed—(Continued)
Ginnie Mae I 30 Yr. Pool
6.000%, 02/15/33		3,096		3,578
6.000%, 03/15/33		12,809		14,570
6.000%, 06/15/33		12,587		14,401
6.000%, 07/15/33		11,403		13,183
6.000%, 09/15/33		12,860		14,617
6.000%, 10/15/33		5,983		6,822
6.000%, 08/15/34		42,974		48,933
6.500%, 03/15/29		4,226		4,801
6.500%, 02/15/32		1,864		2,144
6.500%, 03/15/32		1,926		2,248
6.500%, 11/15/32		5,708		6,594
7.000%, 03/15/31		348		391
Ginnie Mae II 30 Yr. Pool
4.500%, 09/20/41		858,379		939,049
5.000%, 08/20/34		136,348		151,247
5.500%, 03/20/34		15,569		17,522
6.000%, 05/20/32		22,136		25,034
6.000%, 11/20/33		26,202		30,304
Government National Mortgage Association
1.015%, 02/16/53 (b) (h)		9,133,028		707,161
1.033%, 03/16/53 (b) (h)		6,134,742		454,842
1.063%, 08/16/52 (b) (h)		9,505,276		637,177
1.066%, 09/16/52 (b) (h)		9,314,589		749,070
4.973%, 04/16/42		239,636		255,790
Government National Mortgage Association (CMO)
3.000%, 04/20/41		1,343,039		1,395,815
4.500%, 09/20/39		2,235,000		2,401,387
				179,594,032
U.S. Treasury—3.9%
U.S. Treasury Bonds
2.875%, 05/15/43 (a)		8,000,000		7,310,000
4.250%, 05/15/39 (a)		3,110,000		3,651,821
4.375%, 02/15/38 (a)		1,727,000		2,061,876
4.375%, 11/15/39 (a)		455,000		544,863
4.500%, 02/15/36 (a)		1,610,000		1,955,395
4.500%, 05/15/38 (a)		4,704,000		5,719,772
4.500%, 08/15/39		10,200,000		12,432,841
5.000%, 05/15/37 (a)		289,000		375,158
5.375%, 02/15/31 (a)		1,750,000		2,297,696
6.250%, 08/15/23 (a)		87,000		114,758
U.S. Treasury Notes
1.750%, 05/15/23 (a)		2,000,000		1,894,376
3.125%, 05/15/19		11,500,000		12,332,853
				50,691,409
Total U.S. Treasury & Government Agencies (Cost $223,373,348)				230,285,441

See accompanying notes to financial statements.

MIST-14

Met Investors Series Trust

Pioneer Strategic Income Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Floating Rate Loans (b)—9.1%

Security Description	Principal Amount*		Value
Advertising—0.2%
Affinion Group, Inc.
Term Loan B, 6.750%, 04/30/18		1,346,101	$	1,354,231
inVentiv Health, Inc.
Term Loan, 7.500%, 08/04/16		920,179		926,220
				2,280,451
Aerospace/Defense—0.3%
DAE Aviation Holdings, Inc.
Term Loan B1, 5.000%, 11/02/18		1,427,699		1,444,653
Term Loan B2, 5.000%, 11/02/18		647,225		654,911
Digital Global, Inc.
Term Loan B, 3.750%, 01/31/20		940,100		942,746
DynCorp International LLC
Term Loan B, 6.250%, 07/07/16		178,875		179,568
Hunter Defense Technologies, Inc.
1st Lien Term Loan, 3.480%, 08/22/14		465,186		451,230
TASC, Inc.
Term Loan B, 6.500%, 05/30/20		299,594		294,351
				3,967,459
Air Freight & Logistics—0.0%
FTS International, Inc.
Term Loan B, 5.750%, 04/16/21		151,273		153,329
Airlines—0.1%
Delta Air Lines, Inc.
Term Loan B1, 3.500%, 10/18/18		985,000		985,877
Auto Components—0.1%
Federal-Mogul Holdings Corp.
Term Loan C, 4.750%, 04/15/21		769,170		771,173
Auto Manufacturers—0.3%
ASP HHI Acquisition Co., Inc.
Term Loan, 5.000%, 10/05/18		515,913		521,075
Chrysler Group LLC
Term Loan B, 3.500%, 05/24/17		3,021,550		3,035,947
				3,557,022
Auto Parts & Equipment—0.5%
Gates Investments, Inc.
Term Loan B2, 3.850%, 09/29/16		275,975		276,636
Goodyear Tire & Rubber Co. (The)
2nd Lien Term Loan, 4.750%, 04/30/19		750,000		755,509
Metaldyne LLC
Term Loan, 4.250%, 12/18/18		165,407		166,596
Remy International, Inc.
Term Loan B, 4.250%, 03/05/20		612,460		614,756
TI Group Automotive Systems LLC
Term Loan B, 0.000%, 07/01/21		1,234,918		1,237,623
Tower Automotive Holdings USA LLC
Term Loan, 4.000%, 04/23/20		2,503,439		2,500,710
UCI International, Inc.
Term Loan B, 5.500%, 07/26/17		965,000		969,526
				6,521,356
Building Materials—0.0%
U.S. Silica Co.
Term Loan B, 4.000%, 07/17/20		363,825		364,887
Capital Markets—0.0%
Ozburn-Hessey Holding Co. LLC
Term Loan, 6.750%, 05/23/19		584,100		587,751
Chemicals—0.3%
Axalta Coating Systems U.S. Holdings, Inc.
Term Loan, 4.000%, 02/01/20		1,748,036		1,751,095
Chemtura Corp.
Term Loan B, 3.500%, 08/27/16		423,034		424,355
Huntsman International LLC
Extended Term Loan B, 2.694%, 04/19/17		151,603		151,540
Univar, Inc.
Term Loan B, 5.000%, 06/30/17		954,893		960,188
WR Grace & Co.
Delayed Draw Term Loan, 1.000%, 02/03/21 (j)		192,572		192,452
Term Loan, 3.000%, 01/31/21		537,853		537,517
				4,017,147
Coal—0.3%
American Energy-Permian Basin LLC
Term Loan, 0.000%, 06/18/15 (i)		2,780,000		2,780,000
Walter Energy, Inc.
Term Loan B, 7.250%, 01/06/21		611,362		592,296
				3,372,296
Commercial Services—0.3%
Interactive Data Corp.
Term Loan, 4.750%, 05/02/21		387,783		391,663
Laureate Education, Inc.
Term Loan B, 5.000%, 03/20/20		477,553		468,002
Monitronics International, Inc.
Term Loan B, 4.250%, 05/29/15		692,965		695,345
ON Assignment, Inc.
Term Loan B, 3.500%, 04/09/21		593,392		593,024
Scitor Corp.
Term Loan B, 5.000%, 02/15/17		463,977		458,178
Truven Health Analytics, Inc.
Term Loan B, 4.500%, 06/06/19		1,274,122		1,265,362
WCA Waste Corp.
Term Loan, 4.000%, 03/23/18		650,038		649,430
				4,521,004
Computers—0.3%
Expert Global Solutions, Inc.
Term Loan B, 8.500%, 04/03/18		2,268,431		2,265,595
SkillSoft Corp.
1st Lien Term Loan, 4.500%, 04/28/21		1,400,000		1,402,191
				3,667,786

See accompanying notes to financial statements.

MIST-15

Met Investors Series Trust

Pioneer Strategic Income Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Floating Rate Loans (b)—(Continued)

Security Description	Principal Amount*		Value
Distribution/Wholesale—0.1%
WESCO Distribution, Inc.
Term Loan B, 3.750%, 12/12/19		787,623	$	789,100
Diversified Consumer Services—0.1%
Darling International, Inc.
Term Loan B, 3.500%, 01/06/21 (EUR)		982,538		1,349,970
Diversified Financial Services—0.3%
Ocwen Financial Corp.
Term Loan, 5.000%, 02/15/18		2,755,125		2,773,777
RPI Finance Trust
Term Loan B3, 3.250%, 11/09/18		1,364,291		1,367,982
				4,141,759
Electric—0.3%
Calpine Construction Finance Co. L.P.
Term Loan B1, 3.000%, 05/03/20		1,163,250		1,144,103
Calpine Corp.
Term Loan B1, 4.000%, 04/01/18		1,190,025		1,195,850
NRG Energy, Inc.
Term Loan B, 2.750%, 07/02/18		897,452		896,891
NSG Holdings LLC
New Term Loan, 3.750%, 12/11/19		683,537		684,392
				3,921,236
Electric Utilities—0.0%
Star West Generation LLC
New Term Loan B, 4.250%, 03/13/20		488,215		490,049
Electrical Components & Equipment—0.0%
Pelican Products, Inc.
Term Loan, 5.250%, 03/20/20		277,831		280,609
Electronics—0.1%
Aeroflex, Inc.
Term Loan B, 4.500%, 11/11/19		882,435		885,744
Entertainment—0.1%
Pinnacle Entertainment, Inc.
Term Loan B2, 3.750%, 08/13/20		660,531		662,939
Six Flags Theme Parks, Inc.
Term Loan B, 3.501%, 12/20/18		700,148		703,211
				1,366,150
Environmental Control—0.1%
Waste Industries USA., Inc.
Term Loan B, 4.250%, 03/17/17		693,942		695,389
Food—0.1%
AdvancePierre Foods, Inc.
Term Loan, 5.750%, 07/10/17		171,752		172,127
Big Heart Pet Brands
Term Loan, 3.500%, 03/08/20		457,389		454,386
Food—(Continued)
Pinnacle Foods Finance LLC
Term Loan G, 3.250%, 04/29/20		977,625		973,880
				1,600,393
Forest Products & Paper—0.2%
Appvion, Inc.
1st Lien Term Loan, 5.753%, 06/28/19		1,885,750		1,910,104
Exopack LLC
Term Loan B, 5.250%, 05/08/19		800,975		814,744
				2,724,848
Health Care Providers & Services—0.1%
Amsurg Corp.
Term Loan, 0.000%, 05/29/15 (i)		1,635,000		1,643,175
Healthcare-Products—0.1%
Immucor, Inc.
Term Loan B2, 5.000%, 08/17/18		1,532,041		1,541,861
Healthcare-Services—0.9%
Accentcare, Inc.
Term Loan B, 6.500%, 12/22/16		491,021		335,122
Alliance Healthcare Services, Inc.
Term Loan B, 4.250%, 06/03/19		742,502		743,779
Ardent Medical Services, Inc.
Term Loan, 6.750%, 07/02/18		393,895		396,684
Gentiva Health Services, Inc.
Term Loan B, 6.500%, 10/18/19		2,507,699		2,509,279
HCA, Inc.
Extended Term Loan B4, 2.984%, 05/01/18		104,024		104,300
Term Loan B5, 2.900%, 03/31/17		249,470		250,297
Iasis Healthcare LLC
Term Loan B2, 4.500%, 05/03/18		701,628		705,311
IMS Health, Inc.
Term Loan, 3.500%, 03/17/21		637,521		634,951
Kindred Healthcare, Inc.
Term Loan, 4.000%, 04/09/21		1,579,713		1,583,994
MMM Holdings, Inc.
Term Loan, 9.750%, 12/12/17		426,759		430,493
MSO of Puerto Rico, Inc.
Term Loan, 9.750%, 12/12/17		310,265		312,980
Select Medical Corp.
Term Loan B, 3.750%, 06/01/18		387,982		388,465
Surgical Care Affiliates LLC
Incremental Term Loan, 4.000%, 06/29/18		2,430,450		2,430,450
Universal Health Services, Inc.
Term Loan B, 2.402%, 11/15/16		372,969		374,988
Virtual Radiologic Corp.
Term Loan A, 7.250%, 12/22/16 (e)		1,302,750		951,008
				12,152,101
Home Furnishings—0.1%
Tempur-Pedic International, Inc.
Term Loan B, 3.500%, 03/18/20		1,644,556		1,643,528

See accompanying notes to financial statements.

MIST-16

Met Investors Series Trust

Pioneer Strategic Income Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Floating Rate Loans (b)—(Continued)

Security Description	Principal Amount*		Value
Household Products—0.1%
Revlon Consumer Products Corp.
Term Loan B, 3.250%, 11/20/17		664,796	$	665,627
Industrial Conglomerates—0.1%
Mirror BidCo Corp.
Term Loan, 4.250%, 12/28/19		1,211,612		1,213,629
Insurance—0.7%
Alliant Holdings I, Inc.
Term Loan B, 4.250%, 12/20/19		486,885		488,346
CNO Financial Group, Inc.
Term Loan B2, 3.750%, 09/20/18		832,229		833,959
Confie Seguros Holding II Co.
Term Loan, 5.750%, 11/09/18		3,362,549		3,376,218
USI, Inc.
Term Loan B, 4.250%, 12/27/19		4,541,109		4,555,777
				9,254,300
Machinery—0.1%
Paladin Brands Holding, Inc.
Term Loan B, 6.750%, 08/16/19		963,474		976,722
Machinery-Construction & Mining—0.0%
Terex Corp.
Term Loan, 3.500%, 04/28/17		314,660		317,020
Media—0.2%
Charter Communications Operating LLC
Term Loan F, 3.000%, 01/03/21		1,113,750		1,098,358
HMH Holding, Inc.
Term Loan, 4.250%, 05/22/18		405,663		408,198
Kasima LLC
Term Loan B, 3.250%, 05/17/21		478,125		477,379
				1,983,935
Metal Fabricate/Hardware—0.0%
Grede Holdings LLC
Term Loan B, 4.750%, 06/02/21		275,000		276,661
Mining—0.2%
Novelis, Inc.
Term Loan, 3.750%, 03/10/17		796,148		798,302
Waupaca Foundry, Inc.
Term Loan, 4.000%, 06/29/17		1,723,590		1,728,976
				2,527,278
Oil & Gas—0.4%
Drillships Financing Holdings, Inc.
Term Loan B1, 6.000%, 03/31/21		942,875		959,969
Fieldwood Energy LLC
2nd Lien Term Loan, 8.375%, 09/30/20		1,000,000		1,033,125
Glenn Pool Oil & Gas Trust
Term Loan, 4.500%, 05/02/16		922,722		931,950
Oil & Gas—(Continued)
Samson Investments Co.
2nd Lien Term Loan, 5.000%, 09/25/18		2,200,000		2,200,825
				5,125,869
Packaging & Containers—0.1%
BWAY Holding Co., Inc.
Term Loan B, 4.500%, 08/07/17		221,625		222,733
Ranpak Corp.
1st Lien Term Loan, 4.500%, 04/23/19		509,542		512,727
Reynolds Group Holdings, Inc.
Term Loan, 4.000%, 12/01/18		246,263		246,944
				982,404
Pharmaceuticals—0.3%
Grifols Worldwide Operations USA, Inc.
Term Loan B, 3.150%, 02/27/21		1,017,450		1,017,542
Par Pharmaceutical Cos., Inc.
Term Loan B2, 4.000%, 09/30/19		1,869,801		1,869,801
Valeant Pharmaceuticals International, Inc.
Term Loan B, 3.750%, 08/10/43		393,000		393,204
Term Loan B, 3.750%, 08/05/20		1,261,240		1,261,871
				4,542,418
Retail—0.2%
DineEquity, Inc.
Term Loan B2, 3.750%, 10/19/17		291,781		293,787
Michaels Stores, Inc.
Delayed Draw Term Loan B2, 0.000%, 01/28/20 (i)		700,000		701,123
Pilot Travel Centers LLC
Term Loan B, 3.750%, 03/30/18		668,059		670,140
Wendy's International, Inc.
Term Loan B, 3.250%, 05/15/19		790,472		792,633
				2,457,683
Semiconductors—0.0%
Microsemi Corp.
Term Loan B1, 3.250%, 02/19/20		352,229		351,525
Software—0.4%
Cinedigm Digital Funding I LLC
Term Loan, 3.750%, 02/28/18		255,131		255,609
Epiq Systems, Inc.
Term Loan B, 4.250%, 08/27/20		694,750		696,487
First Data Corp.
Extended Term Loan, 4.154%, 03/24/21		28,291		28,376
Extended Term Loan B, 4.154%, 03/24/18		372,933		374,005
MedAssets, Inc.
Term Loan B, 4.000%, 12/13/19		261,725		261,942
Nuance Communications, Inc.
Term Loan C, 2.900%, 08/07/19		718,782		715,548
Rovi Solutions Corp.
Term Loan B3, 3.500%, 03/29/19		1,533,768		1,534,337

See accompanying notes to financial statements.

MIST-17

Met Investors Series Trust

Pioneer Strategic Income Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Floating Rate Loans (b)—(Continued)

Security Description	Principal Amount*		Value
Software—(Continued)
Verint Systems, Inc.
Term Loan, 3.500%, 09/06/19		782,837	$	783,718
Vertafore, Inc.
1st Lien Term Loan, 4.250%, 10/03/19		359,455		360,758
				5,010,780
Specialty Retail—0.1%
Camping World, Inc.
Term Loan, 5.750%, 02/20/20		1,234,375		1,248,268
Telecommunications—0.8%
Cincinnati Bell, Inc.
Term Loan B, 4.000%, 09/10/20		1,434,163		1,436,629
CommScope, Inc.
Term Loan B3, 2.728%, 01/21/17		220,500		221,328
Term Loan B4, 3.250%, 01/26/18		330,750		331,508
MCC Iowa LLC
Term Loan H, 3.250%, 01/29/21		950,400		943,571
Telesat Canada
Term Loan B2, 3.500%, 03/28/19		2,548,244		2,548,652
Virgin Media Bristol LLC
Term Loan B, 3.500%, 06/05/20		4,285,000		4,276,859
Ziggo B.V.
Term Loan B1A, 0.000%, 01/15/22 (i)		471,479		466,818
Term Loan B2A, 0.000%, 01/15/22 (i)		303,830		300,826
Term Loan B3, 0.000%, 01/15/22 (i)		499,691		494,752
				11,020,943
Transportation—0.1%
Swift Transportation Co. LLC
Term Loan B, 3.750%, 06/09/21		850,145		852,802
Total Floating Rate Loans (Cost $118,047,732)				118,801,314
Mortgage-Backed Securities—9.0%
Collateralized Mortgage Obligations—4.9%
American Home Mortgage Investment Trust
2.322%, 06/25/45 (b)		632,673		639,365
Banc of America Alternative Loan Trust
5.000%, 07/25/19		727,269		739,804
5.250%, 05/25/34		475,234		481,651
5.500%, 01/25/20		428,591		434,697
5.500%, 09/25/33		638,860		665,240
5.750%, 04/25/33		669,925		694,660
6.000%, 03/25/34		894,998		925,865
6.000%, 04/25/34		251,423		253,833
6.000%, 11/25/34		276,162		276,260
Banc of America Funding Corp. Trust
0.280%, 08/26/36 (144A) (b)		346,945		344,349
5.500%, 01/25/36		826,225		834,868
Banc of America Mortgage Securities, Inc.
2.740%, 09/25/33 (b)		482,480		483,174
2.816%, 10/25/33 (b)		1,072,951		1,086,864
Collateralized Mortgage Obligations—(Continued)
Banc of America Mortgage Securities, Inc.
4.750%, 10/25/20		27,066		27,247
5.119%, 09/25/35 (b)		262,776		263,879
5.750%, 01/25/35		779,094		792,595
Bayview Opportunity Master Fund Trust IIB L.P.
2.981%, 01/28/33 (144A) (b)		465,773		465,867
Bear Stearns Adjustable Rate Mortgage Trust
4.824%, 02/25/35 (b)		265,293		267,413
Bear Stearns ALT-A Trust
2.615%, 10/25/33 (b)		223,012		224,848
Charlie Mac Trust
5.000%, 10/25/34		147,070		147,054
Citigroup Mortgage Loan Trust, Inc.
1.152%, 09/25/37 (144A) (b)		1,201,312		1,201,075
4.000%, 01/25/35 (144A) (b)		713,635		742,926
Countrywide Alternative Loan Trust
0.552%, 03/25/34 (b)		27,260		27,173
5.125%, 03/25/34		100,229		100,322
5.250%, 09/25/33		713,868		752,998
5.750%, 12/25/33		1,173,763		1,228,636
5.750%, 03/25/34		627,225		633,735
Countrywide Alternative Loan Trust Resecuritization
4.250%, 09/25/33		313,718		307,975
Countrywide Home Loan Mortgage Pass-Through Trust
3.011%, 09/25/33 (b)		4,124		4,011
Credit Suisse First Boston Mortgage Securities Corp.
2.570%, 11/25/33 (b)		404,520		404,379
5.000%, 08/25/20		137,335		137,234
Credit Suisse Mortgage Capital Certificates
1.152%, 11/26/37 (144A) (b)		511,190		500,717
Credit Suisse Mortgage Capital Certificates Trust
3.568%, 06/25/50 (144A) (b)		881,863		880,664
Del Coronado Trust
2.102%, 03/15/26 (144A) (b)		484,000		482,043
Global Mortgage Securitization, Ltd.
0.422%, 04/25/32 (b)		1,593,041		1,529,645
5.250%, 04/25/32		601,060		580,410
Impac CMB Trust
0.672%, 04/25/35 (b)		1,021,132		953,722
0.790%, 09/25/34 (b)		631,625		601,942
0.872%, 10/25/34 (b)		311,121		302,993
0.892%, 11/25/34 (b)		1,773,238		1,706,611
0.912%, 01/25/35 (b)		582,408		531,663
0.952%, 10/25/34 (b)		525,693		503,633
Impac Secured Assets Trust
0.352%, 12/25/36 (b)		1,623,105		1,509,009
0.502%, 08/25/36 (b)		867,804		856,198
Jefferies Resecuritization Trust
2.567%, 05/26/37 (144A) (b)		184,925		184,455
JPMorgan Mortgage Trust
2.201%, 07/25/35 (b)		259,484		260,213
2.500%, 03/25/43 (144A) (b)		3,653,079		3,614,776
3.500%, 05/25/43 (144A) (b)		655,438		659,090

See accompanying notes to financial statements.

MIST-18

Met Investors Series Trust

Pioneer Strategic Income Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Mortgage-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Collateralized Mortgage Obligations—(Continued)
JPMorgan Mortgage Trust
3.500%, 01/25/44 (144A) (b)		692,580	$	686,669
3.720%, 05/25/43 (144A) (b)		659,687		637,789
6.000%, 09/25/34		708,124		747,307
MASTR Alternative Loan Trust
5.500%, 10/25/19		496,718		508,941
5.500%, 02/25/35		802,728		815,159
6.000%, 07/25/34		1,251,260		1,273,118
6.027%, 01/25/35 (b)		306,797		325,447
MASTR Seasoned Securities Trust
6.622%, 09/25/32 (b)		410,819		429,468
Merrill Lynch Mortgage Investors Trust
2.400%, 10/25/35 (b)		204,684		207,568
2.470%, 02/25/35 (b)		1,198,619		1,201,561
MortgageIT Trust
0.932%, 11/25/34 (b)		1,741,070		1,696,730
Nationstar Mortgage Loan Trust
3.750%, 12/25/52 (144A) (b)		840,305		856,061
New Residential Mortgage Loan Trust
3.750%, 01/25/54 (144A) (b)		1,476,565		1,527,692
Nomura Asset Acceptance Corp. Alternative Loan Trust
5.500%, 08/25/33		510,631		533,099
PHH Mortgage Capital LLC
6.600%, 12/25/27 (144A)		310,093		314,622
RALI Trust
0.702%, 07/25/33 (b)		652,050		606,463
0.722%, 06/25/33 (b)		660,026		626,418
RESI Finance L.P.
1.554%, 09/10/35 (144A) (b)		688,642		600,289
Residential Accredit Loans, Inc. Trust
0.752%, 04/25/34 (b)		195,858		192,621
4.750%, 04/25/34		298,523		307,279
5.000%, 03/25/19		88,930		91,959
5.500%, 09/25/32		177,304		182,285
5.500%, 12/25/34		467,831		475,996
Residential Asset Securitization Trust
0.602%, 10/25/34 (b)		470,891		428,223
5.500%, 02/25/35		172,279		175,310
RFMSI Trust
5.250%, 07/25/35		736,289		760,203
Sequoia Mortgage Trust
0.353%, 05/20/35 (b)		864,910		807,120
0.373%, 03/20/35 (b)		355,475		318,246
0.773%, 09/20/33 (b)		288,717		282,790
1.760%, 06/20/34 (b)		1,549,329		1,522,802
2.250%, 06/25/43 (b)		610,019		577,635
3.000%, 06/25/43 (b)		1,771,868		1,692,754
Springleaf Mortgage Loan Trust
5.300%, 12/25/59 (144A) (b)		175,000		181,023
Structured Adjustable Rate Mortgage Loan Trust
1.011%, 11/25/34 (b)		2,120,005		1,956,010
2.443%, 07/25/34 (b)		728,963		732,445
2.507%, 02/25/34 (b)		273,967		277,624
2.859%, 03/25/34 (b)		206,306		208,839
Collateralized Mortgage Obligations—(Continued)
Structured Asset Mortgage Investments Trust
0.895%, 12/19/33 (b)		889,230		851,912
Structured Asset Securities Corp. Mortgage Certificates
2.688%, 10/25/33 (b)		650,811		651,399
Structured Asset Securities Corp. Mortgage Pass-Through Certificates
2.486%, 06/25/33 (b)		598,501		605,415
Structured Asset Securities Corp. Trust
6.000%, 08/25/35		341,078		314,764
Thornburg Mortgage Securities Trust
1.634%, 03/25/44 (b)		810,632		802,580
1.772%, 03/25/44 (b)		578,082		574,519
2.173%, 06/25/43 (b)		626,368		626,879
WaMu Mortgage Pass-Through Certificates
0.578%, 10/25/44 (b)		104,132		100,715
2.397%, 01/25/35 (b)		2,680,397		2,692,341
Wells Fargo Mortgage Backed Securities Trust
2.614%, 06/25/35 (b)		557,964		557,840
4.978%, 04/25/35 (b)		66,388		67,301
				63,859,011
Commercial Mortgage-Backed Securities—4.1%
A10 Securitization LLC
2.400%, 11/15/25 (144A)		1,180,893		1,186,115
Banc of America Merrill Lynch Commercial Mortgage, Inc.
5.522%, 07/10/43 (144A) (b)		840,000		851,056
Bayview Commercial Asset Trust
1.152%, 01/25/35 (144A) (b)		377,590		339,421
3.530%, 09/25/37 (144A) (h)		8,494,611		550,451
4.695%, 07/25/37 (144A) (h)		5,824,736		33,783
Bear Stearns Commercial Mortgage Securities Trust
7.656%, 10/15/36 (144A) (b)		112,275		112,657
Commercial Mortgage Pass-Through Certificates
0.282%, 12/15/20 (144A) (b)		87,765		87,474
2.436%, 10/15/45		690,000		686,942
2.822%, 10/15/45		720,000		708,960
2.941%, 01/10/46		1,350,000		1,333,144
3.147%, 08/15/45		550,000		555,845
4.814%, 07/17/28 (144A) (b)		113,020		113,042
4.934%, 12/10/44 (b)		300,000		330,371
Credit Suisse Commercial Mortgage Trust
5.361%, 02/15/40		2,283,383		2,450,439
DBUBS Mortgage Trust
5.578%, 08/10/44 (144A) (b)		1,400,000		1,580,597
5.730%, 11/10/46 (144A) (b)		600,000		685,277
FREMF Mortgage Trust
3.310%, 03/25/45 (144A) (b)		700,000		710,379
3.609%, 11/25/46 (144A) (b)		800,000		825,864
3.872%, 04/25/45 (144A) (b)		1,000,000		1,045,896
4.176%, 05/25/45 (144A) (b)		988,000		1,004,043
4.436%, 07/25/48 (144A) (b)		1,825,000		1,932,545

See accompanying notes to financial statements.

MIST-19

Met Investors Series Trust

Pioneer Strategic Income Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Mortgage-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Commercial Mortgage-Backed Securities—(Continued)
FREMF Mortgage Trust
4.495%, 01/25/46 (144A) (b)		765,000	$	817,673
4.774%, 11/25/49 (144A) (b)		1,050,000		1,135,716
5.051%, 07/25/44 (144A) (b)		900,000		981,292
5.333%, 02/25/47 (144A) (b)		400,000		447,097
5.360%, 09/25/45 (144A) (b)		900,000		1,005,519
5.405%, 09/25/43 (144A) (b)		400,000		447,790
5.618%, 04/25/20 (144A) (b)		600,000		677,948
GE Business Loan Trust
0.322%, 04/16/35 (144A) (b)		485,053		456,040
0.402%, 06/15/33 (144A) (b)		1,599,563		1,529,859
GS Mortgage Securities Corp. II
3.682%, 02/10/46 (144A)		750,000		752,944
4.782%, 07/10/39		1,084,887		1,112,864
GS Mortgage Securities Trust
3.135%, 06/10/46		1,250,000		1,249,257
3.377%, 05/10/45		1,000,000		1,033,407
5.560%, 11/10/39		800,000		867,476
Irvine Core Office Trust
3.279%, 05/15/48 (144A) (b)		1,250,000		1,246,340
JP Morgan Chase Commercial Mortgage Securities Trust 2005-LDP4
5.040%, 10/15/42 (b)		2,575,000		2,642,954
JPMorgan Chase Commercial Mortgage Securities Trust
0.512%, 11/15/18 (144A) (b)		602,399		568,064
1.952%, 04/15/28 (144A) (b)		1,100,000		1,104,781
3.616%, 11/15/43 (144A)		1,000,000		1,064,339
3.977%, 10/15/45 (144A) (b)		700,000		720,623
4.650%, 07/15/28 (144A) (b)		850,000		850,043
5.623%, 05/12/45		730,000		749,342
5.692%, 11/15/43 (144A) (b)		300,000		338,809
6.218%, 02/15/51 (b)		1,350,000		1,401,656
Lehman Brothers Small Balance Commercial Mortgage Trust
0.352%, 09/25/36 (144A) (b)		385,969		358,091
0.402%, 02/25/30 (144A) (b)		940,341		834,942
0.402%, 09/25/30 (144A) (b)		382,030		357,521
1.102%, 10/25/37 (144A) (b)		245,471		243,774
LSTAR Commercial Mortgage Trust
5.329%, 06/25/43 (144A) (b)		942,000		957,867
Morgan Stanley Capital I Trust
5.073%, 08/13/42 (b)		600,000		620,337
5.569%, 12/15/44		750,000		816,741
NorthStar Mortgage Trust
4.395%, 08/25/29 (144A) (b)		800,000		811,730
ORES NPL LLC
3.081%, 09/25/25 (144A)		778,279		778,319
RAIT Trust
2.302%, 05/13/31 (144A) (b)		500,000		493,750
Resource Capital Corp. Ltd.
2.302%, 12/15/28 (144A) (b)		2,000,000		2,017,950
Timberstar Trust
5.668%, 10/15/36 (144A)		540,000		588,271
7.530%, 10/15/36 (144A)		1,549,000		1,645,509
Commercial Mortgage-Backed Securities—(Continued)
Wells Fargo Commercial Mortgage Trust
5.771%, 11/15/43 (144A) (b)		950,000		1,077,979
WF-RBS Commercial Mortgage Trust
5.392%, 02/15/44 (144A) (b)		250,000		279,605
5.415%, 06/15/44 (144A) (b)		400,000		434,074
				52,642,594
Total Mortgage-Backed Securities (Cost $111,351,273)				116,501,605
Foreign Government—6.4%
Municipal—0.3%
Brazil Minas SPE via State of Minas Gerais
5.333%, 02/15/28 (144A)		3,000,000		3,027,000
Province of Salta Argentina
9.500%, 03/16/22 (144A)		820,620		804,208
				3,831,208
Regional Government—0.4%
Queensland Treasury Corp.
5.750%, 07/22/24 (AUD)		2,000,000		2,159,078
6.000%, 07/21/22 (AUD)		2,500,000		2,721,303
				4,880,381
Sovereign—5.7%
Brazilian Government International Bond
10.250%, 01/10/28 (BRL)		3,250,000		1,544,467
Croatia Government International Bond
5.500%, 04/04/23 (144A) (a)		1,300,000		1,350,375
Ghana Government Bonds
19.240%, 05/30/16 (GHS)		3,200,000		882,739
26.000%, 06/05/17 (GHS)		900,000		276,543
Indonesia Treasury Bonds
6.125%, 05/15/28 (IDR)		4,898,000,000		326,396
7.000%, 05/15/22 (IDR)		4,500,000,000		353,016
7.000%, 05/15/27 (IDR)		4,400,000,000		326,613
8.250%, 06/15/32 (IDR)		32,495,000,000		2,576,575
IPIC GMTN, Ltd.
5.500%, 03/01/22 (144A) (a)		1,680,000		1,927,800
Ireland Government Bond
5.000%, 10/18/20 (EUR)		1,820,000		3,040,095
Kenya Government International Bonds
5.875%, 06/24/19 (144A)		735,000		750,067
6.875%, 06/24/24 (144A)		1,565,000		1,627,600
Mexican Bonos
6.500%, 06/09/22 (MXN)		53,750,000		4,403,597
7.500%, 06/03/27 (MXN)		59,000,000		5,158,920
Mexican Udibonos
2.000%, 06/09/22 (MXN)		18,625,929		1,430,450
3.500%, 12/14/17 (MXN)		25,553,881		2,157,919
Nigeria Government Bond
16.000%, 06/29/19 (NGN)		453,000,000		3,248,868
Norwegian Government Bonds
2.000%, 05/24/23 (NOK)		10,000,000		1,583,984

See accompanying notes to financial statements.

MIST-20

Met Investors Series Trust

Pioneer Strategic Income Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Foreign Government—(Continued)

Security Description	Principal Amount*		Value
Sovereign—(Continued)
Norwegian Government Bonds
4.250%, 05/19/17 (NOK)		52,440,000	$	9,217,355
4.500%, 05/22/19 (NOK)		17,550,000		3,227,883
5.000%, 05/15/15 (NOK)		83,350,000		14,016,704
Poland Government International Bond
4.000%, 01/22/24		1,325,000		1,374,687
Republic of Ghana
7.875%, 08/07/23 (144A)		3,060,000		2,960,550
Romania Government Bonds
5.850%, 04/26/23 (RON)		14,070,000		4,864,061
5.950%, 06/11/21 (RON)		5,590,000		1,957,434
Russian Foreign Bond - Eurobond
7.500%, 03/31/30 (144A) (k)		820,288		950,008
Sri Lanka Government International Bond
5.875%, 07/25/22 (144A) (a)		650,000		668,687
Turkey Government Bond
10.500%, 01/15/20 (TRY)		4,855,000		2,492,123
				74,695,516
Total Foreign Government (Cost $86,491,115)				83,407,105
Municipals—3.8%
Baylor University
4.313%, 03/01/42		800,000		753,136
Brazos River Harbor, TX Navigation District Revenue Bonds Dow Chemical Co. Project
5.950%, 05/15/33 (b)		3,360,000		3,681,787
Butler AL, Industrial Development Board Solid Waste Disposal Revenue Georgia-Pacific Corp. Project
5.750%, 09/01/28		625,000		631,219
California Educational Facilities Authority Revenue
5.000%, 06/01/43		1,470,000		1,872,060
Charlotte Special Facilities Revenue Refunding Charlotte / Douglas International Airport
5.600%, 07/01/27		1,000,000		1,004,470
Gulf Coast Waste Disposal Authority
5.200%, 05/01/28		945,000		987,686
Houston TX, Higher Education Finance Corp. Revenue Rice University Project
5.000%, 05/15/40		1,000,000		1,114,790
Indianapolis Airport Authority Federal Express Corp. Project
5.100%, 01/15/17		660,000		727,690
JobsOhio Beverage System
3.985%, 01/01/29		2,990,000		3,004,173
4.532%, 01/01/35		760,000		784,586
Louisiana Local Government Environmental Facilities Community Development Authority Revenue Westlake Chemical Corp. Projects
6.750%, 11/01/32		1,550,000		1,730,094
Massachusetts State Development Finance Agency Revenue Board Institute, Inc.
5.250%, 04/01/37		1,350,000		1,489,914
5.375%, 04/01/41		400,000		441,904
Massachusetts State Development Finance Agency Revenue Harvard University
5.000%, 10/15/40		800,000		914,096
Massachusetts State Health & Educational Facilities Authority Revenue Harvard University
5.500%, 11/15/36		4,300,000		4,986,753
Massachusetts State Health & Educational Facilities Authority Revenue Massachusetts Institute of Technology
5.500%, 07/01/32		950,000		1,259,529
6.000%, 07/01/36		675,000		801,286
New Hampshire Health & Educational Facilities Authority Revenue, Wentworth Douglas Hospital
6.500%, 01/01/41		600,000		670,506
New Jersey Economic Development Authority Lease Revenue
Zero Coupon, 02/15/18		3,400,000		3,120,044
New Jersey State Transportation Trust Fund Authority Transportation Systems
5.500%, 06/15/41		2,000,000		2,213,640
New York City Transitional Finance Authority Revenue Future Tax Secured
5.000%, 11/01/33		300,000		338,019
New York State Dormitory Authority Revenues Non State Supported Debt, Cornell University
5.000%, 07/01/40		1,200,000		1,351,104
New York State Dormitory Authority, Taxable, General Purpose Bonds
5.000%, 12/15/30		1,150,000		1,314,990
North East Independent School District.
5.250%, 02/01/31		640,000		805,862
Port Authority of New York & New Jersey
4.458%, 10/01/62		460,000		470,838
Port of Corpus Christi Authority TX Celanese Project
6.700%, 11/01/30		1,500,000		1,503,555
Selma AL, Industrial Development Board Revenue Gulf Opportunity Zone, International Paper Co. Projects
6.250%, 11/01/33		800,000		905,624
St. John Baptist Parish LA, Revenue Bond Marathon Oil Corp.
5.125%, 06/01/37		1,710,000		1,791,533
State of California
3.380%, 05/15/28		1,200,000		1,130,556
State of Washington
3.000%, 07/01/28		450,000		435,951
Sweetwater County WY, Solid Waste Disposal Revenue FMC Corp. Project
5.600%, 12/01/35		1,670,000		1,699,342
Texas A&M University Permanent University Fund
5.000%, 07/01/30		530,000		625,379

See accompanying notes to financial statements.

MIST-21

Met Investors Series Trust

Pioneer Strategic Income Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Municipals—(Continued)

Security Description	Principal Amount*		Value
Texas Brazos Harbor Industrial Development Corp., Environmental Facilities Revenue Dow Chemical Project.
5.900%, 05/01/38 (b)		1,505,000	$	1,625,987
Texas Municipal Gas Acquisition & Supply Corp. III
5.000%, 12/15/30		750,000		792,292
5.000%, 12/15/31		1,550,000		1,629,530
University of Texas System
5.000%, 08/15/43		395,000		441,863
Wisconsin State General Reserve
5.750%, 05/01/33		134,000		155,937
Yavapai County AZ, Industrial Development Authority Solid Waste Disposal Revenue Waste Management, Inc. Project
4.900%, 03/01/28		300,000		309,390
Total Municipals (Cost $45,623,484)				49,517,115
Asset-Backed Securities—3.5%
Asset-Backed - Automobile—0.4%
American Credit Acceptance Receivables Trust
4.050%, 02/15/18 (144A)		321,000		326,342
AmeriCredit Automobile Receivables Trust
4.040%, 07/10/17		300,000		310,556
Capital Auto Receivables Asset Trust
2.190%, 09/20/21		500,000		501,541
CarNow Auto Receivables Trust
2.980%, 11/15/17 (144A)		473,000		475,475
Chesapeake Funding LLC
0.601%, 05/07/24 (144A) (b)		406,503		407,132
1.301%, 05/07/24 (144A) (b)		300,000		302,292
First Investors Auto Owner Trust
2.530%, 01/15/20 (144A)		275,000		275,505
Flagship Credit Auto Trust
5.380%, 07/15/20 (144A)		700,000		721,518
Prestige Auto Receivables Trust
3.900%, 07/16/18 (144A)		480,841		485,301
Santander Drive Auto Receivables Trust
1.620%, 02/15/19		250,000		251,468
2.700%, 08/15/18		650,000		668,162
3.780%, 11/15/17		400,000		410,628
Tidewater Auto Receivables Trust
2.830%, 10/15/19 (144A)		500,000		509,407
United Auto Credit Securitization Trust
2.900%, 12/15/17 (144A)		400,000		403,604
				6,048,931
Asset-Backed - Home Equity—0.3%
Accredited Mortgage Loan Trust
0.302%, 09/25/36 (b)		926,716		898,360
Aegis Asset Backed Securities Trust
0.422%, 12/25/35 (b)		775,031		730,896
Citigroup Mortgage Loan Trust, Inc.
0.902%, 05/25/35 (144A) (b)		429,900		414,290
Asset-Backed - Home Equity—(Continued)
Home Equity Asset Trust
0.262%, 03/25/37 (b)		394,644		387,097
0.532%, 01/25/36 (b)		311,553		301,137
Irwin Whole Loan Home Equity Trust
0.852%, 03/25/25 (b)		208,877		208,316
Nationstar Home Equity Loan Trust
0.302%, 03/25/37 (b)		281,315		266,972
Option One Mortgage Loan Trust
0.412%, 11/25/35 (b)		386,748		380,009
Wells Fargo Home Equity Trust
0.562%, 11/25/35 (b)		189,279		188,767
				3,775,844
Asset-Backed Manufactured Housing —0.4%
ACE Securities Corp. Manufactured Housing Trust
6.500%, 08/15/30 (144A) (b)		1,041,036		1,081,114
Conseco Financial Corp.
6.240%, 12/01/28 (b)		39,186		40,243
Credit-Based Asset Servicing and Securitization LLC
5.647%, 10/25/36 (144A)		375,000		366,180
Greenpoint Manufactured Housing
8.450%, 06/20/31 (b)		125,019		121,314
Lehman ABS Manufactured Housing Contract Trust
5.873%, 04/15/40		186,567		196,692
Madison Avenue Manufactured Housing Contract
2.402%, 03/25/32 (b)		806,523		806,043
3.402%, 03/25/32 (b)		250,000		244,453
Mid-State Capital Trust
5.250%, 12/15/45 (144A)		428,233		444,167
7.000%, 12/15/45 (144A)		506,093		525,791
Mid-State Trust
7.540%, 02/15/36		44,649		47,997
Origen Manufactured Housing Contract Trust
5.460%, 11/15/35 (b)		306,909		315,780
5.460%, 06/15/36 (b)		250,345		261,576
5.910%, 01/15/35 (b)		434,589		460,507
				4,911,857
Asset-Backed - Other—2.4%
American Homes 4 Rent
1.600%, 06/17/31 (144A) (b)		500,000		500,096
Bayview Opportunity Master Fund Trust
3.721%, 04/28/18 (144A)		445,173		448,212
Beacon Container Finance LLC
3.720%, 09/20/27 (144A)		206,781		211,121
Carrington Mortgage Loan Trust
0.262%, 07/25/36 (b)		276,423		269,103
0.552%, 09/25/35 (b)		52,145		51,474
0.887%, 02/25/35 (b)		241,164		240,889
Citicorp Residential Mortgage Securities Trust
5.703%, 11/25/36		1,596,263		1,616,763
5.775%, 09/25/36		795,519		837,267
5.892%, 03/25/37		1,042,779		1,026,723
5.939%, 07/25/36		1,111,743		1,158,437

See accompanying notes to financial statements.

MIST-22

Met Investors Series Trust

Pioneer Strategic Income Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Asset-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Asset-Backed - Other—(Continued)
CKE Restaurant Holdings, Inc.
4.474%, 03/20/43 (144A)		3,041,875	$	3,124,355
Colony American Homes Single-Family Rental Pass-Through Certificates
2.050%, 07/17/31 (144A) (b)		1,000,000		1,001,217
Countrywide Asset-Backed Certificates
0.332%, 06/25/36 (b)		367,034		351,565
0.400%, 04/25/36 (b)		217,475		212,486
4.456%, 10/25/35 (b)		223,844		224,291
Credit-Based Asset Servicing and Securitization LLC
0.240%, 04/25/37 (b)		314,822		255,821
Cronos Containers Program, Ltd.
3.810%, 09/18/27 (144A)		412,500		414,568
Dominos Pizza Master Issuer LLC
5.216%, 01/25/42 (144A)		2,242,666		2,410,018
Drug Royalty II L.P. 2
3.082%, 07/15/23 (144A) (b)		750,000		750,000
Ellington Loan Acquisition Trust
1.052%, 05/25/37 (144A) (b)		225,752		222,701
First Franklin Mortgage Loan Trust
0.662%, 09/25/35 (b)		368,182		361,655
0.827%, 03/25/35 (b)		81,979		81,654
1.230%, 09/25/34 (b)		28,049		28,007
Global SC Finance SRL
4.110%, 07/19/27 (144A)		565,833		567,955
GMAT Trust
3.967%, 11/25/43 (144A)		1,376,026		1,378,616
Hercules Capital Funding Trust
3.320%, 12/16/17 (144A)		161,998		162,605
Icon Brands Holdings LLC
4.229%, 01/25/43 (144A)		951,738		960,655
JP Morgan Mortgage Acquisition Trust
0.300%, 05/25/36 (b)		123,199		120,781
Leaf Receivables Funding LLC
2.670%, 09/15/20 (144A)		538,712		542,321
5.110%, 09/15/21 (144A)		531,000		543,797
5.500%, 09/15/20 (144A)		367,451		371,566
Oxford Finance Funding Trust
3.900%, 03/15/17 (144A)		75,952		76,522
Progreso Receivables Funding I LLC
4.000%, 07/09/18 (144A)		1,271,000		1,280,532
Sierra Timeshare Receivables Funding LLC
1.870%, 08/20/29 (144A)		225,898		227,844
Spirit Master Funding LLC
3.887%, 12/20/43 (144A)		200,000		206,918
5.740%, 03/20/42 (144A)		178,653		197,188
Springleaf Funding Trust
2.410%, 12/15/22 (144A)		900,000		901,589
2.580%, 09/15/21 (144A)		2,100,000		2,115,389
STORE Master Funding LLC
4.160%, 03/20/43 (144A)		196,119		199,681
4.210%, 04/20/44 (144A)		599,750		618,678
Structured Asset Investment Loan Trust
0.352%, 01/25/36 (b)		355,800		344,968
0.752%, 05/25/35 (b)		57,338		57,324
Asset-Backed - Other—(Continued)
Structured Asset Securities Corp. Mortgage Loan Trust
0.282%, 03/25/37 (b)		212,002		210,751
TAL Advantage V LLC
3.510%, 02/22/39 (144A)		1,232,500		1,252,177
Truman Capital Mortgage Loan Trust
1.852%, 01/25/34 (144A) (b)		600,000		589,967
Vericrest Opportunity Loan Transferee
3.625%, 11/25/53 (144A)		1,155,881		1,165,577
Westgate Resorts LLC
2.250%, 08/20/25 (144A)		414,766		415,305
2.500%, 03/20/25 (144A)		209,037		210,019
3.000%, 01/20/25 (144A)		459,818		463,129
3.750%, 08/20/25 (144A)		164,590		166,732
4.500%, 01/20/25 (144A)		284,649		289,090
				31,436,099
Total Asset-Backed Securities (Cost $44,744,158)				46,172,731
Convertible Bonds—3.1%
Biotechnology—0.3%
Cubist Pharmaceuticals, Inc.
1.125%, 09/01/18 (144A) (a)		1,345,000		1,513,125
1.875%, 09/01/20 (144A) (a)		1,450,000		1,653,000
				3,166,125
Coal—0.1%
American Energy - Utica LLC
3.500%, 03/01/21 (144A) (f)		860,000		924,500
Computers—0.2%
Mentor Graphics Corp.
4.000%, 04/01/31 (a)		2,213,000		2,709,542
Electrical Components & Equipment—0.2%
General Cable Corp.
4.500%, 11/15/29 (l)		2,420,000		2,395,800
Electronics—0.2%
Vishay Intertechnology, Inc.
2.250%, 05/15/41 (144A) (a)		2,545,000		2,460,697
Healthcare-Products—0.7%
Hologic, Inc.
2.000%, 12/15/37 (a) (l)		3,000,000		3,763,125
Hologic, Inc.
2.000%, 03/01/42 (a) (l)		1,400,000		1,530,375
NuVasive, Inc.
2.750%, 07/01/17 (a)		3,680,000		4,209,000
				9,502,500

See accompanying notes to financial statements.

MIST-23

Met Investors Series Trust

Pioneer Strategic Income Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Convertible Bonds—(Continued)

Security Description	Shares/ Principal Amount*		Value
Home Builders—0.2%
KB Home
1.375%, 02/01/19 (a)		1,275,000	$	1,281,375
Ryland Group, Inc. (The)
0.250%, 06/01/19 (a)		645,000		589,369
				1,870,744
Internet—0.0%
WebMD Health Corp.
2.500%, 01/31/18 (a)		485,000		509,856
Mining—0.2%
Mirabela Nickel, Ltd.
9.500%, 06/20/19 (d) (n)		299,000		299,000
Vedanta Resources Jersey, Ltd.
5.500%, 07/13/16		2,200,000		2,260,500
				2,559,500
Oil & Gas—0.3%
Chesapeake Energy Corp.
2.250%, 12/15/38		1,250,000		1,204,687
Cobalt International Energy, Inc.
2.625%, 12/01/19		2,500,000		2,306,250
				3,510,937
Semiconductors—0.6%
Intel Corp.
2.950%, 12/15/35 (a)		4,130,000		5,134,106
Lam Research Corp.
1.250%, 05/15/18 (a)		2,199,000		3,004,384
				8,138,490
Software—0.1%
Nuance Communications, Inc.
2.750%, 11/01/31 (a)		1,745,000		1,742,819
Transportation—0.0%
Golar LNG, Ltd.
3.750%, 03/07/17		300,000		404,370
Total Convertible Bonds (Cost $34,736,810)				39,895,880
Preferred Stocks—2.1%
Banks—0.9%
Citigroup, Inc., 7.125% (a) (b)		150,000		4,147,350
CoBank ACB, 6.250% (144A) (b)		1,500		155,391
Fifth Third Bancorp, 6.625% (a) (b)		56,300		1,507,714
GMAC Capital Trust I, 8.125% (b)		56,000		1,528,800
Banks—(Continued)
U.S. Bancorp
Series F, 6.500% (a) (b)		50,000		1,413,000
Series G, 6.000% (a) (b)		120,475		3,302,220
				12,054,475
Capital Markets—0.2%
Morgan Stanley, 7.125% (a) (b)		50,000		1,393,500
State Street Corp., 5.900% (b)		43,000		1,126,600
				2,520,100
Consumer Finance—0.0%
Ally Financial, Inc. 7.000% (144A)		250		250,633
Diversified Financial Services—0.4%
Citigroup Capital XIII, 7.875% (b)		174,166		4,824,398
Insurance—0.3%
Allstate Corp. (The), 5.100% (b)		106,925		2,687,025
Aspen Insurance Holdings, Ltd., 5.950% (b)		50,000		1,245,000
				3,932,025
Pharmaceuticals—0.1%
CEVA Holdings Inc. - Series A		864		950,092
Telecommunications—0.2%
Qwest Corp., 7.375%		109,000		2,880,870
Total Preferred Stocks (Cost $26,130,743)				27,412,593
Convertible Preferred Stocks—1.0%
Banks—0.9%
Bank of America Corp.
7.250%, 12/31/49		3,535		4,125,345
Wells Fargo & Co., Series L
7.500%, 12/31/49		5,965		7,241,510
				11,366,855
Diversified Financial Services—0.1%
AMG Capital Trust II
5.150%, 10/15/37		20,000		1,256,250
Total Convertible Preferred Stocks (Cost $11,682,993)				12,623,105

See accompanying notes to financial statements.

MIST-24

Met Investors Series Trust

Pioneer Strategic Income Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Common Stocks—0.1%

Security Description	Shares/ Principal Amount*		Value
Auto Components—0.0%
Lear Corp.		1,488	$	132,908
Commercial Services—0.0%
Comdisco Holding Co., Inc. (m)		83		407
Containers & Packaging—0.0%
Smurfit Kappa Group plc		219		5,002
Diversified Financial Services—0.0%
BTA Bank JSC (GDR) (144A) (m)		1,133		555
Marine—0.0%
Horizon Lines, Inc. (a) (e) (m)		278,510		111,376
Media—0.0%
Cengage Thomson Learning, Inc.		10,995		388,948
Metals & Mining—0.0%
Mirabela Nickel, Ltd. (m)		2,370,320		89,404
Pharmaceuticals—0.1%
Ceva Holdings LLC (m)		399		438,900
Total Common Stocks (Cost $2,042,114)				1,167,500
Warrants—0.0%
Auto Components—0.0%
Lear Corp., Expires 11/09/14 (m)		166		28,824
Sovereign—0.0%
Venezuela Government Oil-Linked Payment Obligation, Expires 04/15/20 (e) (m)		1,700		37,400
Total Warrants (Cost $0)				66,224
Short-Term Investments—16.3%
Mutual Fund—9.6%
State Street Navigator Securities Lending MET Portfolio (o)		125,437,620		125,437,620
Repurchase Agreement—6.7%
Fixed Income Clearing Corp. Repurchase Agreement dated 06/30/14 at 0.000% to be repurchased at $87,661,119 on 07/01/14, collateralized by $89,305,000 U.S. Treasury Note at 2.000% due 11/30/20 with a value of $89,416,631.		87,661,119		87,661,119
Total Short-Term Investments (Cost $213,098,739)				213,098,739
Total Investments—113.4% (Cost $1,426,480,580)				1,478,207,346
Unfunded Loan Commitments—(0.0)% (Cost $(192,572))				(192,572	)
Net Investments—113.4% (Cost $1,426,288,008) (p)				1,478,014,774
Other assets and liabilities (net)—(13.4)%				(174,240,530	)
Net Assets—100.0%			$	1,303,774,244

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

(a) All or a portion of the security was held on loan. As of June 30, 2014, the market value of securities loaned was $125,758,991 and the collateral received consisted of cash in the amount of $125,437,620 and non-cash collateral with a value of $5,819,438. 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) Variable or floating rate security. The stated rate represents the rate at June 30, 2014. Maturity date shown for callable securities reflects the earliest possible call date.

(c) Non-income producing; Security is in default and/or issuer is in bankruptcy.

(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 June 30, 2014, the market value of restricted securities was $678,802, which is 0.1% of net assets. See details shown in the Restricted Securities table that follows.

(e) Illiquid security. As of June 30, 2014, these securities represent 0.2% of net assets.

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

(g) 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.

(h) Interest only security.

(i) This loan will settle after June 30, 2014, at which time the interest rate will be determined.

See accompanying notes to financial statements.

MIST-25

Met Investors Series Trust

Pioneer Strategic Income Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

(j) Unfunded or partially unfunded loan commitments. The Portfolio may enter into certain credit agreements for which all or a portion may be unfunded. The Portfolio is obligated to fund these commitments at the borrower’s discretion.

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

(l) Security is a “step-down” bond where the coupon decreases or steps down at a predetermined date. Rate shown is current coupon rate.

(m) Non-income producing security.

(n) Security was valued in good faith under procedures approved by the Board of Trustees. As of June 30, 2014, these securities represent less than 0.05% of net assets.

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

(p) As of June 30, 2014, the aggregate cost of investments was $1,426,288,008. The aggregate unrealized appreciation and depreciation of investments were $71,216,340 and $(19,489,574), respectively, resulting in net unrealized appreciation of $51,726,766.

(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 June 30, 2014, the market value of 144A securities was $372,618,596, which is 28.6% of net assets.

(AUD)— Australian Dollar

(BRL)— Brazilian Real

(CMO)— Collateralized Mortgage Obligation

(CNH)— Chinese Renminbi

(EUR)— Euro

(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.

(GHS)— Ghana Cedi

(IDR)— Indonesian Rupiah

(INR)— Indian Rupee

(MXN)— Mexican Peso

(NGN)— Nigerian Naira

(NOK)— Norwegian Krone

(NZD)— New Zealand Dollar

(RON)— New Romanian Leu

(RUB)— Russian Ruble

(TRY)— Turkish Lira

Restricted Securities	Acquisition Date	Principal Amount		Cost		Value
Desarrolladora Homex S.A.B. de C.V.	02/02/12	$	905,000	$	895,035	$	135,750
Desarrolladora Homex S.A.B. de C.V.	12/11/09		855,000		846,136		128,250
Independencia International, Ltd.	08/05/08 - 07/01/10		296,948		545,094		742
Mirabela Nickel, Ltd.	06/30/14		299,000		299,000		299,000
Urbi Desarrollos Urbanos S.A.B. de C.V.	01/13/10		346,000		342,354		38,060
Urbi Desarrollos Urbanos S.A.B. de C.V.	01/27/12		700,000		690,843		77,000
							$678,802

Forward Foreign Currency Exchange Contracts

Contracts to Buy		Counterparty	Settlement Date		In Exchange for		Unrealized Appreciation/ (Depreciation)
IDR	8,959,648,178	JPMorgan Chase Bank N.A.		07/07/14	$	750,389	$	4,719
KRW	1,603,321,397	JPMorgan Chase Bank N.A.		07/09/14		1,562,539		21,669
KRW	1,717,701,304	JPMorgan Chase Bank N.A.		07/09/14		1,684,021		13,203
Contracts to Deliver
AUD	6,508,478	Brown Brothers Harriman & Co.		09/04/14	$	5,999,678	$	(109,692	)
EUR	3,949,821	Brown Brothers Harriman & Co.		07/16/14		5,460,928		52,152
EUR	15,458,921	JPMorgan Chase Bank N.A.		07/16/14		21,011,866		(157,154	)
EUR	2,318,368	UBS AG		07/16/14		3,203,697		28,988
JPY	959,505,126	JPMorgan Chase Bank N.A.		08/19/14		9,450,772		(23,975	)
JPY	39,880,236	JPMorgan Chase Bank N.A.		08/19/14		391,371		(2,431	)
NZD	2,495,750	Brown Brothers Harriman & Co.		08/07/14		2,150,075		(27,919	)
Net Unrealized Depreciation							$	(200,440)

See accompanying notes to financial statements.

MIST-26

Met Investors Series Trust

Pioneer Strategic Income Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Futures Contracts

Futures Contracts—Long	Expiration Date		Number of Contracts			Notional Amount				Unrealized Appreciation/ (Depreciation)
U.S. Treasury Ultra Long Bond Futures		09/19/14		83			USD	12,527,394		$	(82,581	)
Futures Contracts—Short
U.S. Treasury Long Bond Futures		09/19/14		(98	)		USD	(13,513,775	)		69,400
U.S. Treasury Note 2 Year Futures		09/30/14		(36	)		USD	(7,913,150	)		7,775
U.S. Treasury Note 5 Year Futures		09/30/14		(878	)		USD	(105,268,396	)		381,692
U.S. Treasury Note 10 Year Futures		09/19/14		(1,215	)		USD	(152,725,931	)		642,103
Net Unrealized Appreciation										$	1,018,389

(AUD)— Australian Dollar

(EUR)— Euro

(IDR)— Indonesian Rupiah

(JPY)— Japanese Yen

(KRW)— South Korea Won

(NZD)— New Zealand Dollar

(USD)— United States Dollar

See accompanying notes to financial statements.

MIST-27

Met Investors Series Trust

Pioneer Strategic Income Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

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 June 30, 2014:

Description	Level 1		Level 2		Level 3		Total
Total Corporate Bonds & Notes*	$	—	$	539,257,994	$	—	$	539,257,994
Total U.S. Treasury & Government Agencies*		—		230,285,441		—		230,285,441
Total Floating Rate Loans (Less Unfunded Loan Commitments)*		—		118,608,742		—		118,608,742
Total Mortgage-Backed Securities*		—		116,501,605		—		116,501,605
Total Foreign Government*		—		83,407,105		—		83,407,105
Total Municipals		—		49,517,115		—		49,517,115
Total Asset-Backed Securities*		—		46,172,731		—		46,172,731
Convertible Bonds
Biotechnology		—		3,166,125		—		3,166,125
Coal		—		924,500		—		924,500
Computers		—		2,709,542		—		2,709,542
Electrical Components & Equipment		—		2,395,800		—		2,395,800
Electronics		—		2,460,697		—		2,460,697
Healthcare-Products		—		9,502,500		—		9,502,500
Home Builders		—		1,870,744		—		1,870,744
Internet		—		509,856		—		509,856
Mining		—		2,260,500		299,000		2,559,500
Oil & Gas		—		3,510,937		—		3,510,937
Semiconductors		—		8,138,490		—		8,138,490
Software		—		1,742,819		—		1,742,819
Transportation		—		404,370		—		404,370
Total Convertible Bonds		—		39,596,880		299,000		39,895,880
Preferred Stocks
Banks		11,899,084		155,391		—		12,054,475
Capital Markets		2,520,100		—		—		2,520,100
Consumer Finance		—		250,633		—		250,633
Diversified Financial Services		4,824,398		—		—		4,824,398
Insurance		3,932,025		—		—		3,932,025
Pharmaceuticals		—		950,092		—		950,092
Telecommunications		2,880,870		—		—		2,880,870
Total Preferred Stocks		26,056,477		1,356,116		—		27,412,593
Convertible Preferred Stocks
Banks		11,366,855		—		—		11,366,855
Diversified Financial Services		—		1,256,250		—		1,256,250
Total Convertible Preferred Stocks		11,366,855		1,256,250		—		12,623,105

See accompanying notes to financial statements.

MIST-28

Met Investors Series Trust

Pioneer Strategic Income Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Fair Value Hierarchy—(Continued)

Description	Level 1			Level 2			Level 3		Total
Common Stocks
Auto Components	$	132,908		$	—		$	—	$	132,908
Commercial Services		407			—			—		407
Containers & Packaging		—			5,002			—		5,002
Diversified Financial Services		—			555			—		555
Marine		111,376			—			—		111,376
Media		—			388,948			—		388,948
Metals & Mining		89,404			—			—		89,404
Pharmaceuticals		—			438,900			—		438,900
Total Common Stocks		334,095			833,405			—		1,167,500
Total Warrants*		—			66,224			—		66,224
Short-Term Investments
Mutual Fund		125,437,620			—			—		125,437,620
Repurchase Agreement		—			87,661,119			—		87,661,119
Total Short-Term Investments		125,437,620			87,661,119			—		213,098,739
Total Net Investments	$	163,195,047		$	1,314,520,727		$	299,000	$	1,478,014,774
Collateral for securities loaned (Liability)	$	—		$	(125,437,620	)	$	—	$	(125,437,620	)
Forward Contracts
Forward Foreign Currency Exchange Contracts (Unrealized Appreciation)	$	—		$	120,731		$	—	$	120,731
Forward Foreign Currency Exchange Contracts (Unrealized Depreciation)		—			(321,171	)		—		(321,171	)
Total Forward Contracts	$	—		$	(200,440	)	$	—	$	(200,440	)
Futures Contracts
Futures Contracts (Unrealized Appreciation)	$	1,100,970		$	—		$	—	$	1,100,970
Futures Contracts (Unrealized Depreciation)		(82,581	)		—			—		(82,581	)
Total Futures Contracts	$	1,018,389		$	—		$	—	$	1,018,389

* 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 June 30, 2014		Change in Unrealized Appreciation/ (Depreciation) from Investments Still Held at June 30, 2014
Convertible Bonds
Mining	$	—	$	0	$	299,000	$	299,000	$	0

See accompanying notes to financial statements.

MIST-29

Met Investors Series Trust

Pioneer Strategic Income Portfolio

Statement of Assets and Liabilities

June 30, 2014 (Unaudited)

Assets
Investments at value (a) (b)	$	1,478,014,774
Cash		6,530,419
Cash denominated in foreign currencies (c)		5,648,649
Cash collateral for futures contracts		2,445,482
Unrealized appreciation on forward foreign currency exchange contracts		120,731
Receivable for:
Investments sold		2,298,180
Fund shares sold		158,197
Principal paydowns		61,170
Dividends and interest		12,171,444
Total Assets		1,507,449,046
Liabilities
Unrealized depreciation on forward foreign currency exchange contracts		321,171
Collateral for securities loaned		125,437,620
Payables for:
Investments purchased		11,824,677
TBA securities purchased		64,328,111
Fund shares redeemed		700,505
Variation margin on futures contracts		130,876
Accrued expenses:
Management fees		604,292
Distribution and service fees		40,505
Deferred trustees' fees		58,994
Other expenses		228,051
Total Liabilities		203,674,802
Net Assets	$	1,303,774,244
Net assets consist of:
Paid in surplus	$	1,221,994,610
Undistributed net investment income		25,464,464
Accumulated net realized gain		3,844,806
Unrealized appreciation on investments, futures contracts and foreign currency transactions		52,470,364
Net Assets	$	1,303,774,244
Net Assets
Class A	$	1,004,783,752
Class B		49,103,324
Class E		249,887,168
Capital Shares Outstanding*
Class A		91,236,262
Class B		4,546,796
Class E		22,828,170
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	11.01
Class B		10.80
Class E		10.95

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

(a) Identified cost of investments was $1,426,288,008.

(b) Includes securities loaned at value of $125,758,991.

(c) Identified cost of cash denominated in foreign currencies was $5,729,292.

Statement of Operations

Six Months Ended June 30, 2014 (Unaudited)

Investment Income
Dividends	$	1,210,179
Interest (a)		30,677,784
Securities lending income		188,598
Total investment income		32,076,561
Expenses
Management fees		3,599,492
Administration fees		14,936
Custodian and accounting fees		209,981
Distribution and service fees—Class B		45,919
Distribution and service fees—Class E		182,374
Audit and tax services		31,671
Legal		15,667
Trustees' fees and expenses		22,085
Shareholder reporting		50,764
Insurance		4,069
Miscellaneous		6,155
Total expenses		4,183,113
Net Investment Income		27,893,448
Net Realized and Unrealized Gain
Net realized gain (loss) on:
Investments		10,793,890
Futures contracts		(1,835,715	)
Foreign currency transactions		(691,147	)
Net realized gain		8,267,028
Net change in unrealized appreciation (depreciation) on:
Investments		29,791,541
Futures contracts		(1,382,931	)
Foreign currency transactions		(10,796	)
Net change in unrealized appreciation		28,397,814
Net realized and unrealized gain		36,664,842
Net Increase in Net Assets From Operations	$	64,558,290

(a) Net of foreign withholding taxes of $6,481.

See accompanying notes to financial statements.

MIST-30

Met Investors Series Trust

Pioneer Strategic Income Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2014 (Unaudited)			Year Ended December 31, 2013
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	27,893,448		$	60,083,237
Net realized gain		8,267,028			13,618,754
Net change in unrealized appreciation (depreciation)		28,397,814			(55,262,680	)
Increase in net assets from operations		64,558,290			18,439,311
From Distributions to Shareholders
Net investment income
Class A		(50,319,138	)		(47,801,563	)
Class B		(1,930,820	)		0
Class E		(11,977,710	)		(12,818,601	)
Net realized capital gains
Class A		(10,046,356	)		(2,724,441	)
Class B		(405,931	)		0
Class E		(2,468,525	)		(751,357	)
Total distributions		(77,148,480	)		(64,095,962	)
Increase in net assets from capital share transactions		55,538,339			126,819,626
Total increase in net assets		42,948,149			81,162,975
Net Assets
Beginning of period		1,260,826,095			1,179,663,120
End of period	$	1,303,774,244		$	1,260,826,095
Undistributed net investment income
End of period	$	25,464,464		$	61,798,684

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2014 (Unaudited)						Year Ended December 31, 2013
	Shares			Value			Shares			Value
Class A
Sales		1,285,820		$	14,375,863			12,451,227		$	140,830,349
Reinvestments		5,589,397			60,365,494			4,511,250			50,526,004
Redemptions		(4,770,722	)		(53,186,755	)		(7,379,732	)		(82,574,493	)
Net increase		2,104,495		$	21,554,602			9,582,745		$	108,781,860
Class B (a)
Sales		2,301,038		$	25,211,922			2,277,064		$	24,567,925
Reinvestments		220,448			2,336,751			0			0
Redemptions		(221,575	)		(2,438,911	)		(30,179	)		(326,812	)
Net increase		2,299,911		$	25,109,762			2,246,885		$	24,241,113
Class E
Sales		1,764,613		$	19,528,805			5,580,038		$	62,252,775
Reinvestments		1,345,087			14,446,235			1,218,129			13,569,958
Redemptions		(2,261,073	)		(25,101,065	)		(7,398,355	)		(82,026,080	)
Net increase (decrease)		848,627		$	8,873,975			(600,188	)	$	(6,203,347	)
Increase derived from capital shares transactions				$	55,538,339					$	126,819,626

(a) Commencement of operations was July 17, 2013.

See accompanying notes to financial statements.

MIST-31

Met Investors Series Trust

Pioneer Strategic Income Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2014 (Unaudited)			Year Ended December 31,
				2013			2012			2011			2010			2009
Net Asset Value, Beginning of Period	$	11.14		$	11.57		$	10.95		$	11.15		$	10.47		$	8.37
Income (Loss) from Investment Operations
Net investment income (a)		0.24			0.55			0.57			0.62			0.64			0.68
Net realized and unrealized gain (loss) on investments		0.33			(0.37	)		0.66			(0.22	)		0.60			1.94
Total from investment operations		0.57			0.18			1.23			0.40			1.24			2.62
Less Distributions
Distributions from net investment income		(0.58	)		(0.58	)		(0.57	)		(0.53	)		(0.56	)		(0.52	)
Distributions from net realized capital gains		(0.12	)		(0.03	)		(0.04	)		(0.07	)		0.00			0.00
Total distributions		(0.70	)		(0.61	)		(0.61	)		(0.60	)		(0.56	)		(0.52	)
Net Asset Value, End of Period	$	11.01		$	11.14		$	11.57		$	10.95		$	11.15		$	10.47
Total Return (%) (b)		5.16	(c)		1.54			11.62			3.63			12.17			33.09
Ratios/Supplemental Data
Ratio of expenses to average net assets (%)		0.62	(d)		0.63			0.63			0.64			0.67			0.66
Ratio of net investment income to average net assets (%)		4.41	(d)		4.88			5.12			5.61			5.94			7.25
Portfolio turnover rate (%)		28	(c)		29			23			30			33			32
Net assets, end of period (in millions)	$	1,004.8		$	993.0		$	920.1		$	743.2		$	638.0		$	488.9

	Class B
	Six Months Ended June 30, 2014 (Unaudited)			Year Ended December 31,
				2013(e)
Net Asset Value, Beginning of Period	$	10.92		$	10.76
Income (Loss) from Investment Operations
Net investment income (a)		0.22			0.23
Net realized and unrealized gain (loss) on investments		0.33			(0.07	)
Total from investment operations		0.55			0.16
Less Distributions
Distributions from net investment income		(0.55	)		0.00
Distributions from net realized capital gains		(0.12	)		0.00
Total distributions		(0.67	)		0.00
Net Asset Value, End of Period	$	10.80		$	10.92
Total Return (%) (b)		5.08	(c)		1.49	(c)
Ratios/Supplemental Data
Ratio of expenses to average net assets (%)		0.87	(d)		0.88	(d)
Ratio of net investment income to average net assets (%)		4.15	(d)		4.71	(d)
Portfolio turnover rate (%)		28	(c)		29
Net assets, end of period (in millions)	$	49.1		$	24.5

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

MIST-32

Met Investors Series Trust

Pioneer Strategic Income Portfolio

Financial Highlights

Selected per share data
	Class E
	Six Months Ended June 30, 2014 (Unaudited)			Year Ended December 31,
				2013			2012			2011			2010			2009
Net Asset Value, Beginning of Period	$	11.07		$	11.50		$	10.89		$	11.10		$	10.43		$	8.34
Income (Loss) from Investment Operations
Net investment income (a)		0.23			0.53			0.55			0.60			0.62			0.66
Net realized and unrealized gain (loss) on investments		0.33			(0.37	)		0.65			(0.22	)		0.60			1.94
Total from investment operations		0.56			0.16			1.20			0.38			1.22			2.60
Less Distributions
Distributions from net investment income		(0.56	)		(0.56	)		(0.55	)		(0.52	)		(0.55	)		(0.51	)
Distributions from net realized capital gains		(0.12	)		(0.03	)		(0.04	)		(0.07	)		0.00			0.00
Total distributions		(0.68	)		(0.59	)		(0.59	)		(0.59	)		(0.55	)		(0.51	)
Net Asset Value, End of Period	$	10.95		$	11.07		$	11.50		$	10.89		$	11.10		$	10.43
Total Return (%) (b)		5.11	(c)		1.41			11.45			3.46			12.04			32.76
Ratios/Supplemental Data
Ratio of expenses to average net assets (%)		0.77	(d)		0.78			0.78			0.79			0.82			0.81
Ratio of net investment income to average net assets (%)		4.26	(d)		4.73			4.97			5.46			5.79			6.86
Portfolio turnover rate (%)		28	(c)		29			23			30			33			32
Net assets, end of period (in millions)	$	249.9		$	243.3		$	259.6		$	213.6		$	155.9		$	73.6

(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) Periods less than one year are not computed on an annualized basis.

(d) Computed on an annualized basis.

(e) Commencement of operations was July 17, 2013.

See accompanying notes to financial statements.

MIST-33

Met Investors Series Trust

Pioneer Strategic Income Portfolio

Notes to Financial Statements—June 30, 2014 (Unaudited)

1. Organization

Met Investors Series Trust (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 currently offers forty-seven series, each of which operates as a distinct investment vehicle of the Trust. The portfolio included in this report is Pioneer Strategic 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 four classes of shares: Class A, B, C and E shares. Class A, B and E shares are currently offered by the Portfolio. 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 June 30, 2014 through the date the financial statements were issued.

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 (other than short term obligations with a remaining maturity of sixty days or less), 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 MetLife Advisers, LLC (“MetLife Advisers” or the “Adviser”), an affiliate of MetLife, Inc., pursuant to authorization of 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 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.

MIST-34

Met Investors Series Trust

Pioneer Strategic Income Portfolio

Notes to Financial Statements—June 30, 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, which 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 and futures contracts that are traded over-the-counter 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 has delegated the determination of the fair value of a security to a 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

MIST-35

Met Investors Series Trust

Pioneer Strategic Income Portfolio

Notes to Financial Statements—June 30, 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 futures transactions, foreign currency transactions, paydown transactions, defaulted bonds, convertible preferred stock interest purchased, contingent payment debt instruments and premium amortization 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 June 30, 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 Master Repurchase Agreement 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 June 30, 2014, the Portfolio had investments in repurchase agreements with a gross value of $87,661,119, 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 June 30, 2014.

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.

MIST-36

Met Investors Series Trust

Pioneer Strategic Income Portfolio

Notes to Financial Statements—June 30, 2014—(Continued)

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. As of June 30, 2014, the Portfolio had no when-issued and delayed-delivery securities.

Stripped Securities - The Portfolio may invest in “stripped securities,” a term used collectively for certain structured fixed income securities. Stripped securities can be principal only securities (“POs”), which are debt obligations that have been stripped of unmatured interest coupons or interest only securities (“IOs”), which are unmatured interest coupons that have been stripped from debt obligations. Stripped securities do not make periodic payments of interest prior to maturity. As is the case with all securities, the market value of stripped securities will fluctuate in response to changes in economic conditions, interest rates and the market’s perception of the securities. However, fluctuations in response to interest rates may be greater in stripped securities than for debt obligations of comparable maturities that currently pay interest. The amount of fluctuation increases with a longer period of maturity.

The yield to maturity on IOs is sensitive to the rate of principal repayments (including prepayments) on the related underlying debt obligation and principal payments may have a material effect on yield to maturity. If the underlying debt obligation experiences greater than anticipated prepayments of principal, the Portfolio may not fully recoup the initial investment in IOs.

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.

Unfunded Loan Commitments - The Portfolio may enter into certain credit agreements, all or a portion of which may be unfunded. The Portfolio is obligated to fund these commitments at the borrower’s discretion. These commitments, if any, are disclosed in the Schedule of Investments. As of June 30, 2014, the Portfolio had open unfunded loan commitments of $192,572. At June 30, 2014, the Portfolio had sufficient cash and/or securities to cover these commitments.

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. 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 at least equal to 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 six months ended June 30, 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 June 30, 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 June 30, 2014.

MIST-37

Met Investors Series Trust

Pioneer Strategic Income Portfolio

Notes to Financial Statements—June 30, 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 has agreed to 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. Futures contracts are exchange-traded and 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 June 30, 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* (a)	$	1,100,970	Unrealized depreciation on futures contracts* (a)	$	82,581
Foreign Exchange	Unrealized appreciation on forward foreign currency exchange contracts		120,731	Unrealized depreciation on forward foreign currency exchange contracts		321,171
Total		$	1,221,701		$	403,752

* 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) Financial instrument 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.

MIST-38

Met Investors Series Trust

Pioneer Strategic Income Portfolio

Notes to Financial Statements—June 30, 2014—(Continued)

The following table presents the Portfolio's derivative assets by counterparty net of amounts available for offset under a master netting agreement (“MNA”), or similar agreement, and net of the related collateral received by the Portfolio as of June 30, 2014.

Counterparty	Derivative Assets subject to a MNA by Counterparty		Financial Instruments available for offset			Collateral Received†		Net Amount*
Brown Brothers Harriman & Co.	$	52,152	$	(52,152	)	$	—	$	—
JPMorgan Chase Bank N.A.		39,591		(39,591	)		—		—
UBS AG		28,988		—			—		28,988
	$	120,731	$	(91,743	)	$	—	$	28,988

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 June 30, 2014.

Counterparty	Derivative Liabilities subject to a MNA by Counterparty		Financial Instruments available for offset			Collateral Pledged†		Net Amount**
Brown Brothers Harriman & Co.	$	137,611	$	(52,152	)	$	—	$	85,459
JPMorgan Chase Bank N.A.		183,560		(39,591	)		—		143,969
	$	321,171	$	(91,743	)	$	—	$	229,428

* 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 six months ended June 30, 2014 were as follows:

Statement of Operations Location—Net Realized Gain (Loss)	Interest Rate			Foreign Exchange			Total
Forward foreign currency transactions	$	—		$	(439,250	)	$	(439,250	)
Futures contracts		(1,835,715	)		—			(1,835,715	)
	$	(1,835,715	)	$	(439,250	)	$	(2,274,965	)
Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)	Interest Rate			Foreign Exchange			Total
Forward foreign currency transactions	$	—		$	(65,863	)	$	(65,863	)
Futures contracts		(1,382,931	)		—			(1,382,931	)
	$	(1,382,931	)	$	(65,863	)	$	(1,448,794	)

For the six months ended June 30, 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	$	56,853,158
Futures contracts long		14,333,333
Futures contracts short		(207,050,000	)

‡ Averages are based on activity levels during the period.

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; 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

MIST-39

Met Investors Series Trust

Pioneer Strategic Income Portfolio

Notes to Financial Statements—June 30, 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 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 over-the-counter traded derivatives (e.g., forward foreign currency exchange contracts, swap agreements and over-the-counter 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 addendums 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 six months ended June 30, 2014 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$217,140,872	$	131,385,876	$	115,581,638	$	231,680,468

MIST-40

Met Investors Series Trust

Pioneer Strategic Income Portfolio

Notes to Financial Statements—June 30, 2014—(Continued)

The Portfolio engaged in security transactions with other accounts managed by Pioneer Investment Management, Inc. that amounted to $2,417,058 in purchases and $442,445 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 six months ended June 30, 2014	% per annum			Average Daily Net Assets
$3,599,492		0.600	%	First $500 million
		0.550	%	$500 million to $1 billion
		0.530	%	Over $1 billion

MetLife Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. Pioneer Investment Management, Inc. is compensated by MetLife Advisers to provide subadvisory services for the Portfolio.

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 Agreements and Plans - The Trust has distribution agreements with MetLife Investors Distribution Company (“MIDC” or the “Distributor”) in which MIDC serves as the distributor for the Portfolio’s Class A, Class B and Class E Shares. MIDC is a wholly-owned subsidiary of MetLife Investors Group, Inc., an affiliate of the Adviser. The Class B and Class E distribution plans provide that the Trust, on behalf of the Portfolio, may pay annually up to 0.50% and 0.25%, respectively, of the average daily net assets of the Portfolio attributable to its Class B and Class E Shares with respect to activities primarily intended to result in the sale of Class B and Class E Shares. However, under the Class B and Class E distribution agreements, payments to the Distributor for activities pursuant to the Class B and Class E distribution plans are currently limited to payments at an annual rate equal to 0.25% and 0.15% of average daily net assets of the Portfolio attributable to its Class B and Class E Shares, respectively. Amounts incurred by the Portfolio for the six months ended June 30, 2014 are shown as Distribution and service fees in the Statement of Operations.

Under the terms of the Class B and Class E distribution plans and distribution agreements, the Portfolio is authorized to make payments monthly to the Distributor that may be used to pay or reimburse entities providing distribution and shareholder servicing with respect to the Class B and Class E Shares for such entities’ fees or expenses incurred.

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 Metropolitan Series Fund, 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, 2013 and 2012 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2013	2012		2013		2012		2013		2012
$61,252,127	$	51,859,715	$	2,843,835	$	4,000,822	$	64,095,962	$	55,860,537

MIST-41

Met Investors Series Trust

Pioneer Strategic Income Portfolio

Notes to Financial Statements—June 30, 2014—(Continued)

As of December 31, 2013, 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
$66,143,473	$	10,388,086	$	17,892,149	$	—	$	94,423,708

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, 2013, the Portfolio had no 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 January 1, 2015, and interim periods within those fiscal years. Management is evaluating the impact, if any, of this guidance on the Portfolio’s financial statement disclosures.

MIST-42

Met Investors Series Trust

Pyramis Government Income Portfolio

Managed by Pyramis Global Advisors, LLC

Portfolio Manager Commentary*

PERFORMANCE

For the six month period ended June 30, 2014, the Class B shares of the Pyramis Government Income Portfolio returned 4.57%. The Portfolio’s primary benchmark, the Barclays U.S. Government Bond Index¹, returned 2.66%, while its secondary benchmark, the Custom Benchmark², returned 4.55% for the period.

MARKET ENVIRONMENT / CONDITIONS

For the six months ending June 30, 2014, the U.S. investment grade bond market earned a return of 3.93%, as measured by the Barclays U.S. Aggregate Bond Index. This return more than offset the 2.02% loss suffered by U.S. investment-grade bonds during the 2013 calendar year. The market environment in the first half of the year was characterized by falling interest rates, a flattening U.S. Treasury yield curve, narrowing yield spreads, and declining levels of volatility, all of which combined to drive bond prices higher. Longer-dated bonds generally performed better than shorter-dated ones, and lower-quality bonds generally performed better than those of higher quality.

U.S. Treasury yields declined for the most part during the first half of the year. The decline was modest at the short-end of the yield curve—only 2 to 3 basis points (“bps”)—but more pronounced in the intermediate portion of the curve (13 to 51 bps) and more pronounced still at the long-end of the curve (62 to 64 bps). Yields on the 2-year and 3-year U.S. Treasury notes actually rose during the period by 9 to 10 bps, resulting in a noticeable flattening in the slope of the yield curve.

The decline in U.S. Treasury yields came as a surprise to many market pundits, who had predicted that bond yields would move higher this year as the U.S. economic recovery gathered momentum. In fact, bond prices in the first half of the year were supported by weak macroeconomic data, most notably the news that real U.S. gross domestic product (“GDP”) in the first quarter had contracted at an annual rate of 2.9%, the worst quarterly print for real GDP in five years, and one that was commonly attributed to harsh winter weather. Bond prices were also supported by reassuring public statements from the Federal Reserve (the “Fed”), which served as a reminder of the Fed’s ongoing commitment to low interest rates; and by a modest “flight to safety” amid growing geopolitical tensions in many parts of the world, especially Ukraine, Syria, and Iraq. The 10-year U.S. Treasury Note ended the period trading at a yield of 2.53%, 51 bps lower than it had traded at the beginning of the year.

During the first half of the year, U.S. Treasury bonds were the worst-performing sector in the U.S. investment-grade bond market, and yet they produced a solid return of 2.72%. Treasury Inflation-Protected Securities (“TIPS”) performed even better, earning a return of 5.83%.

U.S. Agency debentures posted a return of only 2.21% on a total return basis, but after adjusting for duration, they outperformed comparable U.S. Treasuries by 49 bps.

Asset-backed securities (“ABS”) were similar to U.S. Agencies, in that they produced a relatively modest return of only 1.31% on a total-return basis, and yet outperformed similar-duration U.S. Treasuries by 50 bps on a relative-return basis.

Agency mortgage-backed securities (“MBS”) were a significant source of excess return during the period, producing a total return of 4.03% and outperforming similar-duration U.S. Treasuries by 68 bps. Within this sector, mortgages issued by the Federal Home Loan Mortgage Corporation (FHLMC, or Freddie Mac) were the strongest performers (+85 bps on an excess return, duration-adjusted basis), followed by the mortgages issued by the Federal National Mortgage Association (FNMA, or Fannie Mae) (+71 bps) and the Government National Mortgage Association (GNMA, or Ginnie Mae) (+45 bps). GNMA mortgages faced a number of noteworthy headwinds during the period, as selling pressure from foreign investors, retail investors, hedge funds, and real estate investment trusts (“REITs”) were all greater than anticipated.

Finally, commercial mortgage-backed securities (“CMBS”) were the top-performing sector among securitized products in the first half of the year, producing a total return of only 2.62%, but outperforming similar-duration U.S. Treasuries by 121 bps.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The excess return in the Portfolio was driven primarily by two factors—favorable sector allocation and favorable security selection; unfavorable yield-curve positioning made a small negative contribution to excess return.

In the sector allocation category, the Portfolio pursued a simple but effective strategy: overweighting those sectors of the investment universe that offer the highest option-adjusted spreads, and underweighting those sectors that offer the lowest ones. In practice, this strategy expressed itself as a small overweight to both Agency MBS and ABS, and a large overweight to both CMBS and collateralized mortgage obligations (“CMOs”). These overweights were made possible by a large underweight to both U.S. Treasuries and U.S. Agency debentures.

This asset allocation strategy worked out very well for the most part. The overweight to CMBS proved to be beneficial to relative returns, as CMBS was the best-performing sector during the period on a duration-adjusted basis. The underweights to U.S. Treasuries and U.S. Agency debentures also made a meaningful contribution to relative performance, as these two sectors were the worst relative performers over the last six months. The overweight to Agency MBS made a small but meaningful contribution to excess return, but the same could not be said of the overweights to ABS and CMOs: both of these out-of-benchmark investments proved to be detractors to relative performance, albeit small ones. The ABS ended up performing in line with the Agency debentures, and many of the CMOs were floating-rate, which tend to underperform in a falling interest-rate environment as coupon rates reset at lower levels.

MIST-1

Met Investors Series Trust

Pyramis Government Income Portfolio

Managed by Pyramis Global Advisors, LLC

Portfolio Manager Commentary*—(Continued)

In the security selection category, there was evidence of astute bond-picking in three areas: Agency MBS, U.S. Agency debentures, and CMBS. Within the Agency MBS category, the Portfolio’s holdings in 30-year Ginnie Mae paper and 30-year Fannie Mae paper were especially important in making a positive contribution to excess return. Many of these securities had certain structural or idiosyncratic features that made them prepay more slowly than the market as a whole, which can be an important source of value-added in a declining interest-rate environment. The Portfolio also held a sizable stake in GNMA reverse mortgages, which outperformed nicely for this six-month period, in part due to their attractive yields. Within the U.S. Agency debenture category, the Portfolio benefited by investing in debentures issued by U.S. Agencies other than Fannie Mae and Freddie Mac—e.g., the Agency for International Development, the National Credit Union Administration, and the Tennessee Valley Authority. Finally, in the CMBS category, the Portfolio benefited from investing in the top of the capital structure in so-called super-senior, AAA-rated tranches.

The Portfolio’s relative performance was adversely affected by changes in the level, slope, and shape of the U.S. Treasury yield curve, but only to a small degree. The Portfolio maintained a slightly shorter-than-benchmark duration during the first half of the year, which proved to be a drag on relative performance, given that interest rates declined. In addition, the Portfolio’s yield-curve positioning strategy relative to its benchmark was fairly neutral, except at the 20-year node, where the Portfolio was slightly short duration. Still, this short-duration posture proved to be detrimental, because yields on the 20-year U.S. Treasury note fell by 64 basis points during the first half of the year. The net result of this yield-curve positioning strategy was a further small drag on excess return.

The Portfolio held positions in derivative instruments—specifically, U.S. Treasury futures, options, and swaps—throughout the first half of the year, but these positions had little effect on investment performance. The derivatives were used to help the Portfolio manage its duration posture and its yield-curve positioning strategy, both of which were neutral or near-neutral relative to the custom benchmark throughout the six-month period.

At the end of the reporting period, the Portfolio maintained a neutral duration posture and a neutral yield-curve position relative to its custom benchmark. The Portfolio also maintained a large overweight to CMOs and CMBS, a small overweight to Agency MBS and ABS, a small underweight to U.S. Treasuries, and a large underweight to U.S. Agency debentures. Within the Agency MBS sector, the Portfolio continued to maintain its positions in MBS that offer significant protection against faster prepayments. At period end, the Portfolio also held securities such as GNMA reverse mortgages, which continue to offer attractive yields, and floating-rate CMOs, which offer protection in the event of rising interest rates.

William Irving

Franco Castagliuolo

Portfolio Managers

Pyramis Global 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 and 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 those of the subadvisory firm as of June 30, 2014 and 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 statements) 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 applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable annuity or insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

MIST-2

Met Investors Series Trust

Pyramis Government Income Portfolio

A $10,000 INVESTMENT COMPARED TO THE BARCLAYS U.S. GOVERNMENT BOND INDEX & THE CUSTOM BENCHMARK

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2014

	6 Month		1 Year		Since Inception2
Pyramis Government Income Portfolio
Class B		4.57		3.66		3.59
Barclays U.S. Government Bond Index		2.66		2.08		3.09
Custom Benchmark		4.55		3.72		3.96

¹ The Barclays U.S. Government Bond Index is an unmanaged index considered representative of fixed-income obligations issued by the U.S. Treasury, government agencies, and quasi-federal corporations.

² The Custom Benchmark is a blended benchmark comprised of the Barclays 5+ Year Treasury Index (40%), the Barclays U.S. MBS Index (35%) and the Barclays U.S. Agency Bond Index (25%)

³ Inception date of the Class B shares is 5/2/2011. 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.

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 JUNE 30, 2014

Top Sectors

	% of Net Assets
U.S. Treasury & Government Agencies		90.5
Mortgage-Backed Securities		6.0
Foreign Government		3.6
Corporate Bonds & Notes		2.1
Asset-Backed Securities		1.7
Purchased Options		0.1

MIST-3

Met Investors Series Trust

Pyramis Government Income Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

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, January 1, 2014 through June 30, 2014.

Actual Expenses

The first line 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 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 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 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.

Pyramis Government Income Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2014		Ending Account Value June 30, 2014		Expenses Paid During Period** January 1, 2014 to June 30, 2014
Class B	Actual		0.71	%	$	1,000.00	$	1,045.70	$	3.60
	Hypothetical*		0.71	%	$	1,000.00	$	1,021.27	$	3.56

* 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 (181 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

MIST-4

Met Investors Series Trust

Pyramis Government Income Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

U.S. Treasury & Government Agencies—90.5% of Net Assets

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage-Backed—50.7%
Fannie Mae 15 Yr. Pool 4.000%, 09/01/26		813,727	$	871,838
4.000%, 11/01/26		818,382		876,806
4.500%, 12/01/23		287,560		305,160
5.000%, 09/01/22		1,726,592		1,864,303
5.000%, 12/01/22		2,309,845		2,497,732
5.000%, 03/01/23		39,445		42,666
Fannie Mae 20 Yr. Pool 3.500%, 01/01/34		4,621,275		4,832,762
5.500%, 01/01/29		1,278,083		1,436,430
Fannie Mae 30 Yr. Pool 2.500%, 01/01/43		3,787,526		3,595,009
3.000%, 11/01/42		266,869		264,351
3.000%, 12/01/42		2,552,470		2,528,342
3.000%, 01/01/43		3,002,479		2,971,143
3.000%, 02/01/43		7,072,672		7,008,268
3.000%, 03/01/43		17,303,657		17,114,333
3.000%, 04/01/43		285,928		283,229
3.000%, 05/01/43		2,266,871		2,242,529
3.000%, 06/01/43		4,786,318		4,734,076
3.000%, 07/01/43		2,201,250		2,177,260
3.000%, 08/01/43		1,824,151		1,805,110
3.000%, 09/01/43		495,913		490,482
3.000%, 10/01/43		897,597		887,768
3.000%, 11/01/43		4,411,067		4,362,760
3.000%, 01/01/44		992,826		981,954
3.000%, 02/01/44		710,783		703,000
3.000%, 03/01/44		276,790		273,876
3.500%, 08/01/42		3,792,467		3,909,975
3.500%, 05/01/43		706,917		728,893
3.500%, 08/01/43		9,351,568		9,643,514
3.500%, TBA (a)		33,400,000		34,381,125
4.000%, 09/01/40		593,196		630,429
4.000%, 10/01/40		482,245		512,513
4.000%, 11/01/40		5,170,441		5,495,507
4.000%, 12/01/40		98,486		104,668
4.000%, 11/01/41		218,811		232,805
4.000%, 12/01/41		119,124		126,728
4.000%, 02/01/42		80,130		85,263
4.000%, 03/01/42		1,044,732		1,111,731
4.000%, 04/01/42		2,343,811		2,493,381
4.000%, 05/01/42		685,670		729,251
4.000%, 06/01/42		613,716		652,802
4.000%, 07/01/42		226,020		240,303
4.000%, 10/01/42		557,639		592,780
4.000%, 11/01/42		374,366		397,863
4.000%, 04/01/43		401,779		426,997
4.000%, 06/01/43		1,821,435		1,936,176
4.000%, 09/01/43		7,010,772		7,450,813
4.000%, 01/01/44		5,483,728		5,827,921
4.000%, TBA (a)		27,000,000		28,653,750
4.500%, 12/01/40		4,246,232		4,602,193
4.500%, 04/01/41		1,145,856		1,243,183
4.500%, 05/01/41		2,927,353		3,172,419
4.500%, 07/01/41		662,257		722,185
4.500%, 08/01/41		336,460		366,792
Agency Sponsored Mortgage-Backed—(Continued)
Fannie Mae 30 Yr. Pool 4.500%, 10/01/41		3,718,062		4,035,480
4.500%, 11/01/41		8,418,755		9,182,034
4.500%, 01/01/43		5,411,603		5,865,594
4.500%, TBA (a)		16,300,000		17,652,395
6.000%, 10/01/34		309,501		353,599
6.000%, 05/01/37		1,423,850		1,606,978
6.000%, 09/01/37		100,170		114,068
6.000%, 10/01/37		1,111,173		1,266,901
6.000%, 01/01/38		1,083,540		1,235,842
6.000%, 03/01/38		380,752		434,087
6.000%, 07/01/38		216,995		247,363
6.000%, 01/01/40		967,845		1,103,763
6.000%, 05/01/40		1,469,192		1,674,598
6.000%, 07/01/41		1,517,652		1,714,411
6.000%, 01/01/42		144,008		164,449
6.500%, 07/01/32		233,052		265,103
6.500%, 12/01/32		70,154		79,776
6.500%, 07/01/35		78,801		89,884
6.500%, 12/01/35		714,800		815,504
6.500%, 08/01/36		1,249,746		1,418,960
Fannie Mae ARM Pool 2.541%, 06/01/42 (b)		227,446		233,816
2.955%, 11/01/40 (b)		146,150		153,301
2.980%, 09/01/41 (b)		161,787		168,999
3.071%, 10/01/41 (b)		85,313		89,132
3.163%, 03/01/42 (b)		6,475,413		6,777,725
3.189%, 01/01/44 (b)		3,783,100		3,958,445
3.232%, 07/01/41 (b)		262,465		276,309
3.334%, 10/01/41 (b)		139,238		146,154
3.553%, 07/01/41 (b)		263,018		279,375
Fannie Mae REMICS (CMO) 1.072%, 03/25/36 (b)		939,502		958,542
1.082%, 06/25/36 (b)		1,522,001		1,556,266
4.000%, 11/25/27		1,375,303		1,462,902
4.000%, 12/25/41		1,270,000		1,316,815
4.500%, 09/25/25		300,000		325,082
5.000%, 12/25/23		563,721		609,921
5.000%, 12/25/34		806,561		887,725
5.000%, 03/25/35		653,879		716,137
5.000%, 08/25/39		973,775		1,052,876
5.500%, 05/25/34		1,156,141		1,224,408
5.500%, 07/25/34		573,665		628,528
5.500%, 06/25/35		548,361		595,687
Freddie Mac 15 Yr. Gold Pool 3.500%, 01/01/26		841,421		892,937
4.000%, 06/01/24		814,500		866,690
4.000%, 07/01/24		671,456		714,483
4.000%, 09/01/25		549,321		584,619
6.000%, 01/01/24		785,931		865,612
Freddie Mac 30 Yr. Gold Pool 3.000%, 11/01/42		318,597		315,739
3.000%, 01/01/43		321,756		318,370
3.000%, 02/01/43		1,750,295		1,732,590
3.000%, 03/01/43		17,703,281		17,500,505
3.000%, 04/01/43		1,758,530		1,736,763

See accompanying notes to financial statements.

MIST-5

Met Investors Series Trust

Pyramis Government Income Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

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

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage-Backed—(Continued)
Freddie Mac 30 Yr. Gold Pool 3.000%, 06/01/43		7,339,509	$	7,248,658
3.500%, 02/01/42		120,053		123,560
3.500%, 04/01/42		1,223,313		1,261,342
3.500%, 05/01/42		191,751		197,353
3.500%, 06/01/42		1,343,426		1,382,674
3.500%, 07/01/42		252,863		260,250
3.500%, 08/01/42		100,695		103,636
3.500%, 09/01/42		76,678		78,918
3.500%, 10/01/42		3,037,667		3,126,410
3.500%, 11/01/42		1,652,513		1,700,790
3.500%, 01/01/43		1,395,700		1,436,474
3.500%, 02/01/43		652,947		672,023
3.500%, 03/01/43		327,905		337,485
3.500%, 04/01/43		1,789,847		1,842,135
3.500%, 05/01/43		3,507,126		3,609,585
4.000%, 09/01/41		4,378,981		4,646,423
4.000%, 10/01/41		1,305,984		1,385,585
4.000%, 01/01/42		4,787,749		5,078,957
4.000%, 03/01/42		472,656		502,249
4.000%, 04/01/42		6,095,160		6,476,750
4.000%, TBA (a)		10,000,000		10,593,750
4.500%, 05/01/39		2,724,957		2,984,970
4.500%, 06/01/39		2,357,392		2,581,752
4.500%, 07/01/40		6,431,815		6,965,216
4.500%, 02/01/41		188,589		205,435
4.500%, 08/01/41		2,222,171		2,408,755
4.500%, 09/01/41		196,435		214,699
4.500%, 10/01/41		442,970		484,161
4.500%, 02/01/44		118,228		128,132
4.500%, 04/01/44		749,926		812,546
5.000%, 01/01/35		474,986		527,798
5.000%, 05/01/35		333,550		369,948
5.000%, 07/01/35		3,835,960		4,258,978
5.000%, 11/01/35		2,587,910		2,939,375
5.500%, 03/01/34		4,050,741		4,553,203
5.500%, 07/01/35		2,733,701		3,070,822
Freddie Mac ARM Non-Gold Pool 3.084%, 09/01/41 (b)		1,447,612		1,511,231
3.237%, 04/01/41 (b)		155,211		163,211
3.239%, 09/01/41 (b)		159,403		167,547
3.280%, 06/01/41 (b)		211,845		222,554
3.469%, 05/01/41 (b)		171,932		182,066
3.629%, 06/01/41 (b)		272,672		290,574
3.696%, 05/01/41 (b)		250,114		266,066
Freddie Mac Multifamily Structured Pass-Through Certificates(CMO) 0.502%, 04/25/19 (b)		2,222,528		2,220,355
1.655%, 11/25/16		1,580,000		1,606,384
2.669%, 02/25/23		4,940,611		5,087,713
3.016%, 02/25/23		9,086,848		9,511,322
3.808%, 08/25/20		7,890,000		8,580,233
3.974%, 01/25/21 (b)		17,750,000		19,459,502
4.084%, 11/25/20 (b)		980,000		1,080,528
4.251%, 01/25/20		4,090,000		4,534,280
Agency Sponsored Mortgage-Backed—(Continued)
Freddie Mac REMICS (CMO) 0.552%, 03/15/34 (b)		915,005		916,761
1.052%, 02/15/33 (b)		697,681		708,089
1.200%, 07/15/15		124,694		124,618
3.000%, 06/15/18		660,965		678,384
3.000%, 03/15/37		2,151,205		2,217,262
3.000%, 07/15/39		13,786,601		14,157,405
4.000%, 02/15/22		200,000		212,572
4.000%, 04/15/34		843,062		878,768
4.500%, 02/15/41		72,874		76,914
5.000%, 09/15/23		100,000		110,406
5.000%, 10/15/34		939,568		1,026,097
5.000%, 11/15/34		1,540,000		1,636,635
5.000%, 12/15/37		378,049		412,617
5.000%, 03/15/41		500,000		539,089
5.500%, 05/15/34		3,533,381		4,013,652
5.500%, 06/15/35		619,111		630,666
5.500%, 06/15/41		4,220,000		4,828,503
Ginnie Mae I 15 Yr. Pool 4.500%, 03/15/25		1,561,884		1,665,468
4.500%, 05/15/25		96,615		102,996
4.500%, 06/15/25		288,177		307,176
Ginnie Mae I 30 Yr. Pool 3.500%, 11/15/41		513,499		535,174
3.500%, 02/15/42		456,391		475,681
3.500%, 03/15/42		562,448		586,113
3.500%, 05/15/42		2,189,191		2,281,106
3.500%, 06/15/42		1,964,002		2,046,162
4.000%, 09/15/40		3,087,376		3,307,710
4.000%, 10/15/40		361,388		386,645
4.000%, 03/15/41		1,348,483		1,444,800
4.000%, 10/15/41		813,553		871,502
4.000%, 12/15/41		760,661		814,459
4.500%, 08/15/39		4,734,645		5,175,512
4.500%, 06/15/40		2,277,353		2,488,159
4.500%, 07/15/40		402,363		441,977
4.500%, 03/15/41		1,984,237		2,168,821
4.500%, 04/15/41		237,814		259,541
5.000%, 03/15/39		174,117		191,741
5.000%, 07/15/39		545,294		599,694
5.000%, 08/15/39		341,674		378,594
5.000%, 09/15/39		253,813		281,226
5.000%, 04/15/40		111,995		124,299
5.000%, 08/15/40		382,718		423,932
5.000%, 04/15/41		258,424		286,235
5.000%, 09/15/41		235,424		258,972
5.500%, 06/15/35		1,739,815		1,964,990
5.500%, 11/15/35		1,136,722		1,279,615
5.500%, 10/15/39		62,502		69,849
6.000%, 08/15/32		185,559		214,556
6.000%, 09/15/32		177,015		204,630
6.000%, 10/15/32		594,143		686,892
6.000%, 12/15/32		164,173		189,833
6.000%, 01/15/33		884,564		1,022,451
6.000%, 03/15/33		274,966		317,906
6.000%, 08/15/33		1,689,553		1,953,397

See accompanying notes to financial statements.

MIST-6

Met Investors Series Trust

Pyramis Government Income Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

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

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage-Backed—(Continued)
Ginnie Mae I 30 Yr. Pool 6.000%, 08/15/34		546,132	$	631,082
6.000%, 06/15/36		6,024,847		6,956,358
Ginnie Mae II 30 Yr. Pool 3.000%, 04/20/44		401,593		406,052
3.000%, TBA (a)		700,000		706,562
4.000%, 09/20/39		378,930		406,696
4.000%, 10/20/40		60,642		65,064
4.000%, 11/20/40		4,188,870		4,494,753
4.500%, 02/20/40		498,954		546,699
4.500%, 09/20/40		51,939		56,916
5.000%, 10/20/39		515,654		573,124
5.000%, 11/20/39		30,133		33,492
5.000%, 02/20/40		46,061		51,162
5.000%, 03/20/40		98,230		109,132
5.000%, 04/20/40		300,265		333,533
5.000%, 06/20/40		1,255,470		1,395,179
5.000%, 07/20/40		574,139		638,029
5.000%, 08/20/40		385,503		428,414
5.000%, 09/20/40		277,363		308,178
5.000%, 10/20/40		101,613		112,945
5.000%, 02/20/41		1,880,272		2,089,968
5.000%, 04/20/41		331,282		367,487
5.000%, 06/20/41		161,128		178,578
5.000%, 07/20/41		1,649,727		1,833,711
Ginnie Mae II Pool 4.300%, 08/20/61		1,353,878		1,458,180
4.515%, 03/20/62		3,859,450		4,222,621
4.524%, 07/20/62		7,296,049		8,016,446
4.527%, 03/20/63		19,292,013		21,310,228
4.530%, 10/20/62		1,404,092		1,546,203
4.533%, 12/20/61		9,735,220		10,630,782
4.550%, 05/20/62		6,056,199		6,639,169
4.556%, 12/20/61		4,229,315		4,622,916
4.604%, 03/20/62		1,697,230		1,862,436
4.630%, 04/20/62		4,955,291		5,439,021
4.649%, 02/20/62		953,925		1,046,262
4.650%, 03/20/62		2,653,809		2,913,604
4.682%, 02/20/62		1,236,078		1,354,724
4.684%, 01/20/62		3,904,295		4,274,094
4.723%, 04/20/62		4,992,227		5,494,780
4.804%, 03/20/61		2,338,226		2,542,669
4.834%, 03/20/61		4,338,118		4,719,447
5.470%, 08/20/59		838,524		892,559
5.612%, 04/20/58		659,065		682,101
Government National Mortgage Association (CMO) 0.452%, 08/20/60 (b)		298,064		294,658
0.452%, 09/20/60 (b)		301,048		297,525
0.473%, 08/20/34 (b)		1,286,331		1,286,809
0.481%, 07/20/60 (b)		359,444		355,698
0.633%, 01/20/38 (b)		104,642		104,946
0.642%, 02/20/61 (b)		398,355		396,999
0.652%, 12/20/60 (b)		770,365		768,051
0.652%, 02/20/61 (b)		113,468		113,128
0.652%, 04/20/61 (b)		282,615		281,789
Agency Sponsored Mortgage-Backed—(Continued)
Government National Mortgage Association (CMO) 0.652%, 05/20/61 (b)		561,450		559,677
0.653%, 07/20/37 (b)		418,411		420,445
0.658%, 10/20/37 (b)		2,713,395		2,727,735
0.672%, 01/16/40 (b)		758,908		763,678
0.682%, 06/20/61 (b)		394,093		393,344
0.682%, 12/16/39 (b)		477,614		480,524
0.752%, 10/20/61 (b)		1,337,745		1,339,092
0.752%, 12/20/63 (b)		11,607,732		11,622,277
0.752%, 11/16/39 (b)		570,165		576,017
0.782%, 01/20/62 (b)		1,312,412		1,315,391
0.782%, 03/20/62 (b)		788,936		792,146
0.852%, 11/20/61 (b)		1,214,335		1,220,656
0.852%, 01/20/62 (b)		799,649		803,856
3.000%, 04/20/37		162,989		164,235
3.250%, 09/20/33		122,972		124,563
3.500%, 08/20/33		162,013		163,920
4.004%, 05/20/41 (b)		480,552		535,770
4.500%, 05/16/40		80,000		86,411
4.500%, 05/20/40 (c)		74,780		13,691
5.010%, 09/20/60 (b)		4,240,184		4,677,389
5.150%, 08/20/60		3,412,190		3,775,605
5.301%, 07/20/60 (b)		5,369,234		5,925,879
5.460%, 10/20/59		2,257,013		2,399,526
5.500%, 07/16/34		517,278		588,245
5.500%, 08/20/34		548,445		627,637
				646,709,672
Federal Agencies—4.8%
Federal Home Loan Banks 0.250%, 01/16/15		260,000		260,187
1.000%, 06/21/17		29,750,000		29,848,443
4.875%, 05/17/17		5,000,000		5,566,755
Federal Home Loan Mortgage Corp. 1.250%, 08/01/19		3,000,000		2,935,710
6.250%, 07/15/32		1,368,000		1,886,668
6.750%, 03/15/31		481,000		690,186
Federal National Mortgage Association 0.875%, 02/08/18		137,000		135,127
3.000%, 01/01/43		318,992		315,981
6.625%, 11/15/30		1,430,000		2,030,799
Tennessee Valley Authority 1.750%, 10/15/18		7,486,000		7,546,345
3.500%, 12/15/42		2,297,000		2,108,246
5.250%, 09/15/39		557,000		675,941
5.500%, 06/15/38		6,117,000		7,609,468
				61,609,856
U.S. Treasury—35.0%
U.S. Treasury Bonds 3.375%, 05/15/44		8,529,000		8,586,306
3.625%, 02/15/44		72,076,000		76,062,668
5.000%, 05/15/37 (d)		9,000,000		11,683,125
5.250%, 02/15/29		32,405,000		41,539,159
5.375%, 02/15/31		11,521,000		15,126,716

See accompanying notes to financial statements.

MIST-7

Met Investors Series Trust

Pyramis Government Income Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

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

Security Description	Principal Amount*		Value
U.S. Treasury—(Continued)
U.S. Treasury Notes 0.500%, 06/30/16		37,049,000	$	37,080,825
0.875%, 07/31/19 (e)		22,153,000		21,301,483
1.375%, 02/28/19		1,585,000		1,573,360
1.500%, 01/31/19		4,682,000		4,679,074
1.625%, 04/30/19		30,806,000		30,863,761
1.625%, 06/30/19		13,657,000		13,657,000
1.750%, 07/31/15		15,000,000		15,258,990
2.000%, 05/31/21		24,979,000		24,791,658
2.125%, 06/30/21		2,000,000		1,999,688
2.250%, 03/31/21		44,187,000		44,663,380
2.250%, 04/30/21		16,942,000		17,108,777
2.500%, 05/15/24		5,696,000		5,687,991
2.750%, 02/15/24		72,155,000		73,795,372
				445,459,333
Total U.S. Treasury & Government Agencies (Cost $1,153,073,813)				1,153,778,861
Mortgage-Backed Securities—6.0%
Collateralized Mortgage Obligations—4.6%
CAM Mortgage Trust 2.600%, 05/15/48 (144A)		6,358,101		6,357,679
Granite Master Issuer plc 0.223%, 12/20/54 (144A) (b)		1,287,522		1,275,162
0.233%, 12/20/54 (b)		2,947,698		2,920,899
0.253%, 12/20/54 (b)		1,784,425		1,767,829
0.293%, 12/20/54 (b)		462,862		458,882
0.293%, 12/20/54 (144A) (b)		7,759,124		7,693,172
0.334%, 12/17/54 (b)		3,205,218		3,180,218
0.353%, 12/20/54 (b)		201,074		199,667
0.413%, 12/20/54 (b)		4,274,620		4,243,843
Granite Mortgages plc 0.511%, 09/20/44 (b)		4,724,552		4,708,489
0.551%, 03/20/44 (b)		1,034,690		1,029,310
0.628%, 01/20/44 (b)		703,371		701,964
1.208%, 07/20/43 (b)		4,355,943		4,325,887
National Credit Union Administration Guaranteed Notes 0.522%, 11/06/17 (b)		2,320,595		2,325,628
0.532%, 03/06/20 (b)		419,830		420,849
0.602%, 01/08/20 (b)		10,374,056		10,425,584
RBSSP Resecuritization Trust 4.810%, 07/26/45 (144A) (b)		5,434,482		5,595,451
Thornburg Mortgage Securities Trust 0.792%, 09/25/43 (b)		699,965		688,164
				58,318,677
Commercial Mortgage-Backed Securities—1.4%
Banc of America Merrill Lynch Commercial Mortgage Securities Trust 1.302%, 08/15/29 (144A) (b)		4,090,000		4,092,736
Commercial Mortgage Pass-Through Certificates 1.054%, 06/11/27 (144A) (b)		5,500,000		5,504,297
Commercial Mortgage-Backed Securities—(Continued)
GS Mortgage Securities Corp. II 1.001%, 11/08/29 (144A) (b)		5,500,000		5,527,566
Hilton USA Trust 1.151%, 11/05/30 (144A) (b)		1,351,000		1,352,700
SCG Trust 1.552%, 11/15/26 (144A) (b)		1,434,000		1,439,908
				17,917,207
Total Mortgage-Backed Securities (Cost $75,931,304)				76,235,884
Foreign Government—3.6%
Sovereign—3.6%
Hashemite Kingdom of Jordan Government AID Bond 2.503%, 10/30/20		13,375,000		13,545,879
Israel Government AID Bonds 5.500%, 09/18/23		13,878,000		16,917,130
5.500%, 12/04/23		8,920,000		10,863,775
Ukraine Government AID Bond 1.844%, 05/16/19		4,826,000		4,820,556
Total Foreign Government (Cost $47,451,233)				46,147,340
Corporate Bonds & Notes—2.1%
Diversified Financial Services—2.1%
National Credit Union Administration Guaranteed Notes 1.400%, 06/12/15		50,000		50,565
2.350%, 06/12/17		10,620,000		11,075,598
3.450%, 06/12/21		8,645,000		9,297,697
Private Export Funding Corp. 4.300%, 12/15/21		6,000,000		6,686,202
Total Corporate Bonds & Notes (Cost $27,718,750)				27,110,062
Asset-Backed Securities—1.7%
Asset-Backed - Automobile—0.2%
American Credit Acceptance Receivables Trust 1.320%, 02/15/17 (144A)		2,068,440		2,071,085
Carfinance Capital Auto Trust 1.650%, 07/17/17 (144A)		183,221		183,801
				2,254,886
Asset-Backed - Other—1.5%
Colony American Homes Single-Family Rental Pass-Through Certificates 1.100%, 07/17/31 (144A) (b)		12,208,000		12,215,502
HLSS Servicer Advance Receivables Backed Notes 1.147%, 05/16/44 (144A)		403,000		403,081

See accompanying notes to financial statements.

MIST-8

Met Investors Series Trust

Pyramis Government Income Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Asset-Backed Securities—(Continued)

Security Description	Notional/ Principal Amount*		Value
Asset-Backed - Other—(Continued)
HLSS Servicer Advance Receivables Trust 1.244%, 01/17/45 (144A)		6,529,000	$	6,534,223
				19,152,806
Total Asset-Backed Securities (Cost $21,392,082)				21,407,692
Purchased Options—0.1%
Call Option—0.1%
OTC - 10 Year Interest Rate Swap, Exercise Rate 3.383%, Expires 01/13/15 (Counterparty - JPMorgan Chase Bank N.A.)		13,574,000		49,687
Put Options—0.0%
OTC - 10 Year Interest Rate Swap, Exercise Rate 3.383%, Expires 01/13/15 (Counterparty - JPMorgan Chase Bank N.A.)		13,574,000		726,486
Total Purchased Options (Cost $811,386)				776,173
Short-Term Investment—4.2%
Repurchase Agreement—4.2%
Fixed Income Clearing Corp. Repurchase Agreement dated 06/30/14 at 0.000% to be repurchased at $54,030,774 on 07/01/14, collateralized by $54,840,000 U.S. Treasury Note at 0.625% due 08/15/16 with a value of $55,114,200.		54,030,774		54,030,774
Total Short-Term Investment (Cost $54,030,774)				54,030,774
Total Investments—108.2% (Cost $1,380,409,342) (f)				1,379,486,786
Other assets and liabilities (net)—(8.2)%				(104,712,475	)
Net Assets—100.0%			$	1,274,774,311

* 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 June 30, 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 futures contracts. As of June 30, 2014, the market value of securities pledged was $895,706.

(e) All or a portion of the security was pledged as collateral against open centrally cleared swap contracts. As of June 30, 2014, the market value of securities pledged was $1,150,028.

(f) As of June 30, 2014, the aggregate cost of investments was $1,380,409,342. The aggregate unrealized appreciation and depreciation of investments were $13,815,098 and $(14,737,654), respectively, resulting in net unrealized depreciation of $(922,556).

(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 June 30, 2014, the market value of 144A securities was $60,246,363, which is 4.7% of net assets.

(ARM)— Adjustable-Rate Mortgage

(CMO)— Collateralized Mortgage Obligation

TBA Sale Commitments

Security Description	Interest Rate			Maturity		Face Amount			Proceeds			Value
Fannie Mae 30 Yr. Pool		3.000	%		TBA		(8,200,000	)	$	(8,041,125	)	$	(8,100,706	)

See accompanying notes to financial statements.

MIST-9

Met Investors Series Trust

Pyramis Government Income Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Futures Contracts

Futures Contracts—Long	Expiration Date		Number of Contracts		Notional Amount			Unrealized Appreciation/ (Depreciation)
U.S. Treasury Long Bond Futures		09/19/14		20		USD	2,713,163	$	30,587
U.S. Treasury Note 2 Year Futures		09/30/14		25		USD	5,491,454		(1,610	)
U.S. Treasury Note 5 Year Futures		09/30/14		39		USD	4,662,098		(3,122	)
U.S. Treasury Note 10 Year Futures		09/19/14		311		USD	38,817,285		111,169
U.S. Treasury Ultra Long Bond Futures		09/19/14		115		USD	16,960,026		282,786
Net Unrealized Appreciation								$	419,810

Swap Agreements

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		1.000	%		09/17/16		USD	3,694,739	$	(1,973	)
Receive		3-Month USD-LIBOR		2.250	%		09/17/19		USD	2,183,766		(14,950	)
Receive		3-Month USD-LIBOR		3.250	%		09/17/24		USD	38,569,000		(463,387	)
Pay		3-Month USD-LIBOR		4.000	%		09/17/44		USD	340,000		7,828
Total											$	(472,482	)

(LIBOR)— London Interbank Offered Rate

(USD)— United States Dollar

See accompanying notes to financial statements.

MIST-10

Met Investors Series Trust

Pyramis Government Income Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Fair Value Hierarchy—(Continued)

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 June 30, 2014:

Description	Level 1			Level 2			Level 3		Total
Total U.S. Treasury & Government Agencies*	$	—		$	1,153,778,861		$	—	$	1,153,778,861
Total Mortgage-Backed Securities*		—			76,235,884			—		76,235,884
Total Foreign Government*		—			46,147,340			—		46,147,340
Total Corporate Bonds & Notes*		—			27,110,062			—		27,110,062
Total Asset-Backed Securities*		—			21,407,692			—		21,407,692
Total Purchased Options*		—			776,173			—		776,173
Total Short-Term Investment*		—			54,030,774			—		54,030,774
Total Investments	$	—		$	1,379,486,786		$	—	$	1,379,486,786
Forward Sales Commitments	$	—		$	(8,100,706	)	$	—	$	(8,100,706	)
Futures Contracts
Futures Contracts (Unrealized Appreciation)	$	424,542		$	—		$	—	$	424,542
Futures Contracts (Unrealized Depreciation)		(4,732	)		—			—		(4,732	)
Total Futures Contracts	$	419,810		$	—		$	—	$	419,810
Centrally Cleared Swap Contracts
Centrally Cleared Swap Contracts (Unrealized Appreciation)	$	—		$	7,828		$	—	$	7,828
Centrally Cleared Swap Contracts (Unrealized Depreciation)		—			(480,310	)		—		(480,310	)
Total Centrally Cleared Swap Contracts	$	—		$	(472,482	)	$	—	$	(472,482	)

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

MIST-11

Met Investors Series Trust

Pyramis Government Income Portfolio

Statement of Assets and Liabilities

June 30, 2014 (Unaudited)

Assets
Investments at value (a)	$	1,379,486,786
Receivable for:
Investments sold		2,006,427
TBA securities sold (b)		41,789,375
Fund shares sold		19,787
Principal paydowns		1,223
Interest		5,775,438
Variation margin on futures contracts		108,914
Total Assets		1,429,187,950
Liabilities
Due to custodian		5
Forward sales commitments, at value		8,100,706
Payables for:
Investments purchased		17,570,423
TBA securities purchased		125,203,676
Fund shares redeemed		2,577,571
Variation margin on swap contracts		66,514
Interest on forward sales commitments		8,883
Accrued expenses:
Management fees		441,021
Distribution and service fees		261,254
Deferred trustees’ fees		41,823
Other expenses		141,763
Total Liabilities		154,413,639
Net Assets	$	1,274,774,311
Net assets consist of:
Paid in surplus	$	1,318,422,202
Undistributed net investment income		10,921,749
Accumulated net realized loss		(53,534,831	)
Unrealized depreciation on investments, futures contracts and swap contracts		(1,034,809	)
Net Assets	$	1,274,774,311
Net Assets
Class B	$	1,274,774,311
Capital Shares Outstanding*
Class B		121,370,421
Net Asset Value, Offering Price and Redemption Price Per Share
Class B	$	10.50

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

(a) Identified cost of investments was $1,380,409,342.

(b) Includes $8,041,125 related to TBA sale commitments.

Statement of Operations

Six Months Ended June 30, 2014 (Unaudited)

Investment Income
Interest	$	15,786,867
Total investment income		15,786,867
Expenses
Management fees		2,689,069
Administration fees		14,688
Custodian and accounting fees		92,681
Distribution and service fees—Class B		1,593,887
Audit and tax services		31,532
Legal		15,667
Trustees’ fees and expenses		21,351
Shareholder reporting		34,235
Insurance		5,186
Miscellaneous		6,441
Total expenses		4,504,737
Net Investment Income		11,282,130
Net Realized and Unrealized Gain
Net realized gain (loss) on:
Investments		3,589,980
Futures contracts		2,153,107
Swap contracts		(1,296,935	)
Net realized gain		4,446,152
Net change in unrealized appreciation (depreciation) on:
Investments		42,061,342
Futures contracts		1,863,738
Swap contracts		(1,498,766	)
Net change in unrealized appreciation		42,426,314
Net realized and unrealized gain		46,872,466
Net Increase in Net Assets From Operations	$	58,154,596

See accompanying notes to financial statements.

MIST-12

Met Investors Series Trust

Pyramis Government Income Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2014 (Unaudited)			Year Ended December 31, 2013
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	11,282,130		$	18,720,659
Net realized gain (loss)		4,446,152			(39,750,089	)
Net change in unrealized appreciation (depreciation)		42,426,314			(51,312,093	)
Increase (decrease) in net assets from operations		58,154,596			(72,341,523	)
From Distributions to Shareholders
Net investment income
Class B		(33,274,992	)		(23,088,145	)
Net realized capital gains
Class B		0			(14,356,091	)
Total distributions		(33,274,992	)		(37,444,236	)
Decrease in net assets from capital share transactions		(64,522,242	)		(207,460,310	)
Total decrease in net assets		(39,642,638	)		(317,246,069	)
Net Assets
Beginning of period		1,314,416,949			1,631,663,018
End of period	$	1,274,774,311		$	1,314,416,949
Undistributed net investment income
End of period	$	10,921,749		$	32,914,611

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2014 (Unaudited)						Year Ended December 31, 2013
	Shares			Value			Shares			Value
Class B
Sales		2,387,407		$	25,046,595			16,605,014		$	179,282,553
Reinvestments		3,214,975			33,274,992			3,454,266			37,444,236
Redemptions		(11,734,108	)		(122,843,829	)		(40,250,150	)		(424,187,099	)
Net decrease		(6,131,726	)	$	(64,522,242	)		(20,190,870	)	$	(207,460,310	)
Decrease derived from capital shares transactions				$	(64,522,242	)				$	(207,460,310	)

See accompanying notes to financial statements.

MIST-13

Met Investors Series Trust

Pyramis Government Income Portfolio

Financial Highlights

Selected per share data
	Class B
	Six Months Ended June 30, 2014 (Unaudited)			Year Ended December 31,
				2013			2012			2011(a)
Net Asset Value, Beginning of Period	$	10.31		$	11.05		$	10.73		$	10.00
Income (Loss) from Investment Operations
Net investment income (b)		0.09			0.13			0.10			0.10
Net realized and unrealized gain (loss) on investments		0.38			(0.61	)		0.24			0.76
Total from investment operations		0.47			(0.48	)		0.34			0.86
Less Distributions
Distributions from net investment income		(0.28	)		(0.16	)		(0.00	)(c)		(0.04	)
Distributions from net realized capital gains		0.00			(0.10	)		(0.02	)		(0.09	)
Total distributions		(0.28	)		(0.26	)		(0.02	)		(0.13	)
Net Asset Value, End of Period	$	10.50		$	10.31		$	11.05		$	10.73
Total Return (%) (d)		4.57	(e)		(4.52	)		3.15			8.57	(e)
Ratios/Supplemental Data
Ratio of expenses to average net assets (%)		0.71	(f)		0.70			0.70			0.84	(f)
Ratio of net investment income to average net assets (%)		1.77	(f)		1.24			0.94			1.37	(f)
Portfolio turnover rate (%)		160	(e)(h)		329	(h)		457	(h)		366	(e)
Net assets, end of period (in millions)	$	1,274.8		$	1,314.4		$	1,631.7		$	717.5

(a) Commencement of operations was May 2, 2011.

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

(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) Periods less than one year are not computed on an annualized basis.

(f) Computed on an annualized basis.

(h) Includes mortgage dollar roll and TBA transactions; excluding these transactions the portfolio turnover rate would have been 95%, 212% and 262% for the six months ended June 30, 2014 and for the years ended December 31, 2013 and 2012, respectively.

See accompanying notes to financial statements.

MIST-14

Met Investors Series Trust

Pyramis Government Income Portfolio

Notes to Financial Statements—June 30, 2014 (Unaudited)

1. Organization

Met Investors Series Trust (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 currently offers forty-seven series, each of which operates as a distinct investment vehicle of the Trust. The portfolio included in this report is Pyramis Government 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 four classes of shares: Class A, B, C and E shares. Class B shares are currently offered by the Portfolio.

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 June 30, 2014 through the date the financial statements were issued.

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 (other than short term obligations with a remaining maturity of sixty days or less), 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 MetLife Advisers, LLC (“MetLife Advisers” or the “Adviser”), an affiliate of MetLife, Inc., pursuant to authorization of 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 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.

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.

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Notes to Financial Statements—June 30, 2014—(Continued)

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, which 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 and futures contracts that are traded over-the-counter 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. 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 has delegated the determination of the fair value of a security to a 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 swap transactions, deflation adjustments, premium amortization adjustments and paydown transactions. These adjustments have no impact on net assets or the results of operations.

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Met Investors Series Trust

Pyramis Government Income Portfolio

Notes to Financial Statements—June 30, 2014—(Continued)

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 remain subject to examination by the Internal Revenue Service for three fiscal years after the returns are filed. As of June 30, 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 Master Repurchase Agreement 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 June 30, 2014, the Portfolio had investments in repurchase agreements with a gross value of $54,030,774, 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 June 30, 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 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 sales commitments are valued at the current market value of the underlying securities, according to the procedures described under “Investment Valuation and Fair Value Measurements”.

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Met Investors Series Trust

Pyramis Government Income Portfolio

Notes to Financial Statements—June 30, 2014—(Continued)

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.

Stripped Securities - The Portfolio may invest in “stripped securities,” a term used collectively for certain structured fixed income securities. Stripped securities can be principal only securities (“POs”), which are debt obligations that have been stripped of unmatured interest coupons or interest only securities (“IOs”), which are unmatured interest coupons that have been stripped from debt obligations. Stripped securities do not make periodic payments of interest prior to maturity. As is the case with all securities, the market value of stripped securities will fluctuate in response to changes in economic conditions, interest rates and the market’s perception of the securities. However, fluctuations in response to interest rates may be greater in stripped securities than for debt obligations of comparable maturities that currently pay interest. The amount of fluctuation increases with a longer period of maturity.

The yield to maturity on IOs is sensitive to the rate of principal repayments (including prepayments) on the related underlying debt obligation and principal payments may have a material effect on yield to maturity. If the underlying debt obligation experiences greater than anticipated prepayments of principal, the Portfolio may not fully recoup the initial investment in IOs.

Short Sales - The Portfolio may enter into a “short sale” of securities in circumstances in which, at the time the short position is open, the Portfolio owns an equal amount of the securities sold short or owns preferred stocks or debt securities, convertible or exchangeable without payment of further consideration, into an equal number of securities sold short. This kind of short sale, which is referred to as one “against the box,” may be entered into by the Portfolio to, for example, lock in a sale price for a security the Portfolio does not wish to sell immediately.

The Portfolio may also make short sales of a security it does not own, in anticipation of a decline in the market value of that security. To complete such a transaction, the Portfolio must borrow the security to make delivery to the buyer. The Portfolio then is obligated to replace the security borrowed by purchasing it at market price at the time of replacement. The price at such time may be more or less than the price at which the security was sold short by the Portfolio. Until the security is replaced, the Portfolio is required to pay to the lender any dividends or interest which accrue during the period of the loan. To borrow the security, the Portfolio also may be required to pay a premium, which would increase the cost of the security sold short. Until the Portfolio replaces a borrowed security, the Portfolio will segregate with its custodian, or set aside in the Portfolio’s records, cash or other liquid assets at such a level that (i) the amount segregated, or set aside, plus the amount deposited with the broker as collateral will equal the current value of the security sold short and (ii) the amount segregated plus the amount deposited with the broker as collateral will not be less than the market value of the security at the time it was sold short. The Portfolio will realize a loss as a result of the short sale if the price of the security increases between the date of the short sale and the date on which the Portfolio replaces the borrowed security. Conversely, the Portfolio will realize a gain if the security declines in price between those dates. The latter result is the opposite of what one would expect from a cash purchase of a long position in a security. The amount of any gain will be decreased, and the amount of any loss increased, by the amount of any premium, dividends or interest the Portfolio may be required to pay in connection with a short sale. No more than one third of the Portfolio’s net assets will be, when added together: (i) deposited as collateral for the obligation to replace securities borrowed to effect short sales; and (ii) segregated in connection with short sales.

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

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Pyramis Government Income Portfolio

Notes to Financial Statements—June 30, 2014—(Continued)

correlate perfectly with changes in the value of the underlying instrument. Futures contracts are exchange-traded and 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.

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 over-the-counter 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 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.

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

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Notes to Financial Statements—June 30, 2014—(Continued)

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.

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.

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.

At June 30, 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)	$	776,173
	Unrealized appreciation on centrally cleared swap contracts* (b)		7,828	Unrealized depreciation on centrally cleared swap contracts* (b)	$	480,310
	Unrealized appreciation on futures contracts** (b)		424,542	Unrealized depreciation on futures contracts** (b)		4,732
Total		$	1,208,543		$	485,042

* 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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Met Investors Series Trust

Pyramis Government Income Portfolio

Notes to Financial Statements—June 30, 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) Financial instrument 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”), or similar agreement, and net of the related collateral received by the Portfolio as of June 30, 2014.

Counterparty	Derivative Assets subject to a MNA by Counterparty		Financial Instruments available for offset		Collateral Received†		Net Amount*
JPMorgan Chase Bank N.A.	$	776,173	$	—	$	—	$	776,173

* Net amount represents the net amount receivable from 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 six months ended June 30, 2014 were as follows:

Statement of Operations Location—Net Realized Gain (Loss)	Interest Rate
Futures contracts	$	2,153,107
Swap contracts		(1,296,935	)
	$	856,172
Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)	Interest Rate
Investments (a)	$	(35,213	)
Futures contracts		1,863,738
Swap contracts		(1,498,766	)
	$	329,759

For the six months ended June 30, 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)	$	27,148,000
Futures contracts long		65,950,000
Swap contracts		48,602,918

‡ Averages are based on activity levels during the period.

(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; 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

MIST-21

Met Investors Series Trust

Pyramis Government Income Portfolio

Notes to Financial Statements—June 30, 2014—(Continued)

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 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 over-the-counter traded derivatives (e.g., forward foreign currency exchange contracts, swap agreements and over-the-counter 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 (“Master Forward Agreements”) govern the considerations and factors surrounding the settlement of certain forward settling transactions, such as To-Be-Announced securities, 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 addendums 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 six months ended June 30, 2014 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$2,046,877,124	$	47,390,966	$	2,062,144,068	$	49,029,789

Purchases and sales of mortgage dollar rolls and TBA transactions for the six months ended June 30, 2014 were as follows:

Purchases	Sales
$912,219,031	$	883,814,969

MIST-22

Met Investors Series Trust

Pyramis Government Income Portfolio

Notes to Financial Statements—June 30, 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 six months ended June 30, 2014	% per annum			Average Daily Net Assets
$2,689,069		0.520	%	First $100 million
		0.440	%	$100 million to $500 million
		0.400	%	Over $500 million

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

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 Agreement and Plan - 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 B Shares. MIDC is a wholly-owned subsidiary of MetLife Investors Group, Inc., an affiliate of the Adviser. The Class B distribution plan provides that the Trust, on behalf of the Portfolio, may pay annually up to 0.50% of the average daily net assets of the Portfolio attributable to its Class B Shares with respect to activities primarily intended to result in the sale of Class B Shares. However, under the Class B distribution agreement, payments to the Distributor for activities pursuant to the Class B distribution plan are currently limited to payments at an annual rate equal to 0.25% of average daily net assets of the Portfolio attributable to its Class B Shares. Amounts incurred by the Portfolio for the six months ended June 30, 2014 are shown as Distribution and service fees in the Statement of Operations.

Under the terms of the Class B distribution plan and distribution agreement, the Portfolio is authorized to make payments monthly to the Distributor that may be used to pay or reimburse entities providing distribution and shareholder servicing with respect to the Class B Shares for such entities’ fees or expenses incurred.

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 Metropolitan Series Fund, 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, 2013 and 2012 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2013	2012		2013		2012		2013		2012
$37,444,236	$	1,538,908	$	—	$	—	$	37,444,236	$	1,538,908

MIST-23

Met Investors Series Trust

Pyramis Government Income Portfolio

Notes to Financial Statements—June 30, 2014—(Continued)

As of December 31, 2013, 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
$32,949,102	$	—	$	(49,141,232	)	$	—	$	(52,300,873	)	$	(68,493,003	)

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.

As of December 31, 2013, the Portfolio had accumulated short-term capital losses of $44,195,766 and accumulated long-term capital losses of $8,105,107.

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 January 1, 2015, and interim periods within those fiscal years. Management is evaluating the impact, if any, of this guidance on the Portfolio’s financial statement disclosures.

MIST-24

Met Investors Series Trust

Pyramis Managed Risk Portfolio

Managed by Pyramis Global Advisors, LLC

Portfolio Manager Commentary*

PERFORMANCE

For the six month period ended June 30, 2014, the Class B shares of the Pyramis Managed Risk Portfolio returned 6.37%. The Portfolio’s benchmark, the Dow Jones Moderate Index¹, returned 5.77%.

MARKET ENVIRONMENT / CONDITIONS

Market volatility plunged across nearly all asset classes—including stocks, bonds, and currencies—hitting five year lows in many categories. The pace of global expansion remained slow but relatively steady during the period. Alongside accommodative monetary policy and low inflation, there were widespread gains across many asset categories. Real Estate Investment Trusts (“REITs”) led the rally, as the further decline in long-term interest rates enhanced the return profile of this dividend-heavy category, while first quarter global laggards such as emerging markets and non-U.S. developed equities bounced back in the second half of the period. Despite muted market-level volatility, narrower equity categories—such as U.S. Small Caps, Biotechnology, and Internet stocks—experienced a correction in the middle of the period. These categories led the equity market coming into 2014 and sported relatively high valuations compared with broad indices, but with a rebound in the latter part of the period, they participated in the overall market’s upward trend. Investment grade and non-investment grade bond categories posted positive returns during the six month period.

Despite a tough start to the year, U.S. equities delivered strong returns in many categories during the reporting period. Small cap stocks lagged large and mid cap, yet they strengthened during the end of the period. Some U.S. price-to-earnings ratios were slightly above their long-term averages, but corporate profitability was still a support for stocks. The slow and steady U.S. expansion provided a stable outlook for corporate revenues. Profit margins remained near historic highs and showed little indication of pressure: cyclical productivity continued to rise, expenses were controlled, and debt service obligations were extremely low. All of these factors provided earnings support. Outside the U.S., corporate earnings have seen wide divergences including declines in emerging markets, slow growth in Europe, and a rebound in Japan. Non-U.S. equity valuations remained historically attractive with emerging markets equities well below their long-term averages. Yields and credit spreads of many fixed-income sectors fell further below their long-term historical averages, nearing cyclical lows. Longer-duration categories led bond performance and emerging markets debt benefited from both these trends. Most bond categories benefited from robust investor demand and still improving credit fundamentals. Overall, most fixed income sectors continued to post positive returns.

The global economy continued to grow at a steady pace as the U.S. and much of Europe remained in the middle phase of the business cycle. However, Japan saw some late cycle pressures persist, while China’s economy faced late cycle pressures despite recent policy easing. In the U.S., less volatile economic data contributed to stability in the capital markets. In addition, the U.S. labor market continued to steadily improve with initial unemployment claims falling to near seven-year lows and employee earnings slowly accelerating. Both headline and core inflation ticked up to approximately 2%, driven by increases in housing and a bounce in food and energy prices.

Despite steady overall global growth, leading economic indicators for the major global economies deteriorated somewhat in the second half of the period with emerging economies suffering a greater slowing. Developed Europe’s cyclical backdrop remained positive with most countries boasting a favorable manufacturing environment. Some emerging markets economies stabilized late in the period as global financial conditions eased, current account deficits shrunk, exchange rate volatility decreased, and election outcomes were generally perceived as favorable through the period. Yet, many emerging markets still face stagflationary pressures, weak corporate profitability, and mixed lending and monetary conditions.

PORTFOLIO REVIEW / PERIOD END POSITIONING

At the beginning of the period, the Portfolio had a significantly underweight position in investment-grade debt. In addition, the Portfolio had a meaningful overweight position in equities, both U.S. and foreign developed market equities, reflecting a high conviction level for developed markets as most of these economies remained in early or middle phases of the business cycle. The Portfolio maintained a modest emerging markets equity exposure as attractive valuations offered opportunity.

Overall, the Portfolio remained overweight equities for much of the period. However, with historically low volatility across asset classes around the globe and as many asset classes reached highs, the Portfolio focused on diversifying its sources of risk. As many markets advanced, the Portfolio reduced its U.S. and developed equities overweight. With Treasury yields still near historic lows and muted fixed income return expectations, market conditions remained challenging for bond investors. The Portfolio maintained and slightly increased its underweight position in investment-grade debt. In the non-investment grade bond sector, the Portfolio trimmed its U.S. high yield exposure and established an emerging markets debt position during the period. In another opportunistic asset class, the Portfolio built a modest real estate position, including both equity and debt, reflecting supportive demand-supply dynamics and income. The Portfolio added to cash during the period, but remained underweight due to the asset class’ negative real returns.

For the period, the Portfolio’s asset allocation was accretive to performance, especially the underweight in cash as the “risk on” environment dominated the six month period. Consistent with the environment, out of benchmark positions in high yield debt and emerging markets equity made positive contributions. The interest rate overlay, a combination of extended duration derivatives constructed to provide additional diversification and to balance the Portfolio’s sources of risk, also had a positive impact on relative performance. The Portfolio’s asset allocation decisions offset a negative contribution from security

MIST-1

Met Investors Series Trust

Pyramis Managed Risk Portfolio

Managed by Pyramis Global Advisors, LLC

Portfolio Manager Commentary*—(Continued)

selection, primarily in developed equities, both foreign and U.S. while investment grade debt security selection contributed to relative performance.

As of June 30, 2014, the Portfolio continued to favor equities versus bonds. Within the equity allocation, the Portfolio was overweight the U.S. and underweight foreign developed markets. There was modest exposure to emerging markets through equities. The Portfolio continued to have underweight positions in investment-grade debt, the Portfolio’s largest active position. Fixed-income holdings were weighted toward investment-grade credit with modest positions in high yield, emerging markets and real estate debt. The Portfolio was underweight cash.

The Portfolio used certain derivative instruments during the period, specifically futures contracts, to help provide liquidity, additional diversification and balance the sources of risk. At period end, the Portfolio held S&P 500 Index futures (U.S. equities), MSCI EAFE Index futures (foreign equities), and U.S. Treasury futures (U.S. government bonds).

Xuehai En

Portfolio Manager

Pyramis Global 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 and 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 those of the subadvisory firm as of June 30, 2014 and 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 statements) 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 applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable annuity or insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

MIST-2

Met Investors Series Trust

Pyramis Managed Risk Portfolio

A $10,000 INVESTMENT COMPARED TO THE DOW JONES MODERATE INDEX

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2014

	6 Month		1 Year		Since Inception2
Pyramis Managed Risk Portfolio
Class B		6.37		17.26		12.76
Dow Jones Moderate Index		5.77		16.21		13.84

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 of that combination will have 60% of the risk of an all equity portfolio.

² Inception date of the Class B shares is 4/19/2013. 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.

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 JUNE 30, 2014

Top Holdings

	% of Net Assets
Fidelity Total Bond Fund		19.9
Fidelity Corporate Bond Fund		9.4
Fidelity Large Cap Stock Fund		8.0
Fidelity Value Fund		3.8
Fidelity Blue Chip Growth Fund		3.7
Fidelity Europe Fund		3.6
Fidelity Mega Cap Stock Fund		3.1
Fidelity Growth Discovery Fund		2.6
Fidelity New Millennium Fund		2.5
Fidelity Overseas Fund		2.1

Top Sectors

	% of Net Assets
Mutual Funds		84.5
Cash & Cash Equivalents		14.4

MIST-3

Met Investors Series Trust

Pyramis Managed Risk Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

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, January 1, 2014 through June 30, 2014.

Actual Expenses

The first line 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 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 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 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.

Pyramis Managed Risk Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2014		Ending Account Value June 30, 2014		Expenses Paid During Period** January 1, 2014 to June 30, 2014
Class B(a)(b)	Actual		0.70	%	$	1,000.00	$	1,063.70	$	3.58
	Hypothetical*		0.70	%	$	1,000.00	$	1,021.32	$	3.51

* 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 (181 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.

^(b) The annualized expense ratio does not include the expenses of the Underlying Portfolios in which the Portfolio invests.

MIST-4

Met Investors Series Trust

Pyramis Managed Risk Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Mutual Funds—84.5% of Net Assets

Security Description	Shares		Value
Investment Company Securities—84.5%
Energy Select Sector SPDR Fund		21,255	$	2,127,625
Fidelity Blue Chip Growth Fund (a)		126,479		8,589,190
Fidelity Contrafund (a)		2,889		286,950
Fidelity Corporate Bond Fund (a)		1,918,784		21,970,080
Fidelity Disciplined Equity Fund (a)		80,889		2,767,229
Fidelity Diversified International Fund (a)		93,760		3,566,625
Fidelity Emerging Markets Discovery Fund (a)		1,903		24,298
Fidelity Emerging Markets Fund (a)		7,369		189,675
Fidelity Europe Fund (a)		206,312		8,339,113
Fidelity Floating Rate High Income Fund (a)		5,207		52,020
Fidelity Growth & Income Portfolio (a)		41,747		1,231,957
Fidelity Growth Discovery Fund (a)		260,584		6,011,676
Fidelity Independence Fund (a)		31,654		1,271,527
Fidelity International Discovery Fund (a)		61,197		2,520,104
Fidelity International Small Cap Fund (a)		16,325		451,397
Fidelity International Small Cap Opportunities Fund (a)		325,517		4,853,451
Fidelity Japan Smaller Companies Fund (a)		27,467		374,101
Fidelity Large Cap Stock Fund (a)		669,030		18,766,294
Fidelity Low-Priced Stock Fund (a)		7,622		395,427
Fidelity Mega Cap Stock Fund (a)		436,686		7,179,121
Fidelity New Millennium Fund (a)		139,137		5,838,171
Fidelity Nordic Fund (a)		55,770		2,728,827
Fidelity OTC Portfolio (a)		2,843		234,923
Fidelity Overseas Fund (a)		118,944		4,979,012
Fidelity Real Estate Income Fund (a)		53,635		640,937
Fidelity Real Estate Investment Portfolio (a)		17,227		643,084
Fidelity Stock Selector Large Cap Value Fund (a)		198,740		3,311,015
Fidelity Total Bond Fund (a)		4,350,655		46,726,038
Fidelity Value Discovery Fund (a)		101,930		2,401,460
Fidelity Value Fund (a)		77,972		8,826,439
iShares Core Total U.S. Bond Market ETF		12,358		1,351,965
iShares J.P. Morgan USD Emerging Markets Bond ETF		10,628		1,225,090
iShares MSCI EAFE ETF		10,142		693,408
iShares MSCI Emerging Markets ETF		79,954		3,456,411
iShares U.S. Financial Services ETF		20,478		1,728,957
Market Vectors Gold Miners ETF		18,648		493,240
SPDR Barclays Convertible Securities ETF		4,316		217,958
SPDR Barclays High Yield Bond ETF		70,646		2,948,058
Investment Company Securities—(Continued)
SPDR S&P 500 ETF Trust		10,202		1,996,735
Vanguard Consumer Discretionary ETF		9,999		1,092,091
Vanguard FTSE Developed Markets ETF		110,767		4,717,566
Vanguard Health Care ETF		17,025		1,900,501
Vanguard Industrials ETF		19,197		2,000,903
Vanguard Materials ETF		11,709		1,308,949
Vanguard Value ETF		33,907		2,744,772
WisdomTree Japan Hedged Equity Fund		62,402		3,080,163
Total Mutual Funds (Cost $190,045,776)				198,254,533
Short-Term Investment—14.4%
Repurchase Agreement—14.4%
Fixed Income Clearing Corp. Repurchase Agreement dated 06/30/14 at 0.000% to be repurchased at $33,724,660 on 07/01/14, collateralized by $34,400,000 Federal Home Loan Bank at 0.150% due 03/30/15 with a value of $34,400,000.		33,724,660		33,724,660
Total Short-Term Investment (Cost $33,724,660)				33,724,660
Total Investments—98.9% (Cost $223,770,436) (b)				231,979,193
Other assets and liabilities (net)—1.1%				2,489,450
Net Assets—100.0%			$	234,468,643

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

(a) Affiliated Issuer. (See Note 7 of the Notes to Financial Statements for a summary of transactions in securities of affiliated issuers.)

(b) As of June 30, 2014, the aggregate cost of investments was $223,770,436. The aggregate unrealized appreciation and depreciation of investments were $8,256,846 and $(48,089), respectively, resulting in net unrealized appreciation of $8,208,757.

(ETF)— Exchange-Traded Fund

Futures Contracts

Futures Contracts—Long	Expiration Date		Number of Contracts		Notional Amount			Unrealized Appreciation
MSCI EAFE Mini Index Futures		09/19/14		55		USD	5,395,541	$	18,934
S&P 500 E-Mini Index Futures		09/19/14		213		USD	20,512,518		280,543
U.S. Treasury Long Bond Futures		09/19/14		251		USD	34,051,263		382,799
U.S. Treasury Note 10 Year Futures		09/19/14		284		USD	35,479,092		69,720
Net Unrealized Appreciation								$	751,996

(USD)— United States Dollar

See accompanying notes to financial statements.

MIST-5

Met Investors Series Trust

Pyramis Managed Risk Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

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 June 30, 2014:

Description	Level 1		Level 2		Level 3		Total
Mutual Funds
Investment Company Securities	$	198,254,533	$	—	$	—	$	198,254,533
Total Short-Term Investment*		—		33,724,660		—		33,724,660
Total Investments	$	198,254,533	$	33,724,660	$	—	$	231,979,193
Futures Contracts
Futures Contracts (Unrealized Appreciation)	$	751,996	$	—	$	—	$	751,996

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

MIST-6

Met Investors Series Trust

Pyramis Managed Risk Portfolio

Statement of Assets and Liabilities

June 30, 2014 (Unaudited)

Assets
Investments at value (a)	$	33,084,392
Affiliated investments at value (b)		165,170,141
Repurchase Agreement		33,724,660
Cash		37,177
Cash collateral for futures contracts		2,102,069
Receivable for:
Investments sold		579,421
Fund shares sold		1,225,004
Dividends		212,563
Variation margin on futures contracts		106,162
Prepaid expenses		96
Total Assets		236,241,685
Liabilities
Payables for:
Investments purchased		1,549,344
Fund shares redeemed		23,794
Due to Adviser		44,498
Accrued expenses:
Management fees		58,531
Distribution and service fees		45,652
Deferred trustees’ fees		22,231
Other expenses		28,992
Total Liabilities		1,773,042
Net Assets	$	234,468,643
Net assets consist of:
Paid in surplus	$	219,161,510
Undistributed net investment income		474,516
Accumulated net realized gain		5,871,864
Unrealized appreciation on investments, affiliated investments and futures contracts		8,960,753
Net Assets	$	234,468,643
Net Assets
Class B	$	234,468,643
Capital Shares Outstanding*
Class B		20,896,851
Net Asset Value, Offering Price and Redemption Price Per Share
Class B	$	11.22

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

(a) Identified cost of investments, excluding repurchase agreement and affiliated investments, was $32,072,633.

(b) Identified cost of affiliated investments was $157,973,143.

Statement of Operations

Six Months Ended June 30, 2014 (Unaudited)

Investment Income
Dividends	$	274,498
Dividends from affiliated investments		851,145
Total investment income		1,125,643
Expenses
Management fees		411,708
Administration fees		2,509
Deferred expense reimbursement		44,498
Custodian and accounting fees		13,457
Distribution and service fees—Class B		228,727
Audit and tax services		13,725
Legal		17,872
Trustees’ fees and expenses		19,610
Shareholder reporting		3,757
Insurance		36
Miscellaneous		3,537
Total expenses		759,436
Less management fee waiver		(120,955	)
Net expenses		638,481
Net Investment Income		487,162
Net Realized and Unrealized Gain
Net realized gain on:
Investments		169,104
Affiliated investments		1,588,117
Futures contracts		3,839,085
Capital gain distributions from Affiliated Underlying Portfolios		465,704
Net realized gain		6,062,010
Net change in unrealized appreciation on:
Investments		746,686
Affiliated investments		4,106,246
Futures contracts		704,303
Net change in unrealized appreciation		5,557,235
Net realized and unrealized gain		11,619,245
Net Increase in Net Assets From Operations	$	12,106,407

See accompanying notes to financial statements.

MIST-7

Met Investors Series Trust

Pyramis Managed Risk Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2014 (Unaudited)			Year Ended December 31, 2013(a)
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	487,162		$	662,801
Net realized gain		6,062,010			3,413,021
Net change in unrealized appreciation		5,557,235			3,403,518
Increase in net assets from operations		12,106,407			7,479,340
From Distributions to Shareholders
Net investment income
Class B		0			(1,095,809	)
Net realized capital gains
Class B		(736,608	)		(2,455,668	)
Total distributions		(736,608	)		(3,551,477	)
Increase in net assets from capital share transactions		79,324,393			139,846,588
Total increase in net assets		90,694,192			143,774,451
Net Assets
Beginning of period		143,774,451			0
End of period	$	234,468,643		$	143,774,451
Undistributed (distributions in excess of) net investment income
End of period	$	474,516		$	(12,646	)

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2014 (Unaudited)						Year Ended December 31, 2013(a)
	Shares			Value			Shares			Value
Class B
Sales		7,834,444		$	84,811,800			14,244,292		$	146,860,725
Reinvestments		68,971			736,608			335,678			3,551,477
Redemptions		(577,869	)		(6,224,015	)		(1,008,665	)		(10,565,614	)
Net increase		7,325,546		$	79,324,393			13,571,305		$	139,846,588
Increase derived from capital shares transactions				$	79,324,393					$	139,846,588

(a) Commencement of operations was April 19, 2013.

See accompanying notes to financial statements.

MIST-8

Met Investors Series Trust

Pyramis Managed Risk Portfolio

Financial Highlights

Selected per share data
	Class B
	Six Months Ended June 30, 2014 (Unaudited)			Year Ended December 31,
				2013(a)
Net Asset Value, Beginning of Period	$	10.59		$	10.00
Income (Loss) from Investment Operations
Net investment income (b)		0.03			0.10
Net realized and unrealized gain on investments		0.64			0.76
Total from investment operations		0.67			0.86
Less Distributions
Distributions from net investment income		0.00			(0.08	)
Distributions from net realized capital gains		(0.04	)		(0.19	)
Total distributions		(0.04	)		(0.27	)
Net Asset Value, End of Period	$	11.22		$	10.59
Total Return (%) (c)		6.37	(d)		8.59	(d)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%) (e)		0.83	(f)		1.15	(f)
Net ratio of expenses to average net assets (%) (e)(g)		0.70	(f)		0.80	(f)
Ratio of net investment income to average net assets (%)		0.53	(f)		1.39	(f)
Portfolio turnover rate (%)		33	(d)		88	(d)
Net assets, end of period (in millions)	$	234.5		$	143.8

(a) Commencement of operations was April 19, 2013.

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

(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) Periods less than one year are not computed on an annualized basis.

(e) The ratio of operating expenses to average net assets does not include expenses of the Underlying Portfolios in which the Portfolio invests.

(f) Computed on an annualized basis.

(g) Includes the effects of management fee waivers and expenses reimbursed by the Adviser (see Note 6 of the Notes to Financial Statements).

See accompanying notes to financial statements.

MIST-9

Met Investors Series Trust

Pyramis Managed Risk Portfolio

Notes to Financial Statements—June 30, 2014 (Unaudited)

1. Organization

Met Investors Series Trust (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 currently offers forty-seven series, each of which operates as a distinct investment vehicle of the Trust. The portfolio included in this report is Pyramis Managed Risk Portfolio (the “Portfolio”), which is diversified. The Portfolio’s shares first became available to investors through certain separate accounts on April 29, 2013. 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 four classes of shares: Class A, B, C and E shares. Class B shares are currently offered by the Portfolio.

The Portfolio invests approximately 80% of its assets in shares of mutual funds offered by Fidelity Investments (“Underlying Portfolios”) and exchange-traded funds (“Underlying ETFs”) offered by other sponsors and approximately 20% of its assets in derivative instruments such as stock index futures.

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 June 30, 2014 through the date the financial statements were issued.

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 (other than short term obligations with a remaining maturity of sixty days or less), 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 MetLife Advisers, LLC (“MetLife Advisers” or the “Adviser”), an affiliate of MetLife, Inc., pursuant to authorization of 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 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 the Underlying Portfolios are valued at reported net asset value per share on the valuation date. Investments in the Underlying ETFs are valued at the closing market quotation for their shares. The net asset value of the Portfolio is calculated based on

MIST-10

Met Investors Series Trust

Pyramis Managed Risk Portfolio

Notes to Financial Statements—June 30, 2014—(Continued)

the market values of the Underlying Portfolios and Underlying ETFs in which the Portfolio invests. For information about the use of fair value pricing by the Underlying Portfolios and Underlying ETFs, please refer to the prospectuses for such Underlying Portfolios and Underlying ETFs.

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, which 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 and futures contracts that are traded over-the-counter 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. 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 has delegated the determination of the fair value of a security to a 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.

MIST-11

Met Investors Series Trust

Pyramis Managed Risk Portfolio

Notes to Financial Statements—June 30, 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, swap transactions and short-term dividend reclass from Underlying ETFs. 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 remain subject to examination by the Internal Revenue Service for three fiscal years after the returns are filed. As of June 30, 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 Master Repurchase Agreement 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 June 30, 2014, the Portfolio had investments in repurchase agreements with a gross value of $33,724,660, which is reflected as repurchase agreement on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at June 30, 2014.

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. Futures contracts are exchange-traded and 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 June 30, 2014, the Portfolio had the following derivatives, categorized by risk exposure:

	Asset Derivatives
Risk Exposure	Statement of Assets & Liabilities Location	Fair Value
Interest Rate	Unrealized appreciation on futures contracts* (a)	$	452,519
Equity	Unrealized appreciation on futures contracts* (a)		299,477
Total		$	751,996

MIST-12

Met Investors Series Trust

Pyramis Managed Risk Portfolio

Notes to Financial Statements—June 30, 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) Financial instrument not subject to a master netting agreement.

Transactions in derivative instruments during the six months ended June 30, 2014 were as follows:

Statement of Operations Location—Net Realized Gain (Loss)	Interest Rate		Equity			Total
Futures contracts	$	2,129,568	$	1,709,517		$	3,839,085
Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)	Interest Rate		Equity			Total
Futures contracts	$	1,087,151	$	(382,848	)	$	704,303

For the six months ended June 30, 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	$	44,528,525

‡ Averages are based on activity levels during the period.

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; 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 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 over-the-counter traded derivatives (e.g., forward foreign currency exchange contracts, swap agreements and over-the-counter 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

MIST-13

Met Investors Series Trust

Pyramis Managed Risk Portfolio

Notes to Financial Statements—June 30, 2014—(Continued)

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 addendums 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 six months ended June 30, 2014 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	122,278,865	$	0	$	51,625,996

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 (“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:

Management Fees earned by MetLife Advisers for the period ended June 30, 2014	% per annum			Average Daily Net Assets
$411,708		0.450	%	ALL

MetLife Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. Pyramis Global Advisors, LLC (the “Subadvisor”) 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, through April 30, 2015, to waive its management fee in the same amount as any fees MetLife or its affiliates receive from the Subadvisor and its affiliates for recordkeeping and other administrative services. Amounts waived for the six months ended June 30, 2014 are shown as a management fee waiver in the Statement of Operations.

Expense Limitation Agreement - MetLife Advisers has entered into an expense limitation agreement with the Trust (“Expense Limitation Agreement”) in the interest of limiting expenses of the Portfolio. The Expense Limitation Agreement shall continue in effect with respect to the Portfolio until April 30, 2015. Pursuant to that Expense Limitation Agreement, MetLife Advisers has agreed to waive or limit its fees and to assume other expenses so that the total annual operating expenses of the Portfolio other than interest, taxes, brokerage commissions, other expenditures which are capitalized or expensed in accordance with GAAP, other extraordinary expenses not incurred in the ordinary course of the Portfolio’s business and acquired fund fees and expenses but including amounts payable pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act, are limited to the following expense ratio as a percentage of the Portfolio’s average daily net assets:

Maximum Expense Ratio under Current Expense Limitation Agreement	Expenses Deferred in 2013 Subject to repayment until December 31,
Class B	2018
0.80%	$	53,199

MIST-14

Met Investors Series Trust

Pyramis Managed Risk Portfolio

Notes to Financial Statements—June 30, 2014—(Continued)

If, in any year in which the Management Agreement is still in effect, the estimated aggregate operating expenses of the Portfolio for the fiscal year are less than the Maximum Expense Ratio for that year, subject to approval by the Trust’s Board, MetLife Advisers shall be entitled to reimbursement by the Portfolio to the extent that the charge does not cause the expenses in such subsequent year to exceed the Maximum Expense Ratio as stated above. The Portfolio is not 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.

As of June 30, 2014, there were no expenses deferred in 2014 and $44,498 was repaid to MetLife Advisers in accordance with the Expense Limitation Agreement. The amount of expenses deferred in 2013, which were recovered during the six months ended June 30, 2014 was $44,498. Amounts recouped for the six months ended June 30, 2014 are shown as Deferred expense reimbursement 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 Agreement and Plan - 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 B Shares. MIDC is a wholly-owned subsidiary of MetLife Investors Group, Inc., an affiliate of the Adviser. The Class B distribution plan provides that the Trust, on behalf of the Portfolio, may pay annually up to 0.50% of the average daily net assets of the Portfolio attributable to its Class B Shares with respect to activities primarily intended to result in the sale of Class B Shares. However, under the Class B distribution agreement, payments to the Distributor for activities pursuant to the Class B distribution plan are currently limited to payments at an annual rate equal to 0.25% of average daily net assets of the Portfolio attributable to its Class B Shares. Amounts incurred by the Portfolio for the six months ended June 30, 2014 are shown as Distribution and service fees in the Statement of Operations.

Under the terms of the Class B distribution plan and distribution agreement, the Portfolio is authorized to make payments monthly to the Distributor that may be used to pay or reimburse entities providing distribution and shareholder servicing with respect to the Class B Shares for such entities’ fees or expenses incurred.

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 Metropolitan Series Fund, 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 Underlying Portfolios during the six months ended June 30, 2014 is as follows:

Underlying Portfolio	Number of shares held at December 31, 2013		Shares purchased		Shares sold			Number of shares held at June 30, 2014
Fidelity Blue Chip Growth Fund		89,175		37,304		—			126,479
Fidelity Blue Chip Value Fund		25,601		119,331		(144,932	)		—
Fidelity Contrafund		47,845		6,755		(51,711	)		2,889
Fidelity Corporate Bond Fund		547,590		1,371,194		—			1,918,784
Fidelity Disciplined Equity Fund		191,399		—		(110,510	)		80,889
Fidelity Diversified International Fund		103,258		29,629		(39,127	)		93,760
Fidelity Emerging Markets Discovery Fund		1,903		—		—			1,903
Fidelity Emerging Markets Fund		7,369		—		—			7,369
Fidelity Equity-Income Fund		8,585		—		(8,585	)		—
Fidelity Europe Fund		143,471		120,149		(57,308	)		206,312
Fidelity Floating Rate High Income Fund		5,108		99		—			5,207
Fidelity Growth & Income Portfolio		1,885		39,862		—			41,747
Fidelity Growth Discovery Fund		26,926		233,658		—			260,584
Fidelity Independence Fund		—		31,654		—			31,654
Fidelity International Discovery Fund		114,527		14,260		(67,590	)		61,197

MIST-15

Met Investors Series Trust

Pyramis Managed Risk Portfolio

Notes to Financial Statements—June 30, 2014—(Continued)

Underlying Portfolio	Number of shares held at December 31, 2013		Shares purchased		Shares sold			Number of shares held at June 30, 2014
Fidelity International Small Cap Fund		130,603		—		(114,278	)		16,325
Fidelity International Small Cap Opportunities Fund		—		325,517		—			325,517
Fidelity Japan Smaller Companies Fund		54,934		—		(27,467	)		27,467
Fidelity Large Cap Stock Fund		388,421		280,609		—			669,030
Fidelity Low Priced Stock Fund		109,149		—		(101,527	)		7,622
Fidelity Mega Cap Stock Fund		333,494		392,813		(289,621	)		436,686
Fidelity New Millennium Fund		28,037		224,119		(113,019	)		139,137
Fidelity Nordic Fund		7,599		48,171		—			55,770
Fidelity OTC Portfolio		18,928		31,535		(47,620	)		2,843
Fidelity Overseas Fund		—		118,944		—			118,944
Fidelity Real Estate Income Fund		—		53,635		—			53,635
Fidelity Real Estate Investment Fund		—		17,227		—			17,227
Fidelity Stock Selector Large Cap Value Fund		—		198,740		—			198,740
Fidelity Total Bond Fund		3,446,953		1,044,652		(140,950	)		4,350,655
Fidelity Value Discovery Fund		—		101,930		—			101,930
Fidelity Value Fund		40,271		37,701		—			77,972

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 June 30, 2014
Fidelity Blue Chip Growth Fund	$	—		$	—	$	—	$	8,589,190
Fidelity Blue Chip Value Fund		140,423			—		—		—
Fidelity Contrafund		42,625			9,019		—		286,950
Fidelity Corporate Bond Fund		—			—		221,896		21,970,080
Fidelity Disciplined Equity Fund		240,857			—		—		2,767,229
Fidelity Diversified International Fund		26,570			—		—		3,566,625
Fidelity Emerging Markets Discovery Fund		—			—		—		24,298
Fidelity Emerging Markets Fund		—			—		—		189,675
Fidelity Equity-Income Fund		20,874			—		—		—
Fidelity Europe Fund		283,366			—		—		8,339,113
Fidelity Floating Rate High Income Fund		—			—		849		52,020
Fidelity Growth & Income Portfolio		—			—		215		1,231,957
Fidelity Growth Discovery Fund		—			—		—		6,011,676
Fidelity Independence Fund		—			—		—		1,271,527
Fidelity International Discovery Fund		255,081			—		—		2,520,104
Fidelity International Small Cap Fund		290,587			—		—		451,397
Fidelity International Small Cap Opportunities Fund		—			—		—		4,853,451
Fidelity Japan Smaller Companies Fund		(35,492	)		—		—		374,101
Fidelity Large Cap Stock Fund		—			446,292		45,978		18,766,294
Fidelity Low Priced Stock Fund		269,882			—		—		395,427
Fidelity Mega Cap Stock Fund		52,327			—		—		7,179,121
Fidelity New Millennium Fund		156,605			10,393		—		5,838,171
Fidelity Nordic Fund		—			—		—		2,728,827
Fidelity OTC Portfolio		(145,865	)		—		—		234,923
Fidelity Overseas Fund		—			—		—		4,979,012
Fidelity Real Estate Income Fund		—			—		6,530		640,937
Fidelity Real Estate Investment Fund		—			—		2,659		643,084
Fidelity Stock Selector Large Cap Value Fund		—			—		—		3,311,015
Fidelity Total Bond Fund		(9,723	)		—		573,018		46,726,038
Fidelity Value Discovery Fund		—			—		—		2,401,460
Fidelity Value Fund		—			—		—		8,826,439
	$	1,588,117		$	465,704	$	851,145	$	165,170,141

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.

MIST-16

Met Investors Series Trust

Pyramis Managed Risk Portfolio

Notes to Financial Statements—June 30, 2014—(Continued)

9. Income Tax Information

The tax character of distributions paid for the period ended December 31, 2013 are as follows:

Ordinary Income	Long-Term Capital Gain		Total
$2,033,188	$	1,518,289	$	3,551,477

As of December 31, 2013, 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
$268,003	$	402,263	$	3,279,714	$	—	$	3,949,980

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.

As of December 31, 2013, the Portfolio had no capital loss carryforwards.

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 January 1, 2015, and interim periods within those fiscal years. Management is evaluating the impact, if any, of this guidance on the Portfolio’s financial statement disclosures.

MIST-17

Met Investors Series Trust

Schroders Global Multi-Asset Portfolio

Managed by Schroder Investment Management North America Inc.

Portfolio Manager Commentary*

PERFORMANCE

For the six month period ended June 30, 2014, the Class B shares of the Schroders Global Multi-Asset Portfolio returned 6.37%. The Portfolio’s benchmark, the Dow Jones Moderate Index¹, returned 5.77%.

MARKET ENVIRONMENT / CONDITIONS

Central bank policy continued to be a key theme driving global financial markets during the period. Prior to the period, central bank policies appeared synchronized as they shared a common goal of promoting growth within their respective economic regions through accommodative monetary policy. During the period, we started to see a divergence in central bank action as certain economies have accelerated through the economic cycle faster than others. In particular, the U.K. and the U.S. were ahead in the cycle and markets started to price in central bank policy adjustments accordingly. On the contrary, the European Central Bank (the “ECB”) and the Bank of Japan have continued in the direction of easing monetary policy to combat deflation and stimulate growth.

In January, concerns about the U.S. Federal Reserve (the “Fed”) reducing its Quantitative Easing program and its impact on emerging markets resulted in the worst start to the year for equities since 2010. However, a strong rebound followed in the middle of the first quarter, as markets shrugged off weak U.S. economic data and Europe’s economy showed signs of improvement. Early in the year, investors were encouraged by evidence of growing economic activity in the Eurozone. However, annual inflation remained below target during the period, unexpectedly slowing in March, thus raising hopes of further easing. After a stellar 2013, Japanese equities weakened in the first quarter of 2014. This was partly due to fears about the upcoming sales tax hike and also because of the yen’s safe haven status. With international tensions rising, the yen rose, negatively impacting Japanese equities. Global bonds had a better start to the year than many anticipated; particularly in the U.S. where the yield on the 10-year U.S. Treasury Index fell.

Global equity markets continued to march higher in the second quarter as investors were reassured by the Fed’s comments about ongoing accommodative monetary policy and also by the ECB’s policy easing measures. Geopolitical tension was once again in the forefront, this time in Iraq where conflict between the government and Sunni militants escalated. U.S. economic data generally pointed to an improvement in growth in the second quarter and the Fed appeared positive on the outlook for the U.S. economy and relatively unconcerned about inflationary pressures. Eurozone equities were further supported by expectations that the ECB would take steps to ease monetary policy and stimulate growth. Action was forthcoming in early June when the ECB announced a range of measures, including the introduction of a negative deposit rate. Japanese equities reversed direction in the second quarter as concerns of the sales tax hike eased. Emerging markets fell during the first quarter and rebounded in the second quarter. Initially, the asset class suffered in January owing to concerns about the impact of the Fed’s tapering, particularly on those countries with large current account deficits. Events in Ukraine and weaker-than-expected macroeconomic data from China also detracted. Later in the period, Emerging Asia led the gains, specifically in India where optimism about the country’s growth and reform prospects were boosted by recent elections. In the second quarter, global bonds built upon gains made in the first quarter. Credit indices advanced and government bond yields remained low.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Schroders Global Multi-Asset Portfolio aims to capture global growth opportunities while protecting against market volatility. The Portfolio’s strategic exposure contains actively-managed Schroders equity and bond portfolios, supplemented with passive investments to facilitate rapid implementation of Schroders’ thematic and tactical views in a cost-effective manner. Schroders seeks to pre-emptively manage risk in its strategic exposures through forward-looking market views, complemented by a Volatility Management Strategy aiming to cap portfolio volatility at 10% over 12-month periods. The Portfolio employs an interest rate overlay to improve diversification and balance the sources of risk through utilizing 10-year Interest Rate Swaps. The Portfolio’s interest rate overlay was additive to performance during the period.

The Portfolio had an underweight position in fixed income throughout the first half of the year. While the fixed income allocation helped overall performance, the underweight position hurt performance, particularly in January when equities were under pressure. U.S. equities were contributory to performance; however, the asset class underweight presented a slight opportunity cost as U.S. equities performed well relative to other developed markets. Further, the Portfolio’s underweight to U.S. Small Cap equities detracted as they outperformed U.S. Large Cap. Outside the U.S., the strengthening sterling put pressure on U.K. equities as a meaningful proportion of U.K. corporate revenues are generated overseas.

Early in the period, Japanese equities underperformed the broad developed equity market and detracted from overall Portfolio performance due to volatility in Emerging Asia and the looming sales tax hike in Japan. These concerns eased and we subsequently increased the Portfolio’s exposure to Japanese equities, which helped drive overall Portfolio performance higher in the second quarter.

Other contributors included the Portfolio’s overweight to U.S. equities early in the period, as well as the stock selection within the underlying Schroders QEP Global Core equity strategy which contributed to its outperformance versus the MSCI World Index. Additionally, regional decisions such as the allocation to emerging market equities enhanced performance owing to the ongoing global recovery. European company profitability boosted Eurozone equities, contributing positively to the Portfolio’s performance.

During the first half of the year, we continued to favor the U.S. growth story, particularly U.S. Large Cap equities, whose valuations

MIST-1

Met Investors Series Trust

Schroders Global Multi-Asset Portfolio

Managed by Schroder Investment Management North America Inc.

Portfolio Manager Commentary*—(Continued)

were less stretched than Small Cap equities. We decreased our Eurozone equity allocation during the first quarter to mitigate risks posed by the escalation in Ukraine (Russia being an important oil partner to Europe) and slowing growth in China (Europe’s largest trade partner). We also reduced the Portfolio’s exposure to Japanese equities early in the year. This was due to the depreciation of emerging markets currencies which could negatively impact Japanese exports and the increase in the Japanese sales tax which we anticipated would put pressure on Japanese equities. During the first quarter, we maintained minimal emerging markets equity allocations with the Portfolio’s only exposures stemming from underlying actively-managed equity portfolios. Late in the first quarter we added the Shareholder Focus Portfolio, a new custom stock portfolio which invests in companies that offer value by distributing cash to shareholders or through share buybacks. The new custom stock portfolio is designed to complement the High Quality Yield custom stock portfolio we continued to own.

We have been positive on equities for several years given their attractive valuation and the accommodative monetary policies of major central banks. Our central economic scenario of modest growth and low inflation is supportive for equities. However, this scenario is increasingly reflected in valuations and consequently equities are vulnerable to any deterioration in the outlook for either growth or inflation. Consequently, we started to layer in defensive equity positions in recent months. The first level of protection was to avoid or reduce those assets that have become expensive and hence are most susceptible to any reversal in markets such as U.S. Small Cap equities, U.S. Utilities and High Yield. Avoiding or lowering the Portfolio’s exposure to expensive assets opened up opportunities to allocate to assets of relative value. For example, we added to emerging market equities which have been attractively valued as compared to other equity markets. Our analysis of market risks placed an increasing weight on inflationary outcomes as the balance between growth and inflation changes. Subsequently, we introduced Treasury Inflation Protection Securities (“TIPS”) to battle inflationary pressures as initial signs of inflation started to surface in the U.S. Volatility remained low but that was justified given supportive central bank policy, particularly in the U.S. We remained cautious with fixed income, and were therefore underweight versus the benchmark, as Fed tapering and speculation of an interest rate hike in the U.S. could have impacted bond valuations.

The Portfolio used derivative instruments to adjust equity, currency and interest-rate exposures. The derivatives positions performed in line with expectations and facilitated the Portfolio’s overall performance by providing a cost-effective and liquid approach to gaining the desired market exposure versus implementation via physical instruments.

As of the June 30, 2014, the Portfolio’s allocation to Developed Equities was 59.27% and the allocation to U.S. Investment Grade Bonds was 30.26%. We held approximately 8.69% in Opportunistic asset classes, specifically, 3.73% in Emerging Markets Equities, 1.47% in Emerging Markets Debt, 1.47% in High Yield, and 2.02% in TIPS. The Portfolio’s cash level was 1.78% as of the end of June. The calculated volatility of the Portfolio’s positioning as of period end was less than 10% per year.

Johanna Kyrklund

Philip Chandler

Michael Hodgson

Portfolio Managers

Schroder Investment Management North America 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 and 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 those of the subadvisory firm as of June 30, 2014 and 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 statements) 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 applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable annuity or insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

MIST-2

Met Investors Series Trust

Schroders Global Multi-Asset Portfolio

A $10,000 INVESTMENT COMPARED TO THE DOW JONES MODERATE INDEX

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2014

	6 Month		1 Year		Since Inception2
Schroders Global Multi-Asset Portfolio
Class B		6.37		15.89		11.37
Dow Jones Moderate Index		5.77		16.21		11.42

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 of that combination will have 60% of the risk of an all equity portfolio.

² Inception date of the Class B shares is 4/23/2012. 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.

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.

PORFOLIO COMPOSITION AS OF JUNE 30, 2014

Top Equity Sectors

	% of Net Assets
Financials		22.4
Health Care		4.5
Information Technology		4.4
Industrials		4.1
Consumer Discretionary		3.7

Top Fixed Income Sectors

	% of Net Assets
Corporate Bonds & Notes		24.0
Cash & Cash Equivalents		18.0
U.S. Treasury & Government Agencies		2.7
Foreign Government		0.3

MIST-3

Met Investors Series Trust

Schroders Global Multi-Asset Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

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, January 1, 2014 through June 30, 2014.

Actual Expenses

The first line 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 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 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 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.

Schroders Global Multi-Asset Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2014		Ending Account Value June 30, 2014		Expenses Paid During Period** January 1, 2014 to June 30, 2014
Class B	Actual		0.98	%	$	1,000.00	$	1,063.70	$	5.01
	Hypothetical*		0.98	%	$	1,000.00	$	1,019.94	$	4.91

* 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 (181 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

MIST-4

Met Investors Series Trust

Schroders Global Multi-Asset Portfolio

Consolidated§ Schedule of Investments as of June 30, 2014 (Unaudited)

Common Stocks—34.7% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—0.7%
Boeing Co. (The)		6,200	$	788,826
Cobham plc		49,515		264,372
Exelis, Inc.		5,800		98,484
General Dynamics Corp.		2,900		337,995
Honeywell International, Inc.		8,500		790,075
Kongsberg Gruppen A/S		2,272		51,482
L-3 Communications Holdings, Inc.		5,707		689,120
Lockheed Martin Corp.		5,133		825,027
Northrop Grumman Corp.		4,000		478,520
Raytheon Co.		6,946		640,769
Rockwell Collins, Inc.		2,300		179,722
Rolls-Royce Holdings plc (a)		10,511		191,974
Senior plc		27,819		134,831
Ultra Electronics Holdings plc		2,251		72,121
United Technologies Corp.		8,411		971,050
				6,514,368
Air Freight & Logistics—0.2%
Expeditors International of Washington, Inc.		5,900		260,544
FedEx Corp.		2,700		408,726
Forward Air Corp.		2,400		114,840
Oesterreichische Post AG		3,333		165,566
Singapore Post, Ltd.		87,000		121,070
United Parcel Service, Inc. - Class B		5,471		561,653
				1,632,399
Airlines—0.2%
Alaska Air Group, Inc.		2,000		190,100
ANA Holdings, Inc.		152,000		358,915
Copa Holdings S.A. - Class A		2,000		285,140
Dart Group plc		13,800		48,601
Deutsche Lufthansa AG		13,726		294,694
International Consolidated Airlines Group S.A. - Class DI (a)		48,527		309,015
Japan Airlines Co., Ltd.		2,500		138,361
Skymark Airlines, Inc. (a)		2,100		5,914
Spirit Airlines, Inc. (a)		900		56,916
				1,687,656
Auto Components—0.6%
Aisan Industry Co., Ltd.		1,400		12,474
ARB Corp., Ltd.		3,206		37,041
Autoliv, Inc.		3,600		383,688
Autoneum Holding AG (a)		438		87,891
Brembo S.p.A.		1,995		72,833
Bridgestone Corp.		12,400		434,576
Cie Generale des Etablissements Michelin		4,668		558,443
Continental AG		2,451		567,782
Delphi Automotive plc		7,000		481,180
Exedy Corp.		1,800		53,578
FCC Co., Ltd.		5,300		99,619
G-Tekt Corp.		2,000		26,169
Gentex Corp.		2,800		81,452
Halla Visteon Climate Control Corp.		1,380		62,463
Hankook Tire Co., Ltd.		1,820		108,630
Auto Components—(Continued)
HI-LEX Corp.		1,900		52,513
Hyundai Mobis		700		196,444
Hyundai Wia Corp.		354		68,616
Keihin Corp.		6,700		106,682
Magna International, Inc.		3,500		376,749
NHK Spring Co., Ltd.		16,000		150,223
Nippon Seiki Co., Ltd.		3,000		57,975
Nissin Kogyo Co., Ltd.		5,400		107,321
Nokian Renkaat Oyj		5,403		211,008
Pacific Industrial Co., Ltd.		3,700		30,201
Piolax, Inc.		600		23,124
Plastic Omnium S.A.		5,341		167,949
Showa Corp.		3,800		46,308
Standard Motor Products, Inc.		900		40,203
Tianneng Power International, Ltd.		18,000		6,782
Tokai Rika Co., Ltd.		5,400		108,593
Topre Corp.		4,000		54,415
Toyoda Gosei Co., Ltd.		7,100		147,677
TRW Automotive Holdings Corp. (a)		3,800		340,176
TS Tech Co., Ltd.		5,200		151,503
Valeo S.A.		2,693		361,136
Yorozu Corp.		1,300		25,819
				5,899,236
Automobiles—0.3%
Daihatsu Motor Co., Ltd.		10,000		178,066
Daimler AG		1,644		153,961
Ford Motor Co.		5,000		86,200
Fuji Heavy Industries, Ltd.		16,000		444,027
Geely Automobile Holdings, Ltd.		270,000		95,123
Honda Motor Co., Ltd.		1,900		66,463
Isuzu Motors, Ltd.		39,000		258,395
Kia Motors Corp.		1,035		57,934
Suzuki Motor Corp.		8,800		276,167
Toyota Motor Corp.		14,800		890,281
				2,506,617
Banks—3.1%
77 Bank, Ltd. (The)		9,000		47,516
Australia & New Zealand Banking Group, Ltd.		7,227		227,366
Awa Bank, Ltd. (The)		6,000		34,162
Banco Bilbao Vizcaya Argentaria S.A.		10,273		130,784
Banco Santander S.A.		47,066		491,126
Bank Hapoalim B.M.		63,125		364,684
Bank Leumi Le-Israel B.M. (a)		82,762		322,633
Bank of America Corp.		101,100		1,553,907
Bank of East Asia, Ltd.		76,000		315,449
Bank of Iwate, Ltd. (The)		500		24,639
Bank of Kyoto, Ltd. (The)		23,000		209,475
Bank of Montreal		5,154		379,552
Bank of Nova Scotia		900		60,003
Bank of Okinawa, Ltd. (The)		500		21,639
Bank Pekao S.A.		3,505		199,589
BankUnited, Inc.		7,500		251,100
Barclays plc		168,705		614,538
BNP Paribas S.A.		14,169		961,357

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

MIST-5

Met Investors Series Trust

Schroders Global Multi-Asset Portfolio

Consolidated§ Schedule of Investments as of June 30, 2014 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Banks—(Continued)
BOC Hong Kong Holdings, Ltd.		122,500	$	355,058
Canadian Imperial Bank of Commerce		4,044		367,998
Chiba Bank, Ltd. (The)		25,000		176,803
Chiba Kogyo Bank, Ltd. (The)		2,300		17,898
Chugoku Bank, Ltd. (The)		11,000		169,400
Citigroup, Inc.		34,500		1,624,950
Citizens & Northern Corp.		700		13,643
Commerzbank AG (a)		12,483		196,255
Commonwealth Bank of Australia		7,092		541,234
Credit Agricole S.A.		13,756		194,023
Cullen/Frost Bankers, Inc.		2,600		206,492
CVB Financial Corp.		8,900		142,667
Dah Sing Banking Group, Ltd.		20,000		33,499
Dah Sing Financial Holdings, Ltd.		11,200		59,181
Daishi Bank, Ltd. (The)		21,000		78,898
First Financial Corp.		300		9,657
First International Bank of Israel, Ltd.		1,434		22,980
Fukui Bank, Ltd. (The)		5,000		12,285
Fukuoka Financial Group, Inc.		23,000		111,218
Gunma Bank, Ltd. (The)		18,000		106,610
Hachijuni Bank, Ltd. (The)		31,000		192,194
Hang Seng Bank, Ltd.		31,000		507,848
Higo Bank, Ltd. (The)		9,000		50,180
Hiroshima Bank, Ltd. (The)		20,000		95,706
Hokkoku Bank, Ltd. (The)		5,000		17,202
HSBC Holdings plc (Hong Kong Listed Shares)		22,400		227,294
HSBC Holdings plc		203,234		2,063,251
Huntington Bancshares, Inc.		19,900		189,846
Hyakugo Bank, Ltd. (The)		15,000		62,576
International Bancshares Corp.		4,700		126,900
Israel Discount Bank, Ltd. - Class A (a)		73,040		123,810
Iyo Bank, Ltd. (The)		17,000		172,113
JPMorgan Chase & Co.		39,800		2,293,276
Juroku Bank, Ltd. (The)		5,000		18,737
Kagoshima Bank, Ltd. (The)		8,000		54,087
KB Financial Group, Inc.		5,300		184,627
Keiyo Bank, Ltd. (The)		8,000		40,685
Kiyo Bank, Ltd. (The)		2,000		27,283
Lloyds Banking Group plc (a)		24,423		31,059
M&T Bank Corp.		5,513		683,888
Mitsubishi UFJ Financial Group, Inc.		139,500		856,945
National Australia Bank, Ltd.		2,212		68,423
National Bank of Canada		8,683		368,298
Nishi-Nippon City Bank, Ltd. (The)		12,000		29,547
North Pacific Bank, Ltd.		14,400		62,212
Oversea-Chinese Banking Corp., Ltd.		45,000		344,757
PNC Financial Services Group, Inc. (The)		6,500		578,825
Popular, Inc. (a)		4,300		146,974
Raiffeisen Bank International AG		5,048		160,702
Republic Bancorp, Inc. - Class A		500		11,860
Royal Bank of Canada		3,100		221,609
Royal Bank of Scotland Group plc (a)		79,664		448,911
San-In Godo Bank, Ltd. (The)		10,000		74,304
Shiga Bank, Ltd. (The)		6,000		36,190
Shinsei Bank, Ltd.		98,000		221,115
Shizuoka Bank, Ltd. (The)		25,000		270,719
Societe Generale S.A.		10,954		572,838
Banks—(Continued)
Standard Chartered plc		32,568		665,553
Sumitomo Mitsui Financial Group, Inc.		16,600		697,037
TOMONY Holdings, Inc.		7,300		32,261
Toronto-Dominion Bank (The)		9,465		487,243
Trustmark Corp.		6,500		160,485
U.S. Bancorp		11,906		515,768
United Overseas Bank, Ltd.		20,000		361,459
Wells Fargo & Co.		54,254		2,851,590
Westamerica Bancorp		3,000		156,840
Westpac Banking Corp.		7,292		233,155
Yamaguchi Financial Group, Inc.		9,000		95,007
				28,543,457
Beverages—0.4%
Anheuser-Busch InBev NV		2,280		262,066
C&C Group plc		16,034		99,793
China Tontine Wines Group, Ltd. (a)		128,000		5,287
Coca-Cola Amatil, Ltd.		29,733		265,110
Coca-Cola Co. (The)		26,818		1,136,010
Diageo plc		5,369		170,913
Dr Pepper Snapple Group, Inc.		6,042		353,940
Heineken Holding NV		2,124		139,652
Monster Beverage Corp. (a)		1,900		134,957
PepsiCo, Inc.		14,064		1,256,478
SABMiller plc		1,174		68,019
				3,892,225
Biotechnology—0.5%
Actelion, Ltd. (a)		2,553		322,730
Amgen, Inc.		8,700		1,029,819
BioGaia AB - B Shares		534		15,425
Biogen Idec, Inc. (a)		2,100		662,151
Celgene Corp. (a)		3,400		291,992
Gilead Sciences, Inc. (a)		16,900		1,401,179
Grifols S.A.		4,024		219,694
Grifols S.A. (ADR)		3,987		175,627
Myriad Genetics, Inc. (a)		2,700		105,084
PDL BioPharma, Inc.		6,300		60,984
Sirtex Medical, Ltd.		3,475		55,358
United Therapeutics Corp. (a)		2,200		194,678
				4,534,721
Building Products—0.0%
Central Glass Co., Ltd.		11,000		40,550
Sekisui Jushi Corp.		3,000		42,940
				83,490
Capital Markets—0.6%
Aberdeen Asset Management plc		37,765		293,439
Aizawa Securities Co., Ltd.		3,600		20,266
American Capital, Ltd. (a)		3,200		48,928
ARA Asset Management, Ltd.		9,900		14,141
Ashmore Group plc		25,205		159,614
Azimut Holding S.p.A.		4,427		114,116
Capital Southwest Corp.		1,200		43,212

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

MIST-6

Met Investors Series Trust

Schroders Global Multi-Asset Portfolio

Consolidated§ Schedule of Investments as of June 30, 2014 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Capital Markets—(Continued)
Daiwa Securities Group, Inc.		53,000	$	459,918
Deutsche Bank AG		8,512		299,471
Diamond Hill Investment Group, Inc.		300		38,316
Franklin Resources, Inc.		9,200		532,128
Goldman Sachs Group, Inc. (The)		6,500		1,088,360
HFF, Inc. - Class A		1,600		59,504
Invesco, Ltd.		12,700		479,425
Jupiter Fund Management plc		15,728		107,554
Macquarie Group, Ltd.		7,241		407,024
Mediobanca S.p.A. (a)		26,581		265,042
Morgan Stanley		14,000		452,620
Platinum Asset Management, Ltd.		10,648		63,331
RHJ International (a)		2,365		11,519
SEI Investments Co.		5,600		183,512
T. Rowe Price Group, Inc.		5,500		464,255
Tetragon Financial Group, Ltd.		2,330		23,367
UBS AG (a)		4,218		77,291
Waddell & Reed Financial, Inc. - Class A		1,100		68,849
				5,775,202
Chemicals—0.9%
ADEKA Corp.		2,300		30,903
Agrium, Inc.		3,500		320,627
Air Products & Chemicals, Inc.		524		67,397
Albemarle Corp.		3,400		243,100
Asahi Kasei Corp.		50,000		383,322
BASF SE		10,713		1,247,399
Carlit Holdings Co., Ltd.		2,600		15,455
CF Industries Holdings, Inc.		1,100		264,583
China Sanjiang Fine Chemicals Co., Ltd.		33,000		12,731
China Steel Chemical Corp.		3,000		19,441
Chugoku Marine Paints, Ltd.		3,000		21,722
Dainichiseika Color & Chemicals Manufacturing Co., Ltd.		4,000		18,973
Dow Chemical Co. (The)		14,600		751,316
E.I. du Pont de Nemours & Co.		7,821		511,806
FutureFuel Corp.		3,100		51,429
Israel Chemicals, Ltd.		18,198		156,187
JSR Corp.		2,800		48,114
K&S AG		7,231		237,373
Kaneka Corp.		6,000		37,605
Kimoto Co., Ltd.		4,800		18,888
Konishi Co., Ltd.		900		19,153
Lintec Corp.		4,400		88,550
LyondellBasell Industries NV - Class A		6,300		615,195
Mitsubishi Chemical Holdings Corp.		27,000		119,833
Monsanto Co.		2,927		365,114
Nihon Parkerizing Co., Ltd.		1,000		22,969
Nippon Pillar Packing Co., Ltd.		1,000		8,201
Nippon Synthetic Chemical Industry Co., Ltd. (The)		4,000		31,950
Nissan Chemical Industries, Ltd.		8,000		124,616
Nitto Denko Corp.		5,300		248,836
NOF Corp.		12,000		85,732
Novozymes A/S - B Shares		2,567		128,803
Olin Corp.		3,300		88,836
Chemicals—(Continued)
Potash Corp. of Saskatchewan, Inc.		10,400		395,513
PPG Industries, Inc.		276		58,001
Praxair, Inc.		3,150		418,446
Sanyo Chemical Industries, Ltd.		4,000		28,300
Shikoku Chemicals Corp.		2,000		15,434
Shin-Etsu Chemical Co., Ltd.		3,700		225,239
Sika AG		44		179,970
Syngenta AG		532		198,766
Taiyo Holdings Co., Ltd.		2,200		68,272
Tenma Corp.		1,000		15,606
Terra Nitrogen Co. L.P.		400		57,728
Tikkurila Oyj		922		25,218
Toagosei Co., Ltd.		22,000		99,170
Tokai Carbon Co., Ltd.		6,000		17,144
Tokyo Ohka Kogyo Co., Ltd.		2,900		69,275
Victrex plc		4,328		125,933
Yara International ASA		4,406		220,912
				8,625,086
Commercial Services & Supplies—0.3%
ADT Corp. (The)		8,500		296,990
Cabcharge Australia, Ltd.		2,996		11,412
Cintas Corp.		2,300		146,142
Collection House, Ltd.		9,346		16,566
Dai Nippon Printing Co., Ltd.		22,000		230,171
Deluxe Corp.		2,400		140,592
Duskin Co., Ltd.		1,400		27,128
HNI Corp.		3,100		121,241
Intrum Justitia AB		5,258		156,786
Kaba Holding AG - Class B (a)		243		120,112
Loomis AB - Class B		3,734		114,772
Matsuda Sangyo Co., Ltd.		1,100		13,624
Mineral Resources, Ltd.		11,153		100,952
Mitie Group plc		30,803		167,897
NAC Co., Ltd.		1,200		18,118
Pitney Bowes, Inc.		8,400		232,008
Republic Services, Inc.		10,076		382,586
Securitas AB - B Shares		2,581		30,594
Societe BIC S.A.		300		41,039
Toppan Forms Co., Ltd.		1,400		14,103
Toppan Printing Co., Ltd.		22,000		170,565
Transcontinental, Inc. - Class A		6,600		92,717
UniFirst Corp.		1,500		159,000
Waste Management, Inc.		8,553		382,576
				3,187,691
Communications Equipment—0.5%
Brocade Communications Systems, Inc.		9,900		91,080
Cisco Systems, Inc.		57,500		1,428,875
F5 Networks, Inc. (a)		2,300		256,312
Harris Corp.		8,206		621,605
InterDigital, Inc.		600		28,680
Ituran Location and Control, Ltd.		1,362		33,145
Pace plc		11,528		70,378
Plantronics, Inc.		1,400		67,270
QUALCOMM, Inc.		19,021		1,506,463

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

MIST-7

Met Investors Series Trust

Schroders Global Multi-Asset Portfolio

Consolidated§ Schedule of Investments as of June 30, 2014 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Communications Equipment—(Continued)
Telefonaktiebolaget LM Ericsson - B Shares		33,072	$	399,894
				4,503,702
Construction & Engineering—0.1%
Ausdrill, Ltd.		4,930		3,974
Cardno, Ltd.		5,697		33,945
Decmil Group, Ltd.		14,456		24,349
Fluor Corp.		4,200		322,980
Kandenko Co., Ltd.		3,000		17,458
Kinden Corp.		10,000		97,372
Kyudenko Corp.		4,000		38,984
MACA, Ltd.		10,971		19,196
Macmahon Holdings, Ltd. (a)		38,458		3,625
Monadelphous Group, Ltd.		5,493		81,520
Nichireki Co., Ltd.		2,000		21,810
NRW Holdings, Ltd.		5,893		5,115
RCR Tomlinson, Ltd.		8,422		22,245
Sanki Engineering Co., Ltd.		3,000		22,675
Sumitomo Densetsu Co., Ltd.		1,200		13,751
Taihei Dengyo Kaisha, Ltd.		2,000		14,810
UGL, Ltd.		9,889		63,837
United Integrated Services Co., Ltd.		23,000		25,722
Vinci S.A.		5,708		426,309
				1,259,677
Construction Materials—0.0%
Imerys S.A.		2,839		239,586
Italcementi S.p.A.		4,051		38,201
				277,787
Consumer Finance—0.3%
American Express Co.		8,400		796,908
Capital One Financial Corp.		7,800		644,280
Cash America International, Inc.		1,900		84,417
Discover Financial Services		10,700		663,186
First Cash Financial Services, Inc. (a)		400		23,036
Portfolio Recovery Associates, Inc. (a)		2,100		125,013
World Acceptance Corp. (a)		700		53,172
				2,390,012
Containers & Packaging—0.1%
Ball Corp.		6,055		379,527
Crown Holdings, Inc. (a)		7,370		366,731
Mayr Melnhof Karton AG		330		39,304
Rock-Tenn Co. - Class A		1,900		200,621
Sonoco Products Co.		3,700		162,541
Toyo Seikan Group Holdings, Ltd.		5,000		76,976
				1,225,700
Distributors—0.0%
Genuine Parts Co.		3,200		280,960
Jardine Cycle & Carriage, Ltd.		3,000		106,152
				387,112
Diversified Consumer Services—0.0%
American Public Education, Inc. (a)		300		10,314
Apollo Education Group, Inc. (a)		2,300		71,875
Best Bridal, Inc.		1,400		9,033
Capella Education Co.		400		21,756
Grand Canyon Education, Inc. (a)		700		32,179
ITT Educational Services, Inc. (a)		600		10,014
Meiko Network Japan Co., Ltd.		1,100		14,071
Navitas, Ltd.		11,374		76,554
				245,796
Diversified Financial Services—0.3%
ASX, Ltd.		4,727		158,837
Berkshire Hathaway, Inc. - Class B (a)		3,000		379,680
CBOE Holdings, Inc.		1,900		93,499
FirstRand, Ltd.		45,753		175,305
Fuyo General Lease Co., Ltd.		1,300		58,230
IG Group Holdings plc		12,559		126,436
Industrivarden AB - A Shares		1,443		30,474
Industrivarden AB - C Shares		10,233		201,987
ING Groep NV (a)		18,720		262,663
Investor AB - B Shares		21,395		801,946
MarketAxess Holdings, Inc.		700		37,842
McGraw Hill Financial, Inc.		1,400		116,242
MSCI, Inc. (a)		900		41,265
Ricoh Leasing Co., Ltd.		1,400		40,023
Singapore Exchange, Ltd.		16,000		89,033
Sofina S.A.		759		88,198
				2,701,660
Diversified Telecommunication Services—1.2%
AT&T, Inc.		61,715		2,182,242
BCE, Inc.		17,818		808,201
Belgacom S.A.		11,200		371,348
Bell Aliant, Inc.		4,536		118,560
Bezeq The Israeli Telecommunication Corp., Ltd.		253,384		474,487
Elisa Oyj		8,335		254,811
Frontier Communications Corp.		61,632		359,931
Inteliquent, Inc.		3,400		47,158
Nippon Telegraph & Telephone Corp.		8,100		505,893
Singapore Telecommunications, Ltd.		39,000		120,460
Swisscom AG		909		528,064
Telefonica S.A.		9,823		168,412
Telekomunikasi Indonesia Persero Tbk PT		332,500		69,202
Telenor ASA		25,676		584,178
TeliaSonera AB		54,461		397,488
Telstra Corp., Ltd.		85,726		421,366
TELUS Corp.		11,400		424,889
Turk Telekomunikasyon A/S		18,115		52,333
Verizon Communications, Inc. (London Listed Shares)		12,384		605,779
Verizon Communications, Inc.		37,816		1,850,337
Windstream Holdings, Inc.		39,360		392,026
				10,737,165

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

MIST-8

Met Investors Series Trust

Schroders Global Multi-Asset Portfolio

Consolidated§ Schedule of Investments as of June 30, 2014 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Electric Utilities—0.5%
American Electric Power Co., Inc.		1,146	$	63,912
CEZ A/S		4,927		148,714
Cia Paranaense de Energia (ADR)		1,200		18,372
CLP Holdings, Ltd.		28,500		233,286
Duke Energy Corp.		7,718		572,598
EDP - Energias de Portugal S.A.		74,926		375,704
Enel S.p.A.		48,441		281,883
EVN AG		4,052		59,246
Exelon Corp.		1,500		54,720
Fortum Oyj		12,671		339,952
NextEra Energy, Inc.		1,687		172,884
PGE S.A.		12,762		90,977
Red Electrica Corp. S.A.		5,694		521,575
Southern Co. (The)		20,048		909,778
SSE plc		14,626		392,004
Tauron Polska Energia S.A.		21,841		37,181
Verbund AG		9,776		189,356
				4,462,142
Electrical Equipment—0.3%
ABB, Ltd. (a)		8,671		200,099
Babcock & Wilcox Co. (The)		5,300		172,038
Eaton Corp. plc		364		28,094
Emerson Electric Co.		9,584		635,994
Hubbell, Inc. - Class B		1,300		160,095
Legrand S.A.		8,605		526,041
Nissin Electric Co., Ltd.		9,000		59,275
Nitto Kogyo Corp.		4,000		88,142
OSRAM Licht AG (a)		30		1,513
Rockwell Automation, Inc.		3,500		438,060
				2,309,351
Electronic Equipment, Instruments & Components—0.3%
Ai Holdings Corp.		1,600		29,171
Axis Communications AB		2,842		82,873
Barco NV		445		35,410
Corning, Inc.		26,900		590,455
Delta Electronics Thailand plc		11,900		22,916
Dolby Laboratories, Inc. - Class A (a)		2,600		112,320
Domino Printing Sciences plc		3,948		40,518
Flextronics International, Ltd. (a)		33,661		372,627
Flytech Technology Co., Ltd.		13,000		58,377
FUJIFILM Holdings Corp.		13,900		388,428
Halma plc		10,005		100,819
Hoya Corp.		12,300		409,297
Kanematsu Electronics, Ltd.		800		11,304
KH Vatec Co., Ltd.		966		14,900
LEM Holding S.A.		30		26,013
Nippon Electric Glass Co., Ltd.		18,000		105,022
Simplo Technology Co., Ltd.		4,000		24,780
Spectris plc		2,190		83,134
Taiwan Chinsan Electronic Industrial Co., Ltd.		13,000		23,985
TE Connectivity, Ltd.		1,300		80,392
				2,612,741
Energy Equipment & Services—0.5%
AMEC plc		12,819		266,258
CAT Oil AG		1,896		48,820
Diamond Offshore Drilling, Inc.		5,800		287,854
Ensco plc - Class A		8,200		455,674
Fugro NV		3,597		205,772
Halliburton Co.		2,700		191,727
Helmerich & Payne, Inc.		3,700		429,607
National Oilwell Varco, Inc.		6,400		527,040
Newpark Resources, Inc. (a)		6,900		85,974
Petroleum Geo-Services ASA		12,043		127,415
ProSafe SE		12,414		102,464
Rowan Cos. plc - Class A		4,000		127,720
Savanna Energy Services Corp.		1,900		15,046
Schlumberger, Ltd.		7,000		825,650
Tecnicas Reunidas S.A.		741		45,912
TGS Nopec Geophysical Co. ASA		6,511		207,940
Transocean, Ltd.		7,700		346,731
Transocean, Ltd. (Swiss-Traded Shares)		8,712		391,114
WorleyParsons, Ltd.		11,939		196,199
				4,884,917
Food & Staples Retailing—0.7%
Ain Pharmaciez, Inc.		1,800		86,833
Alimentation Couche Tard, Inc. - Class B		10,200		279,411
Amsterdam Commodities NV		982		22,739
Axfood AB		3,254		176,727
Colruyt S.A.		4,812		244,327
Costco Wholesale Corp.		1,100		126,676
CVS Caremark Corp.		4,400		331,628
FamilyMart Co., Ltd.		2,000		86,303
Greggs plc		6,045		55,395
Itochu-Shokuhin Co., Ltd.		300		10,630
Jean Coutu Group PJC, Inc. (The) - Class A		3,400		72,203
Koninklijke Ahold NV		18,566		348,368
Kroger Co. (The)		7,300		360,839
Lawson, Inc.		1,900		142,638
Metcash, Ltd.		53,417		133,041
Metro, Inc.		1,200		74,190
Ministop Co., Ltd.		900		14,570
San-A Co., Ltd.		600		18,199
Sligro Food Group NV		580		23,979
Sysco Corp.		20,761		777,499
Tesco plc		29,244		142,054
Wal-Mart Stores, Inc.		15,378		1,154,426
Walgreen Co.		10,497		778,143
Wesfarmers, Ltd.		1,339		52,862
Woolworths, Ltd.		17,937		595,605
				6,109,285
Food Products—1.1%
Archer-Daniels-Midland Co.		7,926		349,616
Asian Citrus Holdings, Ltd.		73,591		17,310
ConAgra Foods, Inc.		11,607		344,496
Danone S.A.		1,090		80,897
General Mills, Inc.		25,939		1,362,835
Hormel Foods Corp.		3,800		187,530

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

MIST-9

Met Investors Series Trust

Schroders Global Multi-Asset Portfolio

Consolidated§ Schedule of Investments as of June 30, 2014 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Food Products—(Continued)
Kellogg Co.		5,368	$	352,678
Kenko Mayonnaise Co., Ltd.		1,900		18,678
Kraft Foods Group, Inc.		8,600		515,570
Lancaster Colony Corp.		1,800		171,288
McCormick & Co., Inc.		1,500		107,385
Mondelez International, Inc. - Class A		2,078		78,154
Nestle S.A.		39,019		3,023,307
Salmar ASA		12,046		209,955
Saputo, Inc.		3,900		233,660
Suedzucker AG		11,007		222,318
Tate & Lyle plc		39,016		456,798
Unilever NV		22,342		977,272
Unilever plc		24,831		1,125,967
				9,835,714
Gas Utilities—0.1%
Enagas S.A.		11,408		367,588
Gas Natural SDG S.A.		12,402		392,488
Snam S.p.A.		71,855		432,899
				1,192,975
Health Care Equipment & Supplies—0.7%
Abbott Laboratories		2,108		86,217
Atrion Corp.		100		32,600
Baxter International, Inc.		8,228		594,884
Becton Dickinson & Co.		5,772		682,828
C.R. Bard, Inc.		3,800		543,438
Coloplast A/S - Class B		1,524		137,889
DiaSorin S.p.A.		4,581		191,940
Essilor International S.A.		359		38,114
Fukuda Denshi Co., Ltd.		600		34,950
Hill-Rom Holdings, Inc.		2,700		112,077
Medtronic, Inc.		18,257		1,164,066
Smith & Nephew plc		36,394		647,164
St. Jude Medical, Inc.		4,600		318,550
St. Shine Optical Co., Ltd.		6,000		148,248
Straumann Holding AG		1,102		255,059
Stryker Corp.		8,900		750,448
Varian Medical Systems, Inc. (a)		2,000		166,280
Zimmer Holdings, Inc.		7,000		727,020
				6,631,772
Health Care Providers & Services—0.5%
Aetna, Inc.		5,918		479,832
Amsurg Corp. (a)		3,000		136,710
Cardinal Health, Inc.		9,400		644,464
Catamaran Corp. (a)		5,363		236,825
Chemed Corp.		900		84,348
Corvel Corp. (a)		1,800		81,324
Henry Schein, Inc. (a)		6,105		724,480
Humana, Inc.		200		25,544
Laboratory Corp. of America Holdings (a)		6,211		636,006
Life Healthcare Group Holdings, Ltd.		17,434		68,034
MEDNAX, Inc. (a)		5,100		296,565
Miraca Holdings, Inc.		2,200		106,727
Health Care Providers & Services—(Continued)
Quest Diagnostics, Inc.		6,500		381,485
Ramsay Health Care, Ltd.		3,345		143,647
Triple-S Management Corp. - Class B (a)		1,600		28,688
U.S. Physical Therapy, Inc.		1,700		58,123
UnitedHealth Group, Inc.		11,000		899,250
				5,032,052
Health Care Technology—0.0%
Computer Programs & Systems, Inc.		1,600		101,760
Quality Systems, Inc.		7,700		123,585
				225,345
Hotels, Restaurants & Leisure—0.4%
Cheesecake Factory, Inc. (The)		1,200		55,704
Compass Group plc		23,669		413,185
Cracker Barrel Old Country Store, Inc.		900		89,613
International Game Technology		9,000		143,190
Las Vegas Sands Corp.		3,900		297,258
McDonald’s Corp.		15,233		1,534,572
NagaCorp., Ltd.		64,000		56,406
Sands China, Ltd.		33,200		251,646
SJM Holdings, Ltd.		39,000		97,629
St. Marc Holdings Co., Ltd.		300		16,077
Starbucks Corp.		2,100		162,498
Tatts Group, Ltd.		36,496		112,602
Tim Hortons, Inc.		3,500		191,555
Unibet Group plc		1,003		49,839
William Hill plc		23,284		130,513
Yum! Brands, Inc.		881		71,537
				3,673,824
Household Durables—0.2%
Alpine Electronics, Inc.		6,100		86,164
Bellway plc		2,669		71,433
Berkeley Group Holdings plc		1,711		71,105
Foster Electric Co., Ltd.		1,900		26,012
Fujitsu General, Ltd.		6,000		66,250
Garmin, Ltd.		2,000		121,800
JM AB		3,302		122,461
Leggett & Platt, Inc.		7,600		260,528
Sanyo Housing Nagoya Co., Ltd.		1,000		10,779
SEB S.A.		2,175		192,405
Sekisui Chemical Co., Ltd.		17,000		197,292
Sumitomo Forestry Co., Ltd.		4,400		53,768
Tupperware Brands Corp.		1,400		117,180
Whirlpool Corp.		2,400		334,128
				1,731,305
Household Products—0.6%
Church & Dwight Co., Inc.		5,325		372,484
Clorox Co. (The)		8,501		776,991
Colgate-Palmolive Co.		4,801		327,332
Energizer Holdings, Inc.		1,600		195,248
Kimberly-Clark Corp.		9,795		1,089,400
Procter & Gamble Co. (The)		24,249		1,905,729

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

MIST-10

Met Investors Series Trust

Schroders Global Multi-Asset Portfolio

Consolidated§ Schedule of Investments as of June 30, 2014 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Household Products—(Continued)
Reckitt Benckiser Group plc		12,815	$	1,117,566
				5,784,750
Independent Power and Renewable Electricity Producers—0.0%
AES Corp.		22,825		354,929
Tractebel Energia S.A.		1,500		22,403
				377,332
Industrial Conglomerates—0.5%
3M Co.		8,732		1,250,772
Bidvest Group, Ltd.		4,231		112,442
Danaher Corp.		6,300		495,999
General Electric Co.		63,200		1,660,896
Hopewell Holdings, Ltd.		26,500		92,174
Hutchison Whampoa, Ltd.		25,000		341,663
Nolato AB - B Shares		877		19,942
Reunert, Ltd.		2,202		13,422
Sembcorp Industries, Ltd.		26,000		111,724
Siemens AG		3,325		439,148
Smiths Group plc		8,738		193,829
				4,732,011
Insurance—1.8%
ACE, Ltd.		7,500		777,750
Aegon NV		28,365		247,591
Aflac, Inc.		11,300		703,425
Ageas		10,001		399,025
AIA Group, Ltd.		22,000		110,851
Allianz SE		6,084		1,013,994
Allied World Assurance Co. Holdings AG		3,000		114,060
American Equity Investment Life Holding Co.		6,600		162,360
American Financial Group, Inc.		4,200		250,152
American International Group, Inc.		13,800		753,204
Amlin plc		33,073		265,396
Amtrust Financial Services, Inc.		5,000		209,050
Aspen Insurance Holdings, Ltd.		1,228		55,776
Assurant, Inc.		5,340		350,037
Assured Guaranty, Ltd.		5,900		144,550
Axis Capital Holdings, Ltd.		6,800		301,104
Baloise Holding AG		1,459		171,945
Beazley plc		46,773		202,484
Catlin Group, Ltd.		16,036		147,076
Chesnara plc		7,256		39,800
Chubb Corp. (The)		3,800		350,246
CNA Financial Corp.		3,100		125,302
CNO Financial Group, Inc.		7,300		129,940
CNP Assurances		11,302		234,642
Endurance Specialty Holdings, Ltd.		2,800		144,452
Euler Hermes S.A.		1,606		192,860
Everest Re Group, Ltd.		2,220		356,288
FBL Financial Group, Inc. - Class A		1,500		69,000
Friends Life Group, Ltd.		51,059		275,249
Genworth Financial, Inc. - Class A (a)		3,100		53,940
Great-West Lifeco, Inc.		8,700		246,067
Hannover Rueck SE		1,793		161,585
Insurance—(Continued)
HCC Insurance Holdings, Inc.		6,300		308,322
Hiscox, Ltd.		18,284		221,462
Horace Mann Educators Corp.		3,800		118,826
Legal & General Group plc		168,258		649,074
MBIA, Inc. (a)		7,900		87,216
Montpelier Re Holdings, Ltd.		3,800		121,410
Muenchener Rueckversicherungs AG		1,761		390,383
National Western Life Insurance Co. - Class A		200		49,882
Navigators Group, Inc. (The) (a)		600		40,230
PartnerRe, Ltd.		2,400		262,104
Platinum Underwriters Holdings, Ltd.		2,000		129,700
Power Financial Corp.		9,300		289,446
Principal Financial Group, Inc.		11,200		565,376
ProAssurance Corp.		4,400		195,360
RenaissanceRe Holdings, Ltd.		5,747		614,929
Sampo Oyj - A Shares		9,013		456,202
SCOR SE		2,847		97,942
Sony Financial Holdings, Inc.		16,889		288,606
Symetra Financial Corp.		9,200		209,208
Talanx AG (a)		7,521		263,478
Torchmark Corp.		9,446		773,816
Travelers Cos., Inc. (The)		4,051		381,077
Universal Insurance Holdings, Inc.		4,000		51,880
Unum Group		5,400		187,704
W.R. Berkley Corp.		7,944		367,887
Zurich Insurance Group AG (a)		1,234		372,039
				16,252,760
Internet & Catalog Retail—0.1%
Amazon.com, Inc. (a)		1,200		389,736
PetMed Express, Inc.		900		12,132
Priceline Group, Inc. (The) (a)		500		601,500
TripAdvisor, Inc. (a)		1,500		162,990
Webjet, Ltd.		2,949		6,731
				1,173,089
Internet Software & Services—0.5%
Dena Co., Ltd.		4,900		66,392
eBay, Inc. (a)		8,500		425,510
Facebook, Inc. - Class A (a)		10,700		720,003
Google, Inc. - Class A (a)		2,300		1,344,741
Google, Inc. - Class C (a)		2,300		1,323,144
Gree, Inc. (a)		8,700		76,403
Gurunavi, Inc.		3,400		57,751
j2 Global, Inc.		1,900		96,634
Mail.ru Group, Ltd. (GDR) (a)		1,118		39,410
NetEase, Inc. (ADR)		1,000		78,360
NIC, Inc.		3,800		60,230
NIFTY Corp.		700		10,489
Sohu.com, Inc. (a)		400		23,076
SUNeVision Holdings, Ltd.		49,000		16,638
Yahoo Japan Corp.		44,900		208,068
Yandex NV - Class A (a)		1,138		40,558
				4,587,407

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

MIST-11

Met Investors Series Trust

Schroders Global Multi-Asset Portfolio

Consolidated§ Schedule of Investments as of June 30, 2014 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
IT Services—0.6%
Amadeus IT Holding S.A. - A Shares		9,473	$	390,280
Automatic Data Processing, Inc.		797		63,186
Booz Allen Hamilton Holding Corp.		4,900		104,076
Broadridge Financial Solutions, Inc.		3,500		145,740
Fidelity National Information Services, Inc.		6,494		355,482
Fiserv, Inc. (a)		6,117		368,978
Infocom Corp.		2,400		22,110
International Business Machines Corp.		8,820		1,598,801
Jack Henry & Associates, Inc.		1,300		77,259
MasterCard, Inc. - Class A		5,700		418,779
NeuStar, Inc. - Class A (a)		2,200		57,244
Paychex, Inc.		8,200		340,792
Poletowin Pitcrew Holdings, Inc.		2,300		29,211
Syntel, Inc. (a)		500		42,980
Teradata Corp. (a)		5,900		237,180
TKC Corp.		1,300		29,501
Visa, Inc. - Class A		3,293		693,868
Western Union Co. (The)		14,200		246,228
Xerox Corp.		29,091		361,892
				5,583,587
Leisure Products—0.1%
Fields Corp.		2,400		35,582
Mattel, Inc.		11,800		459,846
Polaris Industries, Inc.		1,400		182,336
Universal Entertainment Corp.		600		10,653
				688,417
Life Sciences Tools & Services—0.1%
Bruker Corp. (a)		1,900		46,113
Covance, Inc. (a)		800		68,464
EPS Corp.		600		7,723
Mettler-Toledo International, Inc. (a)		100		25,318
Techne Corp.		1,400		129,598
Thermo Fisher Scientific, Inc.		400		47,200
Waters Corp. (a)		1,600		167,104
				491,520
Machinery—1.0%
Aalberts Industries NV		5,726		186,800
AGCO Corp.		5,200		292,344
Atlas Copco AB - A Shares		4,061		117,222
Bradken, Ltd.		2,408		8,626
Caterpillar, Inc.		4,650		505,316
Crane Co.		2,500		185,900
Cummins, Inc.		4,522		697,699
Daiwa Industries, Ltd.		2,000		13,792
Danieli & C Officine Meccaniche S.p.A.		642		20,350
Deere & Co.		7,036		637,110
Dover Corp.		4,900		445,655
Duro Felguera S.A.		3,806		25,371
Flowserve Corp.		4,700		349,445
Fukushima Industries Corp.		1,000		16,014
Hino Motors, Ltd.		14,000		193,285
IDEX Corp.		2,600		209,924
Machinery—(Continued)
Illinois Tool Works, Inc.		4,408		385,964
IMI plc		10,781		274,155
Industria Macchine Automatiche S.p.A.		2,276		107,637
ITT Corp.		4,800		230,880
Joy Global, Inc.		3,900		240,162
Komatsu, Ltd.		21,100		490,650
Kone Oyj - Class B		5,292		220,961
Lincoln Electric Holdings, Inc.		3,100		216,628
Lindsay Corp.		1,200		101,364
Makita Corp.		4,300		265,595
Metka S.A.		2,122		37,481
Middleby Corp. (The) (a)		600		49,632
Mitsuboshi Belting Co., Ltd.		1,000		6,156
Namura Shipbuilding Co., Ltd.		2,700		27,804
Nordson Corp.		1,100		88,209
Oshkosh Corp.		2,900		161,037
Parker Hannifin Corp.		4,700		590,931
Sembcorp Marine, Ltd.		16,000		52,622
SKF AB - B Shares		10,863		276,902
Snap-on, Inc.		1,500		177,780
Spirax-Sarco Engineering plc		858		40,087
Teikoku Sen-I Co., Ltd.		2,000		42,328
Tocalo Co., Ltd.		700		11,757
Toro Co. (The)		3,400		216,240
Valmont Industries, Inc.		1,300		197,535
Walter Meier AG (a)		270		14,508
Wartsila Oyj Abp		2,722		134,912
Weir Group plc (The)		3,982		178,264
Yangzijiang Shipbuilding Holdings, Ltd.		106,000		91,568
Zoomlion Heavy Industry Science and Technology Co., Ltd. - Class H		35,800		22,175
				8,856,777
Marine—0.1%
AP Moeller - Maersk A/S - Class A		60		141,248
AP Moeller - Maersk A/S - Class B		210		522,143
Nippon Yusen KK		119,000		343,499
				1,006,890
Media—1.0%
British Sky Broadcasting Group plc		41,220		637,115
Cablevision Systems Corp. - Class A		21,181		373,845
Comcast Corp. - Class A		23,229		1,246,933
Corus Entertainment, Inc. - B Shares		4,000		93,604
CTC Media, Inc.		3,400		37,434
CTS Eventim AG		2,574		73,471
Daiichikosho Co., Ltd.		1,700		48,826
DIRECTV (a)		7,400		629,074
Eutelsat Communications S.A.		5,485		190,489
ITE Group plc		6,544		26,500
Meredith Corp.		1,800		87,048
Metropole Television S.A.		5,372		109,128
Modern Times Group AB - B Shares		1,370		58,828
Omnicom Group, Inc.		8,898		633,716
Phoenix Satellite Television Holdings, Ltd.		74,000		27,612
ProSiebenSat.1 Media AG		5,930		264,233

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

MIST-12

Met Investors Series Trust

Schroders Global Multi-Asset Portfolio

Consolidated§ Schedule of Investments as of June 30, 2014 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Media—(Continued)
Publicis Groupe S.A.		2,828	$	240,069
REA Group, Ltd.		567		22,858
RTL Group S.A. (a)		3,984		442,898
Scripps Networks Interactive, Inc. - Class A		2,500		202,850
SES S.A.		7,626		289,131
Shaw Communications, Inc. - Class B		12,000		307,689
SinoMedia Holding, Ltd.		41,000		31,739
Sky Network Television, Ltd.		12,782		76,900
Television Broadcasts, Ltd.		6,000		38,957
Time Warner, Inc.		3,200		224,800
Twenty-First Century Fox, Inc. - Class A		3,600		126,540
UBM plc		4,293		49,061
Viacom, Inc. - Class B		6,000		520,380
Walt Disney Co. (The)		16,100		1,380,414
Wolters Kluwer NV		10,160		300,546
				8,792,688
Metals & Mining—0.7%
African Barrick Gold plc		5,902		20,880
Anglo American plc		21,595		527,556
Anglo American plc		5,715		139,981
Antofagasta plc		20,234		265,414
ArcelorMittal		15,836		235,365
Asahi Holdings, Inc.		2,700		46,507
Barrick Gold Corp.		6,300		115,367
BHP Billiton plc		28,811		938,065
BHP Billiton, Ltd.		34,417		1,175,810
Centerra Gold, Inc.		7,600		47,934
Cia de Minas Buenaventura SAA (ADR)		11,400		134,634
Ferrexpo plc		20,173		45,374
Gold Fields, Ltd.		4,050		14,898
Gold Fields, Ltd. (ADR)		5,400		20,088
Harmony Gold Mining Co., Ltd. (ADR) (a)		11,400		33,858
Highland Gold Mining, Ltd.		5,802		6,996
IAMGOLD Corp.		10,100		41,553
JFE Holdings, Inc.		8,700		179,818
Jiangxi Copper Co., Ltd. - Class H		41,000		65,008
Kazakhmys plc (a)		5,070		26,389
KGHM Polska Miedz S.A. (a)		3,843		157,533
Kinross Gold Corp. (a)		18,500		76,632
Koza Altin Isletmeleri A/S		2,462		28,125
Koza Anadolu Metal Madencilik Isletmeleri (a)		5,052		6,129
Kumba Iron Ore, Ltd.		2,066		65,767
Maruichi Steel Tube, Ltd.		2,200		59,149
Mitsui Mining & Smelting Co., Ltd.		12,000		34,305
MMC Norilsk Nickel OJSC (ADR)		6,172		122,267
Newmont Mining Corp.		6,200		157,728
Northern Star Resources, Ltd.		27,728		33,548
OZ Minerals, Ltd.		2,885		11,140
Petropavlovsk plc (a)		3,257		2,534
Resolute Mining, Ltd. (a)		6,656		3,983
Rio Tinto plc		4,908		264,829
Rio Tinto, Ltd.		6,683		374,153
Sibanye Gold, Ltd.		15,437		42,089
Silver Wheaton Corp.		1,800		47,368
St. Barbara, Ltd. (a)		4,110		455
Metals & Mining—(Continued)
Sumitomo Metal Mining Co., Ltd.		17,000		276,525
Teck Resources, Ltd. - Class B		10,900		248,839
Troy Resources, Ltd. (a)		2,277		2,338
Vale S.A.		6,400		84,696
Vale S.A. (ADR)		13,700		163,030
Zijin Mining Group Co., Ltd. - Class H		216,000		49,050
				6,393,707
Multi-Utilities—0.2%
Centrica plc		132,052		705,971
Dominion Resources, Inc.		956		68,373
E.ON SE		18,367		379,265
GDF Suez		14,508		398,898
National Grid plc		2,693		38,690
RWE AG		9,227		396,262
				1,987,459
Multiline Retail—0.2%
Dillard’s, Inc. - Class A		900		104,949
Dollar Tree, Inc. (a)		3,100		168,826
Kohl’s Corp.		3,800		200,184
Lifestyle International Holdings, Ltd.		21,500		42,110
Macy’s, Inc.		5,300		307,506
Metro Holdings, Ltd.		14,000		11,287
Myer Holdings, Ltd.		10,600		21,205
Next plc		1,768		195,792
Nordstrom, Inc.		2,900		196,997
Target Corp.		5,030		291,489
Warehouse Group, Ltd. (The)		4,684		12,730
				1,553,075
Oil, Gas & Consumable Fuels—3.2%
Afren plc (a)		39,030		96,750
Alliance Resource Partners L.P.		2,200		102,630
Apache Corp.		6,900		694,278
BG Group plc		10,819		228,728
Bonterra Energy Corp.		700		42,483
BP plc		240,514		2,117,775
Cairn Energy plc (a)		17,935		61,327
Canadian Natural Resources, Ltd.		6,000		275,695
Canadian Oil Sands, Ltd.		18,300		414,689
Chevron Corp.		21,241		2,773,013
CNOOC, Ltd.		122,000		219,586
ConocoPhillips		18,051		1,547,512
CVR Energy, Inc.		2,900		139,751
Dorchester Minerals L.P.		800		24,432
ENI S.p.A.		49,218		1,345,330
EOG Resources, Inc.		1,900		222,034
Exxon Mobil Corp.		44,604		4,490,731
Gazprom OAO (ADR)		29,477		256,892
Gran Tierra Energy, Inc. (a)		12,500		101,500
Hess Corp.		3,951		390,714
HollyFrontier Corp.		600		26,214
Idemitsu Kosan Co., Ltd.		5,900		128,325
Indo Tambangraya Megah Tbk PT		7,500		17,092

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

MIST-13

Met Investors Series Trust

Schroders Global Multi-Asset Portfolio

Consolidated§ Schedule of Investments as of June 30, 2014 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Oil, Gas & Consumable Fuels—(Continued)
Inpex Corp.		21,600	$	328,954
Japan Petroleum Exploration Co.		3,500		146,107
JKX Oil & Gas plc (a)		8,443		8,355
JX Holdings, Inc.		25,300		135,581
KazMunaiGas Exploration Production JSC (GDR)		4,045		64,599
Lukoil OAO (ADR)		3,291		196,868
Marathon Oil Corp.		17,700		706,584
Marathon Petroleum Corp.		3,000		234,210
Murphy Oil Corp.		6,400		425,472
Occidental Petroleum Corp.		10,779		1,106,249
OMV AG		10,888		492,048
Petroleo Brasileiro S.A. (ADR)		14,500		212,135
Phillips 66		5,900		474,537
PTT Exploration & Production PCL		18,300		94,446
PTT Exploration & Production PCL (NVDR)		17,900		92,493
PTT PCL (NVDR)		17,100		167,770
Renewable Energy Group, Inc. (a)		3,300		37,851
Rosneft OAO (GDR) (a)		10,000		73,150
Royal Dutch Shell plc - A Shares		33,432		1,383,003
Royal Dutch Shell plc - A Shares		3,717		153,829
Royal Dutch Shell plc - B Shares		32,249		1,402,453
Sasol, Ltd.		1,608		95,610
Showa Shell Sekiyu KK		17,200		195,708
SK Innovation Co., Ltd.		1,192		132,308
Soco International plc (a)		14,371		101,479
Statoil ASA		23,766		733,148
Suncor Energy, Inc.		20,500		874,139
Swift Energy Co. (a)		2,600		33,748
Tatneft OAO (ADR)		1,400		54,348
Tesoro Corp.		4,900		287,483
Total Gabon		33		19,466
Total S.A.		23,799		1,719,488
VAALCO Energy, Inc. (a)		3,500		25,305
Valero Energy Corp.		5,100		255,510
Vermilion Energy, Inc.		2,400		167,002
Western Refining, Inc.		3,300		123,915
Williams Cos., Inc. (The)		808		47,034
Woodside Petroleum, Ltd.		15,283		592,183
				29,112,049
Paper & Forest Products—0.1%
International Paper Co.		7,695		388,367
Mondi plc		10,449		189,646
Norbord, Inc.		1,300		31,895
Portucel Empresa Produtora de Pasta e Papel S.A.		25,423		119,265
Schweitzer-Mauduit International, Inc.		1,300		56,758
UPM-Kymmene Oyj		1,660		28,324
				814,255
Personal Products—0.1%
Blackmores, Ltd.		555		14,234
Dr Ci:Labo Co., Ltd.		1,700		64,247
L’Oreal S.A.		410		70,697
Medifast, Inc. (a)		3,300		100,353
Personal Products—(Continued)
Nu Skin Enterprises, Inc. - Class A		2,800		207,088
Oriflame Cosmetics S.A.		2,583		60,193
Prince Frog International Holdings, Ltd.		74,000		18,532
Real Nutriceutical Group, Ltd.		45,000		10,103
USANA Health Sciences, Inc. (a)		400		31,256
				576,703
Pharmaceuticals—2.7%
AbbVie, Inc.		20,234		1,142,007
AstraZeneca plc		17,435		1,297,358
Bayer AG		3,299		465,978
Boiron S.A.		1,269		110,356
Bristol-Myers Squibb Co.		7,571		367,269
Eli Lilly & Co.		18,241		1,134,043
Galenica AG		329		321,052
GlaxoSmithKline plc		68,535		1,831,381
H Lundbeck A/S		7,429		182,888
Ipsen S.A.		6,350		287,347
Johnson & Johnson		30,614		3,202,837
Kaken Pharmaceutical Co., Ltd.		9,000		190,846
Merck & Co., Inc.		39,781		2,301,331
Merck KGaA		7,126		618,565
Mochida Pharmaceutical Co., Ltd.		2,000		143,743
Novartis AG		28,740		2,603,331
Novo Nordisk A/S - Class B		9,443		435,914
Orion Oyj - Class B		13,830		515,196
Otsuka Holdings Co., Ltd.		11,100		344,499
Pfizer, Inc.		80,448		2,387,697
Recordati S.p.A.		14,091		236,933
Roche Holding AG		8,207		2,448,981
Sanofi		11,128		1,183,607
Shionogi & Co., Ltd.		14,000		292,730
Shire plc		849		66,571
Sino Biopharmaceutical, Ltd.		128,000		104,787
Stada Arzneimittel AG		4,707		224,239
Takeda Pharmaceutical Co., Ltd.		1,500		69,665
Teva Pharmaceutical Industries, Ltd. (ADR)		5,800		304,036
Zoetis, Inc.		528		17,039
				24,832,226
Professional Services—0.1%
ALS, Ltd.		15,533		129,842
Bertrandt AG		617		98,114
Dun & Bradstreet Corp. (The)		2,400		264,480
Hays plc		41,230		102,926
Robert Half International, Inc.		2,800		133,672
Stantec, Inc.		2,700		167,205
WS Atkins plc		5,431		122,689
				1,018,928
Real Estate Investment Trusts—0.2%
American Capital Agency Corp.		15,600		365,196
Annaly Capital Management, Inc.		30,921		353,427
Apollo Residential Mortgage, Inc.		1,700		28,424
Dream Office Real Estate Investment Trust		1,900		52,154

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

MIST-14

Met Investors Series Trust

Schroders Global Multi-Asset Portfolio

Consolidated§ Schedule of Investments as of June 30, 2014 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Real Estate Investment Trusts—(Continued)
EPR Properties		900	$	50,283
Federation Centres, Ltd.		58,474		137,268
Frasers Commercial Trust		19,000		20,653
Granite Real Estate Investment Trust		1,700		62,931
Link REIT (The)		54,000		290,553
LTC Properties, Inc.		2,700		105,408
MID Reit, Inc.		12		27,786
Scentre Group (a)		170,829		515,465
Select Income REIT		3,800		112,632
Simon Property Group, Inc.		400		66,512
				2,188,692
Real Estate Management & Development—0.3%
Atrium European Real Estate, Ltd. (a)		7,669		45,828
CapitaLand, Ltd.		71,000		182,221
Cheung Kong Holdings, Ltd.		23,000		407,834
CSI Properties, Ltd.		290,000		10,486
Dan Form Holdings Co., Ltd. (a)		74,000		6,874
Emperor International Holdings		44,000		10,055
Great Eagle Holdings, Ltd.		5,000		18,137
Henderson Land Development Co., Ltd.		22,440		131,464
Hong Fok Corp., Ltd.		29,000		24,859
Hongkong Land Holdings, Ltd.		20,000		133,416
Hufvudstaden AB - A Shares		10,814		151,678
Hysan Development Co., Ltd.		20,000		93,987
IMMOFINANZ AG (a)		32,966		116,488
Keppel Land, Ltd.		35,000		94,907
Kerry Properties, Ltd.		33,500		117,251
Lai Sun Development (a)		277,000		6,720
New World Development Co., Ltd.		54,000		61,525
PSP Swiss Property AG (a)		339		31,906
Sino Land Co., Ltd.		50,000		82,157
Sun Hung Kai Properties, Ltd.		28,000		384,488
Swire Pacific, Ltd. - Class A		19,000		233,768
Swire Properties, Ltd.		59,600		174,198
UOL Group, Ltd.		23,000		120,314
Wharf Holdings, Ltd.		37,000		267,515
Wheelock & Co., Ltd.		20,000		84,220
				2,992,296
Road & Rail—0.4%
Canadian National Railway Co.		1,200		78,047
Central Japan Railway Co.		1,100		157,106
ComfortDelGro Corp., Ltd.		86,000		172,078
CSX Corp.		22,629		697,200
Hankyu Hanshin Holdings, Inc.		24,000		137,119
Landstar System, Inc.		1,800		115,200
Nippon Konpo Unyu Soko Co., Ltd.		3,000		52,067
Norfolk Southern Corp.		6,880		708,846
Seino Holdings Co., Ltd.		8,000		91,045
Stagecoach Group plc		10,182		65,435
Trancom Co., Ltd.		800		31,438
Union Pacific Corp.		10,400		1,037,400
Utoc Corp.		3,700		13,474
West Japan Railway Co.		8,900		392,230
				3,748,685
Semiconductors & Semiconductor Equipment—0.6%
Analog Devices, Inc.		1,900		102,733
ARM Holdings plc		2,813		42,462
Cirrus Logic, Inc. (a)		3,400		77,316
Faraday Technology Corp.		10,000		13,861
Intel Corp.		68,747		2,124,282
KLA-Tencor Corp.		4,500		326,880
Kulicke & Soffa Industries, Inc. (a)		900		12,834
Linear Technology Corp.		3,300		155,331
Magnachip Semiconductor Corp. (a)		1,675		23,618
Maxim Integrated Products, Inc.		11,000		371,910
MediaTek, Inc.		5,000		84,677
Megachips Corp.		1,300		18,031
Microchip Technology, Inc.		2,500		122,025
Nuflare Technology, Inc.		500		27,620
Richtek Technology Corp.		12,000		73,331
Rohm Co., Ltd.		3,600		206,874
Samsung Electronics Co., Ltd.		55		71,914
Shinko Electric Industries Co., Ltd.		7,500		68,370
Skyworks Solutions, Inc.		4,500		211,320
Sonix Technology Co., Ltd.		17,000		34,552
Synaptics, Inc. (a)		500		45,320
Texas Instruments, Inc.		15,638		747,340
Vanguard International Semiconductor Corp.		47,000		75,444
Xilinx, Inc.		7,900		373,749
				5,411,794
Software—0.9%
Babylon, Ltd.		3,842		5,561
CA, Inc.		11,000		316,140
Check Point Software Technologies, Ltd. (a)		4,600		308,338
Citrix Systems, Inc. (a)		5,300		331,515
Constellation Software, Inc.		800		203,897
Dassault Systemes S.A.		2,390		307,193
Ebix, Inc.		2,700		38,637
FactSet Research Systems, Inc.		1,000		120,280
Kingsoft Corp., Ltd.		14,000		42,173
Micro Focus International plc		5,258		78,327
MICROS Systems, Inc. (a)		1,200		81,480
Microsoft Corp.		74,200		3,094,140
Nemetschek AG		254		24,523
Nexon Co., Ltd.		10,800		103,380
Open Text Corp.		1,800		86,369
Oracle Corp.		37,600		1,523,928
Playtech plc		8,876		93,533
Sage Group plc (The)		25,655		168,456
SAP AG		9,413		727,042
Software AG		1,757		63,408
SolarWinds, Inc. (a)		3,100		119,846
Symantec Corp.		13,900		318,310
Take-Two Interactive Software, Inc. (a)		3,300		73,392
Trend Micro, Inc.		4,000		131,956
VMware, Inc. - Class A (a)		1,200		116,172
				8,477,996
Specialty Retail—0.5%
Aaron’s, Inc.		2,400		85,536

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

MIST-15

Met Investors Series Trust

Schroders Global Multi-Asset Portfolio

Consolidated§ Schedule of Investments as of June 30, 2014 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Specialty Retail—(Continued)
ABC-Mart, Inc.		1,700	$	91,105
Alpen Co., Ltd.		1,100		19,338
Aoyama Trading Co., Ltd.		1,200		32,876
Bed Bath & Beyond, Inc. (a)		4,500		258,210
Buckle, Inc. (The)		1,200		53,232
Cato Corp. (The) - Class A		1,800		55,620
Clas Ohlson AB - B Shares		892		18,189
Dunelm Group plc		4,253		60,783
Fielmann AG		1,005		144,925
Foot Locker, Inc.		1,000		50,720
GameStop Corp. - Class A		2,500		101,175
Gap, Inc. (The)		6,000		249,420
Geo Holdings Corp.		2,800		24,396
Giordano International, Ltd.		20,000		11,808
Guess?, Inc.		2,400		64,800
Halfords Group plc		4,248		34,332
Hennes & Mauritz AB - B Shares		646		28,206
Home Depot, Inc. (The)		11,900		963,424
Lowe’s Cos., Inc.		8,266		396,685
Luk Fook Holdings International, Ltd.		13,000		38,140
Nitori Holdings Co., Ltd.		2,200		120,414
O’Reilly Automotive, Inc. (a)		1,500		225,900
Outerwall, Inc. (a)		700		41,545
Pal Co., Ltd.		500		11,889
PetSmart, Inc.		2,500		149,500
Ross Stores, Inc.		3,900		257,907
Shimachu Co., Ltd.		1,000		23,898
Staples, Inc.		15,300		165,852
Super Retail Group, Ltd.		6,180		49,335
TJX Cos., Inc. (The)		6,700		356,105
Tractor Supply Co.		1,200		72,480
Truworths International, Ltd.		9,952		70,102
USS Co., Ltd.		5,500		93,974
WH Smith plc		4,386		80,217
Yamada Denki Co., Ltd.		3,400		12,135
				4,514,173
Technology Hardware, Storage & Peripherals—1.0%
Apple, Inc.		55,300		5,139,029
Brother Industries, Ltd.		11,500		199,719
Canon, Inc.		17,500		572,836
Catcher Technology Co., Ltd.		17,000		158,579
Elecom Co., Ltd.		600		15,635
EMC Corp.		24,900		655,866
Gigabyte Technology Co., Ltd.		32,000		51,270
Hewlett-Packard Co.		22,508		758,069
Japan Digital Laboratory Co., Ltd.		3,100		54,825
Konica Minolta, Inc.		43,900		434,720
Lexmark International, Inc. - Class A		2,200		105,952
Neopost S.A.		1,422		106,512
NetApp, Inc.		8,800		321,376
Seagate Technology plc		7,100		403,422
Western Digital Corp.		5,400		498,420
				9,476,230
Textiles, Apparel & Luxury Goods—0.4%
Bijou Brigitte AG		106		10,032
Burberry Group plc		8,261		209,450
China Lilang, Ltd.		32,000		20,397
China Taifeng Beddings Holdings, Ltd.		36,000		4,321
Christian Dior S.A.		1,462		290,667
Cie Financiere Richemont S.A.		2,083		218,623
Coach, Inc.		6,910		236,253
Deckers Outdoor Corp. (a)		900		77,697
Fossil Group, Inc. (a)		500		52,260
Hugo Boss AG		1,044		155,957
LPP S.A.		14		38,739
LVMH Moet Hennessy Louis Vuitton S.A.		1,002		193,016
NIKE, Inc. - Class B		9,100		705,705
Pandora A/S		2,628		201,643
Peak Sport Products Co., Ltd.		74,000		17,971
Ralph Lauren Corp.		1,300		208,897
Swatch Group AG (The)		1,626		180,620
Tod’s S.p.A.		299		38,053
Van de Velde NV		570		30,316
VF Corp.		6,400		403,200
XTEP International Holdings		62,000		26,179
				3,319,996
Thrifts & Mortgage Finance—0.0%
Genworth MI Canada, Inc.		6,700		238,665
Washington Federal, Inc.		8,000		179,440
				418,105
Tobacco—0.5%
Altria Group, Inc.		20,300		851,382
British American Tobacco plc		19,807		1,178,658
Imperial Tobacco Group plc		11,775		529,504
Japan Tobacco, Inc.		1,300		47,477
Lorillard, Inc.		4,800		292,656
Philip Morris International, Inc.		15,161		1,278,224
Reynolds American, Inc.		3,800		229,330
Swedish Match AB		5,366		186,154
				4,593,385
Trading Companies & Distributors—0.2%
Applied Industrial Technologies, Inc.		1,200		60,876
Indutrade AB		687		32,046
ITOCHU Corp.		40,000		514,566
Kanematsu Corp.		36,000		64,760
Kuroda Electric Co., Ltd.		3,200		49,407
Marubeni Corp.		36,000		263,734
Mitsubishi Corp.		2,200		45,830
Mitsui & Co., Ltd.		2,800		44,965
MSC Industrial Direct Co., Inc. - Class A		1,100		105,204
Nippon Steel & Sumikin Bussan Corp.		18,000		69,764
NOW, Inc. (a)		375		13,579
Tomoe Engineering Co., Ltd.		500		8,338
Wakita & Co., Ltd.		4,000		51,262
WW Grainger, Inc.		1,100		279,697
Yamazen Corp.		1,300		9,855
				1,613,883

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

MIST-16

Met Investors Series Trust

Schroders Global Multi-Asset Portfolio

Consolidated§ Schedule of Investments as of June 30, 2014 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares/ Principal Amount*		Value
Transportation Infrastructure—0.0%
Autostrada Torino-Milano S.p.A.		4,303	$	68,086
Hamburger Hafen und Logistik AG		1,148		30,492
Westshore Terminals Investment Corp.		6,100		186,422
				285,000
Wireless Telecommunication Services—0.4%
China Mobile, Ltd.		10,000		97,082
KDDI Corp.		10,300		629,621
Millicom International Cellular S.A.		1,548		141,800
Mobile Telesystems OJSC (ADR)		11,500		227,010
MTN Group, Ltd.		10,376		218,346
NTT DoCoMo, Inc.		33,300		570,048
Rogers Communications, Inc. - Class B		9,700		390,346
SoftBank Corp.		2,900		215,767
Sonaecom - SGPS S.A.		22,233		53,696
Vodacom Group, Ltd.		15,839		195,766
Vodafone Group plc		313,500		1,047,650
				3,787,132
Total Common Stocks (Cost $289,711,809)				320,755,179
Corporate Bonds & Notes—24.0%
Advertising—0.2%
Omnicom Group, Inc.
4.450%, 08/15/20		1,855,000		2,022,753
5.900%, 04/15/16		210,000		227,993
				2,250,746
Aerospace/Defense—0.1%
United Technologies Corp.
4.500%, 06/01/42		575,000		602,234
Agriculture—0.3%
Altria Group, Inc.
4.000%, 01/31/24		840,000		863,125
4.750%, 05/05/21		660,000		727,983
10.200%, 02/06/39		304,000		516,088
Philip Morris International, Inc.
6.375%, 05/16/38		645,000		827,543
				2,934,739
Auto Parts & Equipment—0.1%
Delphi Corp.
4.150%, 03/15/24		560,000		581,471
Banks—7.5%
Abbey National Treasury Services plc
3.050%, 08/23/18		355,000		371,765
American Express Bank FSB
6.000%, 09/13/17		1,055,000		1,205,656
Banks—(Continued)
Bank of America Corp.
1.105%, 04/01/19 (b)		1,225,000		1,232,944
3.300%, 01/11/23		3,005,000		2,961,896
5.000%, 01/21/44		1,100,000		1,167,037
5.625%, 07/01/20		2,345,000		2,697,768
Bank of Montreal
1.950%, 01/30/17 (144A)		310,000		317,976
Bank of Nova Scotia
1.950%, 01/30/17 (144A)		1,120,000		1,148,846
Barclays Bank plc
5.140%, 10/14/20		2,870,000		3,143,500
BBVA Banco Continental S.A.
3.250%, 04/08/18 (144A)		330,000		337,012
BNP Paribas S.A.
2.375%, 09/14/17		625,000		640,001
3.250%, 03/03/23		410,000		404,919
BPCE S.A.
2.500%, 12/10/18		1,580,000		1,601,591
4.000%, 04/15/24		1,020,000		1,041,267
5.700%, 10/22/23 (144A)		535,000		589,094
Capital One Financial Corp.
4.750%, 07/15/21		775,000		862,181
Citigroup, Inc.
3.375%, 03/01/23		550,000		547,896
6.675%, 09/13/43		2,225,000		2,769,934
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA
2.250%, 01/14/19		395,000		400,028
First Republic Bank
2.375%, 06/17/19		880,000		885,069
Goldman Sachs Group, Inc. (The)
1.830%, 11/29/23 (b)		1,070,000		1,102,828
3.625%, 01/22/23		3,070,000		3,083,204
4.000%, 03/03/24		555,000		564,967
4.800%, 07/08/44		850,000		845,852
5.250%, 07/27/21		1,460,000		1,639,482
5.750%, 01/24/22		2,000,000		2,314,368
6.750%, 10/01/37		495,000		595,502
HSBC Holdings plc
4.000%, 03/30/22		1,770,000		1,883,094
4.875%, 01/14/22		1,555,000		1,745,086
5.250%, 03/14/44		570,000		610,356
JPMorgan Chase & Co.
3.250%, 09/23/22		6,520,000		6,549,764
3.700%, 01/20/15		460,000		468,148
Lloyds Bank plc
2.300%, 11/27/18		295,000		299,518
6.500%, 09/14/20 (144A)		1,325,000		1,555,247
Morgan Stanley
3.750%, 02/25/23		1,840,000		1,871,793
5.500%, 01/26/20		755,000		864,149
6.375%, 07/24/42		1,010,000		1,281,531
6.625%, 04/01/18		400,000		467,589
Rabobank Nederland
3.875%, 02/08/22		700,000		741,515
3.950%, 11/09/22		250,000		254,157

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

MIST-17

Met Investors Series Trust

Schroders Global Multi-Asset Portfolio

Consolidated§ Schedule of Investments as of June 30, 2014 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Banks—(Continued)
Royal Bank of Scotland Group plc (The)
1.875%, 03/31/17		1,670,000	$	1,684,878
5.625%, 08/24/20		1,430,000		1,638,634
6.125%, 01/11/21		20,000		23,527
Societe Generale S.A.
2.750%, 10/12/17		415,000		430,082
5.000%, 01/17/24(144A)		2,150,000		2,248,547
Sparebank 1 Boligkreditt A/S
2.300%, 06/30/17 (144A)		1,500,000		1,544,538
Standard Chartered plc
3.950%, 01/11/23 (144A)		205,000		203,924
5.700%, 03/26/44 (144A)		1,130,000		1,184,423
Swedbank Hypotek AB
2.375%, 04/05/17 (144A)		200,000		207,143
Toronto-Dominion Bank (The)
1.500%, 03/13/17 (144A)		3,060,000		3,101,683
UBS AG
2.250%, 03/30/17 (144A)		1,700,000		1,750,498
Wells Fargo & Co.
4.100%, 06/03/26		2,785,000		2,820,088
				69,902,495
Beverages—0.1%
Anheuser-Busch InBev Worldwide, Inc.
3.750%, 07/15/42		915,000		830,729
Biotechnology—0.5%
Amgen, Inc.
3.875%, 11/15/21		955,000		1,007,816
4.500%, 03/15/20		900,000		975,171
5.750%, 03/15/40		605,000		702,176
Genentech, Inc.
4.750%, 07/15/15		300,000		313,624
Gilead Sciences, Inc.
4.500%, 04/01/21		1,180,000		1,310,429
				4,309,216
Chemicals—0.3%
Eastman Chemical Co.
4.800%, 09/01/42		660,000		670,146
LYB International Finance BV
4.875%, 03/15/44		300,000		312,779
5.250%, 07/15/43		740,000		810,367
Monsanto Co.
4.700%, 07/15/64		720,000		722,782
Mosaic Co. (The)
3.750%, 11/15/21		255,000		265,220
4.875%, 11/15/41		335,000		341,890
				3,123,184
Computers—0.3%
Apple, Inc.
2.400%, 05/03/23		935,000		883,284
Computers—(Continued)
International Business Machines Corp.
7.625%, 10/15/18		1,785,000		2,207,010
				3,090,294
Diversified Financial Services—0.9%
American Express Credit Corp.
0.497%, 06/05/17 (b)		1,400,000		1,399,825
Capital One Bank USA N.A.
1.300%, 06/05/17		740,000		739,753
Credit Suisse AG
1.625%, 03/06/15 (144A)		215,000		216,879
Ford Motor Credit Co. LLC
4.375%, 08/06/23		2,400,000		2,563,030
General Electric Capital Corp.
5.300%, 02/11/21		400,000		454,848
HSBC Finance Corp.
6.676%, 01/15/21		1,220,000		1,458,999
Jefferies Group LLC
5.125%, 01/20/23		1,050,000		1,125,668
Navient Corp.
6.000%, 01/25/17		700,000		760,375
				8,719,377
Electric—1.5%
Berkshire Hathaway Energy Co.
6.500%, 09/15/37		345,000		444,892
CMS Energy Corp.
4.875%, 03/01/44		400,000		421,042
Delmarva Power & Light Co.
3.500%, 11/15/23		1,480,000		1,520,363
Dominion Resources, Inc.
4.050%, 09/15/42		600,000		557,099
Duke Energy Carolinas LLC
4.300%, 06/15/20		540,000		596,603
Duke Energy Florida, Inc.
6.400%, 06/15/38		1,925,000		2,574,922
Electricite de France S.A.
5.250%, 01/29/23 (144A) (b)		590,000		601,877
6.500%, 01/26/19 (144A)		180,000		214,489
Georgia Power Co.
4.300%, 03/15/42		545,000		546,754
Nisource Finance Corp.
4.800%, 02/15/44		230,000		232,530
6.125%, 03/01/22		830,000		981,007
PPL Electric Utilities Corp.
4.750%, 07/15/43		625,000		690,214
Public Service Co. of Colorado
4.750%, 08/15/41		1,065,000		1,172,117
Southern California Edison Co.
4.500%, 09/01/40		1,025,000		1,085,309
5.500%, 03/15/40		335,000		404,248
Southern Power Co.
5.250%, 07/15/43		670,000		746,340

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

MIST-18

Met Investors Series Trust

Schroders Global Multi-Asset Portfolio

Consolidated§ Schedule of Investments as of June 30, 2014 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Electric—(Continued)
Virginia Electric and Power Co.
4.000%, 01/15/43		930,000	$	899,271
				13,689,077
Electronics—0.0%
Honeywell International, Inc.
5.700%, 03/15/37		240,000		292,744
Environmental Control—0.1%
Republic Services, Inc.
5.250%, 11/15/21		415,000		472,877
6.200%, 03/01/40		185,000		229,959
				702,836
Food—0.3%
ConAgra Foods, Inc.
1.900%, 01/25/18		1,900,000		1,904,581
Kroger Co. (The)
5.000%, 04/15/42		260,000		274,811
5.150%, 08/01/43		625,000		675,181
				2,854,573
Forest Products & Paper—0.2%
International Paper Co.
4.800%, 06/15/44		940,000		947,417
7.300%, 11/15/39		210,000		283,480
7.500%, 08/15/21		460,000		586,120
				1,817,017
Gas—0.1%
Fermaca Enterprises S de RL de C.V.
6.375%, 03/30/38 (144A)		480,000		500,400
Healthcare-Products—0.1%
Boston Scientific Corp.
2.650%, 10/01/18		940,000		960,900
Healthcare-Services—0.5%
Aetna, Inc.
4.500%, 05/15/42		75,000		76,306
Humana, Inc.
3.150%, 12/01/22		640,000		628,092
7.200%, 06/15/18		95,000		112,849
UnitedHealth Group, Inc.
6.500%, 06/15/37		285,000		372,905
WellPoint, Inc.
4.650%, 01/15/43		3,135,000		3,187,427
				4,377,579
Holding Companies-Diversified—0.1%
Leucadia National Corp.
5.500%, 10/18/23		675,000		717,001
Insurance—1.6%
American International Group, Inc.
6.400%, 12/15/20		1,150,000		1,388,333
Aon plc
4.600%, 06/14/44		1,265,000		1,264,975
Berkshire Hathaway Finance Corp.
4.400%, 05/15/42		425,000		429,788
CNA Financial Corp.
5.750%, 08/15/21		400,000		465,383
Genworth Holdings, Inc.
4.900%, 08/15/23		1,650,000		1,766,218
Hartford Financial Services Group, Inc.
6.625%, 03/30/40		945,000		1,235,886
Liberty Mutual Group, Inc.
5.000%, 06/01/21 (144A)		120,000		131,997
6.500%, 05/01/42 (144A)		960,000		1,203,937
Lincoln National Corp.
4.850%, 06/24/21		390,000		433,265
Marsh & McLennan Cos., Inc.
4.800%, 07/15/21		720,000		799,682
Pacific LifeCorp
5.125%, 01/30/43 (144A)		240,000		249,012
Prudential Financial, Inc.
5.800%, 11/16/41		1,105,000		1,316,043
Swiss Re Treasury U.S. Corp.
2.875%, 12/06/22 (144A)		260,000		248,852
4.250%, 12/06/42 (144A)		415,000		399,747
Trinity Acquisition plc
6.125%, 08/15/43		705,000		781,797
Voya Financial, Inc.
5.500%, 07/15/22		1,560,000		1,786,696
Willis Group Holdings plc
5.750%, 03/15/21		210,000		235,910
XLIT, Ltd.
5.750%, 10/01/21		300,000		349,817
				14,487,338
Iron/Steel—0.1%
Glencore Funding LLC
4.125%, 05/30/23 (144A)		670,000		672,909
Machinery-Construction & Mining—0.0%
Caterpillar Financial Services Corp.
7.150%, 02/15/19		300,000		369,336
Media—0.9%
21st Century Fox America, Inc.
4.500%, 02/15/21		320,000		350,998
Comcast Corp.
4.500%, 01/15/43		825,000		841,063
4.750%, 03/01/44		280,000		296,144
6.300%, 11/15/17		520,000		604,587
DIRECTV Holdings LLC/DIRECTV Financing Co., Inc.
2.400%, 03/15/17		350,000		360,447
3.550%, 03/15/15		400,000		408,581
5.150%, 03/15/42		1,675,000		1,758,973

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

MIST-19

Met Investors Series Trust

Schroders Global Multi-Asset Portfolio

Consolidated§ Schedule of Investments as of June 30, 2014 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Media—(Continued)
NBCUniversal Media LLC
4.375%, 04/01/21		1,990,000	$	2,196,009
UBM plc
5.750%, 11/03/20 (144A)		225,000		242,142
Viacom, Inc.
5.850%, 09/01/43		1,050,000		1,206,269
				8,265,213
Mining—0.7%
Barrick North America Finance LLC
4.400%, 05/30/21		655,000		685,309
BHP Billiton Finance USA, Ltd.
5.000%, 09/30/43		585,000		646,533
Freeport-McMoRan Copper & Gold, Inc.
2.375%, 03/15/18		2,160,000		2,192,199
3.550%, 03/01/22		1,020,000		1,010,106
Rio Tinto Finance USA plc
2.250%, 12/14/18		1,150,000		1,172,264
3.500%, 03/22/22		530,000		543,851
Rio Tinto Finance USA, Ltd.
9.000%, 05/01/19		510,000		668,636
				6,918,898
Miscellaneous Manufacturing—0.2%
General Electric Co.
4.125%, 10/09/42		215,000		212,345
4.500%, 03/11/44		1,555,000		1,620,215
				1,832,560
Office/Business Equipment—0.0%
Xerox Corp.
4.250%, 02/15/15		260,000		265,987
Oil & Gas—1.6%
Canadian Natural Resources, Ltd.
5.700%, 05/15/17		1,490,000		1,668,870
Chevron Corp.
3.191%, 06/24/23		450,000		457,047
CNOOC Curtis Funding No. 1 Pty, Ltd.
4.500%, 10/03/23 (144A)		590,000		618,954
CNOOC Finance 2013, Ltd.
3.000%, 05/09/23		485,000		457,945
Ecopetrol S.A.
5.875%, 05/28/45		575,000		594,711
Ensco plc
4.700%, 03/15/21		1,525,000		1,661,321
Hess Corp.
5.600%, 02/15/41		720,000		837,207
Marathon Petroleum Corp.
5.125%, 03/01/21		830,000		941,046
Noble Energy, Inc.
4.150%, 12/15/21		880,000		946,129
6.000%, 03/01/41		350,000		421,163
Petroleos Mexicanos
6.375%, 01/23/45 (144A)		1,290,000		1,498,013
Oil & Gas—(Continued)
Rowan Cos., Inc.
5.400%, 12/01/42		695,000		692,988
5.850%, 01/15/44		580,000		626,114
Shell International Finance B.V.
2.375%, 08/21/22		700,000		674,222
Suncor Energy, Inc.
6.100%, 06/01/18		800,000		928,452
6.850%, 06/01/39		520,000		691,481
Total Capital S.A.
2.300%, 03/15/16		400,000		411,505
Valero Energy Corp.
4.500%, 02/01/15		640,000		654,729
				14,781,897
Oil & Gas Services—0.2%
Weatherford International, Ltd.
5.950%, 04/15/42		1,475,000		1,672,784
Pharmaceuticals—0.7%
AbbVie, Inc.
1.200%, 11/06/15		460,000		463,106
2.900%, 11/06/22		625,000		604,397
Actavis Funding SCS
4.850%, 06/15/44 (144A)		1,190,000		1,201,244
Express Scripts Holding Co.
4.750%, 11/15/21		880,000		973,967
6.125%, 11/15/41		1,025,000		1,247,689
Pfizer, Inc.
5.350%, 03/15/15		440,000		455,134
Wyeth LLC
5.950%, 04/01/37		950,000		1,167,304
				6,112,841
Pipelines—1.0%
Energy Transfer Partners L.P.
4.150%, 10/01/20		1,575,000		1,665,128
5.150%, 02/01/43		1,200,000		1,232,512
Enterprise Products Operating LLC
3.350%, 03/15/23		440,000		440,769
6.450%, 09/01/40		1,300,000		1,633,541
ONEOK Partners L.P.
6.125%, 02/01/41		550,000		649,521
8.625%, 03/01/19		145,000		183,059
Plains All American Pipeline L.P. / PAA Finance Corp.
4.300%, 01/31/43		305,000		292,408
Williams Cos., Inc. (The)
4.550%, 06/24/24		640,000		646,337
Williams Partners L.P.
3.350%, 08/15/22		420,000		416,568
5.250%, 03/15/20		1,060,000		1,195,682
5.400%, 03/04/44		555,000		595,421
				8,950,946

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

MIST-20

Met Investors Series Trust

Schroders Global Multi-Asset Portfolio

Consolidated§ Schedule of Investments as of June 30, 2014 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Real Estate—0.2%
American Campus Communities Operating Partnership L.P.
3.750%, 04/15/23		845,000	$	835,240
Deutsche Annington Finance BV
3.200%, 10/02/17 (144A)		735,000		761,253
				1,596,493
Real Estate Investment Trusts—0.5%
Alexandria Real Estate Equities, Inc.
3.900%, 06/15/23		815,000		811,574
Boston Properties L.P.
3.125%, 09/01/23		215,000		208,787
ERP Operating L.P.
4.625%, 12/15/21		940,000		1,034,692
Health Care REIT, Inc.
4.125%, 04/01/19		1,395,000		1,500,589
Omega Healthcare Investors, Inc.
4.950%, 04/01/24 (144A)		1,035,000		1,057,109
				4,612,751
Retail—1.1%
AutoZone, Inc.
2.875%, 01/15/23		880,000		841,542
CVS Caremark Corp.
2.250%, 12/05/18		2,445,000		2,474,920
Home Depot, Inc. (The)
4.400%, 04/01/21		700,000		784,545
5.950%, 04/01/41		990,000		1,240,744
Macy’s Retail Holdings, Inc.
2.875%, 02/15/23		790,000		758,313
5.125%, 01/15/42		450,000		477,328
Nordstrom, Inc.
5.000%, 01/15/44		1,290,000		1,413,978
Signet UK Finance plc
4.700%, 06/15/24		740,000		751,936
Wal-Mart Stores, Inc.
3.625%, 07/08/20		1,480,000		1,589,980
Yum! Brands, Inc.
6.250%, 03/15/18		268,000		306,284
				10,639,570
Software—0.4%
Microsoft Corp.
2.125%, 11/15/22		525,000		502,673
Oracle Corp.
2.500%, 10/15/22		1,770,000		1,693,399
3.400%, 07/08/24		1,230,000		1,227,208
				3,423,280
Telecommunications—1.2%
Cisco Systems, Inc.
5.500%, 01/15/40		1,475,000		1,717,418
Deutsche Telekom International Finance B.V.
2.250%, 03/06/17 (144A)		1,550,000		1,590,162
Telecommunications—(Continued)
Embarq Corp.
7.995%, 06/01/36		185,000		202,113
Qwest Corp.
6.750%, 12/01/21		685,000		793,052
Verizon Communications, Inc.
0.631%, 06/09/17 (b)		1,035,000		1,036,195
2.450%, 11/01/22		820,000		769,246
6.550%, 09/15/43		4,290,000		5,398,712
				11,506,898
Transportation—0.4%
Burlington Northern Santa Fe LLC
4.400%, 03/15/42		1,295,000		1,283,711
Canadian Pacific Railway, Ltd.
5.750%, 01/15/42		395,000		479,642
Kansas City Southern de Mexico S.A. de C.V.
3.000%, 05/15/23		470,000		444,764
Union Pacific Corp.
3.646%, 02/15/24		360,000		374,802
4.850%, 06/15/44		835,000		923,239
				3,506,158
Total Corporate Bonds & Notes (Cost $216,024,383)				221,872,471
Investment Company Securities—15.8%
BB Biotech AG		487		86,123
iShares Core S&P 500 ETF		341,348		67,245,556
iShares iBoxx $ High Yield Corporate Bond ETF		142,877		13,601,890
iShares J.P. Morgan USD Emerging Markets Bond ETF		118,374		13,644,971
iShares MSCI Emerging Markets ETF		630,176		27,242,509
Vanguard U.S. Total Stock Market Shares Index ETF		234,619		23,877,176
Total Investment Company Securities (Cost $128,073,694)				145,698,225
U.S. Treasury & Government Agencies—2.7%
U.S. Treasury—2.7%
U.S. Treasury Inflation Indexed Notes
0.625%, 01/15/24		18,012,262		18,665,206
U.S. Treasury Notes
0.875%, 05/15/17		2,885,000		2,888,831
1.500%, 05/31/19		600,000		597,000
1.625%, 03/31/19		3,100,000		3,108,962
Total U.S. Treasury & Government Agencies (Cost $25,152,157)				25,259,999

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

MIST-21

Met Investors Series Trust

Schroders Global Multi-Asset Portfolio

Consolidated§ Schedule of Investments as of June 30, 2014 (Unaudited)

Foreign Government—0.3%

Security Description	Shares/ Principal Amount*		Value
Multi-National—0.1%
FMS Wertmanagement AoeR
1.625%, 11/20/18		1,215,000	$	1,218,290
Sovereign—0.2%
Poland Government International Bond
4.000%, 01/22/24		1,525,000		1,582,188
Total Foreign Government (Cost $2,726,418)				2,800,478
Preferred Stocks—0.0%
Independent Power and Renewable Electricity Producers—0.0%
AES Tiete S.A.		2,000		17,597
Metals & Mining—0.0%
Vale S.A.		12,300		146,687
Total Preferred Stocks (Cost $164,684)				164,284
Short-Term Investment—18.0%
Repurchase Agreement—18.0%
Fixed Income Clearing Corp. Repurchase Agreement dated 06/30/14 at 0.000% to be repurchased at $165,972,129 on 07/01/14, collateralized by $169,295,000 U.S. Government Agency obligations with rates ranging from 0.150% - 0.250%, maturity dates ranging from 03/30/15 - 03/31/15, with a value of $169,296,656.		165,972,129		165,972,129
Total Short-Term Investment (Cost $165,972,129)				165,972,129
Total Investments—95.5% (Cost $827,825,274) (c)				882,522,765
Other assets and liabilities (net)—4.5%				41,966,792
Net Assets—100.0%			$	924,489,557

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

(a) Non-income producing security.

(b) Variable or floating rate security. The stated rate represents the rate at June 30, 2014. Maturity date shown for callable securities reflects the earliest possible call date.

(c) As of June 30, 2014, the aggregate cost of investments was $827,825,274. The aggregate unrealized appreciation and depreciation of investments were $59,581,773 and $(4,884,282), respectively, resulting in net unrealized appreciation of $54,697,491.

(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 June 30, 2014, the market value of 144A securities was $25,597,907, which is 2.8% of net assets.

(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.

(ETF)— Exchange-Traded Fund

(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.

(NVDR)— Non-Voting Depository Receipts

Forward Foreign Currency Exchange Contracts

Contracts to Buy		Counterparty	Settlement Date		In Exchange for			Unrealized Appreciation/ (Depreciation)
AUD	9,512,000	Commonwealth Bank of Australia		09/25/14		USD	8,895,754	$	19,903
CHF	9,467,000	Credit Suisse International		09/25/14		USD	10,584,868		98,353
EUR	24,585,000	Citibank N.A.		09/25/14		USD	33,427,856		247,086
GBP	7,876,000	Royal Bank of Scotland plc		09/25/14		USD	13,383,451		86,080
JPY	2,070,104,000	Citibank N.A.		09/25/14		USD	20,325,266		121,559
JPY	2,812,266,000	Citibank N.A.		09/25/14		USD	27,762,853		14,452
MYR	28,541,000	Standard Chartered Bank		09/25/14		USD	8,827,478		2,676
SEK	24,770,000	State Street Bank and Trust		09/25/14		USD	3,691,638		12,437
ZAR	443,073	Standard Chartered Bank		07/03/14		USD	41,720		(65	)

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

MIST-22

Met Investors Series Trust

Schroders Global Multi-Asset Portfolio

Consolidated§ Schedule of Investments as of June 30, 2014 (Unaudited)

Forward Foreign Currency Exchange Contracts—(Continued)

Contracts to Deliver		Counterparty	Settlement Date		In Exchange for			Unrealized Appreciation/ (Depreciation)
CAD	5,807,000	Toronto Dominion Bank		09/25/14		USD	5,396,218	$	(34,561	)
Cross Currency Contracts to Buy
AUD	9,791,000	Royal Bank of Canada		09/25/14		NZD	10,605,592		(34,981	)
NOK	132,900,000	Deutsche Bank AG		09/25/14		EUR	15,917,883		(206,394	)
Net Unrealized Appreciation								$	326,545

Futures Contracts

Futures Contracts—Long	Expiration Date		Number of Contracts			Notional Amount				Unrealized Appreciation/ (Depreciation)
Euro Stoxx 50 Index Futures		09/19/14		929			EUR	30,334,284		$	(423,119	)
FTSE 100 Index Futures		09/19/14		156			GBP	10,465,834			5,692
Nikkei 225 Index Futures		09/11/14		286			JPY	4,326,035,642			95,991
S&P 500 E-Mini Index Futures		09/19/14		722			USD	69,795,412			686,228
S&P TSX 60 Index Futures		09/18/14		130			CAD	22,196,595			243,292
U.S. Treasury Note 2 Year Futures		09/30/14		72			USD	15,805,248			5,502
U.S. Treasury Note 5 Year Futures		09/30/14		421			USD	50,352,687			(59,633	)
Futures Contracts—Short
Russell 2000 Mini Index Futures		09/19/14		(157	)		USD	(18,472,122	)		(215,588	)
SPI 200 Futures		09/18/14		(36	)		AUD	(4,814,887	)		(3,502	)
U.S. Treasury Note 10 Year Futures		09/19/14		(244	)		USD	(30,646,554	)		104,617
U.S. Treasury Ultra Bond Futures		09/19/14		(91	)		USD	(13,667,677	)		23,365
Net Unrealized Appreciation										$	462,845

Swap Agreements

Total Return Swap Agreements

Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate			Maturity Date	Counterparty	Underlying Reference Instrument		Notional Amount			Market Value			Upfront Premium Paid/(Received)		Unrealized Depreciation
Receive	1-Month LIBOR		0.1040	%	11/24/14	JPMorgan Chase Bank N.A.		S&P 500 Utilities Index		USD	28,559,815	$	(356,941	)	$	—	$	(356,941	)

Centrally Cleared Interest Rate Swap Agreements

Pay/Receive Floating Rate	Floating Rate Index		Fixed Rate			Maturity Date		Notional Amount			Unrealized Appreciation
Pay		3-Month USD-LIBOR		2.770	%		07/25/24		USD	267,000,000	$	4,234,750
Pay		3-Month USD-LIBOR		2.614	%		07/25/24		USD	5,700,000		—
Total											$	4,234,750

(AUD)— Australian Dollar

(CAD)— Canadian Dollar

(CHF)— Swiss Franc

(EUR)— Euro

(GBP)— British Pound

(JPY)— Japanese Yen

(LIBOR)— London Interbank Offered Rate

(MYR)— Malaysian Ringgit

(NOK)— Norwegian Krone

(NZD)— New Zealand Dollar

(SEK)— Swedish Krona

(USD)— United States Dollar

(ZAR)— South African Rand

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

MIST-23

Met Investors Series Trust

Schroders Global Multi-Asset Portfolio

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 Consolidated Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2014:

Description	Level 1		Level 2		Level 3		Total
Common Stocks
Aerospace & Defense	$	5,799,588	$	714,780	$	—	$	6,514,368
Air Freight & Logistics		1,345,763		286,636		—		1,632,399
Airlines		532,156		1,155,500		—		1,687,656
Auto Components		1,703,448		4,195,788		—		5,899,236
Automobiles		86,200		2,420,417		—		2,506,617
Banks		13,403,371		15,140,086		—		28,543,457
Beverages		2,881,385		1,010,840		—		3,892,225
Biotechnology		3,921,514		613,207		—		4,534,721
Building Products		—		83,490		—		83,490
Capital Markets		3,459,109		2,316,093		—		5,775,202
Chemicals		4,209,091		4,415,995		—		8,625,086
Commercial Services & Supplies		1,953,852		1,233,839		—		3,187,691
Communications Equipment		4,000,285		503,417		—		4,503,702
Construction & Engineering		322,980		936,697		—		1,259,677
Construction Materials		—		277,787		—		277,787
Consumer Finance		2,390,012		—		—		2,390,012
Containers & Packaging		1,109,420		116,280		—		1,225,700
Distributors		280,960		106,152		—		387,112
Diversified Consumer Services		146,138		99,658		—		245,796
Diversified Financial Services		668,528		2,033,132		—		2,701,660
Diversified Telecommunication Services		6,183,344		4,553,821		—		10,737,165
Electric Utilities		1,792,264		2,669,878		—		4,462,142
Electrical Equipment		1,434,281		875,070		—		2,309,351
Electronic Equipment, Instruments & Components		1,178,710		1,434,031		—		2,612,741
Energy Equipment & Services		3,293,023		1,591,894		—		4,884,917
Food & Staples Retailing		3,955,015		2,154,270		—		6,109,285
Food Products		3,703,212		6,132,502		—		9,835,714
Gas Utilities		—		1,192,975		—		1,192,975
Health Care Equipment & Supplies		5,178,408		1,453,364		—		6,631,772
Health Care Providers & Services		4,713,644		318,408		—		5,032,052
Health Care Technology		225,345		—		—		225,345
Hotels, Restaurants & Leisure		2,545,927		1,127,897		—		3,673,824
Household Durables		833,636		897,669		—		1,731,305
Household Products		4,667,184		1,117,566		—		5,784,750
Independent Power and Renewable Electricity Producers		377,332		—		—		377,332
Industrial Conglomerates		3,407,667		1,324,344		—		4,732,011
Insurance		10,051,076		6,201,684		—		16,252,760
Internet & Catalog Retail		1,166,358		6,731		—		1,173,089
Internet Software & Services		4,151,666		435,741		—		4,587,407
IT Services		5,112,485		471,102		—		5,583,587

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

MIST-24

Met Investors Series Trust

Schroders Global Multi-Asset Portfolio

Fair Value Hierarchy—(Continued)

Description	Level 1			Level 2			Level 3		Total
Leisure Products	$	642,182		$	46,235		$	—	$	688,417
Life Sciences Tools & Services		483,797			7,723			—		491,520
Machinery		5,979,755			2,877,022			—		8,856,777
Marine		—			1,006,890			—		1,006,890
Media		5,864,327			2,928,361			—		8,792,688
Metals & Mining		1,293,994			5,099,713			—		6,393,707
Multi-Utilities		68,373			1,919,086			—		1,987,459
Multiline Retail		1,269,951			283,124			—		1,553,075
Oil, Gas & Consumable Fuels		16,997,153			12,114,896			—		29,112,049
Paper & Forest Products		477,020			337,235			—		814,255
Personal Products		338,697			238,006			—		576,703
Pharmaceuticals		10,856,259			13,975,967			—		24,832,226
Professional Services		565,357			453,571			—		1,018,928
Real Estate Investment Trusts		1,712,432			476,260			—		2,188,692
Real Estate Management & Development		—			2,992,296			—		2,992,296
Road & Rail		2,636,693			1,111,992			—		3,748,685
Semiconductors & Semiconductor Equipment		4,694,658			717,136			—		5,411,794
Software		6,732,444			1,745,552			—		8,477,996
Specialty Retail		3,548,111			966,062			—		4,514,173
Technology Hardware, Storage & Peripherals		7,882,134			1,594,096			—		9,476,230
Textiles, Apparel & Luxury Goods		1,684,012			1,635,984			—		3,319,996
Thrifts & Mortgage Finance		418,105			—			—		418,105
Tobacco		2,651,592			1,941,793			—		4,593,385
Trading Companies & Distributors		459,356			1,154,527			—		1,613,883
Transportation Infrastructure		186,422			98,578			—		285,000
Wireless Telecommunication Services		617,356			3,169,776			—		3,787,132
Total Common Stocks		190,244,557			130,510,622			—		320,755,179
Total Corporate Bonds & Notes*		—			221,872,471			—		221,872,471
Investment Company Securities		145,612,102			86,123			—		145,698,225
Total U.S. Treasury & Government Agencies*		—			25,259,999			—		25,259,999
Total Foreign Government*		—			2,800,478			—		2,800,478
Total Preferred Stocks*		164,284			—			—		164,284
Total Short-Term Investment*		—			165,972,129			—		165,972,129
Total Investments	$	336,020,943		$	546,501,822		$	—	$	882,522,765
Forward Contracts
Forward Foreign Currency Exchange Contracts (Unrealized Appreciation)	$	—		$	602,546		$	—	$	602,546
Forward Foreign Currency Exchange Contracts (Unrealized Depreciation)		—			(276,001	)		—		(276,001	)
Total Forward Contracts	$	—		$	326,545		$	—	$	326,545
Futures Contracts
Futures Contracts (Unrealized Appreciation)	$	1,164,687		$	—		$	—	$	1,164,687
Futures Contracts (Unrealized Depreciation)		(701,842	)		—			—		(701,842	)
Total Futures Contracts	$	462,845		$	—		$	—	$	462,845
Centrally Cleared Swap Contracts
Centrally Cleared Swap Contracts (Unrealized Appreciation)	$	—		$	4,234,750		$	—	$	4,234,750
OTC Swap Contracts
OTC Swap Contracts at Value (Liabilities)	$	—		$	(356,941	)	$	—	$	(356,941	)

* See Consolidated Schedule of Investments for additional detailed categorizations.

Transfers from Level 2 to Level 1 in the amount of $39,067 were due to the discontinuation of a systematic fair valuation model factor.

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

MIST-25

Met Investors Series Trust

Schroders Global Multi-Asset Portfolio

Consolidated§ Statement of Assets and Liabilities

June 30, 2014 (Unaudited)

Assets
Investments at value (a)	$	716,550,636
Repurchase Agreement		165,972,129
Cash		12,633,333
Cash denominated in foreign currencies (b)		2,671,505
Cash collateral (c)		22,570,467
Unrealized appreciation on forward foreign currency exchange contracts		602,546
Receivable for:
Investments sold		7,876,758
Fund shares sold		597,344
Dividends and interest		3,603,660
Variation margin on futures contracts		334,678
Interest on OTC swap contracts		578
Variation margin on swap contracts		559,054
Prepaid expenses		119
Total Assets		933,972,807
Liabilities
OTC swap contracts at market value		356,941
Cash collateral for swap contracts		66,928
Unrealized depreciation on forward foreign currency exchange contracts		276,001
Payables for:
Investments purchased		6,131,566
Fund shares redeemed		1,732,759
Foreign taxes		7,075
Accrued expenses:
Management fees		486,422
Distribution and service fees		188,847
Deferred trustees’ fees		33,725
Other expenses		202,986
Total Liabilities		9,483,250
Net Assets	$	924,489,557
Net assets consist of:
Paid in surplus	$	850,233,761
Undistributed net investment income		5,759,019
Accumulated net realized gain		9,074,995
Unrealized appreciation on investments, futures contracts, swap contracts and foreign currency transactions (d)		59,421,782
Net Assets	$	924,489,557
Net Assets
Class B	$	924,489,557
Capital Shares Outstanding*
Class B		79,109,076
Net Asset Value, Offering Price and Redemption Price Per Share
Class B	$	11.69

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

(a) Identified cost of investments, excluding repurchase agreement, was $661,853,145.

(b) Identified cost of cash denominated in foreign currencies was $2,745,067.

(c) Includes collateral of $9,519,553 for futures contracts and $13,050,914 for OTC swap contracts.

(d) Includes foreign capital gains tax of $7,075

Consolidated§ Statement of Operations

Six Months Ended June 30, 2014 (Unaudited)

Investment Income
Dividends (a)	$	7,186,801
Interest		3,879,063
Total investment income		11,065,864
Expenses
Management fees		2,792,334
Administration fees		34,882
Custodian and accounting fees		236,232
Distribution and service fees—Class B		1,081,951
Audit and tax services		37,693
Legal		18,179
Trustees’ fees and expenses		21,142
Shareholder reporting		23,901
Insurance		1,875
Miscellaneous		13,007
Total expenses		4,261,196
Net Investment Income		6,804,668
Net Realized and Unrealized Gain
Net realized gain (loss) on:
Investments		15,224,756
Futures contracts		7,134,744
Swap contracts		(6,082,108	)
Foreign currency transactions		396,595
Net realized gain		16,673,987
Net change in unrealized appreciation (depreciation) on:
Investments (b)		17,854,723
Futures contracts		(6,745,971	)
Swap contracts		20,008,330
Foreign currency transactions		(179,310	)
Net change in unrealized appreciation		30,937,772
Net realized and unrealized gain		47,611,759
Net Increase in Net Assets From Operations	$	54,416,427

(a) Net of foreign withholding taxes of $296,540.

(b) Includes change in foreign capital gains tax of $(4,802).

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

MIST-26

Met Investors Series Trust

Schroders Global Multi-Asset Portfolio

Consolidated§ Statement of Changes in Net Assets

	Six Months Ended June 30, 2014 (Unaudited)			Year Ended December 31, 2013
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	6,804,668		$	6,766,851
Net realized gain		16,673,987			28,918,724
Net change in unrealized appreciation		30,937,772			24,870,211
Increase in net assets from operations		54,416,427			60,555,786
From Distributions to Shareholders
Net investment income
Class B		(11,797,788	)		(47,807	)
Net realized capital gains
Class B		(32,257,243	)		(2,055,699	)
Total distributions		(44,055,031	)		(2,103,506	)
Increase in net assets from capital share transactions		90,469,474			429,934,201
Total increase in net assets		100,830,870			488,386,481
Net Assets
Beginning of period		823,658,687			335,272,206
End of period	$	924,489,557		$	823,658,687
Undistributed net investment income
End of period	$	5,759,019		$	10,752,139

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2014 (Unaudited)						Year Ended December 31, 2013
	Shares			Value			Shares			Value
Class B
Sales		6,208,474		$	71,858,493			42,593,407		$	465,768,499
Reinvestments		3,944,049			44,055,031			192,806			2,103,506
Redemptions		(2,202,190	)		(25,444,050	)		(3,400,442	)		(37,937,804	)
Net increase		7,950,333		$	90,469,474			39,385,771		$	429,934,201
Increase derived from capital shares transactions				$	90,469,474					$	429,934,201

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

MIST-27

Met Investors Series Trust

Schroders Global Multi-Asset Portfolio

Consolidated§ Financial Highlights

Selected per share data
	Class B
	Six Months Ended June 30, 2014 (Unaudited)			Year Ended December 31,
				2013			2012(a)
Net Asset Value, Beginning of Period	$	11.57		$	10.55		$	10.00
Income (Loss) from Investment Operations
Net investment income (b)		0.09			0.12			0.14
Net realized and unrealized gain on investments		0.62			0.94			0.67
Total from investment operations		0.71			1.06			0.81
Less Distributions
Distributions from net investment income		(0.16	)		(0.00	)(c)		(0.08	)
Distributions from net realized capital gains		(0.43	)		(0.04	)		(0.18	)
Total distributions		(0.59	)		(0.04	)		(0.26	)
Net Asset Value, End of Period	$	11.69		$	11.57		$	10.55
Total Return (%) (d)		6.37	(e)		10.11	(f)		8.06	(e)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.98	(g)		1.02			1.24	(g)
Net ratio of expenses to average net assets (%)		0.98	(g)		1.02	(h)		1.10	(g)(h)
Ratio of net investment income to average net assets (%)		1.57	(g)		1.10			1.96	(g)
Portfolio turnover rate (%)		48	(e)		94			132	(e)
Net assets, end of period (in millions)	$	924.5		$	823.7		$	335.3

(a) Commencement of operations was April 23, 2012.

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

(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) Periods less than one year are not computed on an annualized basis.

(f) In 2013, 0.09% of the Portfolio’s total return for Class B consists of a voluntary reimbursement by the subadvisor for a realized loss. Excluding this item, total return would have been 10.02% for Class B.

(g) Computed on an annualized basis.

(h) Includes the effects of expenses reimbursed by the Adviser (see Note 7 of the Notes to Consolidated Financial Statements).

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

MIST-28

Met Investors Series Trust

Schroders Global Multi-Asset Portfolio

Notes to Consolidated Financial Statements—June 30, 2014 (Unaudited)

1. Organization

Met Investors Series Trust (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 currently offers forty-seven series, each of which operates as a distinct investment vehicle of the Trust. The portfolio included in this report is Schroders Global Multi-Asset 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 one class of shares: Class B shares. Class B shares are currently offered by the Portfolio.

2. Consolidation of Subsidiary—Schroders Global Multi-Asset Portfolio, Ltd.

The Portfolio may invest up to 10% of its total assets in the Schroders Global Multi-Asset Portfolio, Ltd., which is a wholly-owned and controlled subsidiary of the Portfolio that is organized under the laws of the Cayman Islands as an exempted company (the “Subsidiary”). The Portfolio invests in the Subsidiary in order to gain exposure to the commodities market within the limitations of the federal tax laws, rules and regulations that apply to regulated investment companies. The Portfolio has obtained an opinion from legal counsel to the effect that the annual net profit, if any, realized by the Subsidiary and imputed for income tax purposes to the Portfolio should constitute “qualifying income” for purposes of the Portfolio remaining qualified as a regulated investment company for U.S federal income tax purposes. It is possible that the Internal Revenue Service or a court could disagree with the legal opinion obtained by the Portfolio.

The Subsidiary invests primarily in commodity derivatives, exchange traded notes and total return swaps. Unlike the Portfolio, the Subsidiary may invest without limitation in commodity-linked derivatives; however, the Subsidiary complies with the same 1940 Act asset coverage requirements with respect to its investments in commodity-linked derivatives that are applicable to the Portfolio’s transactions in derivatives. In addition, to the extent applicable to the investment activities of the Subsidiary, the Subsidiary is subject to the same fundamental investment restrictions and follows the same compliance policies and procedures as the Portfolio.

By investing in the Subsidiary, the Portfolio is indirectly exposed to the risks associated with the Subsidiary’s investments. The commodity-related instruments held by the Subsidiary are subject to commodities risk. There can be no assurance that the investment objective of the Subsidiary will be achieved. The Subsidiary is not registered under the 1940 Act and is not subject to all the investor protections of the 1940 Act. The Portfolio, however, wholly owns and controls the Subsidiary, and the Portfolio and Subsidiary are both managed by Schroder Investment Management North America Inc. (the “Subadviser”), making it unlikely that the Subsidiary will take action contrary to the interests of the Portfolio and its shareholders. Changes in the laws of the United States and/or Cayman Islands could result in the inability of the Portfolio and/or the Subsidiary to operate as described in the Portfolio’s prospectus and could adversely affect the Portfolio. For example, the Cayman Islands does not currently impose any income, corporate or capital gains tax, estate duty, inheritance tax, gift tax or withholding tax on the Subsidiary. If Cayman Islands law changes such that the Subsidiary must pay Cayman Islands taxes, Portfolio shareholders would likely suffer decreased investment returns.

The consolidated Schedule of Investments, Statement of Assets and Liabilities, Statement of Operations, Statement of Changes in Net Assets and the Financial Highlights of the Portfolio include the accounts of the Subsidiary. All inter-company accounts and transactions have been eliminated in consolidation for the Portfolio. The Subsidiary has a fiscal year end of December 31st for financial statement consolidation purposes and a nonconforming tax year end of November 30th.

A summary of the Portfolio’s investment in the Subsidiary is as follows:

	Inception Date of Subsidiary	Subsidiary Net Assets at June 30, 2014	% of Total Assets at June 30, 2014
Schroders Global Multi-Asset Portfolio, Ltd.	4/23/2012	$0	0.0%

3. Significant Accounting Policies

The preparation of consolidated 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 consolidated 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 consolidated financial statements, management has evaluated events and transactions subsequent to June 30, 2014 through the date the consolidated financial statements were issued.

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

MIST-29

Met Investors Series Trust

Schroders Global Multi-Asset Portfolio

Notes to Consolidated Financial Statements—June 30, 2014—(Continued)

Investment Valuation and Fair Value Measurements - Debt securities (other than short term obligations with a remaining maturity of sixty days or less), 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 MetLife Advisers, LLC (“MetLife Advisers” or the “Adviser”), an affiliate of MetLife, Inc., pursuant to authorization of 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 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.

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, which 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 and futures contracts that are traded over-the-counter 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. 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

MIST-30

Met Investors Series Trust

Schroders Global Multi-Asset Portfolio

Notes to Consolidated Financial Statements—June 30, 2014—(Continued)

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 has delegated the determination of the fair value of a security to a 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.

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, premium amortization adjustments, return of capital adjustments, passive foreign investment companies, foreign currency tax expense reclass and distribution and service fees. 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 remain subject to examination by the Internal Revenue Service for three fiscal years after the returns are filed. As of June 30, 2014, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

MIST-31

Met Investors Series Trust

Schroders Global Multi-Asset Portfolio

Notes to Consolidated Financial Statements—June 30, 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 Master Repurchase Agreement 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 June 30, 2014, the Portfolio had investments in repurchase agreements with a gross value of $165,972,129, which is reflected as repurchase agreement on the Consolidated Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at June 30, 2014.

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.

4. 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 Consolidated 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 Consolidated Statement of Operations. These contracts involve market and/or credit risk in excess of the amount recognized in the Consolidated 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 Consolidated 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 Consolidated Statement of Assets and Liabilities and as a component of net change in unrealized appreciation/depreciation on the Consolidated 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. Futures

MIST-32

Met Investors Series Trust

Schroders Global Multi-Asset Portfolio

Notes to Consolidated Financial Statements—June 30, 2014—(Continued)

contracts are exchange-traded and 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.

Commodity Futures Contracts and Swaps on Commodity Futures Contracts - The Subsidiary will invest primarily in commodity futures and swaps on commodity futures. Exposure to the commodities markets may subject the Portfolio to greater volatility than investments in traditional securities. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or sectors affecting a particular industry or commodity.

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 over-the-counter 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 Consolidated Schedule of Investments and restricted cash, if any, is reflected on the Consolidated 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 Consolidated 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 Consolidated 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 Consolidated Statement of Assets and Liabilities and as a component of unrealized appreciation/depreciation on the Consolidated 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 Consolidated Statement of Operations. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss on the Consolidated Statement of Operations. Net periodic payments received or paid by the Portfolio are included as part of realized gains or losses on the Consolidated 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 Consolidated 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.

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.

MIST-33

Met Investors Series Trust

Schroders Global Multi-Asset Portfolio

Notes to Consolidated Financial Statements—June 30, 2014—(Continued)

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.

Equity Swaps: Equity swaps are two-party contracts that generally obligate one party to pay the positive return and the other party to pay the negative return on a specified reference security, basket of securities, security index or index component during the period of the swap. Equity swap contracts are marked to market daily based on the value of the underlying security and the change, if any, is recorded as an unrealized gain or loss. Equity swaps normally do not involve the delivery of securities or other underlying assets. If the other party to an equity swap defaults, a Portfolio’s risk of loss consists of the net amount of payments that such Portfolio is contractually entitled to receive, if any. Equity swaps are derivatives and their value can be very volatile.

Total Return Swaps: The Portfolio may enter into total return swap agreements to obtain exposure to a security or market without owning such security or investing directly in that market or to transfer the risk/return of one market (e.g., fixed income) to another market (e.g., equity) (equity risk and/or interest rate risk). Total return swaps are agreements in which one party agrees to make periodic payments to another party based on the change in market value of the assets underlying the contract, which may include a specified security, basket of securities or securities indices during the specific period, in return for periodic payments based on a fixed or floating rate or the total return from other underlying assets. When a Portfolio pays interest in exchange for the total return of an underlying asset and the value of the underlying asset decreases, the Portfolio may be required to pay the change in value to the counterparty in addition to the interest payment; conversely, when a Portfolio receives interest in exchange for the total return of an underlying asset and the value of the underlying asset decreases, the Portfolio may receive the change in value in addition to the interest payment. To the extent the total return of the instrument or index underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the Portfolio will receive a payment from or make a payment to the counterparty. Total return swaps can also be structured without an interest payment, so that one party pays the other party if the value of the underlying asset increases and receives payment from the other party if the value of the underlying asset decreases.

At June 30, 2014, the Portfolio had the following derivatives, categorized by risk exposure:

	Asset Derivatives			Liability Derivatives
Risk Exposure	Consolidated Statement of Assets & Liabilities Location	Fair Value		Consolidated Statement of Assets & Liabilities Location	Fair Value
Interest Rate	Unrealized appreciation on centrally cleared swap contracts (a)*	$	4,234,750
	Unrealized appreciation on futures contracts** (a)		133,484	Unrealized depreciation on futures contracts** (a)	$	59,633
Equity	Unrealized appreciation on futures contracts** (a)		1,031,203	OTC swap contracts at market value (b)		356,941
				Unrealized depreciation on futures contracts** (a)		642,209
Foreign Exchange	Unrealized appreciation on forward foreign currency exchange contracts		602,546	Unrealized depreciation on forward foreign currency exchange contracts		276,001
Total		$	6,001,983		$	1,334,784

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

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

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

(b) Excludes OTC swap interest receivable of $578.

MIST-34

Met Investors Series Trust

Schroders Global Multi-Asset Portfolio

Notes to Consolidated Financial Statements—June 30, 2014—(Continued)

The Portfolio is required to disclose the impact of offsetting assets and liabilities represented in the Consolidated 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”), or similar agreement, and net of the related collateral received by the Portfolio as of June 30, 2014.

Counterparty	Derivative Assets subject to a MNA by Counterparty		Financial Instruments available for offset			Collateral Received†			Net Amount*
Citibank N.A.	$	383,097	$	—		$	(66,928	)	$	316,169
Commonwealth Bank of Australia		19,903		—			—			19,903
Credit Suisse International		98,353		—			—			98,353
Royal Bank of Scotland plc		86,080		—			—			86,080
Standard Chartered Bank		2,676		(65	)		—			2,611
State Street Bank and Trust		12,437		—			—			12,437
	$	602,546	$	(65	)	$	(66,928	)	$	535,553

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 June 30, 2014.

Counterparty	Derivative Liabilities subject to a MNA by Counterparty		Financial Instruments available for offset			Collateral Pledged†		Net Amount**
Deutsche Bank AG	$	206,394	$	—		$	—	$	206,394
JPMorgan Chase Bank N.A.		356,941		—			—		356,941
Royal Bank of Canada		34,981		—			—		34,981
Standard Chartered Bank		65		(65	)		—		—
Toronto Dominion Bank		34,561		—			—		34,561
	$	632,942	$	(65	)	$	—	$	632,877

* 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 six months ended June 30, 2014 were as follows:

Consolidated Statement of Operations Location—Net Realized Gain (Loss)	Interest Rate			Equity			Foreign Exchange			Total
Forward foreign currency transactions	$	—		$	—		$	356,837		$	356,837
Futures contracts		(1,684,136	)		8,818,880			—			7,134,744
Swap contracts		(6,246,271	)		164,163			—			(6,082,108	)
	$	(7,930,407	)	$	8,983,043		$	356,837		$	1,409,473
Consolidated Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)	Interest Rate			Equity			Foreign Exchange			Total
Forward foreign currency transactions	$	—		$	—		$	(233,837	)	$	(233,837	)
Futures contracts		248,772			(6,994,743	)		—			(6,745,971	)
Swap contracts		21,140,737			(1,132,407	)		—			20,008,330
	$	21,389,509		$	(8,127,150	)	$	(233,837	)	$	13,028,522

For the six months ended June 30, 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	$	177,383,146
Futures contracts long		47,266,489
Futures contracts short		(40,521,841	)
Swap contracts		275,656,865

‡ Averages are based on activity levels during the period.

MIST-35

Met Investors Series Trust

Schroders Global Multi-Asset Portfolio

Notes to Consolidated Financial Statements—June 30, 2014—(Continued)

5. 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; currency, interest rate, and price fluctuations.

Commodities Risk: Exposure to the commodities markets may subject the Portfolio to greater volatility than investments in traditional securities. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity.

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 consolidated 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 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 over-the-counter traded derivatives (e.g., forward foreign currency exchange contracts, swap agreements and over-the-counter 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 Consolidated 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 Consolidated Statement of Assets and Liabilities. Securities pledged as collateral, if any, for the same purpose are noted in the Consolidated 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 addendums 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

MIST-36

Met Investors Series Trust

Schroders Global Multi-Asset Portfolio

Notes to Consolidated Financial Statements—June 30, 2014—(Continued)

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.

6. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2014 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$96,648,817	$	310,924,061	$	75,436,086	$	235,828,131

7. 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 six months ended June 30, 2014	% per annum			Average Daily Net Assets
$2,792,334		0.680	%	First $100 million
		0.660	%	$100 million to $250 million
		0.640	%	$250 million to $750 million
		0.620	%	$750 million to $1.5 billion
		0.600	%	Over $1.5 billion

MetLife Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. The Subadviser is compensated by MetLife Advisers to provide subadvisory services for the Portfolio.

Expense Limitation Agreement - The Adviser had entered into an expense limitation agreement with the Trust (“Expense Limitation Agreement”) in the interest of limiting expenses of the Portfolio. The Expense Limitation Agreement was in effect with respect to the Portfolio until April 27, 2014. Pursuant to that Expense Limitation Agreement, the Adviser had agreed to waive or limit its fees and to assume other expenses so that the total annual operating expenses of the Portfolio other than interest, taxes, brokerage commissions, other expenditures which are capitalized or expensed in accordance with GAAP, other extraordinary expenses not incurred in the ordinary course of the Portfolio’s business and acquired fund fees and expenses but including amounts payable pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act, were limited to the following expense ratio as a percentage of the Portfolio’s average daily net assets:

Maximum Expense Ratio under current
Expense Limitation Agreement

    Class B    

1.10%

Amounts waived for the six months ended June 30, 2014 are shown as expenses reimbursed by the Adviser in the Statement of Operations.

If, in any year in which the Management Agreement is still in effect, the estimated aggregate operating expenses of the Portfolio for the fiscal year are less than the Maximum Expense Ratio for that year, subject to approval by the Trust’s Board, the Adviser shall be entitled to reimbursement by the Portfolio to the extent that the charge does not cause the expenses in such subsequent year to exceed the Maximum Expense Ratio as stated above. The Portfolio is not obligated to repay any expense paid by the Adviser more than five years after the end of the fiscal year in which such expense was incurred.

Effective April 28, 2014, there was no longer an expense cap for the Portfolio. For the six months ended June 30, 2014, there were no amounts waived or expenses repaid to the Adviser in accordance with the Expense Limitation Agreement.

MIST-37

Met Investors Series Trust

Schroders Global Multi-Asset Portfolio

Notes to Consolidated Financial Statements—June 30, 2014—(Continued)

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 Agreement and Plan - 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 B Shares. MIDC is a wholly-owned subsidiary of MetLife Investors Group, Inc., an affiliate of the Adviser. The Class B distribution plan provides that the Trust, on behalf of the Portfolio, may pay annually up to 0.50% of the average daily net assets of the Portfolio attributable to its Class B Shares with respect to activities primarily intended to result in the sale of Class B Shares. However, under the Class B distribution agreement, payments to the Distributor for activities pursuant to the Class B distribution plan are currently limited to payments at an annual rate equal to 0.25% of average daily net assets of the Portfolio attributable to its Class B Shares. Amounts incurred by the Portfolio for the six months ended June 30, 2014 are shown as Distribution and service fees in the Consolidated Statement of Operations.

Under the terms of the Class B distribution plan and distribution agreement, the Portfolio is authorized to make payments monthly to the Distributor that may be used to pay or reimburse entities providing distribution and shareholder servicing with respect to the Class B Shares for such entities’ fees or expenses incurred.

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 Metropolitan Series Fund, 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 Consolidated Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Consolidated Statement of Assets and Liabilities.

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, 2013 and 2012 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2013	2012		2013		2012		2013		2012
$1,338,595	$	7,646,845	$	764,911	$	172,980	$	2,103,506	$	7,819,825

As of December 31, 2013, 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
$32,291,880	$	11,436,112	$	20,191,755	$	—	$	63,919,747

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.

As of December 31, 2013, the Portfolio had no capital loss carryforwards.

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 January 1, 2015, and interim periods within those fiscal years. Management is evaluating the impact, if any, of this guidance on the Portfolio’s financial statement disclosures.

MIST-38

Met Investors Series Trust

SSgA Growth and Income ETF Portfolio

Managed by SSgA Funds Management, Inc.

Portfolio Manager Commentary*

PERFORMANCE

For the six month period ended June 30, 2014, the Class A, B, and E shares of the SSgA Growth and Income ETF Portfolio returned 5.72%, 5.56%, and 5.67%, respectively. The Portfolio’s benchmark, the MSCI ACWI (All Country World Index)¹, returned 6.18%.

MARKET ENVIRONMENT / CONDITIONS

The opening quarter of 2014 offered investors plenty of worthwhile return opportunities, but progress was not without pitfalls, and the best results arrived in unlikely corners of the marketplace. Against expectations of continued steady improvement in global economic growth, the first quarter delivered a harsh U.S. winter, downbeat economic signals in China, and Russian bellicosity in Ukraine. Even though activity prospects for the whole of 2014 remained relatively bright, weakness in consumer plays restrained equity returns and several defensive segments performed well. The U.S. Federal Reserve (the “Fed”) followed through with its plans to begin a steady reduction in asset purchases, but short-term bond yields saw narrow movement and longer-term yields underwent notable declines. Despite concerted accommodation rhetoric at both the European Central Bank (the “ECB”) and the Bank of Japan, the U.S. dollar struggled during the quarter, and agricultural commodities led resource prices higher. While global equity markets followed up their tremendous 2013 finish with modest additional returns in the opening stanza of 2014, the biggest winners in the first quarter were late 2013 laggards, including long-duration bonds, real estate investment trusts, precious metals, and a selection of smaller equity markets in Europe and Asia.

Most equity benchmarks endured an acid test from late January into early February, when a key Chinese manufacturing indicator missed expectations and spurred fresh disarray across the emerging markets. As volatility surged, a similarly disappointing read on U.S. manufacturing exacerbated slowdown fears and drove many equity averages to their 2014 lows in early February. But even a modest widening in credit spreads pulled in fresh money, and news of a sizeable jump in U.S. household employment during January helped share prices mount a vigorous rebound. Confidence built further as Janet Yellen, newly appointed chair of the Fed, offered reassuring testimony on policy continuity. Not to be outdone, Mario Draghi of the ECB and Mark Carney of the Bank of England (the “BOE”) reiterated their own accommodative language, allowing several equity indexes to regain positive year-to-date territory before February was through. March nonetheless opened with a whirlwind, as Russia established military control on the Crimean peninsula. Amid escalating fears that a broader invasion of Ukraine might be imminent, gold and oil prices surged to multi-month highs, and global equity benchmarks began a fifth consecutive month with a daily loss. But buoyant share prices regained their composure quickly when Russian rhetoric took a more measured tone, and the MSCI World Index of developed equity markets climbed to a new record on March 6th after the ECB kept policy unchanged and upped its forecast for 2014 growth. Sentiment deteriorated soon thereafter when a bond default in China unleashed a plunge in copper prices, and equities traded nervously in advance of a March 16 Crimean referendum. Investors still had to contend with Janet Yellen’s inadvertent indication of an initial U.S. rate hike six months after the cessation of asset purchases.

Fixed income markets opened 2014 on a firm note, and the improvement was sustained enough that most bonds delivered solidly positive returns for the first quarter as a whole. Despite the start of the tapering process by the Fed, government bonds provided leadership in January, as soft employment figures in the U.S. and weak manufacturing readings in China emerged as unexpected blemishes on a rosier growth outlook for the year ahead. A brisk equity rebound in February led government yields to pause in their newly lower range, but credit spreads narrowed steadily, giving an added boost to corporate bonds. Fixed income ended February on a strong note, as Ukraine’s president fled the country and investors awaited greater clarity on who would fill the power vacuum. Nevertheless, even after the Russian military entered Crimea in early March, financial conditions betrayed little concern, and government bond yields started to creep higher again. Solid data on U.S. employment for February boosted intermediate yields the most, but lingering jitters over Ukraine prevented more aggressive selling of bonds, particularly after Japan reported fourth-quarter gross domestic product (“GDP”) growth that was lower than expected. Bonds weakened once more in the wake of the March meeting of the U.S. Federal Open Market Committee (the “FOMC”), as members on average brought forward their expectations on the timing of a first rate hike. But the closer proximity of tighter policy had much less impact on longer bonds, which might even benefit if rising rates wind up crimping economic growth and lowering inflation. The net result was a mixed month for bonds during March, but with a distinct tendency to flatter yield curves. For the first quarter as a whole, a combination of tighter credit spreads and lower government yields, especially at the long end, produced healthy fixed income returns.

After an initial lift as the second quarter got underway, equities worldwide began once again to struggle with the possibility that growth in 2014 might not evolve as robustly as anticipated. The International Monetary Fund (the “IMF”) contributed further to the uncertainty when it released its updated economic outlook. Although European expansion prospects earned an upgrade from the previous outlook, worries about low Euro-zone inflation remained prominent. The IMF’s projections for global growth as a whole were slightly lower, with notable downgrades in forecasts for Japan.

Happily, the second half of April brought a vigorous rebound in equities. Varied economic outlooks led the Fed chair Yellen to espouse dovish flexibility in a New York City speech, while her ECB counterpart admitted that concern with the resilient euro might prompt him to pursue additional stimulus. The supportive rhetoric dovetailed nicely with the arrival of first-quarter earnings reports, which tended to show solid outperformance of expectations, particularly in the U.S. At the same time, continued erosion of bond yields made the relative valuation proposition for equities all the more attractive.

MIST-1

Met Investors Series Trust

SSgA Growth and Income ETF Portfolio

Managed by SSgA Funds Management, Inc.

Portfolio Manager Commentary*—(Continued)

Moreover, while equity markets dipped and then recovered in April, it was a steadier and more profitable ride for fixed income. Bond prices climbed in the first half of the month as investors harbored doubts about how briskly economic activity would progress during 2014. Given the uncertain economic outlook, bond yields found plenty of additional incentive to retreat to new 2014 lows as equities faltered. More impressive yet was the resilience of debt prices as equities mounted their rebound during the second half of April. And the strength extended well beyond the natural narrowing of corporate bond spreads that was fostered by rallying share prices. Concerns that growth and inflation were not evolving robustly enough to compromise fixed-income returns and the prevalence of declining yields outside the U.S. provided additional incentive to buyers of U.S. debt on relative valuation grounds. Furthermore, the still steep U.S. term structure reminded investors that duration risk would provide ample reward if the Fed remained uncertain about when to tighten policy; conversely, if the Fed were somehow to develop enough philosophical backbone to lift rates from minimal levels, longer bonds could potentially benefit from the associated increase in headwinds to a still fragile economy.

Equity markets were generally calm in the early part of May as investors looked past mixed economic news and focused on the M&A deals being announced across a variety of industries. Bond yields traded in a tight range until the middle of the month. Equities rallied through the end of May and bonds sold off slightly.

Markets followed through in June after the ECB announced changes that were widely anticipated. The overnight rate was cut to -10 basis points and the ECB cut its main financing rate to 15 basis points. Later in June, equities began to move lower on news that a previously little known group called the Islamic State of Iraq and Syria (“ISIS”), threatens to take over Baghdad. While the oil production in southern Iraq is not at risk, the headline alone does create concern. BOE Governor Mark Carney said that the BOE may raise rates sooner than expected but then less than a week later reversed course and implied that rate hikes might not happen until 2Q2015. In maybe the most unexpected news of all, U.S. Representative Eric Cantor lost a primary election to David Brat, a favorite of the Tea Party. While Cantor’s loss may not have direct market implications, it is a shot across the bow for center leaning Republicans in this fall’s mid-term elections and most likely stalls any further action from Congress this summer. Fed chair Janet Yellen and the FOMC announced no change to rates or the Taper on June 18th. Markets in the U.S. generally took it in stride and traded up small on the news. International developed equity markets rose to record highs while gold rose the most since September of last year and the dollar generally weakened.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The first half of 2014 was a favorable environment for investing across both equity and fixed income assets. Alternative assets, such as global REITs and commodities, were particularly strong, a welcome surprise given their weakness the prior year. In total, aggregate returns remained very respectable, with the Portfolio’s Class A shares delivering a 5.72% return for the first half. Positive performance contribution from tactical decisions was offset by ETF underperformance (particularly in the international space). This resulted in the Portfolio lagging its benchmark.

The Portfolio performance was impacted most negatively as a result of tracking error in the performance of the underlying ETF holdings. The negative relative underperformance of the ETFs held by the Portfolio versus their given benchmarks accounted for a more than 0.40% drag on overall Portfolio returns. This tracking error impact is driven both by ETF fees as well as their market pricing mechanism, which can cause some ETFs to at times trade with a sizable premium or discount. Beyond underlying ETF performance, the Portfolio was also hampered by tactical decision making in Emerging Market Equities.

Asset allocation decisions overall had a positive impact on Portfolio performance. The largest contributor to positive performance was the relative underweight of investment grade fixed income, high yield, and inflation protected securities against the rest of the Portfolio. Each of these asset classes underperformed the broader benchmark over the period. In total, the fixed income underweights helped deliver more than 0.15% of positive tactical return. The fixed income underweight funded overweight positions in equities, which also benefited the Portfolio. In particular, the Portfolio enjoyed positive returns from sector positioning as well as overweights to REITs and gold.

Looking ahead, we continue to favor equities versus fixed income. In support of this view, our quantitative models designed to forecast both market risks and returns continue to suggest a favorable environment for stock investment over bonds. Corporate earnings remain solid and valuations look reasonable within developed markets, although P/E multiples in the U.S. and Europe have broken through their post-1987 averages. Valuations for emerging market equities are below long term historical averages yet concern persists about future growth in a post “Taper” world. Global fixed income yields remain low and credit spreads are tight relative to historical norms. Spreads appear to be tight in part due to a favorable economic outlook, heightened central bank involvement and a subsequent reach for yield by investors.

MIST-2

Met Investors Series Trust

SSgA Growth and Income ETF Portfolio

Managed by SSgA Funds Management, Inc.

Portfolio Manager Commentary*—(Continued)

Within equities, the Portfolio remains overweight developed market equities and REITs relative to emerging. Further, the Portfolio now holds positions in U.S. equity sector ETFs in those areas where we see attractive valuations. Within fixed income, underweights in high yield, government and inflation protected bonds are being partially offset by overweight positions in investment grade corporate bonds. Given that both the equity and bond rallies may be reaching a near term exhaustion point, the Portfolio has started to raise a small overweight to cash. Lastly, the Portfolio continues to hold a modest overweight to gold.

Dan Farley

Chris Goolgasian

Tim Furbush

Portfolio Managers

SSgA Funds Management, 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 and 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 those of the subadvisory firm as of June 30, 2014 and 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 statements) 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 applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable annuity or insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

MIST-3

Met Investors Series Trust

SSgA Growth and Income ETF Portfolio

A $10,000 INVESTMENT COMPARED TO THE MSCI ACWI (ALL COUNTRY WORLD INDEX)

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2014

	6 Month		1 Year		5 Year		Since Inception2
SSgA Growth and Income ETF Portfolio
Class A		5.72		16.39		12.60		6.22
Class B		5.56		16.09		12.32		6.33
Class E		5.67		16.28		12.43		6.08
MSCI ACWI (All Country World Index)		6.18		22.95		14.28		6.38

¹ The MSCI ACWI (All Country World Index) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of 24 developed and 21 emerging market indices. 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 dates of the Class A, Class B and Class E shares are 5/1/2006, 10/3/2005 and 5/1/2006, respectively. Index since inception return is based on the Class B 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 B 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 JUNE 30, 2014

Top Holdings

	% of Net Assets
SPDR S&P 500 ETF Trust		27.4
iShares MSCI EAFE ETF		15.1
Vanguard Total Bond Market ETF		13.0
SPDR Barclays High Yield Bond ETF		8.0
iShares TIPS Bond ETF		4.0
Vanguard REIT ETF		4.0
iShares Core MSCI Emerging Markets ETF		4.0
SPDR Dow Jones International Real Estate ETF		3.0
iShares iBoxx $ Investment Grade Corporate Bond ETF		2.5
SPDR S&P International Small Cap ETF		2.1

MIST-4

Met Investors Series Trust

SSgA Growth and Income ETF Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

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, January 1, 2014 through June 30, 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.

SSgA Growth and Income ETF Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2014		Ending Account Value June 30, 2014		Expenses Paid During Period** January 1, 2014 to June 30, 2014
Class A(a)	Actual		0.31	%	$	1,000.00	$	1,057.20	$	1.58
	Hypothetical*		0.31	%	$	1,000.00	$	1,023.26	$	1.56
Class B(a)	Actual		0.56	%	$	1,000.00	$	1,055.60	$	2.85
	Hypothetical*		0.56	%	$	1,000.00	$	1,022.02	$	2.81
Class E(a)	Actual		0.46	%	$	1,000.00	$	1,056.70	$	2.35
	Hypothetical*		0.46	%	$	1,000.00	$	1,022.51	$	2.31

* 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 (181 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

^(a) The annualized expense ratio does not include the expenses of the Underlying ETFs in which the Portfolio invests.

MIST-5

Met Investors Series Trust

SSgA Growth and Income ETF Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Investment Company Securities—96.7% of Net Assets

Security Description	Shares		Value
Health Care Select Sector SPDR Fund (a) (b)		1,024,021	$	62,291,197
Industrial Select Sector SPDR Fund (a) (b)		1,105,269		59,750,842
iShares Core MSCI Emerging Markets ETF		2,344,520		121,211,684
iShares Core S&P Small-Cap ETF (a)		283,883		31,820,445
iShares iBoxx $ Investment Grade Corporate Bond ETF (a)		648,136		77,296,699
iShares MSCI Canada ETF (a)		1,480,990		47,702,688
iShares MSCI EAFE ETF (a)		6,786,154		463,969,349
iShares S&P 500 Growth ETF (a)		584,457		61,479,032
iShares TIPS Bond ETF (a)		1,074,946		124,005,771
SPDR Barclays High Yield Bond ETF (a) (b)		5,854,247		244,297,727
SPDR Dow Jones International Real Estate ETF (a) (b)		2,065,765		91,389,444
SPDR Gold Shares (a) (b) (c)		242,922		31,103,733
SPDR S&P 500 ETF Trust (a) (b)		4,295,012		840,619,749
SPDR S&P International Small Cap ETF (b)		1,788,489		63,169,431
SPDR S&P MidCap 400 ETF Trust (a) (b)		238,555		62,157,891
Technology Select Sector SPDR Fund (a) (b)		1,598,736		61,311,526
Vanguard REIT ETF (a)		1,629,161		121,926,409
Vanguard Total Bond Market ETF		4,852,858		399,001,985
Total Investment Company Securities (Cost $2,573,235,709)				2,964,505,602
Short-Term Investments—26.8%
Mutual Funds—26.8%
AIM STIT-STIC Prime Portfolio		83,483,988		83,483,988
State Street Navigator Securities Lending MET Portfolio (b) (d)		738,983,022		738,983,022
Total Short-Term Investments (Cost $822,467,010)				822,467,010
Total Investments—123.5% (Cost $3,395,702,719) (e)				3,786,972,612
Other assets and liabilities (net)—(23.5)%				(720,815,131	)
Net Assets—100.0%			$	3,066,157,481

(a) All or a portion of the security was held on loan. As of June 30, 2014, the market value of securities loaned was $724,037,161 and the collateral received consisted of cash in the amount of $738,983,022 and non-cash collateral with a value of $702,801. 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) Affiliated Issuer. (See Note 6 of the Notes to Financial Statements for a summary of transactions in securities of affiliated issuers.)

(c) Non-income producing security.

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

(e) As of June 30, 2014, the aggregate cost of investments was $3,395,702,719. The aggregate unrealized appreciation and depreciation of investments were $403,997,175 and $(12,727,282), respectively, resulting in net unrealized appreciation of $391,269,893.

(ETF)— Exchange-Traded Fund

See accompanying notes to financial statements.

MIST-6

Met Investors Series Trust

SSgA Growth and Income ETF Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

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 June 30, 2014:

Description	Level 1		Level 2			Level 3		Total
Total Investment Company Securities	$	2,964,505,602	$	—		$	—	$	2,964,505,602
Total Short-Term Investments*		822,467,010		—			—		822,467,010
Total Investments	$	3,786,972,612	$	—		$	—	$	3,786,972,612
Collateral for securities loaned (Liability)	$	—	$	(738,983,022	)	$	—	$	(738,983,022	)

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

MIST-7

Met Investors Series Trust

SSgA Growth and Income ETF Portfolio

Statement of Assets and Liabilities

June 30, 2014 (Unaudited)

Assets
Investments at value (a) (b)	$	1,531,898,050
Affiliated investments at value (c) (d)		2,255,074,562
Cash		1,132,267
Receivable for:
Investments sold		2,438,603
Fund shares sold		83,459
Dividends and interest		18,340,472
Total Assets		3,808,967,413
Liabilities
Collateral for securities loaned		738,983,022
Payables for:
Fund shares redeemed		2,303,339
Accrued expenses:
Management fees		766,605
Distribution and service fees		621,681
Administration fees		5,083
Custodian and accounting fees		7,610
Deferred trustees’ fees		58,994
Other expenses		63,598
Total Liabilities		742,809,932
Net Assets	$	3,066,157,481
Net assets consist of:
Paid in surplus	$	2,583,101,268
Undistributed net investment income		32,766,906
Accumulated net realized gain		59,019,414
Unrealized appreciation on investments and affiliated investments		391,269,893
Net Assets	$	3,066,157,481
Net Assets
Class A	$	29,061,944
Class B		3,025,194,335
Class E		11,901,202
Capital Shares Outstanding*
Class A		2,312,075
Class B		241,987,430
Class E		950,060
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	12.57
Class B		12.50
Class E		12.53

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

(a) Identified cost of investments, excluding affiliated investments, was $1,431,750,378.

(b) Includes securities loaned at value of $393,127,471.

(c) Identified cost of affiliated investments was $1,963,952,341.

(d) Includes securities loaned at value of $330,909,690.

Statement of Operations

Six Months Ended June 30, 2014 (Unaudited)

Investment Income
Dividends from Underlying ETFs	$	22,089,727
Dividends from affiliated investments		18,045,266
Interest		6,524
Securities lending income from affiliated investments		1,144,578
Total investment income		41,286,095
Expenses
Management fees		4,560,754
Administration fees		10,921
Custodian and accounting fees		15,694
Distribution and service fees—Class B		3,689,204
Distribution and service fees—Class E		8,957
Audit and tax services		17,432
Legal		15,668
Trustees’ fees and expenses		22,085
Shareholder reporting		29,673
Insurance		9,684
Miscellaneous		11,830
Total expenses		8,391,902
Net Investment Income		32,894,193
Net Realized and Unrealized Gain
Net realized gain on:
Investments		38,945,325
Affiliated investments		32,681,115
Net realized gain		71,626,440
Net change in unrealized appreciation on:
Investments		14,808,502
Affiliated investments		44,954,475
Net change in unrealized appreciation		59,762,977
Net realized and unrealized gain		131,389,417
Net Increase in Net Assets From Operations	$	164,283,610

See accompanying notes to financial statements.

MIST-8

Met Investors Series Trust

SSgA Growth and Income ETF Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2014 (Unaudited)			Year Ended December 31, 2013
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	32,894,193		$	66,200,017
Net realized gain		71,626,440			182,244,722
Net change in unrealized appreciation		59,762,977			115,219,195
Increase in net assets from operations		164,283,610			363,663,934
From Distributions to Shareholders
Net investment income
Class A		(682,050	)		(639,216	)
Class B		(66,328,760	)		(73,924,273	)
Class E		(281,232	)		(282,833	)
Net realized capital gains
Class A		(1,619,345	)		(547,900	)
Class B		(175,216,589	)		(69,436,858	)
Class E		(709,033	)		(255,856	)
Total distributions		(244,837,009	)		(145,086,936	)
Increase (decrease) in net assets from capital share transactions		99,761,329			(82,704,800	)
Total increase in net assets		19,207,930			135,872,198
Net Assets
Beginning of period		3,046,949,551			2,911,077,353
End of period	$	3,066,157,481		$	3,046,949,551
Undistributed net investment income
End of period	$	32,766,906		$	67,164,755

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2014 (Unaudited)						Year Ended December 31, 2013
	Shares			Value			Shares			Value
Class A
Sales		172,865		$	2,194,007			652,311		$	8,066,029
Reinvestments		191,783			2,301,395			100,094			1,187,116
Redemptions		(216,093	)		(2,770,001	)		(337,785	)		(4,177,502	)
Net increase		148,555		$	1,725,401			414,620		$	5,075,643
Class B
Sales		2,545,132		$	32,121,241			9,799,864		$	120,343,426
Reinvestments		20,229,929			241,545,349			12,138,961			143,361,131
Redemptions		(13,901,697	)		(175,685,028	)		(28,620,890	)		(351,923,542	)
Net increase (decrease)		8,873,364		$	97,981,562			(6,682,065	)	$	(88,218,985	)
Class E
Sales		45,224		$	574,661			178,801		$	2,197,000
Reinvestments		82,798			990,265			45,536			538,689
Redemptions		(119,711	)		(1,510,560	)		(185,588	)		(2,297,147	)
Net increase		8,311		$	54,366			38,749		$	438,542
Increase (decrease) derived from capital shares transactions				$	99,761,329					$	(82,704,800	)

See accompanying notes to financial statements.

MIST-9

Met Investors Series Trust

SSgA Growth and Income ETF Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2014 (Unaudited)			Year Ended December 31,
				2013			2012			2011			2010			2009
Net Asset Value, Beginning of Period	$	12.98		$	12.08		$	11.21		$	11.48		$	10.34		$	8.49
Income (Loss) from Investment Operations
Net investment income (a)		0.16			0.31			0.34			0.34			0.39			0.35
Net realized and unrealized gain (loss) on investments		0.53			1.22			1.09			(0.17	)		0.90			1.71
Total from investment operations		0.69			1.53			1.43			0.17			1.29			2.06
Less Distributions
Distributions from net investment income		(0.33	)		(0.34	)		(0.30	)		(0.22	)		(0.15	)		(0.21	)
Distributions from net realized capital gains		(0.77	)		(0.29	)		(0.26	)		(0.22	)		(0.00	)(b)		0.00
Total distributions		(1.10	)		(0.63	)		(0.56	)		(0.44	)		(0.15	)		(0.21	)
Net Asset Value, End of Period	$	12.57		$	12.98		$	12.08		$	11.21		$	11.48		$	10.34
Total Return (%) (c)		5.72	(d)		13.22			13.11			1.28			12.61			24.96
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%) (e)		0.31	(f)		0.31			0.32			0.32			0.33			0.40
Net ratio of expenses to average net assets (%) (e)		0.31	(f)		0.31			0.32			0.32			0.33	(g)		0.37	(g)
Ratio of net investment income to average net assets (%) (h)		2.48	(f)		2.52			2.96			3.01			3.64			3.80
Portfolio turnover rate (%)		28	(d)		47			39			36			33			22
Net assets, end of period (in millions)	$	29.1		$	28.1		$	21.1		$	15.5		$	11.3		$	4.5
	Class B
	Six Months Ended June 30, 2014 (Unaudited)			Year Ended December 31,
				2013			2012			2011			2010			2009
Net Asset Value, Beginning of Period	$	12.90		$	12.01		$	11.15		$	11.43		$	10.32		$	8.47
Income (Loss) from Investment Operations
Net investment income (a)		0.14			0.27			0.30			0.31			0.37			0.34
Net realized and unrealized gain (loss) on investments		0.52			1.22			1.10			(0.17	)		0.88			1.70
Total from investment operations		0.66			1.49			1.40			0.14			1.25			2.04
Less Distributions
Distributions from net investment income		(0.29	)		(0.31	)		(0.28	)		(0.20	)		(0.14	)		(0.19	)
Distributions from net realized capital gains		(0.77	)		(0.29	)		(0.26	)		(0.22	)		(0.00	)(b)		0.00
Total distributions		(1.06	)		(0.60	)		(0.54	)		(0.42	)		(0.14	)		(0.19	)
Net Asset Value, End of Period	$	12.50		$	12.90		$	12.01		$	11.15		$	11.43		$	10.32
Total Return (%) (c)		5.56	(d)		12.93			12.85			1.06			12.24			24.89
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%) (e)		0.56	(f)		0.56			0.57			0.57			0.58			0.65
Net ratio of expenses to average net assets (%) (e)		0.56	(f)		0.56			0.57			0.57			0.58	(g)		0.62	(g)
Ratio of net investment income to average net assets (%) (h)		2.20	(f)		2.21			2.64			2.79			3.49			3.63
Portfolio turnover rate (%)		28	(d)		47			39			36			33			22
Net assets, end of period (in millions)	$	3,025.2		$	3,006.7		$	2,879.1		$	2,600.5		$	1,926.7		$	739.6

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

MIST-10

Met Investors Series Trust

SSgA Growth and Income ETF Portfolio

Financial Highlights

Selected per share data
	Class E
	Six Months Ended June 30, 2014 (Unaudited)			Year Ended December 31,
				2013			2012			2011			2010			2009
Net Asset Value, Beginning of Period	$	12.93		$	12.03		$	11.17		$	11.44		$	10.32		$	8.47
Income (Loss) from Investment Operations
Net investment income (a)		0.14			0.29			0.32			0.32			0.35			0.33
Net realized and unrealized gain (loss) on investments		0.54			1.23			1.09			(0.17	)		0.91			1.72
Total from investment operations		0.68			1.52			1.41			0.15			1.26			2.05
Less Distributions
Distributions from net investment income		(0.31	)		(0.33	)		(0.29	)		(0.20	)		(0.14	)		(0.20	)
Distributions from net realized capital gains		(0.77	)		(0.29	)		(0.26	)		(0.22	)		(0.00	)(b)		0.00
Total distributions		(1.08	)		(0.62	)		(0.55	)		(0.42	)		(0.14	)		(0.20	)
Net Asset Value, End of Period	$	12.53		$	12.93		$	12.03		$	11.17		$	11.44		$	10.32
Total Return (%) (c)		5.67	(d)		13.11			12.91			1.17			12.34			24.99
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%) (e)		0.46	(f)		0.46			0.47			0.47			0.48			0.55
Net ratio of expenses to average net assets (%) (e)		0.46	(f)		0.46			0.47			0.47			0.48	(g)		0.52	(g)
Ratio of net investment income to average net assets (%) (h)		2.26	(f)		2.34			2.76			2.85			3.35			3.59
Portfolio turnover rate (%)		28	(d)		47			39			36			33			22
Net assets, end of period (in millions)	$	11.9		$	12.2		$	10.9		$	9.1		$	7.8		$	4.8

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

(b) Distributions from net realized capital gains were 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) Periods less than one year are not computed on an annualized basis.

(e) The ratio of operating expenses to average net assets does not include expenses of the Underlying ETFs in which the Portfolio invests.

(f) Computed on an annualized basis.

(g) Includes the effects of management fee waivers.

(h) Recognition of net investment income by the Portfolio is affected by the timing of the declaration of dividends by the Underlying ETFs in which it invests.

See accompanying notes to financial statements.

MIST-11

Met Investors Series Trust

SSgA Growth and Income ETF Portfolio

Notes to Financial Statements—June 30, 2014 (Unaudited)

1. Organization

Met Investors Series Trust (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 currently offers forty-seven series, each of which operates as a distinct investment vehicle of the Trust. The portfolio included in this report is SSgA Growth and Income ETF 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 four classes of shares: Class A, B, C and E shares. Class A, B and E shares are currently offered by the Portfolio. 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.

The Portfolio was designed on established principles of asset allocation. The Portfolio will primarily invest its assets in other investment companies known as exchange-traded funds (“Underlying ETFs”), including, but not limited to, series of the iShares^® Trust, iShares^®, Inc., Standard and Poors Depositary Receipts of the S&P 500 ETF Trust and Vanguard ETFs of the Vanguard^® Index Funds.

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 June 30, 2014 through the date the financial statements were issued.

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

Valuation - Investments in the Underlying ETFs are valued at the closing market quotation for their shares and are categorized as Level 1 within the air value hierarchy. The net asset value of the Portfolio is calculated based on the market values of the Underlying ETFs in which the Portfolio invests. For information about the use of fair value pricing by the Underlying ETFs, please refer to the prospectuses for such Underlying ETFs.

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

Investment Transactions and Related Investment Income - The Portfolio’s security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date. Interest income is recorded on the accrual basis. Realized gains and losses on investments and unrealized appreciation and depreciation are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Capital gains distributions received from the Underlying ETFs are recorded as Net realized gain in the Statement of Operations.

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 capital gain dividend reclass. 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 June 30, 2014, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

MIST-12

Met Investors Series Trust

SSgA Growth and Income ETF Portfolio

Notes to Financial Statements—June 30, 2014—(Continued)

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, State Street Bank and Trust Company (the “custodian”). 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 at least equal to 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 which invests in a variety of high quality U.S. dollar-denominated instruments. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower shall be required to deliver, by the close of business on the following business day, an additional amount of collateral so that the total amount of posted collateral equals 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 six months ended June 30, 2014 is disclosed in the footnotes to the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at June 30, 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 June 30, 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 has agreed to indemnify the Portfolio in the case of default of any securities borrower.

Due to the affiliation between the Portfolio’s subadviser, SSgA Funds Management, Inc., and the custodian, the Portfolio relies on an exemptive order issued by the Securities and Exchange Commission to the custodian, State Street Navigator Securities Lending Trust (“Navigator Trust”) and the SSgA Funds that permits certain registered investment companies, including the Portfolio, to use cash collateral from securities lending transactions to purchase shares of one of more series of Navigator Trust, including the Navigator Portfolio, and to pay fees based on a share of the revenue generated from securities lending transactions to the custodian.

3. Certain Risks

Market Risk: In the normal course of business, the Portfolio and the Underlying ETFs 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 counterparty risk). The value of securities held by the Portfolio and the Underlying ETFs may decline in response to certain events, including those directly involving the companies whose securities are owned by the Portfolio and the Underlying ETFs; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; currency, interest rate, and price fluctuations.

Credit and Counterparty Risk: The Portfolio and the Underlying ETFs may be exposed to counterparty risk, or the risk that an entity with which the Portfolio and the Underlying ETFs 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 Portfolio and the Underlying ETFs to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio and the Underlying ETFs 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 Portfolio and the Underlying ETFs’ 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 Portfolio and the Underlying ETFs restrict their exposure to credit and counterparty losses by entering into master netting agreements with counterparties (approved brokers) with whom the Portfolio and the Underlying ETFs 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.

MIST-13

Met Investors Series Trust

SSgA Growth and Income ETF Portfolio

Notes to Financial Statements—June 30, 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 and the Underlying ETFs in which it invests.

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2014 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	834,013,989	$	0	$	1,011,999,957

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 six months ended June 30,  2014	% per annum			Average Daily Net Assets
$4,560,754		0.330	%	First $500 million
		0.300	%	Over $500 million

MetLife Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. SSgA Funds Management, Inc. is compensated by MetLife Advisers to provide subadvisory services for the Portfolio.

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 Agreements and Plans - The Trust has distribution agreements with MetLife Investors Distribution Company (“MIDC” or the “Distributor”) in which MIDC serves as the distributor for the Portfolio’s Class A, Class B and Class E Shares. MIDC is a wholly-owned subsidiary of MetLife Investors Group, Inc., an affiliate of the Adviser. The Class B and Class E distribution plans provide that the Trust, on behalf of the Portfolio, may pay annually up to 0.50% and 0.25%, respectively, of the average daily net assets of the Portfolio attributable to its Class B and Class E Shares with respect to activities primarily intended to result in the sale of Class B and Class E Shares. However, under the Class B and Class E distribution agreements, payments to the Distributor for activities pursuant to the Class B and Class E distribution plans are currently limited to payments at an annual rate equal to 0.25% and 0.15% of average daily net assets of the Portfolio attributable to its Class B and Class E Shares, respectively. Amounts incurred by the Portfolio for the six months ended June 30, 2014 are shown as Distribution and service fees in the Statement of Operations.

Under the terms of the Class B and Class E distribution plans and distribution agreements, the Portfolio is authorized to make payments monthly to the Distributor that may be used to pay or reimburse entities providing distribution and shareholder servicing with respect to the Class B and Class E Shares for such entities’ fees or expenses incurred.

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 Metropolitan Series Fund, 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.

MIST-14

Met Investors Series Trust

SSgA Growth and Income ETF Portfolio

Notes to Financial Statements—June 30, 2014—(Continued)

6. Transactions in Securities of Affiliated Issuers

A summary of the Portfolio’s transactions in the securities of affiliated issuers during the six months ended June 30, 2014 is as follows:

Underlying ETF/Security	Number of shares held at December 31, 2013			Shares purchased		Shares sold			Number of shares held at June 30, 2014
Consumer Discretionary Select Sector SPDR Fund		945,030			—		(945,030	)		—
Health Care Select Sector SPDR Fund		1,124,650			1,024,021		(1,124,650	)		1,024,021
Industrial Select Sector SPDR Fund		1,221,400			1,183,549		(1,299,680	)		1,105,269
SPDR Barclays High Yield Bond ETF		7,368,934			153,529		(1,668,216	)		5,854,247
SPDR Dow Jones International Real Estate ETF		1,463,641			974,520		(372,396	)		2,065,765
SPDR Gold Shares		348,025			—		(105,103	)		242,922
SPDR S&P 500 ETF Trust		3,831,193			733,342		(269,523	)		4,295,012
SPDR S&P International Small Cap ETF		1,847,261			—		(58,772	)		1,788,489
SPDR S&P MidCap 400 ETF Trust		257,065			—		(18,510	)		238,555
State Street Navigator Securities Lending MET Portfolio		665,810,357			2,267,144,986		(2,193,972,321	)		738,983,022
Technology Select Sector SPDR Fund		—			1,717,021		(118,285	)		1,598,736
Underlying ETF/Security	Net Realized Gain/(Loss) on sales of Affiliated Investments			Capital Gain Distributions from Affiliated Investments		Dividend Income from Affiliated Investments			Ending Value as of June 30, 2014
Consumer Discretionary Select Sector SPDR Fund	$	3,134,776		$	—	$	194,345		$	—
Health Care Select Sector SPDR Fund		3,916,712			—		231,603			62,291,197
Industrial Select Sector SPDR Fund		1,849,198			—		541,625			59,750,842
SPDR Barclays High Yield Bond ETF		6,179,328			—		6,944,853			244,297,727
SPDR Dow Jones International Real Estate ETF		2,942,084			—		1,488,921			91,389,444
SPDR Gold Shares		(5,008,733	)		—		—			31,103,733
SPDR S&P 500 ETF Trust		17,927,228			—		7,496,507			840,619,749
SPDR S&P International Small Cap ETF		133,846			—		240,346			63,169,431
SPDR S&P MidCap 400 ETF Trust		1,343,698			—		355,535			62,157,891
State Street Navigator Securities Lending MET Portfolio		—			—		1,144,578			738,983,022
Technology Select Sector SPDR Fund		262,978			—		551,531			61,311,526
	$	32,681,115		$	—	$	19,189,844		$	2,255,074,562

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, 2013 and 2012 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2013	2012		2013		2012		2013		2012
$84,641,783	$	79,161,949	$	60,445,153	$	50,914,137	$	145,086,936	$	130,076,086

As of December 31, 2013, 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 and Post October Loss Deferrals		Total
$72,613,966	$	171,962,083	$	319,087,449	$	—	$	563,663,498

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, 2013, the Portfolio had no capital loss carryforwards.

MIST-15

Met Investors Series Trust

SSgA Growth and Income ETF Portfolio

Notes to Financial Statements—June 30, 2014—(Continued)

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 January 1, 2015, and interim periods within those fiscal years. Management is evaluating the impact, if any, of this guidance on the Portfolio’s financial statement disclosures.

MIST-16

Met Investors Series Trust

SSgA Growth ETF Portfolio

Managed by SSgA Funds Management, Inc.

Portfolio Manager Commentary*

PERFORMANCE

For the six month period ended June 30, 2014, the Class A, B, and E shares of the SSgA Growth ETF Portfolio returned 5.94%, 5.80%, and 5.82%, respectively. The Portfolio’s benchmark, the MSCI ACWI (All Country World Index)¹, returned 6.18%.

MARKET ENVIRONMENT / CONDITIONS

The opening quarter of 2014 offered investors plenty of worthwhile return opportunities, but progress was not without pitfalls, and the best results arrived in unlikely corners of the marketplace. Against expectations of continued steady improvement in global economic growth, the first quarter delivered a harsh U.S. winter, downbeat economic signals in China, and Russian bellicosity in Ukraine. Even though activity prospects for the whole of 2014 remained relatively bright, weakness in consumer plays restrained equity returns and several defensive segments performed well. The U.S. Federal Reserve (the “Fed”) followed through with its plans to begin a steady reduction in asset purchases, but short-term bond yields saw narrow movement and longer-term yields underwent notable declines. Despite concerted accommodation rhetoric at both the European Central Bank (the “ECB”) and the Bank of Japan, the U.S. dollar struggled during the quarter, and agricultural commodities led resource prices higher. While global equity markets followed up their tremendous 2013 finish with modest additional returns in the opening stanza of 2014, the biggest winners in the first quarter were late 2013 laggards, including long-duration bonds, real estate investment trusts, precious metals, and a selection of smaller equity markets in Europe and Asia.

Most equity benchmarks endured an acid test from late January into early February, when a key Chinese manufacturing indicator missed expectations and spurred fresh disarray across the emerging markets. As volatility surged, a similarly disappointing read on U.S. manufacturing exacerbated slowdown fears and drove many equity averages to their 2014 lows in early February. But even a modest widening in credit spreads pulled in fresh money, and news of a sizeable jump in U.S. household employment during January helped share prices mount a vigorous rebound. Confidence built further as Janet Yellen, newly appointed chair of the Fed, offered reassuring testimony on policy continuity. Not to be outdone, Mario Draghi of the ECB and Mark Carney of the Bank of England (the “BOE”) reiterated their own accommodative language, allowing several equity indexes to regain positive year-to-date territory before February was through. March nonetheless opened with a whirlwind, as Russia established military control on the Crimean peninsula. Amid escalating fears that a broader invasion of Ukraine might be imminent, gold and oil prices surged to multi-month highs, and global equity benchmarks began a fifth consecutive month with a daily loss. But buoyant share prices regained their composure quickly when Russian rhetoric took a more measured tone, and the MSCI World Index of developed equity markets climbed to a new record on March 6th after the ECB kept policy unchanged and upped its forecast for 2014 growth. Sentiment deteriorated soon thereafter when a bond default in China unleashed a plunge in copper prices, and equities traded nervously in advance of a March 16 Crimean referendum. Investors still had to contend with Janet Yellen’s inadvertent indication of an initial U.S. rate hike six months after the cessation of asset purchases.

Fixed income markets opened 2014 on a firm note, and the improvement was sustained enough that most bonds delivered solidly positive returns for the first quarter as a whole. Despite the start of the tapering process by the Fed, government bonds provided leadership in January, as soft employment figures in the U.S. and weak manufacturing readings in China emerged as unexpected blemishes on a rosier growth outlook for the year ahead. A brisk equity rebound in February led government yields to pause in their newly lower range, but credit spreads narrowed steadily, giving an added boost to corporate bonds. Fixed income ended February on a strong note, as Ukraine’s president fled the country and investors awaited greater clarity on who would fill the power vacuum. Nevertheless, even after the Russian military entered Crimea in early March, financial conditions betrayed little concern, and government bond yields started to creep higher again. Solid data on U.S. employment for February boosted intermediate yields the most, but lingering jitters over Ukraine prevented more aggressive selling of bonds, particularly after Japan reported fourth-quarter gross domestic product (GDP) growth that was lower than expected. Bonds weakened once more in the wake of the March meeting of the U.S. Federal Open Market Committee (the “FOMC”), as members on average brought forward their expectations on the timing of a first rate hike. But the closer proximity of tighter policy had much less impact on longer bonds, which might even benefit if rising rates wind up crimping economic growth and lowering inflation. The net result was a mixed month for bonds during March, but with a distinct tendency to flatter yield curves. For the first quarter as a whole, a combination of tighter credit spreads and lower government yields, especially at the long end, produced healthy fixed income returns.

After an initial lift as the second quarter got underway, equities worldwide began once again to struggle with the possibility that growth in 2014 might not evolve as robustly as anticipated. The International Monetary Fund (the “IMF”) contributed further to the uncertainty when it released its updated economic outlook. Although European expansion prospects earned an upgrade from the previous outlook, worries about low Euro-zone inflation remained prominent. The IMF’s projections for global growth as a whole were slightly lower, with notable downgrades in forecasts for Japan.

Happily, the second half of April brought a vigorous rebound in equities. Varied economic outlooks led the Fed chair Yellen to espouse dovish flexibility in a New York City speech, while her ECB counterpart admitted that concern with the resilient euro might prompt him to pursue additional stimulus. The supportive rhetoric dovetailed nicely with the arrival of first-quarter earnings reports, which tended to show solid outperformance of expectations, particularly in the U.S. At the same time, continued erosion of bond yields made the relative valuation proposition for equities all the more attractive.

MIST-1

Met Investors Series Trust

SSgA Growth ETF Portfolio

Managed by SSgA Funds Management, Inc.

Portfolio Manager Commentary*—(Continued)

Moreover, while equity markets dipped and then recovered in April, it was a steadier and more profitable ride for fixed income. Bond prices climbed in the first half of the month as investors harbored doubts about how briskly economic activity would progress during 2014. Given the uncertain economic outlook, bond yields found plenty of additional incentive to retreat to new 2014 lows as equities faltered. More impressive yet was the resilience of debt prices as equities mounted their rebound during the second half of April. And the strength extended well beyond the natural narrowing of corporate bond spreads that was fostered by rallying share prices. Concerns that growth and inflation were not evolving robustly enough to compromise fixed-income returns and the prevalence of declining yields outside the U.S. provided additional incentive to buyers of U.S. debt on relative valuation grounds. Furthermore, the still steep U.S. term structure reminded investors that duration risk would provide ample reward if the Fed remained uncertain about when to tighten policy; conversely, if the Fed were somehow to develop enough philosophical backbone to lift rates from minimal levels, longer bonds could potentially benefit from the associated increase in headwinds to a still fragile economy.

Equity markets were generally calm in the early part of May as investors looked past mixed economic news and focused on the M&A deals being announced across a variety of industries. Bond yields traded in a tight range until the middle of the month. Equities rallied through the end of May and bonds sold off slightly.

Markets followed through in June after the ECB announced changes that were widely anticipated. The overnight rate was cut to -10 basis points and the ECB cut its main financing rate to 15 basis points. Later in June, equities began to move lower on news that a previously little known group called the Islamic State of Iraq and Syria (“ISIS”), threatens to take over Baghdad. While the oil production in southern Iraq is not at risk, the headline alone does create concern. BOE Governor Mark Carney said that the BOE may raise rates sooner than expected but then less than a week later reversed course and implied that rate hikes might not happen until 2Q2015. In maybe the most unexpected news of all, U.S. Representative Eric Cantor lost a primary election to David Brat, a favorite of the Tea Party. While Cantor’s loss may not have direct market implications, it is a shot across the bow for center leaning Republicans in this fall’s mid-term elections and most likely stalls any further action from Congress this summer. Fed chair Janet Yellen and the FOMC announced no change to rates or the Taper on June 18th. Markets in the U.S. generally took it in stride and traded up small on the news. International developed equity markets rose to record highs while gold rose the most since September of last year and the dollar generally weakened.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The first half of 2014 was a favorable environment for investing across both equity and fixed income assets. Alternative assets, such as global REITs and commodities, were particularly strong, a welcome surprise given their weakness the prior year. In total, aggregate returns remained very respectable, with the Portfolio’s Class A shares delivering a 5.94% return for the first half. Positive performance contribution from tactical decisions was offset by ETF underperformance (particularly in the international space). This resulted in the Portfolio lagging its benchmark.

The Portfolio performance was impacted most negatively as a result of tracking error in the performance of the underlying ETF holdings. The negative relative underperformance of the ETFs held by the Portfolio versus their given benchmarks accounted for nearly a 0.50% drag on overall portfolio returns. This tracking error impact is driven both by ETF fees as well as their market pricing mechanism, which can cause some ETFs to at times trade with a sizable premium or discount. Beyond underlying ETF performance, the Portfolio was also hampered by tactical decision making in Emerging Market Equities.

Asset allocation decisions overall had a positive impact on Portfolio performance. The largest contributor to positive performance was the relative underweight of investment grade fixed income, high yield, and inflation protected securities against the rest of the Portfolio. Each of these asset classes underperformed the broader benchmark over the period. In total, the fixed income underweights helped deliver more than 0.20% of positive tactical return. The fixed income underweight funded overweight positions in equities, which also benefited the Portfolio. In particular, the Portfolio enjoyed positive returns from sector positioning as well as overweights to REITs and gold.

Looking ahead, we continue to favor equities versus fixed income. In support of this view, our quantitative models designed to forecast both market risks and returns continue to suggest a favorable environment for stock investment over bonds. Corporate earnings remain solid and valuations look reasonable within developed markets, although P/E multiples in the U.S. and Europe have broken through their post-1987 averages. Valuations for emerging market equities are below long term historical averages yet concern persists about future growth in a post “Taper” world. Global fixed income yields remain low and credit spreads are tight relative to historical norms. Spreads appear to be tight in part due to a favorable economic outlook, heightened central bank involvement and a subsequent reach for yield by investors.

MIST-2

Met Investors Series Trust

SSgA Growth ETF Portfolio

Managed by SSgA Funds Management, Inc.

Portfolio Manager Commentary*—(Continued)

Within equities, the Portfolio remains overweight developed market equities and REITs relative to emerging. Further, the Portfolio now holds positions in U.S. equity sector ETFs in those areas where we see attractive valuations. Within fixed income, underweights in high yield, government and inflation protected bonds are being partially offset by overweight positions in investment grade corporate bonds. Given that both the equity and bond rallies may be reaching a near term exhaustion point, the Portfolio has started to raise a small overweight to cash. Lastly, the Portfolio continues to hold a modest overweight to gold.

Dan Farley

Chris Goolgasian

Tim Furbush

Portfolio Managers

SSgA Funds Management, 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 and 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 those of the subadvisory firm as of June 30, 2014 and 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 statements) 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 applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable annuity or insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

MIST-3

Met Investors Series Trust

SSgA Growth ETF Portfolio

A $10,000 INVESTMENT COMPARED TO THE MSCI ACWI (ALL COUNTRY WORLD INDEX)

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2014

	6 Month		1 Year		5 Year		Since Inception2
SSgA Growth ETF Portfolio
Class A		5.94		19.81		14.38		5.95
Class B		5.80		19.53		14.10		6.29
Class E		5.82		19.61		14.21		5.80
MSCI ACWI (All Country World Index)		6.18		22.95		14.28		6.38

¹ The MSCI ACWI (All Country World Index) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of 24 developed and 21 emerging market indices. 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 dates of the Class A, Class B and Class E shares are 5/1/2006, 10/3/2005 and 5/1/2006, respectively. Index since inception return is based on the Class B 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 B 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 JUNE 30, 2014

Top Holdings

	% of Net Assets
SPDR S&P 500 ETF Trust		32.3
iShares MSCI EAFE ETF		21.2
iShares Core MSCI Emerging Markets ETF		5.9
SPDR S&P MidCap 400 ETF Trust		5.0
Vanguard REIT ETF		4.0
SPDR S&P International Small Cap ETF		3.0
iShares Core S&P Small-Cap ETF		3.0
SPDR Dow Jones International Real Estate ETF		3.0
SPDR Barclays High Yield Bond ETF		3.0
iShares iBoxx $ Investment Grade Corporate Bond ETF		2.5

MIST-4

Met Investors Series Trust

SSgA Growth ETF Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

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, January 1, 2014 through June 30, 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.

SSgA Growth ETF Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2014		Ending Account Value June 30, 2014		Expenses Paid During Period** January 1, 2014 to June 30, 2014
Class A(a)	Actual		0.34	%	$	1,000.00	$	1,059.40	$	1.74
	Hypothetical*		0.34	%	$	1,000.00	$	1,023.11	$	1.71
Class B(a)	Actual		0.59	%	$	1,000.00	$	1,058.00	$	3.01
	Hypothetical*		0.59	%	$	1,000.00	$	1,021.87	$	2.96
Class E(a)	Actual		0.49	%	$	1,000.00	$	1,058.20	$	2.50
	Hypothetical*		0.49	%	$	1,000.00	$	1,022.37	$	2.46

* 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 (181 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

^(a) The annualized expense ratio does not include the expenses of the Underlying ETFs in which the Portfolio invests.

MIST-5

Met Investors Series Trust

SSgA Growth ETF Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Investment Company Securities—96.1% of Net Assets

Security Description	Shares		Value
Health Care Select Sector SPDR Fund (a) (b)		346,081	$	21,052,107
Industrial Select Sector SPDR Fund (a) (b)		373,948		20,215,629
iShares Core MSCI Emerging Markets ETF		1,189,534		61,498,908
iShares Core S&P Small-Cap ETF (a)		281,358		31,537,418
iShares iBoxx $ Investment Grade Corporate Bond ETF (a)		219,208		26,142,746
iShares MSCI Canada ETF (a)		731,874		23,573,662
iShares MSCI EAFE ETF (a)		3,231,333		220,926,237
iShares S&P 500 Growth ETF (a)		197,803		20,806,898
iShares TIPS Bond ETF (a)		182,333		21,033,935
SPDR Barclays High Yield Bond ETF (a) (b)		738,576		30,820,776
SPDR Dow Jones International Real Estate ETF (b)		698,893		30,919,026
SPDR Gold Shares (a) (b) (c)		80,236		10,273,417
SPDR S&P 500 ETF Trust (a) (b)		1,723,369		337,297,781
SPDR S&P International Small Cap ETF (a) (b)		893,935		31,573,784
SPDR S&P MidCap 400 ETF Trust (a) (b)		201,828		52,588,304
Technology Select Sector SPDR Fund (a) (b)		541,050		20,749,267
Vanguard REIT ETF (a)		556,233		41,628,478
Total Investment Company Securities (Cost $817,737,468)				1,002,638,373
Short-Term Investments—27.5%
Mutual Funds—27.5%
AIM STIT-STIC Prime Portfolio		33,028,551		33,028,551
State Street Navigator Securities Lending MET Portfolio (b) (d)		253,569,713		253,569,713
Total Short-Term Investments (Cost $286,598,264)				286,598,264
Total Investments—123.6% (Cost $1,104,335,732) (e)				1,289,236,637
Other assets and liabilities (net)—(23.6)%				(245,744,421	)
Net Assets—100.0%			$	1,043,492,216

(a) All or a portion of the security was held on loan. As of June 30, 2014, the market value of securities loaned was $258,323,560 and the collateral received consisted of cash in the amount of $253,569,713 and non-cash collateral with a value of $10,048,464. 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.

(b) Affiliated Issuer. (See Note 6 of the Notes to Financial Statements for a summary of transactions in securities of affiliated issuers.)

(c) Non-income producing security.

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

(e) As of June 30, 2014, the aggregate cost of investments was $1,104,335,732. The aggregate unrealized appreciation and depreciation of investments were $186,575,856 and $(1,674,951), respectively, resulting in net unrealized appreciation of $184,900,905.

(ETF)— Exchange-Traded Fund

See accompanying notes to financial statements.

MIST-6

Met Investors Series Trust

SSgA Growth ETF Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

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 June 30, 2014:

Description	Level 1		Level 2			Level 3		Total
Total Investment Company Securities	$	1,002,638,373	$	—		$	—	$	1,002,638,373
Total Short-Term Investments*		286,598,264		—			—		286,598,264
Total Investments	$	1,289,236,637	$	—		$	—	$	1,289,236,637
Collateral for securities loaned (Liability)	$	—	$	(253,569,713	)	$	—	$	(253,569,713	)

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

MIST-7

Met Investors Series Trust

SSgA Growth ETF Portfolio

Statement of Assets and Liabilities

June 30, 2014 (Unaudited)

Assets
Investments at value (a) (b)	$	480,176,833
Affiliated investments at value (c) (d)		809,059,804
Cash		368,442
Receivable for:
Fund shares sold		388,522
Dividends and interest		8,379,505
Total Assets		1,298,373,106
Liabilities
Collateral for securities loaned		253,569,713
Payables for:
Investments purchased		188,259
Fund shares redeemed		532,204
Accrued expenses:
Management fees		267,801
Distribution and service fees		206,941
Administration fees		5,083
Custodian and accounting fees		7,757
Deferred trustees’ fees		58,994
Other expenses		44,138
Total Liabilities		254,880,890
Net Assets	$	1,043,492,216
Net assets consist of:
Paid in surplus	$	835,688,060
Undistributed net investment income		10,619,434
Accumulated net realized gain		12,283,817
Unrealized appreciation on investments and affiliated investments		184,900,905
Net Assets	$	1,043,492,216
Net Assets
Class A	$	25,654,260
Class B		1,008,712,009
Class E		9,125,947
Capital Shares Outstanding*
Class A		2,038,777
Class B		80,557,122
Class E		727,514
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	12.58
Class B		12.52
Class E		12.54

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

(a) Identified cost of investments, excluding affiliated investments, was $423,926,508.

(b) Includes securities loaned at value of $166,202,753.

(c) Identified cost of affiliated investments was $680,409,224.

(d) Includes securities loaned at value of $92,120,807.

Statement of Operations

Six Months Ended June 30, 2014 (Unaudited)

Investment Income
Dividends from Underlying ETFs	$	7,710,695
Dividends from affiliated investments		5,589,696
Interest		2,926
Securities lending income from affiliated investments		388,912
Total investment income		13,692,229
Expenses
Management fees		1,575,139
Administration fees		10,921
Custodian and accounting fees		15,558
Distribution and service fees—Class B		1,209,260
Distribution and service fees—Class E		6,494
Audit and tax services		17,432
Legal		15,667
Trustees’ fees and expenses		21,962
Shareholder reporting		18,216
Insurance		2,963
Miscellaneous		6,209
Total expenses		2,899,821
Net Investment Income		10,792,408
Net Realized and Unrealized Gain
Net realized gain on:
Investments		9,545,317
Affiliated investments		10,947,956
Net realized gain		20,493,273
Net change in unrealized appreciation on:
Investments		4,806,550
Affiliated investments		21,395,068
Net change in unrealized appreciation		26,201,618
Net realized and unrealized gain		46,694,891
Net Increase in Net Assets From Operations	$	57,487,299

See accompanying notes to financial statements.

MIST-8

Met Investors Series Trust

SSgA Growth ETF Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2014 (Unaudited)			Year Ended December 31, 2013
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	10,792,408		$	18,770,434
Net realized gain		20,493,273			63,784,892
Net change in unrealized appreciation		26,201,618			71,984,257
Increase in net assets from operations		57,487,299			154,539,583
From Distributions to Shareholders
Net investment income
Class A		(529,593	)		(418,794	)
Class B		(18,433,185	)		(18,752,505	)
Class E		(172,768	)		(165,659	)
Net realized capital gains
Class A		(1,558,077	)		(654,365	)
Class B		(60,844,497	)		(32,456,258	)
Class E		(541,653	)		(274,068	)
Total distributions		(82,079,773	)		(52,721,649	)
Increase in net assets from capital share transactions		58,037,784			55,540,990
Total increase in net assets		33,445,310			157,358,924
Net Assets
Beginning of period		1,010,046,906			852,687,982
End of period	$	1,043,492,216		$	1,010,046,906
Undistributed net investment income
End of period	$	10,619,434		$	18,962,572

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2014 (Unaudited)						Year Ended December 31, 2013
	Shares			Value			Shares			Value
Class A
Sales		220,156		$	2,795,864			667,188		$	8,179,402
Reinvestments		175,435			2,087,670			94,137			1,073,159
Redemptions		(215,515	)		(2,664,939	)		(197,434	)		(2,376,807	)
Net increase		180,076		$	2,218,595			563,891		$	6,875,754
Class B
Sales		4,027,104		$	50,838,521			9,985,069		$	120,587,082
Reinvestments		6,690,100			79,277,682			4,511,785			51,208,763
Redemptions		(5,988,224	)		(75,007,809	)		(10,298,119	)		(123,901,917	)
Net increase		4,728,980		$	55,108,394			4,198,735		$	47,893,928
Class E
Sales		30,540		$	386,707			162,821		$	1,970,153
Reinvestments		60,187			714,421			38,674			439,727
Redemptions		(30,679	)		(390,333	)		(135,589	)		(1,638,572	)
Net increase		60,048		$	710,795			65,906		$	771,308
Increase derived from capital shares transactions				$	58,037,784					$	55,540,990

See accompanying notes to financial statements.

MIST-9

Met Investors Series Trust

SSgA Growth ETF Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2014 (Unaudited)			Year Ended December 31,
				2013			2012			2011			2010			2009
Net Asset Value, Beginning of Period	$	12.96		$	11.66		$	10.72		$	11.11		$	9.87		$	7.81
Income (Loss) from Investment Operations
Net investment income (a)		0.15			0.29			0.30			0.28			0.28			0.28
Net realized and unrealized gain (loss) on investments		0.56			1.75			1.30			(0.47	)		1.13			1.96
Total from investment operations		0.71			2.04			1.60			(0.19	)		1.41			2.24
Less Distributions
Distributions from net investment income		(0.28	)		(0.29	)		(0.25	)		(0.20	)		(0.17	)		(0.18	)
Distributions from net realized capital gains		(0.81	)		(0.45	)		(0.41	)		0.00			0.00			0.00
Total distributions		(1.09	)		(0.74	)		(0.66	)		(0.20	)		(0.17	)		(0.18	)
Net Asset Value, End of Period	$	12.58		$	12.96		$	11.66		$	10.72		$	11.11		$	9.87
Total Return (%) (b)		5.94	(c)		18.34			15.32			(1.87	)		14.37			29.51
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%) (d)		0.34	(e)		0.33			0.35			0.35			0.36			0.43
Net ratio of expenses to average net assets (%) (d)		0.34	(e)		0.33			0.35			0.35			0.36	(f)		0.40	(f)
Ratio of net investment income to average net assets (%) (g)		2.41	(e)		2.36			2.72			2.51			2.77			3.20
Portfolio turnover rate (%)		30	(c)		48			43			35			37			23
Net assets, end of period (in millions)	$	25.7		$	24.1		$	15.1		$	10.1		$	7.5		$	4.4
	Class B
	Six Months Ended June 30, 2014 (Unaudited)			Year Ended December 31,
				2013			2012			2011			2010			2009
Net Asset Value, Beginning of Period	$	12.89		$	11.60		$	10.67		$	11.07		$	9.84		$	7.79
Income (Loss) from Investment Operations
Net investment income (a)		0.13			0.24			0.26			0.24			0.25			0.23
Net realized and unrealized gain (loss) on investments		0.56			1.76			1.30			(0.46	)		1.13			1.98
Total from investment operations		0.69			2.00			1.56			(0.22	)		1.38			2.21
Less Distributions
Distributions from net investment income		(0.25	)		(0.26	)		(0.22	)		(0.18	)		(0.15	)		(0.16	)
Distributions from net realized capital gains		(0.81	)		(0.45	)		(0.41	)		0.00			0.00			0.00
Total distributions		(1.06	)		(0.71	)		(0.63	)		(0.18	)		(0.15	)		(0.16	)
Net Asset Value, End of Period	$	12.52		$	12.89		$	11.60		$	10.67		$	11.07		$	9.84
Total Return (%) (b)		5.80	(c)		18.07			15.03			(2.13	)		14.15			29.10
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%) (d)		0.59	(e)		0.58			0.60			0.60			0.61			0.68
Net ratio of expenses to average net assets (%) (d)		0.59	(e)		0.58			0.60			0.60			0.61	(f)		0.65	(f)
Ratio of net investment income to average net assets (%) (g)		2.15	(e)		2.01			2.33			2.20			2.47			2.70
Portfolio turnover rate (%)		30	(c)		48			43			35			37			23
Net assets, end of period (in millions)	$	1,008.7		$	977.3		$	830.6		$	749.5		$	651.0		$	422.9

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

MIST-10

Met Investors Series Trust

SSgA Growth ETF Portfolio

Financial Highlights

Selected per share data
	Class E
	Six Months Ended June 30, 2014 (Unaudited)			Year Ended December 31,
				2013			2012			2011			2010			2009
Net Asset Value, Beginning of Period	$	12.92		$	11.62		$	10.69		$	11.08		$	9.85		$	7.79
Income (Loss) from Investment Operations
Net investment income (a)		0.14			0.26			0.27			0.27			0.25			0.23
Net realized and unrealized gain (loss) on investments		0.55			1.76			1.30			(0.48	)		1.13			2.00
Total from investment operations		0.69			2.02			1.57			(0.21	)		1.38			2.23
Less Distributions
Distributions from net investment income		(0.26	)		(0.27	)		(0.23	)		(0.18	)		(0.15	)		(0.17	)
Distributions from net realized capital gains		(0.81	)		(0.45	)		(0.41	)		0.00			0.00			0.00
Total distributions		(1.07	)		(0.72	)		(0.64	)		(0.18	)		(0.15	)		(0.17	)
Net Asset Value, End of Period	$	12.54		$	12.92		$	11.62		$	10.69		$	11.08		$	9.85
Total Return (%) (b)		5.82	(c)		18.25			15.12			(1.99	)		14.17			29.35
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%) (d)		0.49	(e)		0.48			0.50			0.50			0.51			0.58
Net ratio of expenses to average net assets (%) (d)		0.49	(e)		0.48			0.50			0.50			0.51	(f)		0.55	(f)
Ratio of net investment income to average net assets (%) (g)		2.26	(e)		2.13			2.45			2.34			2.44			2.71
Portfolio turnover rate (%)		30	(c)		48			43			35			37			23
Net assets, end of period (in millions)	$	9.1		$	8.6		$	7.0		$	6.0		$	5.1		$	4.2

(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) Periods less than one year are not computed on an annualized basis.

(d) The ratio of operating expenses to average net assets does not include expenses of the Underlying ETFs in which the Portfolio invests.

(e) Computed on an annualized basis.

(f) Includes the effects of management fee waivers.

(g) Recognition of net investment income by the Portfolio is affected by the timing of the declaration of dividends by the Underlying ETFs in which it invests.

See accompanying notes to financial statements.

MIST-11

Met Investors Series Trust

SSgA Growth ETF Portfolio

Notes to Financial Statements—June 30, 2014 (Unaudited)

1. Organization

Met Investors Series Trust (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 currently offers forty-seven series, each of which operates as a distinct investment vehicle of the Trust. The portfolio included in this report is SSgA Growth ETF 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 four classes of shares: Class A, B, C and E shares. Class A, B and E shares are currently offered by the Portfolio. 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.

The Portfolio was designed on established principles of asset allocation. The Portfolio will primarily invest its assets in other investment companies known as exchange-traded funds (“Underlying ETFs”), including, but not limited to, series of the iShares^® Trust, iShares^®, Inc., Standard and Poors Depositary Receipts of the S&P 500 ETF Trust and Vanguard ETFs of the Vanguard^® Index Funds.

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 June 30, 2014 through the date the financial statements were issued.

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

Valuation - Investments in the Underlying ETFs are valued at the closing market quotation for their shares and are categorized as Level 1 within the air value hierarchy. The net asset value of the Portfolio is calculated based on the market values of the Underlying ETFs in which the Portfolio invests. For information about the use of fair value pricing by the Underlying ETFs, please refer to the prospectuses for such Underlying ETFs.

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

Investment Transactions and Related Investment Income - The Portfolio’s security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date. Interest income is recorded on the accrual basis. Realized gains and losses on investments and unrealized appreciation and depreciation are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Capital gains distributions received from the Underlying ETFs are recorded as Net realized gain in the Statement of Operations.

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 capital gain dividend reclass. 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 June 30, 2014, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

MIST-12

Met Investors Series Trust

SSgA Growth ETF Portfolio

Notes to Financial Statements—June 30, 2014—(Continued)

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, State Street Bank and Trust Company (the “custodian”). 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 at least equal to 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 which invests in a variety of high quality U.S. dollar-denominated instruments. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower shall be required to deliver, by the close of business on the following business day, an additional amount of collateral so that the total amount of posted collateral equals 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 six months ended June 30, 2014 is disclosed in the footnotes to the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at June 30, 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 June 30, 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 has agreed to indemnify the Portfolio in the case of default of any securities borrower.

Due to the affiliation between the Portfolio’s subadviser, SSgA Funds Management, Inc., and the custodian, the Portfolio relies on an exemptive order issued by the Securities and Exchange Commission to the custodian, State Street Navigator Securities Lending Trust (“Navigator Trust”) and the SSgA Funds that permits certain registered investment companies, including the Portfolio, to use cash collateral from securities lending transactions to purchase shares of one of more series of Navigator Trust, including the Navigator Portfolio, and to pay fees based on a share of the revenue generated from securities lending transactions to the custodian.

3. Certain Risks

Market Risk: In the normal course of business, the Portfolio and the Underlying ETFs 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 counterparty risk). The value of securities held by the Portfolio and the Underlying ETFs may decline in response to certain events, including those directly involving the companies whose securities are owned by the Portfolio and the Underlying ETFs; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; currency, interest rate, and price fluctuations.

Credit and Counterparty Risk: The Portfolio and the Underlying ETFs may be exposed to counterparty risk, or the risk that an entity with which the Portfolio and the Underlying ETFs 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 Portfolio and the Underlying ETFs to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio and the Underlying ETFs 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 Portfolio and the Underlying ETFs’ 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 Portfolio and the Underlying ETFs restrict their exposure to credit and counterparty losses by entering into master netting agreements with counterparties (approved brokers) with whom the Portfolio and the Underlying ETFs 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.

MIST-13

Met Investors Series Trust

SSgA Growth ETF Portfolio

Notes to Financial Statements—June 30, 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 and the Underlying ETFs in which it invests.

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2014 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	295,836,617	$	0	$	334,530,562

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 six months ended June 30, 2014	% per annum			Average Daily Net Assets
$1,575,139		0.330	%	First $500 million
		0.300	%	Over $500 million

MetLife Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. SSgA Funds Management, Inc. is compensated by MetLife Advisers to provide subadvisory services for the Portfolio.

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 Agreements and Plans - The Trust has distribution agreements with MetLife Investors Distribution Company (“MIDC” or the “Distributor”) in which MIDC serves as the distributor for the Portfolio’s Class A, Class B and Class E Shares. MIDC is a wholly-owned subsidiary of MetLife Investors Group, Inc., an affiliate of the Adviser. The Class B and Class E distribution plans provide that the Trust, on behalf of the Portfolio, may pay annually up to 0.50% and 0.25%, respectively, of the average daily net assets of the Portfolio attributable to its Class B and Class E Shares with respect to activities primarily intended to result in the sale of Class B and Class E Shares. However, under the Class B and Class E distribution agreements, payments to the Distributor for activities pursuant to the Class B and Class E distribution plans are currently limited to payments at an annual rate equal to 0.25% and 0.15% of average daily net assets of the Portfolio attributable to its Class B and Class E Shares, respectively. Amounts incurred by the Portfolio for the six months ended June 30, 2014 are shown as Distribution and service fees in the Statement of Operations.

Under the terms of the Class B and Class E distribution plans and distribution agreements, the Portfolio is authorized to make payments monthly to the Distributor that may be used to pay or reimburse entities providing distribution and shareholder servicing with respect to the Class B and Class E Shares for such entities’ fees or expenses incurred.

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 Metropolitan Series Fund, 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.

MIST-14

Met Investors Series Trust

SSgA Growth ETF Portfolio

Notes to Financial Statements—June 30, 2014—(Continued)

6. Transactions in Securities of Affiliated Issuers

A summary of the Portfolio’s transactions in the securities of affiliated issuers during the six months ended June 30, 2014 is as follows:

Underlying ETF/Security	Number of shares held at December 31, 2013			Shares purchased		Shares sold			Number of shares held at June 30, 2014
Consumer Discretionary Select Sector SPDR Fund		307,100			—		(307,100	)		—
Health Care Select Sector SPDR Fund		365,500			346,081		(365,500	)		346,081
Industrial Select Sector SPDR Fund		396,970			390,907		(413,929	)		373,948
SPDR Barclays High Yield Bond ETF		1,229,479			66,793		(557,696	)		738,576
SPDR Dow Jones International Real Estate ETF		475,857			344,436		(121,400	)		698,893
SPDR Gold Shares		110,102			—		(29,866	)		80,236
SPDR S&P 500 ETF Trust		1,533,270			253,013		(62,914	)		1,723,369
SPDR S&P Dividend ETF		275,179			153,801		(428,980	)		—
SPDR S&P International Small Cap ETF		893,935			—		—			893,935
SPDR S&P MidCap 400 ETF Trust		211,614			—		(9,786	)		201,828
State Street Navigator Securities Lending MET Portfolio		260,280,666			715,011,103		(721,722,056	)		253,569,713
Technology Select Sector SPDR Fund		—			566,553		(25,503	)		541,050
Underlying ETF/Security	Net Realized Gain/(Loss) on sales of Affiliated Investments			Capital Gain Distributions from Affiliated Investments		Dividend Income from Affiliated Investments			Ending Value as of June 30, 2014
Consumer Discretionary Select Sector SPDR Fund	$	1,025,683		$	—	$	63,729		$	—
Health Care Select Sector SPDR Fund		1,273,695			—		78,273			21,052,107
Industrial Select Sector SPDR Fund		569,574			—		181,111			20,215,629
SPDR Barclays High Yield Bond ETF		640,401			—		1,112,544			30,820,776
SPDR Dow Jones International Real Estate ETF		959,111			—		503,266			30,919,026
SPDR Gold Shares		(1,452,826	)		—		—			10,273,417
SPDR S&P 500 ETF Trust		4,766,330			—		2,995,169			337,297,781
SPDR S&P Dividend ETF		2,199,783			—		53,892			—
SPDR S&P International Small Cap ETF		—			—		120,131			31,573,784
SPDR S&P MidCap 400 ETF Trust		890,169			—		297,215			52,588,304
State Street Navigator Securities Lending MET Portfolio		—			—		388,912			253,569,713
Technology Select Sector SPDR Fund		76,036			—		184,366			20,749,267
	$	10,947,956		$	—	$	5,978,608		$	809,059,804

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, 2013 and 2012 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2013	2012		2013		2012		2013		2012
$22,749,615	$	19,010,744	$	29,972,034	$	27,415,221	$	52,721,649	$	46,425,965

As of December 31, 2013, 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		Total
$20,291,022	$	61,536,169	$	150,623,324	$	232,450,515

MIST-15

Met Investors Series Trust

SSgA Growth ETF Portfolio

Notes to Financial Statements—June 30, 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, 2013, the Portfolio had no 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 January 1, 2015, and interim periods within those fiscal years. Management is evaluating the impact, if any, of this guidance on the Portfolio’s financial statement disclosures.

MIST-16

Met Investors Series Trust

T. Rowe Price Large Cap Value Portfolio

Managed by T. Rowe Price Associates, Inc.

Portfolio Manager Commentary*

PERFORMANCE

For the six month period ended June 30, 2014, the Class A and B shares of the T. Rowe Price Large Cap Value Portfolio returned 8.35% and 8.17%. The Portfolio’s benchmark, the Russell 1000 Value Index¹, returned 8.28%. Since its inception on April 23, 2014, the Class E shares of the T. Rowe Price Large Cap Value Portfolio returned 4.85%. During the same period, the Portfolio’s benchmark, the Russell 1000 Value Index, returned 4.58%.

MARKET ENVIRONMENT / CONDITIONS

U.S. stocks rose in the second quarter of 2014, adding to first-quarter gains and lifting large-cap indexes to new highs in June. Equities climbed amid signs that the economy was recovering from the economic contraction in the first quarter, which was driven in part by unusually harsh winter weather. Corporate merger and acquisition activity was also encouraging, as were signs that Russia wants to de-escalate tensions with Ukraine. Investors were undeterred by the Federal Reserve’s continued tapering of its asset purchases and by rising oil prices late in the quarter in response to a sharp increase in sectarian violence in Iraq.

As measured by the various Russell indexes, mid- and large-cap stocks outperformed their small-cap counterparts by a wide margin, while value stocks outpaced growth across all capitalization levels, particularly among mid-caps.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Portfolio outperformed its Russell benchmark for the six months ended June 30, 2014. Overall, stock selection drove outperformance, while sector allocations detracted.

Industrials proved to be the primary contributor, due to stock choices that included Southwest Airlines and Canadian Pacific Railway. Southwest reported an increase in passenger traffic and also announced a dividend increase and new share buy-back plan. After trading relatively flat during the first quarter due to weather-related problems, shares of Canadian Pacific Railway moved sharply higher in the second quarter. The Portfolio is significantly overweight the benchmark in the Industrials sector, where we are focused on companies with solid business models and exposure to several different end markets. At period end, the Portfolio’s largest positions in the sector are in the Aerospace & Defense industry.

Stock selection in Energy boosted relative results as well, most notably the Portfolio’s positions in Baker Hughes and Apache. Improved operational results boosted the oilfield services company Baker Hughes, while Apache benefited from higher oil prices, improved production, and buy-out rumors. In this sector, we generally seek companies with access to reliable, high-quality energy sources and solid production growth. At period end, we had significant exposure to major U.S. producers and to companies with access to low-cost sources of oil and natural gas.

On the negative side, the Portfolio’s stock holdings in Consumer Discretionary underperformed their benchmark peers. General Motors and Kohl’s were key detractors. Weak results and the possibility of criminal action stemming from a faulty ignition recall both weighed on General Motors. Kohl’s struggled along with other retailers as an unusually harsh winter in the U.S. hampered sales. During the period, we trimmed our Consumer Discretionary holdings on strength over the past year but maintained a significant exposure to the Media industry. Media companies here generate strong cash flows, much of which is returned to shareholders in the form of dividends and bonds.

Information Technology was another area of relative weakness, owing to an underweight of the sector and stock choices such as Western Union. The company faced headwinds from potential legal action related to fraudulent money transfers and the announcement that Wal-Mart would enter into the money transfer space. Our strategy in Information Technology is informed by our view that the sector is broadly cyclical, with many companies operating at different stages within their industries’ cycles. During the period, the Portfolio expanded its holdings in the sector.

John D. Linehan

Brian C. Rogers

Mark S. Finn

Portfolio Managers

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 and 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 those of the subadvisory firm as of June 30, 2014 and 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 statements) 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 applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable annuity or insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

MIST-1

Met Investors Series Trust

T. Rowe Price Large Cap Value Portfolio

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

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2014

	6 Month		1 Year		5 Year		10 Year		Since Inception2
T. Rowe Price Large Cap Value Portfolio
Class A		8.35		24.72		18.32		7.36		—
Class B		8.17		24.37		18.03		7.10		—
Class E		—		—		—		—		4.85
Russell 1000 Value Index		8.28		23.81		19.23		8.03		—

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 and Class E shares are 12/11/1989, 3/22/2001 and 4/23/2014, 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 JUNE 30, 2014

Top Holdings

	% of Net Assets
JPMorgan Chase & Co.		3.6
Bank of America Corp.		2.5
General Electric Co.		2.5
Celanese Corp. - Series A		2.4
Merck & Co., Inc.		2.4
Pfizer, Inc.		2.4
Southwest Airlines Co.		2.3
Apache Corp.		2.1
Morgan Stanley		2.1
Chevron Corp.		2.1

Top Sectors

	% of Net Assets
Financials		24.2
Industrials		17.2
Energy		12.6
Health Care		10.8
Consumer Discretionary		9.3
Utilities		7.6
Information Technology		5.4
Consumer Staples		5.3
Materials		5.0
Telecommunication Services		1.4

MIST-2

Met Investors Series Trust

T. Rowe Price Large Cap Value Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

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, January 1, 2014 through June 30, 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 Value Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2014		Ending Account Value June 30, 2014		Expenses Paid During Period** January 1, 2014 to June 30, 2014
Class A(a)	Actual		0.56	%	$	1,000.00	$	1,083.50	$	2.89
	Hypothetical*		0.56	%	$	1,000.00	$	1,022.02	$	2.81
Class B(a)	Actual		0.81	%	$	1,000.00	$	1,081.70	$	4.18
	Hypothetical*		0.81	%	$	1,000.00	$	1,020.78	$	4.06
Class E(a)(b)	Actual		0.71	%	$	1,000.00	$	1,048.50	$	1.37
	Hypothetical*		0.71	%	$	1,000.00	$	1,008.11	$	1.35

* 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 (181 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.

^(b) Commencement of operations was April 23, 2014.

MIST-3

Met Investors Series Trust

T. Rowe Price Large Cap Value Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Common Stocks—98.8% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—5.2%
Boeing Co. (The)		287,000	$	36,515,010
Honeywell International, Inc.		451,800		41,994,810
Lockheed Martin Corp.		132,000		21,216,360
Raytheon Co.		398,700		36,780,075
United Technologies Corp.		593,800		68,554,210
				205,060,465
Airlines—2.3%
Southwest Airlines Co.		3,380,900		90,810,974
Automobiles—1.6%
General Motors Co.		1,687,000		61,238,100
Banks—11.0%
Bank of America Corp.		6,478,200		99,569,934
Fifth Third Bancorp		1,194,800		25,508,980
JPMorgan Chase & Co.		2,433,300		140,206,746
PNC Financial Services Group, Inc. (The)		413,600		36,831,080
U.S. Bancorp		1,456,700		63,104,244
Wells Fargo & Co.		1,273,500		66,935,160
				432,156,144
Beverages—1.5%
PepsiCo, Inc.		642,400		57,392,016
Biotechnology—1.1%
Amgen, Inc.		347,800		41,169,086
Capital Markets—4.9%
Ameriprise Financial, Inc.		304,700		36,564,000
Charles Schwab Corp. (The)		1,325,600		35,698,408
Goldman Sachs Group, Inc. (The)		35,600		5,960,864
Invesco, Ltd.		875,200		33,038,800
Morgan Stanley		2,537,900		82,050,307
				193,312,379
Chemicals—2.4%
Celanese Corp. - Series A		1,491,100		95,847,908
Commercial Services & Supplies—0.4%
Republic Services, Inc.		456,900		17,348,493
Communications Equipment—0.8%
Cisco Systems, Inc.		1,273,400		31,643,990
Construction Materials—0.6%
Vulcan Materials Co.		384,800		24,531,000
Consumer Finance—2.2%
American Express Co.		582,100		55,223,827
Navient Corp.		1,131,900		20,045,949
SLM Corp.		1,131,900		9,406,089
				84,675,865
Diversified Telecommunication Services—1.4%
AT&T, Inc.		1,560,800		55,189,888
Electric Utilities—2.4%
Entergy Corp.		599,300		49,196,537
Exelon Corp.		1,221,600		44,563,968
				93,760,505
Electrical Equipment—0.6%
Emerson Electric Co.		345,000		22,894,200
Electronic Equipment, Instruments & Components—0.8%
TE Connectivity, Ltd.		521,700		32,261,928
Energy Equipment & Services—1.1%
Baker Hughes, Inc.		556,600		41,438,870
Food & Staples Retailing—0.1%
Wal-Mart Stores, Inc.		76,100		5,712,827
Food Products—0.6%
Kellogg Co.		375,900		24,696,630
Health Care Equipment & Supplies—1.3%
Covidien plc		553,000		49,869,540
Hotels, Restaurants & Leisure—1.1%
Carnival Corp.		1,111,500		41,847,975
Household Products—1.6%
Procter & Gamble Co. (The)		788,200		61,944,638
Independent Power and Renewable Electricity Producers—3.4%
AES Corp.		3,298,200		51,287,010
NRG Energy, Inc.		2,171,600		80,783,520
				132,070,530
Industrial Conglomerates—4.5%
3M Co.		540,400		77,406,896
General Electric Co.		3,753,600		98,644,608
				176,051,504
Insurance—4.6%
Allstate Corp. (The)		870,900		51,139,248
Marsh & McLennan Cos., Inc.		1,424,300		73,807,226
Progressive Corp. (The)		49,000		1,242,640
Prudential Financial, Inc.		181,200		16,085,124
XL Group plc		1,116,010		36,527,007
				178,801,245
IT Services—0.8%
Western Union Co. (The) (a)		1,837,800		31,867,452
Life Sciences Tools & Services—1.8%
Thermo Fisher Scientific, Inc.		581,500		68,617,000
Machinery—1.4%
Illinois Tool Works, Inc.		380,900		33,351,604
Ingersoll-Rand plc		375,100		23,447,501
				56,799,105

See accompanying notes to financial statements.

MIST-4

Met Investors Series Trust

T. Rowe Price Large Cap Value Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Media—3.8%
Comcast Corp. - Class A		197,300	$	10,591,064
Comcast Corp. - Special Class A		309,300		16,494,969
Time Warner Cable, Inc.		424,400		62,514,120
Time Warner, Inc.		822,100		57,752,525
				147,352,678
Multi-Utilities—1.8%
PG&E Corp.		1,486,600		71,386,532
Multiline Retail—1.2%
Kohl’s Corp. (a)		905,400		47,696,472
Oil, Gas & Consumable Fuels—11.5%
Anadarko Petroleum Corp.		195,500		21,401,385
Apache Corp.		822,400		82,749,888
Chevron Corp.		620,900		81,058,495
CONSOL Energy, Inc.		418,800		19,294,116
EQT Corp.		393,800		42,097,220
Exxon Mobil Corp.		748,300		75,338,844
Hess Corp.		531,700		52,579,813
Newfield Exploration Co. (b)		13,500		596,700
Royal Dutch Shell plc (ADR)		521,900		42,988,903
Spectra Energy Corp.		815,300		34,633,944
				452,739,308
Paper & Forest Products—1.9%
International Paper Co.		1,479,900		74,690,553
Personal Products—0.5%
Avon Products, Inc.		1,465,300		21,408,033
Pharmaceuticals—6.7%
Johnson & Johnson		738,700		77,282,794
Merck & Co., Inc.		1,596,400		92,351,740
Pfizer, Inc.		3,108,100		92,248,408
				261,882,942
Real Estate Investment Trusts—1.4%
Weyerhaeuser Co. (a)		1,653,400		54,711,006
Real Estate Management & Development—0.1%
St. Joe Co. (The) (a) (b)		169,100		4,300,213
Road & Rail—2.7%
Canadian Pacific Railway, Ltd. (a)		356,300		64,540,182
Union Pacific Corp.		414,000		41,296,500
				105,836,682
Semiconductors & Semiconductor Equipment—1.0%
Texas Instruments, Inc.		821,700		39,269,043
Software—2.0%
Microsoft Corp.		1,854,000		77,311,800
Specialty Retail—1.7%
Lowe’s Cos., Inc.		1,399,500		67,162,005
Tobacco—1.0%
Philip Morris International, Inc.		442,300		37,290,313
Total Common Stocks (Cost $2,778,315,641)				3,872,047,837
Short-Term Investments—5.5%
Mutual Funds—5.5%
State Street Navigator Securities Lending MET Portfolio (c)		161,995,789		161,995,789
T. Rowe Price Government Reserve Investment Fund (d)		55,800,358		55,800,358
Total Short-Term Investments (Cost $217,796,147)				217,796,147
Total Investments—104.3% (Cost $2,996,111,788) (e)				4,089,843,984
Other assets and liabilities (net)—(4.3)%				(169,065,990	)
Net Assets—100.0%			$	3,920,777,994

(a) All or a portion of the security was held on loan. As of June 30, 2014, the market value of securities loaned was $160,195,834 and the collateral received consisted of cash in the amount of $161,995,789 and non-cash collateral with a value of $1,227,643. 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) Affiliated Issuer. (See Note 7 of the Notes to Financial Statements for a summary of transactions in securities of affiliated issuers.)

(e) As of June 30, 2014, the aggregate cost of investments was $2,996,111,788. The aggregate unrealized appreciation and depreciation of investments were $1,117,115,300 and $(23,383,104), respectively, resulting in net unrealized appreciation of $1,093,732,196.

(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.

MIST-5

Met Investors Series Trust

T. Rowe Price Large Cap Value Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

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 June 30, 2014:

Description	Level 1		Level 2			Level 3		Total
Total Common Stocks*	$	3,872,047,837	$	—		$	—	$	3,872,047,837
Total Short-Term Investments*		217,796,147		—			—		217,796,147
Total Investments	$	4,089,843,984	$	—		$	—	$	4,089,843,984
Collateral for securities loaned (Liability)	$	—	$	(161,995,789	)	$	—	$	(161,995,789	)

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

MIST-6

Met Investors Series Trust

T. Rowe Price Large Cap Value Portfolio

Statement of Assets and Liabilities

June 30, 2014 (Unaudited)

Assets
Investments at value (a) (b)	$	4,034,043,626
Affiliated investments at value (c)		55,800,358
Cash		405,989
Receivable for:
Fund shares sold		158,634
Dividends		4,710,637
Dividends on affiliated investments		2,591
Total Assets		4,095,121,835
Liabilities
Collateral for securities loaned		161,995,789
Payables for:
Investments purchased		5,646,488
Fund shares redeemed		4,391,531
Accrued expenses:
Management fees		1,755,944
Distribution and service fees		289,941
Deferred trustees’ fees		58,994
Other expenses		205,154
Total Liabilities		174,343,841
Net Assets	$	3,920,777,994
Net assets consist of:
Paid in surplus	$	3,025,614,829
Undistributed net investment income		29,822,289
Accumulated net realized loss		(228,391,793	)
Unrealized appreciation on investments and foreign currency transactions		1,093,732,669
Net Assets	$	3,920,777,994
Net Assets
Class A	$	2,302,600,154
Class B		1,107,600,444
Class E		510,577,396
Capital Shares Outstanding*
Class A		67,159,726
Class B		32,477,222
Class E		14,931,759
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	34.29
Class B		34.10
Class E		34.19

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

(a) Identified cost of investments, excluding affiliated investments, was $2,940,311,430.

(b) Includes securities loaned at value of $160,195,834.

(c) Identified cost of affiliated investments was $55,800,358.

Statement of Operations

Six Months Ended June 30, 2014 (Unaudited)

Investment Income
Dividends (a)	$	41,572,992
Dividends from affiliated investments		15,150
Securities lending income		156,141
Total investment income		41,744,283
Expenses
Management fees		10,428,360
Administration fees		42,100
Custodian and accounting fees		115,267
Distribution and service fees—Class B		1,317,207
Distribution and service fees—Class E		130,796
Audit and tax services		18,322
Legal		15,668
Trustees’ fees and expenses		22,085
Shareholder reporting		59,587
Insurance		11,115
Miscellaneous		12,210
Total expenses		12,172,717
Less management fee waiver		(459,446	)
Less broker commission recapture		(8,186	)
Net expenses		11,705,085
Net Investment Income		30,039,198
Net Realized and Unrealized Gain
Net realized gain (loss) on:
Investments		168,254,601
Futures contracts		1,610,175
Foreign currency transactions		(5,356	)
Net realized gain		169,859,420
Net change in unrealized appreciation on:
Investments		102,426,110
Foreign currency transactions		517
Net change in unrealized appreciation		102,426,627
Net realized and unrealized gain		272,286,047
Net Increase in Net Assets From Operations	$	302,325,245

(a) Net of foreign withholding taxes of $164,328.

See accompanying notes to financial statements.

MIST-7

Met Investors Series Trust

T. Rowe Price Large Cap Value Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2014 (Unaudited)			Year Ended December 31, 2013
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	30,039,198		$	54,295,526
Net realized gain		169,859,420			116,292,648
Net change in unrealized appreciation		102,426,627			800,604,381
Increase in net assets from operations		302,325,245			971,192,555
From Distributions to Shareholders
Net investment income
Class A		(39,243,194	)		(41,431,830	)
Class B		(13,876,211	)		(15,408,966	)
Total distributions		(53,119,405	)		(56,840,796	)
Increase (decrease) in net assets from capital share transactions		26,313,111			(192,220,072	)
Total increase in net assets		275,518,951			722,131,687
Net Assets
Beginning of period		3,645,259,043			2,923,127,356
End of period	$	3,920,777,994		$	3,645,259,043
Undistributed net investment income
End of period	$	29,822,289		$	52,902,496

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2014 (Unaudited)						Year Ended December 31, 2013
	Shares			Value			Shares			Value
Class A
Sales		855,477		$	27,768,998			6,425,355		$	176,838,220
Reinvestments		1,225,584			39,243,194			1,567,013			41,431,830
Redemptions		(15,164,721	)		(496,400,967	)		(10,428,639	)		(296,543,189	)
Net decrease		(13,083,660	)	$	(429,388,775	)		(2,436,271	)	$	(78,273,139	)
Class B
Sales		1,966,686		$	63,781,187			2,697,874		$	74,647,983
Reinvestments		435,537			13,876,211			585,447			15,408,966
Redemptions		(3,264,969	)		(105,754,489	)		(7,193,199	)		(204,003,882	)
Net decrease		(862,746	)	$	(28,097,091	)		(3,909,878	)	$	(113,946,933	)
Class E (a)
Sales		288,924		$	9,400,226			0		$	0
Fund subscription in kind		15,369,962			498,447,864	(b)		0			0
Redemptions		(727,127	)		(24,049,113	)		0			0
Net increase		14,931,759		$	483,798,977			0		$	0
Increase (decrease) derived from capital shares transactions				$	26,313,111					$	(192,220,072	)

(a) Commencement of operations was April 23, 2014.

(b) Includes cash and securities amounting to $2,386,045 and $496,061,819, respectively. Securities were valued at market as of April 25, 2014.

See accompanying notes to financial statements.

MIST-8

Met Investors Series Trust

T. Rowe Price Large Cap Value Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2014 (Unaudited)			Year Ended December 31,
				2013			2012			2011			2010			2009
Net Asset Value, Beginning of Period	$	32.15		$	24.42		$	21.00		$	22.00		$	18.97		$	16.44
Income (Loss) from Investment Operations
Net investment income (a)		0.27			0.48			0.47			0.42			0.18			0.22
Net realized and unrealized gain (loss) on investments		2.38			7.74			3.33			(1.23	)		3.10			2.73
Total from investment operations		2.65			8.22			3.80			(0.81	)		3.28			2.95
Less Distributions
Distributions from net investment income		(0.51	)		(0.49	)		(0.38	)		(0.19	)		(0.25	)		(0.42	)
Total distributions		(0.51	)		(0.49	)		(0.38	)		(0.19	)		(0.25	)		(0.42	)
Net Asset Value, End of Period	$	34.29		$	32.15		$	24.42		$	21.00		$	22.00		$	18.97
Total Return (%) (b)		8.35	(c)		34.09			18.27			(3.77	)		17.33			18.67
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.59	(d)		0.59			0.59			0.58			0.55			0.56
Net ratio of expenses to average net assets (%) (e)		0.56	(d)		0.56			0.56			0.56			0.55			0.56
Ratio of net investment income to average net assets (%)		1.70	(d)		1.69			2.06			1.96			0.92			1.38
Portfolio turnover rate (%)		12	(c)		14			15			104			54			84
Net assets, end of period (in millions)	$	2,302.6		$	2,580.1		$	2,019.1		$	1,922.6		$	1,262.3		$	1,140.8
	Class B
	Six Months Ended June 30, 2014 (Unaudited)			Year Ended December 31,
				2013			2012			2011			2010			2009
Net Asset Value, Beginning of Period	$	31.95		$	24.27		$	20.87		$	21.87		$	18.87		$	16.33
Income (Loss) from Investment Operations
Net investment income (a)		0.23			0.41			0.41			0.33			0.13			0.16
Net realized and unrealized gain (loss) on investments		2.35			7.70			3.31			(1.20	)		3.07			2.74
Total from investment operations		2.58			8.11			3.72			(0.87	)		3.20			2.90
Less Distributions
Distributions from net investment income		(0.43	)		(0.43	)		(0.32	)		(0.13	)		(0.20	)		(0.36	)
Total distributions		(0.43	)		(0.43	)		(0.32	)		(0.13	)		(0.20	)		(0.36	)
Net Asset Value, End of Period	$	34.10		$	31.95		$	24.27		$	20.87		$	21.87		$	18.87
Total Return (%) (b)		8.17	(c)		33.77			17.98			(4.01	)		17.02			18.39
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.84	(d)		0.84			0.84			0.83			0.80			0.81
Net ratio of expenses to average net assets (%) (e)		0.81	(d)		0.81			0.81			0.81			0.80			0.81
Ratio of net investment income to average net assets (%)		1.46	(d)		1.44			1.81			1.52			0.67			1.00
Portfolio turnover rate (%)		12	(c)		14			15			104			54			84
Net assets, end of period (in millions)	$	1,107.6		$	1,065.2		$	904.1		$	883.6		$	1,017.8		$	940.4

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

MIST-9

Met Investors Series Trust

T. Rowe Price Large Cap Value Portfolio

Financial Highlights

Selected per share data
	Class E
	Period Ended June 30, 2014(f) (Unaudited)
Net Asset Value, Beginning of Period	$	32.61
Income (Loss) from Investment Operations
Net investment income (a)		0.12
Net realized and unrealized gain on investments		1.46
Total from investment operations		1.58
Net Asset Value, End of Period	$	34.19
Total Return (%) (b)		4.85	(c)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.74	(d)
Net ratio of expenses to average net assets (%) (e)		0.71	(d)
Ratio of net investment income to average net assets (%)		1.96	(d)
Portfolio turnover rate (%)		12	(c)
Net assets, end of period (in millions)	$	510.6

(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) Periods less than one year are not computed on an annualized basis.

(d) Computed on an annualized basis.

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

(f) Commencement of operations was April 23, 2014.

See accompanying notes to financial statements.

MIST-10

Met Investors Series Trust

T. Rowe Price Large Cap Value Portfolio

Notes to Financial Statements-June 30, 2014 (Unaudited)

1. Organization

Met Investors Series Trust (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 currently offers forty-seven 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 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 four classes of shares: Class A, B, C and E shares. Class A, B and E shares are currently offered by the Portfolio. Class E commenced operations on April 23, 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 June 30, 2014 through the date the financial statements were issued.

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 (other than short term obligations with a remaining maturity of sixty days or less), 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 MetLife Advisers, LLC (“MetLife Advisers” or the “Adviser”), an affiliate of MetLife, Inc., pursuant to authorization of 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 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.

MIST-11

Met Investors Series Trust

T. Rowe Price Large Cap Value Portfolio

Notes to Financial Statements—June 30, 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, which 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 and futures contracts that are traded over-the-counter 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 has delegated the determination of the fair value of a security to a 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

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Met Investors Series Trust

T. Rowe Price Large Cap Value Portfolio

Notes to Financial Statements—June 30, 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, capital gain distributions from real estate investment trusts (REITs), 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 June 30, 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. 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 at least equal to 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 six months ended June 30, 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 June 30, 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 June 30, 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 has agreed to 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 margin may be in the form of cash or securities, which is returned when the Portfolio’s obligations under the contract have been

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Met Investors Series Trust

T. Rowe Price Large Cap Value Portfolio

Notes to Financial Statements—June 30, 2014—(Continued)

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. Futures contracts are exchange-traded and 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 six months ended June 30, 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 $302,593,220 in equity index futures contracts. At June 30, 2014, the Portfolio did not have any open futures contracts. For the six months ended June 30, 2014, the Portfolio had realized gains in the amount of $1,610,175 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; 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 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 addendums 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 six months ended June 30, 2014 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	438,920,004	$	0	$	850,773,122

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Met Investors Series Trust

T. Rowe Price Large Cap Value Portfolio

Notes to Financial Statements—June 30, 2014—(Continued)

During the six months ended June 30, 2014, the Portfolio engaged in security transactions with other affiliated portfolios. These amounted to $32,400,137 in purchases of investments and $18,393,047 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 rate of the Portfolio’s daily net assets that is calculated according to the fee schedule set forth in the table below. If the assets of the Portfolio cross a threshold in reverse (i.e., decline below a threshold), then the absolute dollar fee payable by the Portfolio to the Adviser shall not be more than the minimum fee payable at the immediately higher threshold. When the Portfolio’s assets cross a threshold in reverse, the fee payable to the Adviser shall be calculated according to the footnotes immediately following the table below.

Assets	Asset Range $0 to $100,000,0001	Asset Range $100,000,000 to $200,000,0002			Asset Range $200,000,000 to $500,000,0003			Asset Range $500,000,000 to $1,000,000,0004			Asset Range $1,000,000,000 And Up
First $50,000,000	0.750%		0.650	%		0.620	%		0.595	%		0.570	%
Next $50,000,000	0.700%		0.650	%		0.620	%		0.595	%		0.570	%
Next $100,000,000	N/A		0.650	%		0.620	%		0.595	%		0.570	%
Next $300,000,000	N/A		N/A			0.620	%		0.595	%		0.570	%
Next $500,000,000	N/A		N/A			N/A			0.570	%		0.570	%
Excess over $1,000,000,000	N/A		N/A			N/A			N/A			0.570	%

¹  When the Portfolio’s net assets decline below $100 million, the fee payable to the Adviser shall be the lower of (1) the fee on the Portfolio’s daily net assets calculated at 0.750% of the first $50 million of such assets plus 0.700% of such assets over $50 million up to $100 million and (2) the fee on $100 million calculated at a flat rate of 0.650%.

²  When the Portfolio’s net assets decline below $200 million but are over $100 million, the fee payable to the Adviser shall be the lower of (1) the fee on the Portfolio’s daily net assets calculated at a flat rate of 0.650% and (2) the fee on $200 million calculated at a flat rate of 0.620%.

³  When the Portfolio’s net assets decline below $500 million but are over $200 million, the fee payable to the Adviser shall be the lower of (1) the fee on the Portfolio’s daily net assets calculated at a flat rate of 0.620% and (2) the fee on $500 million calculated at a flat rate of 0.595%.

⁴  When the Portfolio’s net assets decline below $1 billion but are over $500 million, the fee payable to the Adviser shall be the lower of (1) the fee on the Portfolio’s daily net assets calculated at 0.595% of the first $500 million of such assets plus 0.570% of such assets over $500 million up to $1 billion and (2) the fee on $1 billion calculated at a flat rate of 0.570%.

For the six months ended June 30, 2014, the Adviser earned management fees in the amount of $10,428,360 for managing the Portfolio.

MetLife Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. T. Rowe Price Associates, Inc. is compensated by MetLife Advisers to provide subadvisory services for the Portfolio.

Management Fee Waiver - The Subadviser has agreed to a voluntary subadvisory fee waiver that applies if (i) assets under management by the Subadviser for the Trust and Metropolitan Series Fund (“MSF”) in the aggregate exceed $750,000,000, (ii) the Subadviser subadvises three or more portfolios of the Trust and MSF 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 MSF average daily net assets over $750 million, 7.5% for the next $1.5 billion of combined assets, and 10% for amounts over $3 billion. Any amounts waived pursuant to this subadvisory fee waiver will be allocated with respect to the Trust and MSF portfolios in proportion to such portfolios’ net assets. 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 for the six months ended June 30, 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 Agreements and Plans - The Trust has distribution agreements with MetLife Investors Distribution Company (“MIDC” or the “Distributor”) in which MIDC serves as the distributor for the Portfolio’s Class A, Class B and Class E Shares. MIDC is a wholly-owned subsidiary of MetLife Investors Group, Inc., an affiliate of the Adviser. The Class B and Class E distribution plans provide that

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Met Investors Series Trust

T. Rowe Price Large Cap Value Portfolio

Notes to Financial Statements—June 30, 2014—(Continued)

the Trust, on behalf of the Portfolio, may pay annually up to 0.50% and 0.25%, respectively, of the average daily net assets of the Portfolio attributable to its Class B and Class E Shares with respect to activities primarily intended to result in the sale of Class B and Class E Shares. However, under the Class B and Class E distribution agreements, payments to the Distributor for activities pursuant to the Class B and Class E distribution plans are currently limited to payments at an annual rate equal to 0.25% and 0.15% of average daily net assets of the Portfolio attributable to its Class B and Class E Shares, respectively. Amounts incurred by the Portfolio for the six months ended June 30, 2014 are shown as Distribution and service fees in the Statement of Operations.

Under the terms of the Class B and Class E distribution plans and distribution agreements, the Portfolio is authorized to make payments monthly to the Distributor that may be used to pay or reimburse entities providing distribution and shareholder servicing with respect to the Class B and Class E Shares for such entities’ fees or expenses incurred.

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 Metropolitan Series Fund, 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 six months ended June 30, 2014 is as follows:

Security Description	Number of shares held at December 31, 2013		Shares purchased		Shares sold			Number of shares held at June 30, 2014		Realized Gain on shares sold		Income earned from affiliates during the period
T. Rowe Price Government Reserve Investment Fund		110,221,612		230,969,273		(285,390,527	)		55,800,358	$	0	$	15,150

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, 2013 and 2012 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2013	2012		2013		2012		2013		2012
$56,840,796	$	47,338,785	$	—	$	—	$	56,840,796	$	47,338,785

As of December 31, 2013, 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
$52,956,381	$	—	$	975,569,607	$	(382,514,775	)	$	646,011,213

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, 2013, the Portfolio utilized capital loss carryforwards of $117,244,368.

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Met Investors Series Trust

T. Rowe Price Large Cap Value Portfolio

Notes to Financial Statements—June 30, 2014—(Continued)

As of December 31, 2013, the Portfolio had no post-enactment accumulated capital losses and the pre-enactment accumulated capital loss carryforwards expiring on December 31, 2017 were $382,514,775.

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 January 1, 2015, 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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Met Investors Series Trust

T. Rowe Price Mid Cap Growth Portfolio

Managed by T. Rowe Price Associates, Inc.

Portfolio Manager Commentary*

PERFORMANCE

For the six month period ended June 30, 2014, the Class A, B, and E shares of the T. Rowe Price Mid Cap Growth Portfolio returned 6.18%, 6.08%, and 6.16%, respectively. The Portfolio’s benchmark, the Russell Midcap Growth Index¹, returned 6.51%.

MARKET ENVIRONMENT / CONDITIONS

U.S. stocks rose in the second quarter of 2014, adding to first-quarter gains and lifting large-cap indexes to new all-time highs in June. Equities climbed amid signs that the economy was recovering from the economic contraction in the first quarter, which was driven in part by unusually harsh winter weather. Corporate merger and acquisition activity was also encouraging, as were signs that Russia wants to de-escalate tensions with Ukraine. Investors were undeterred by the Federal Reserve’s continued tapering of its asset purchases and by rising oil prices late in the period in response to a sharp increase in sectarian violence in Iraq.

As measured by the various Russell indexes, mid- and large-cap stocks outperformed their small-cap counterparts by a wide margin, while value stocks outpaced growth across all capitalization levels, particularly among mid-caps. Within the mid-cap growth universe, Telecommunication Services and Energy led performance, while Consumer Discretionary lagged.

PORTFOLIO REVIEW / CURRENT POSITIONING

In the first half of 2014, the Portfolio underperformed its benchmark. Broadly speaking, sector allocation boosted relative returns, and stock selection hurt.

Industrials was the most significant detractor, as the Portfolio’s stock positioning proved detrimental. DigitalGlobe and Babcock & Wilcox both hurt here. DigitalGlobe, a major provider of satellite imagery, fell after an unexpected delay in launching a new satellite. Babcock & Wilcox scaled back its outlook amid flat power demand, but we believe this energy products and services firm is uniquely positioned to benefit from a long-term shift toward cleaner power generation.

In Financials, the Portfolio’s stock holdings also failed to keep pace with their benchmark peers, particularly Santander Consumer USA Holdings. This sub-prime automobile consumer finance company, which has a captive finance arrangement with Chrysler, failed an important Federal Reserve stress test shortly after its initial public offering, which means the firm’s balance sheet growth will be restricted.

Consumer Discretionary was the greatest contributor, due to a favorable underweight position and stock choices that included Harman International and Marriott. Increased automobile sales increased demand for Harman International’s integrated audio and infotainment products. An improving economy helped earnings for hotel operator Marriott, which upgraded its outlook and returned capital to shareholders through share buybacks.

Materials was another area of relative strength, as the Portfolio’s stock holdings outperformed, most notably gold names Franco Nevada and Agnico Eagle Mines. Geopolitical instability and concerns about the potentially inflationary effects of the Federal Reserve’s loose monetary policy drove up gold prices.

In Health Care, the Portfolio’s strategic overweight position proved beneficial in a period when the sector as a whole outpaced the benchmark. The Portfolio also received a boost from positions in IDEXX Laboratories and Hospira. Increased demand for veterinary services and products boosted IDEXX, while Hospira reported solid earnings driven by higher pricing in its specialty pharmaceuticals line.

We believe that the Information Technology sector has several positive secular trends. At period end, we were particularly focused on companies with new technologies and the potential to create competitive advantages with them.

We find limited growth opportunities in the Materials sector; consequently, it typically represents a very small area of investment for the Portfolio. At period end, the Portfolio had small allocations to the Metals & Mining and Chemicals industries.

MIST-1

Met Investors Series Trust

T. Rowe Price Mid Cap Growth Portfolio

Managed by T. Rowe Price Associates, Inc.

Portfolio Manager Commentary*—(Continued)

In the Industrials sector, we favor well-run companies with exposure to high-growth end markets, and we believe we are still in the early stages of a manufacturing rebound. During the period, we trimmed exposure in this space to moderate some cyclical effects within the Portfolio.

The Portfolio is overweight the benchmark in the Health Care sector. We believe that companies that develop innovative new therapies or high-quality, low-cost services may see their stock prices rewarded.

Generally speaking, the Financials sector does not represent a major investment area for the Portfolio. The Portfolio’s largest exposures are in the Insurance and Diversified Financial Services industries.

Brian W.H. Berghuis

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 and 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 those of the subadvisory firm as of June 30, 2014 and 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 statements) 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 applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable annuity or insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

MIST-2

Met Investors Series Trust

T. Rowe Price Mid Cap Growth Portfolio

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

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2014

	6 Month		1 Year		5 Year		10 Year
T. Rowe Price Mid Cap Growth Portfolio
Class A		6.18		26.45		21.18		11.30
Class B		6.08		26.14		20.88		11.03
Class E		6.16		26.36		21.00		11.13
Russell Midcap Growth Index		6.51		26.04		21.16		9.83

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 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 B 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 JUNE 30, 2014

Top Holdings

	% of Net Assets
IHS, Inc. - Class A		1.8
Fiserv, Inc.		1.8
CarMax, Inc.		1.6
Textron, Inc.		1.6
EQT Corp.		1.6
IDEX Corp.		1.5
Altera Corp.		1.4
Pall Corp.		1.4
DENTSPLY International, Inc.		1.4
Motorola Solutions, Inc.		1.3

Top Sectors

	% of Net Assets
Industrials		21.3
Health Care		18.0
Information Technology		18.0
Consumer Discretionary		15.0
Financials		8.4
Energy		6.3
Materials		4.3
Consumer Staples		3.5
Utilities		0.7

MIST-3

Met Investors Series Trust

T. Rowe Price Mid Cap Growth Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

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, January 1, 2014 through June 30, 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 Mid Cap Growth Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2014		Ending Account Value June 30, 2014		Expenses Paid During Period** January 1, 2014 to June 30, 2014
Class A(a)	Actual		0.73	%	$	1,000.00	$	1,061.80	$	3.73
	Hypothetical*		0.73	%	$	1,000.00	$	1,021.18	$	3.66
Class B(a)	Actual		0.98	%	$	1,000.00	$	1,060.80	$	5.01
	Hypothetical*		0.98	%	$	1,000.00	$	1,019.94	$	4.91
Class E(a)	Actual		0.88	%	$	1,000.00	$	1,061.60	$	4.50
	Hypothetical*		0.88	%	$	1,000.00	$	1,020.43	$	4.41

* 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 (181 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.

MIST-4

Met Investors Series Trust

T. Rowe Price Mid Cap Growth Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Common Stocks—95.3% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—2.2%
DigitalGlobe, Inc. (a) (b)		399,000	$	11,092,200
Textron, Inc.		718,000		27,492,220
				38,584,420
Automobiles—1.1%
Harley-Davidson, Inc.		178,000		12,433,300
Tesla Motors, Inc. (a) (b)		25,000		6,001,500
				18,434,800
Biotechnology—2.9%
Alkermes plc (a) (b)		377,000		18,974,410
Alnylam Pharmaceuticals, Inc. (a) (b)		74,000		4,674,580
Cubist Pharmaceuticals, Inc. (a)		49,000		3,421,180
Incyte Corp., Ltd. (a)		137,000		7,732,280
Pharmacyclics, Inc. (a) (b)		29,000		2,601,590
Puma Biotechnology, Inc. (a) (b)		34,000		2,244,000
Seattle Genetics, Inc. (a) (b)		40,000		1,530,000
Vertex Pharmaceuticals, Inc. (a)		90,000		8,521,200
				49,699,240
Capital Markets—1.5%
LPL Financial Holdings, Inc.		216,000		10,743,840
TD Ameritrade Holding Corp.		506,000		15,863,100
				26,606,940
Chemicals—1.7%
Celanese Corp. - Series A		217,000		13,948,760
Rockwood Holdings, Inc.		216,000		16,413,840
				30,362,600
Communications Equipment—2.1%
JDS Uniphase Corp. (a)		1,029,000		12,831,630
Motorola Solutions, Inc.		345,000		22,966,650
				35,798,280
Construction & Engineering—0.4%
Quanta Services, Inc. (a)		216,000		7,469,280
Construction Materials—0.7%
Martin Marietta Materials, Inc. (b)		91,000		12,016,550
Consumer Finance—0.4%
Santander Consumer USA Holdings, Inc.		323,000		6,279,120
Containers & Packaging—0.6%
Ball Corp.		176,000		11,031,680
Diversified Financial Services—2.3%
CBOE Holdings, Inc.		289,000		14,221,690
Intercontinental Exchange, Inc.		75,000		14,167,500
MSCI, Inc. (a)		253,000		11,600,050
				39,989,240
Electrical Equipment—4.1%
Acuity Brands, Inc.		99,000		13,686,750
AMETEK, Inc.		360,000		18,820,800
Babcock & Wilcox Co. (The)		642,000		20,839,320
Sensata Technologies Holding NV (a)		398,000		18,618,440
				71,965,310
Electronic Equipment, Instruments & Components—1.4%
Cognex Corp. (a)		37,000		1,420,800
FEI Co.		108,000		9,798,840
IPG Photonics Corp. (a) (b)		54,000		3,715,200
Trimble Navigation, Ltd. (a)		247,000		9,126,650
				24,061,490
Food & Staples Retailing—1.6%
Rite Aid Corp. (a)		1,759,000		12,612,030
Sprouts Farmers Market, Inc. (a) (b)		232,000		7,591,040
Whole Foods Market, Inc.		179,000		6,914,770
				27,117,840
Food Products—1.9%
Keurig Green Mountain, Inc. (b)		29,000		3,613,690
TreeHouse Foods, Inc. (a)		145,000		11,610,150
WhiteWave Foods Co. (The) - Class A (a)		565,000		18,289,050
				33,512,890
Health Care Equipment & Supplies—7.3%
Align Technology, Inc. (a)		32,300		1,810,092
CareFusion Corp. (a)		469,000		20,800,150
Cooper Cos., Inc. (The)		134,000		18,161,020
DENTSPLY International, Inc.		497,000		23,532,950
IDEXX Laboratories, Inc. (a) (b)		153,000		20,436,210
Intuitive Surgical, Inc. (a)		49,000		20,178,200
Sirona Dental Systems, Inc. (a)		79,000		6,514,340
Teleflex, Inc. (b)		139,000		14,678,400
				126,111,362
Health Care Providers & Services—2.9%
Envision Healthcare Holdings, Inc. (a)		236,000		8,474,760
Henry Schein, Inc. (a)		144,000		17,088,480
MEDNAX, Inc. (a)		181,000		10,525,150
Universal Health Services, Inc. - Class B		143,000		13,693,680
				49,782,070
Health Care Technology—0.3%
IMS Health Holdings, Inc. (a)		102,000		2,619,360
Veeva Systems, Inc. - Class A (a) (b)		74,000		1,883,300
				4,502,660
Hotels, Restaurants & Leisure—3.9%
Aramark		127,000		3,286,760
Chipotle Mexican Grill, Inc. (a)		18,000		10,665,180
Choice Hotels International, Inc. (b)		218,000		10,269,980
Marriott International, Inc. - Class A (b)		289,000		18,524,900
Norwegian Cruise Line Holdings, Ltd. (a) (b)		536,000		16,991,200

See accompanying notes to financial statements.

MIST-5

Met Investors Series Trust

T. Rowe Price Mid Cap Growth Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Hotels, Restaurants & Leisure—(Continued)
Tim Hortons, Inc.		162,000	$	8,866,260
				68,604,280
Household Durables—0.4%
Harman International Industries, Inc.		72,000		7,734,960
Independent Power and Renewable Electricity Producers—0.7%
Calpine Corp. (a)		503,000		11,976,430
Industrial Conglomerates—1.2%
Roper Industries, Inc.		145,000		21,171,450
Insurance—3.4%
Fidelity National Financial, Inc. - Class A		682,000		22,342,320
HCC Insurance Holdings, Inc.		290,000		14,192,600
Progressive Corp. (The)		543,000		13,770,480
Willis Group Holdings plc		189,000		8,183,700
				58,489,100
Internet & Catalog Retail—0.9%
Coupons.com, Inc. (a) (b)		20,000		526,200
Coupons.com, Inc. (a) (c)		237,884		5,945,792
Netflix, Inc. (a)		13,000		5,727,800
TripAdvisor, Inc. (a)		38,000		4,129,080
				16,328,872
Internet Software & Services—2.3%
Akamai Technologies, Inc. (a)		162,000		9,891,720
Atlassian, Inc. - Class A, Ordinary Restricted Depository Receipt (a) (c) (d)		15,101		241,616
Atlassian, Inc. - Class A, Ordinary Unrestricted From B Ordinary Depository Receipt (a) (c) (d)		10,403		166,448
Atlassian, Inc. - Class A, Ordinary Unrestricted From B Preference Depository Receipt (a) (c) (d)		54,328		869,248
Atlassian, Inc. - Series 1, Restricted Receipt (a) (c) (d)		26,508		424,128
Atlassian, Inc. - Series A, Preference Depository Receipt (a) (c) (d)		52,487		839,792
Atlassian, Inc., - Series 2, Depository Receipt (a) (c) (d)		70,977		1,135,632
LinkedIn Corp. - Class A (a)		22,000		3,772,340
Rackspace Hosting, Inc. (a) (b)		145,000		4,880,700
VeriSign, Inc. (a) (b)		357,000		17,425,170
				39,646,794
IT Services—5.6%
CoreLogic, Inc. (a)		407,000		12,356,520
Fidelity National Information Services, Inc.		139,000		7,608,860
Fiserv, Inc. (a)		505,000		30,461,600
Gartner, Inc. (a)		271,000		19,110,920
Global Payments, Inc.		181,000		13,185,850
Vantiv, Inc. - Class A (a)		435,000		14,624,700
				97,348,450
Life Sciences Tools & Services—3.8%
Agilent Technologies, Inc.		397,000		22,803,680
Life Sciences Tools & Services—(Continued)
Bruker Corp. (a)		576,000		13,979,520
Covance, Inc. (a)		181,000		15,489,980
Illumina, Inc. (a) (b)		50,000		8,927,000
Mettler-Toledo International, Inc. (a)		16,000		4,050,880
				65,251,060
Machinery—5.6%
Colfax Corp. (a)		188,000		14,013,520
IDEX Corp.		324,000		26,159,760
Nordson Corp.		74,000		5,934,060
Pall Corp.		278,000		23,738,420
Rexnord Corp. (a)		382,000		10,753,300
WABCO Holdings, Inc. (a)		90,000		9,613,800
Xylem, Inc.		180,000		7,034,400
				97,247,260
Media—1.5%
Aimia, Inc.		204,000		3,571,266
Charter Communications, Inc. - Class A (a)		124,000		19,639,120
Markit, Ltd. (a)		108,100		2,916,538
				26,126,924
Metals & Mining—1.2%
Agnico-Eagle Mines, Ltd. (b)		215,000		8,234,500
Franco-Nevada Corp.		234,000		13,431,892
				21,666,392
Multiline Retail—1.3%
Dollar General Corp. (a)		162,000		9,292,320
Dollar Tree, Inc. (a)		234,000		12,743,640
				22,035,960
Oil, Gas & Consumable Fuels—6.3%
Athlon Energy, Inc. (a)		108,000		5,151,600
Concho Resources, Inc. (a)		108,000		15,606,000
CONSOL Energy, Inc.		266,000		12,254,620
EQT Corp.		253,000		27,045,700
Laredo Petroleum, Inc. (a) (b)		67,000		2,075,660
Pioneer Natural Resources Co.		58,000		13,328,980
Range Resources Corp.		257,000		22,346,150
SM Energy Co.		145,000		12,194,500
				110,003,210
Pharmaceuticals—1.0%
Hospira, Inc. (a)		343,000		17,619,910
Professional Services—4.6%
Equifax, Inc.		216,000		15,668,640
IHS, Inc. - Class A (a)		230,000		31,204,100
Manpowergroup, Inc.		180,000		15,273,000
Towers Watson & Co. - Class A (b)		40,000		4,169,200
Verisk Analytics, Inc. - Class A (a)		218,000		13,084,360
				79,399,300

See accompanying notes to financial statements.

MIST-6

Met Investors Series Trust

T. Rowe Price Mid Cap Growth Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Real Estate Management & Development—0.9%
Jones Lang LaSalle, Inc.		124,000	$	15,672,360
Road & Rail—2.0%
Hertz Global Holdings, Inc. (a)		434,000		12,165,020
J.B. Hunt Transport Services, Inc.		145,000		10,698,100
Kansas City Southern		113,000		12,148,630
				35,011,750
Semiconductors & Semiconductor Equipment—3.2%
Altera Corp.		720,000		25,027,200
Atmel Corp. (a)		1,165,000		10,916,050
Cree, Inc. (a) (b)		54,000		2,697,300
Microchip Technology, Inc. (b)		143,000		6,979,830
Xilinx, Inc.		220,000		10,408,200
				56,028,580
Software—3.3%
Concur Technologies, Inc. (a) (b)		108,000		10,080,720
FactSet Research Systems, Inc. (b)		145,000		17,440,600
Guidewire Software, Inc. (a) (b)		18,000		731,880
Red Hat, Inc. (a)		377,000		20,836,790
ServiceNow, Inc. (a) (b)		74,000		4,585,040
Workday, Inc. - Class A (a) (b)		37,000		3,324,820
				56,999,850
Specialty Retail—4.6%
AutoZone, Inc. (a)		36,000		19,304,640
CarMax, Inc. (a) (b)		540,000		28,085,400
DSW, Inc. - Class A		39,900		1,114,806
Five Below, Inc. (a) (b)		300		11,973
L Brands, Inc.		163,000		9,561,580
Michaels Cos., Inc. (The) (a)		182,500		3,111,625
O’Reilly Automotive, Inc. (a)		127,000		19,126,200
				80,316,224
Technology Hardware, Storage & Peripherals—0.1%
Stratasys, Ltd. (a) (b)		18,000		2,045,340
Textiles, Apparel & Luxury Goods—1.2%
Coach, Inc.		144,000		4,923,360
Hanesbrands, Inc.		108,000		10,631,520
Wolverine World Wide, Inc. (b)		218,000		5,681,080
				21,235,960
Trading Companies & Distributors—1.1%
Fastenal Co. (b)		377,000		18,657,730
Total Common Stocks (Cost $1,083,795,622)				1,659,943,918
Convertible Preferred Stock—0.0%
Security Description	Shares		Value
Internet Software & Services—0.0%
LivingSocial, Inc. - Series E (a) (c) (d) (Cost $4,280,576)		757,490		333,296
Short-Term Investments—15.9%
Mutual Funds—15.9%
State Street Navigator Securities Lending MET Portfolio (e)		193,706,312		193,706,312
T. Rowe Price Government Reserve Investment Fund (f)		81,294,997		81,294,997
Total Short-Term Investments (Cost $275,001,309)				275,001,309
Total Investments—111.4% (Cost $1,363,077,507) (g)				1,935,278,523
Other assets and liabilities (net)—(11.4)%				(197,309,914	)
Net Assets—100.0%			$	1,737,968,609

(a) Non-income producing security.

(b) All or a portion of the security was held on loan. As of June 30, 2014, the market value of securities loaned was $192,478,214 and the collateral received consisted of cash in the amount of $193,706,312 and non-cash collateral with a value of $2,200,100. 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) 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 June 30, 2014, the market value of restricted securities was $9,955,952, which is 0.6% 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 June 30, 2014, these securities represent 0.2% of net assets.

(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 affiliate issuers.)

(g) As of June 30, 2014, the aggregate cost of investments was $1,363,077,507. The aggregate unrealized appreciation and depreciation of investments were $590,737,239 and $(18,536,223), respectively, resulting in net unrealized appreciation of $572,201,016.

See accompanying notes to financial statements.

MIST-7

Met Investors Series Trust

T. Rowe Price Mid Cap Growth Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Restricted Securities	Acquisition Date	Shares		Cost		Value
Atlassian, Inc. - Class A, Ordinary Restricted Depository Receipt	04/09/14		15,101	$	241,616	$	241,616
Atlassian, Inc. - Class A, Ordinary Unrestricted From B Ordinary Depository Receipt	04/09/14		10,403		166,448		166,448
Atlassian, Inc. - Class A, Ordinary Unrestricted From B Preference Depository Receipt	04/09/14		54,328		869,248		869,248
Atlassian, Inc. - Series 1, Restricted Receipt	04/09/14		26,508		424,128		424,128
Atlassian, Inc. - Series A, Preference Depository Receipt	04/09/14		52,487		839,792		839,792
Atlassian, Inc. - Series 2, Depository Receipt	04/09/14		70,977		1,135,632		1,135,632
Coupons.com, Inc.	06/01/11		237,884		3,255,700		5,945,792
LivingSocial, Inc. - Series E	04/01/11		757,490		4,280,576		333,296
						$	9,955,952

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 June 30, 2014:

Description	Level 1		Level 2		Level 3		Total
Common Stocks
Aerospace & Defense	$	38,584,420	$	—	$	—	$	38,584,420
Automobiles		18,434,800		—		—		18,434,800
Biotechnology		49,699,240		—		—		49,699,240
Capital Markets		26,606,940		—		—		26,606,940
Chemicals		30,362,600		—		—		30,362,600
Communications Equipment		35,798,280		—		—		35,798,280
Construction & Engineering		7,469,280		—		—		7,469,280
Construction Materials		12,016,550		—		—		12,016,550
Consumer Finance		6,279,120		—		—		6,279,120
Containers & Packaging		11,031,680		—		—		11,031,680
Diversified Financial Services		39,989,240		—		—		39,989,240
Electrical Equipment		71,965,310		—		—		71,965,310
Electronic Equipment, Instruments & Components		24,061,490		—		—		24,061,490
Food & Staples Retailing		27,117,840		—		—		27,117,840
Food Products		33,512,890		—		—		33,512,890
Health Care Equipment & Supplies		126,111,362		—		—		126,111,362
Health Care Providers & Services		49,782,070		—		—		49,782,070
Health Care Technology		4,502,660		—		—		4,502,660
Hotels, Restaurants & Leisure		68,604,280		—		—		68,604,280
Household Durables		7,734,960		—		—		7,734,960
Independent Power and Renewable Electricity Producers		11,976,430		—		—		11,976,430
Industrial Conglomerates		21,171,450		—		—		21,171,450

See accompanying notes to financial statements.

MIST-8

Met Investors Series Trust

T. Rowe Price Mid Cap Growth Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Fair Value Hierarchy—(Continued)

Description	Level 1		Level 2			Level 3		Total
Insurance	$	58,489,100	$	—		$	—	$	58,489,100
Internet & Catalog Retail		10,383,080		5,945,792			—		16,328,872
Internet Software & Services		35,969,930		—			3,676,864		39,646,794
IT Services		97,348,450		—			—		97,348,450
Life Sciences Tools & Services		65,251,060		—			—		65,251,060
Machinery		97,247,260		—			—		97,247,260
Media		26,126,924		—			—		26,126,924
Metals & Mining		21,666,392		—			—		21,666,392
Multiline Retail		22,035,960		—			—		22,035,960
Oil, Gas & Consumable Fuels		110,003,210		—			—		110,003,210
Pharmaceuticals		17,619,910		—			—		17,619,910
Professional Services		79,399,300		—			—		79,399,300
Real Estate Management & Development		15,672,360		—			—		15,672,360
Road & Rail		35,011,750		—			—		35,011,750
Semiconductors & Semiconductor Equipment		56,028,580		—			—		56,028,580
Software		56,999,850		—			—		56,999,850
Specialty Retail		80,316,224		—			—		80,316,224
Technology Hardware, Storage & Peripherals		2,045,340		—			—		2,045,340
Textiles, Apparel & Luxury Goods		21,235,960		—			—		21,235,960
Trading Companies & Distributors		18,657,730		—			—		18,657,730
Total Common Stocks		1,650,321,262		5,945,792			3,676,864		1,659,943,918
Total Convertible Preferred Stock*		—		—			333,296		333,296
Total Short-Term Investments*		275,001,309		—			—		275,001,309
Total Investments	$	1,925,322,571	$	5,945,792		$	4,010,160	$	1,935,278,523
Collateral for securities loaned (Liability)	$	—	$	(193,706,312	)	$	—	$	(193,706,312	)

* 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			Purchases		Transfers Out			Balance as of June 30, 2014		Change in Unrealized Appreciation/ (Depreciation) from Investments Still Held at June 30, 2014
Common Stocks
Internet Software & Services	$	—	$	—		$	3,676,864	$	—		$	3,676,864	$	—
Convertible Preferred Stocks
Internet Software & Services		3,891,933		(121,198	)		—		(3,437,439	)		333,296		(121,198	)
Total	$	3,891,933	$	(121,198	)	$	3,676,864	$	(3,437,439	)	$	4,010,160	$	(121,198	)

Transfers out of Level 3 were due to the initial public offering of the securities, which resulted in the trading of the securities on a recognized exchange and the availability of quoted prices in an active market.

See accompanying notes to financial statements.

MIST-9

Met Investors Series Trust

T. Rowe Price Mid Cap Growth Portfolio

Statement of Assets and Liabilities

June 30, 2014 (Unaudited)

Assets
Investments at value (a) (b)	$	1,853,983,526
Affiliated investments at value (c)		81,294,997
Cash denominated in foreign currencies (d)		29,251
Receivable for:
Investments sold		3,335,741
Fund shares sold		168,225
Dividends		419,133
Dividends on affiliated investments		2,881
Total Assets		1,939,233,754
Liabilities
Collateral for securities loaned		193,706,312
Payables for:
Investments purchased		4,715,470
Fund shares redeemed		1,368,660
Accrued expenses:
Management fees		1,001,839
Distribution and service fees		221,640
Deferred trustees’ fees		58,994
Other expenses		192,230
Total Liabilities		201,265,145
Net Assets	$	1,737,968,609
Net assets consist of:
Paid in surplus	$	979,970,804
Accumulated net investment loss		(4,440,218	)
Accumulated net realized gain		190,237,034
Unrealized appreciation on investments and foreign currency transactions		572,200,989
Net Assets	$	1,737,968,609
Net Assets
Class A	$	639,457,257
Class B		1,076,242,188
Class E		22,269,164
Capital Shares Outstanding*
Class A		54,358,401
Class B		95,640,298
Class E		1,943,065
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	11.76
Class B		11.25
Class E		11.46

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

(a) Identified cost of investments, excluding affiliated investments, was $1,281,782,510.

(b) Includes securities loaned at value of $192,478,214.

(c) Identified cost of affiliated investments was $81,294,997.

(d) Identified cost of cash denominated in foreign currencies was $29,278.

Statement of Operations

Six Months Ended June 30, 2014 (Unaudited)

Investment Income
Dividends (a)	$	6,145,602
Dividends from affiliated investments		18,574
Securities lending income		350,059
Total investment income		6,514,235
Expenses
Management fees		6,767,631
Administration fees		20,975
Custodian and accounting fees		88,700
Distribution and service fees—Class B		1,320,471
Distribution and service fees—Class E		16,322
Audit and tax services		18,135
Legal		15,668
Trustees’ fees and expenses		22,085
Shareholder reporting		60,768
Insurance		5,624
Miscellaneous		8,587
Total expenses		8,344,966
Less management fee waiver		(377,636	)
Less broker commission recapture		(14,870	)
Net expenses		7,952,460
Net Investment Loss		(1,438,225	)
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments		191,355,052
Futures contracts		(496,617	)
Foreign currency transactions		5,108
Net realized gain		190,863,543
Net change in unrealized appreciation (depreciation) on:
Investments		(85,599,401	)
Foreign currency transactions		15
Net change in unrealized depreciation		(85,599,386	)
Net realized and unrealized gain		105,264,157
Net Increase in Net Assets From Operations	$	103,825,932

(a) Net of foreign withholding taxes of $43,489.

See accompanying notes to financial statements.

MIST-10

Met Investors Series Trust

T. Rowe Price Mid Cap Growth Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2014 (Unaudited)			Year Ended December 31, 2013
Increase (Decrease) in Net Assets:
From Operations
Net investment loss	$	(1,438,225	)	$	(4,630,422	)
Net realized gain		190,863,543			193,358,226
Net change in unrealized appreciation (depreciation)		(85,599,386	)		351,022,868
Increase in net assets from operations		103,825,932			539,750,672
From Distributions to Shareholders
Net investment income
Class A		0			(3,065,921	)
Class B		0			(2,035,733	)
Class E		0			(54,848	)
Net realized capital gains
Class A		(74,530,486	)		(37,881,161	)
Class B		(105,958,502	)		(51,448,533	)
Class E		(2,142,925	)		(1,016,517	)
Total distributions		(182,631,913	)		(95,502,713	)
Decrease in net assets from capital share transactions		(85,470,825	)		(75,836,739	)
Total increase (decrease) in net assets		(164,276,806	)		368,411,220
Net Assets
Beginning of period		1,902,245,415			1,533,834,195
End of period	$	1,737,968,609		$	1,902,245,415
Distributions in excess of net investment income
End of period	$	(4,440,218	)	$	(3,001,993	)

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2014 (Unaudited)						Year Ended December 31, 2013
	Shares			Value			Shares			Value
Class A
Sales		9,272,002		$	103,854,875			5,130,562		$	54,379,806
Reinvestments		6,781,664			74,530,486			4,225,705			40,947,082
Redemptions		(26,732,985	)		(302,700,609	)		(11,749,975	)		(126,702,539	)
Net decrease		(10,679,319	)	$	(124,315,248	)		(2,393,708	)	$	(31,375,651	)
Class B
Sales		2,554,980		$	29,719,996			7,421,611		$	77,107,118
Reinvestments		10,072,101			105,958,502			5,726,367			53,484,266
Redemptions		(8,452,405	)		(97,651,055	)		(16,803,355	)		(174,827,429	)
Net increase (decrease)		4,174,676		$	38,027,443			(3,655,377	)	$	(44,236,045	)
Class E
Sales		107,541		$	1,268,367			239,671		$	2,560,833
Reinvestments		200,086			2,142,925			113,014			1,071,365
Redemptions		(220,423	)		(2,594,312	)		(366,975	)		(3,857,241	)
Net increase (decrease)		87,204		$	816,980			(14,290	)	$	(225,043	)
Decrease derived from capital shares transactions				$	(85,470,825	)				$	(75,836,739	)

See accompanying notes to financial statements.

MIST-11

Met Investors Series Trust

T. Rowe Price Mid Cap Growth Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2014 (Unaudited)			Year Ended December 31,
				2013			2012			2011			2010			2009
Net Asset Value, Beginning of Period	$	12.29		$	9.53		$	9.53		$	9.90		$	7.73		$	5.30
Income (Loss) from Investment Operations
Net investment income (loss) (a)		(0.00	)(b)		(0.01	)		0.02			(0.02	)		(0.01	)		(0.00	)(b)
Net realized and unrealized gain (loss) on investments		0.68			3.38			1.28			(0.09	)		2.18			2.43
Total from investment operations		0.68			3.37			1.30			(0.11	)		2.17			2.43
Less Distributions
Distributions from net investment income		0.00			(0.05	)		0.00			0.00			0.00			0.00
Distributions from net realized capital gains		(1.21	)		(0.56	)		(1.30	)		(0.26	)		0.00			0.00
Total distributions		(1.21	)		(0.61	)		(1.30	)		(0.26	)		0.00			0.00
Net Asset Value, End of Period	$	11.76		$	12.29		$	9.53		$	9.53		$	9.90		$	7.73
Total Return (%) (c)		6.18	(d)		36.96			13.93			(1.40	)		28.07			45.85
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.78	(e)		0.78			0.78			0.78			0.79			0.79
Net ratio of expenses to average net assets (%) (f)		0.73	(e)		0.75			0.76			0.76			0.77			0.77
Ratio of net investment income (loss) to average net assets (%)		(0.01	)(e)		(0.12	)		0.17			(0.21	)		(0.10	)		(0.05	)
Portfolio turnover rate (%)		13	(d)		25			30			38			28			32
Net assets, end of period (in millions)	$	639.5		$	799.0		$	642.5		$	565.8		$	764.5		$	585.5
	Class B
	Six Months Ended June 30, 2014 (Unaudited)			Year Ended December 31,
				2013			2012			2011			2010			2009
Net Asset Value, Beginning of Period	$	11.82		$	9.19		$	9.25		$	9.64		$	7.55		$	5.19
Income (Loss) from Investment Operations
Net investment loss (a)		(0.01	)		(0.04	)		(0.01	)		(0.04	)		(0.03	)		(0.02	)
Net realized and unrealized gain (loss) on investments		0.65			3.25			1.25			(0.09	)		2.12			2.38
Total from investment operations		0.64			3.21			1.24			(0.13	)		2.09			2.36
Less Distributions
Distributions from net investment income		0.00			(0.02	)		0.00			0.00			0.00			0.00
Distributions from net realized capital gains		(1.21	)		(0.56	)		(1.30	)		(0.26	)		0.00			0.00
Total distributions		(1.21	)		(0.58	)		(1.30	)		(0.26	)		0.00			0.00
Net Asset Value, End of Period	$	11.25		$	11.82		$	9.19		$	9.25		$	9.64		$	7.55
Total Return (%) (c)		6.08	(d)		36.58			13.68			(1.65	)		27.68			45.47
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		1.03	(e)		1.03			1.03			1.03			1.04			1.04
Net ratio of expenses to average net assets (%) (f)		0.98	(e)		1.00			1.01			1.01			1.02			1.02
Ratio of net investment loss to average net assets (%)		(0.26	)(e)		(0.37	)		(0.08	)		(0.45	)		(0.33	)		(0.30	)
Portfolio turnover rate (%)		13	(d)		25			30			38			28			32
Net assets, end of period (in millions)	$	1,076.2		$	1,081.0		$	873.9		$	820.0		$	796.7		$	542.0

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

MIST-12

Met Investors Series Trust

T. Rowe Price Mid Cap Growth Portfolio

Financial Highlights

Selected per share data
	Class E
	Six Months Ended June 30, 2014 (Unaudited)			Year Ended December 31,
				2013			2012			2011			2010			2009
Net Asset Value, Beginning of Period	$	12.01		$	9.33		$	9.36		$	9.75		$	7.62		$	5.24
Income (Loss) from Investment Operations
Net investment income (loss) (a)		(0.01	)		(0.03	)		0.00	(b)		(0.04	)		(0.02	)		(0.01	)
Net realized and unrealized gain (loss) on investments		0.67			3.30			1.27			(0.09	)		2.15			2.39
Total from investment operations		0.66			3.27			1.27			(0.13	)		2.13			2.38
Less Distributions
Distributions from net investment income		0.00			(0.03	)		0.00			0.00			0.00			0.00
Distributions from net realized capital gains		(1.21	)		(0.56	)		(1.30	)		(0.26	)		0.00			0.00
Total distributions		(1.21	)		(0.59	)		(1.30	)		(0.26	)		0.00			0.00
Net Asset Value, End of Period	$	11.46		$	12.01		$	9.33		$	9.36		$	9.75		$	7.62
Total Return (%) (c)		6.16	(d)		36.68			13.85			(1.63	)		27.95			45.42
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.93	(e)		0.93			0.93			0.93			0.94			0.94
Net ratio of expenses to average net assets (%) (f)		0.88	(e)		0.90			0.91			0.91			0.92			0.92
Ratio of net investment income (loss) to average net assets (%)		(0.16	)(e)		(0.27	)		0.01			(0.36	)		(0.27	)		(0.19	)
Portfolio turnover rate (%)		13	(d)		25			30			38			28			32
Net assets, end of period (in millions)	$	22.3		$	22.3		$	17.4		$	18.3		$	24.6		$	22.2

(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) Periods less than one year are not computed on an annualized basis.

(e) Computed on an annualized basis.

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

See accompanying notes to financial statements.

MIST-13

Met Investors Series Trust

T. Rowe Price Mid Cap Growth Portfolio

Notes to Financial Statements—June 30, 2014 (Unaudited)

1. Organization

Met Investors Series Trust (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 currently offers forty-seven series, each of which operates as a distinct investment vehicle of the Trust. The portfolio included in this report is T. Rowe Price 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 four classes of shares: Class A, B, C and E shares. Class A, B and E shares are currently offered by the Portfolio. 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 June 30, 2014 through the date the financial statements were issued.

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 (other than short term obligations with a remaining maturity of sixty days or less), 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 MetLife Advisers, LLC (“MetLife Advisers” or the “Adviser”), an affiliate of MetLife, Inc., pursuant to authorization of 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 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.

MIST-14

Met Investors Series Trust

T. Rowe Price Mid Cap Growth Portfolio

Notes to Financial Statements—June 30, 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, which 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 and futures contracts that are traded over-the-counter 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 has delegated the determination of the fair value of a security to a 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

MIST-15

Met Investors Series Trust

T. Rowe Price Mid Cap Growth Portfolio

Notes to Financial Statements—June 30, 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 transaction, passive foreign investment companies (PFICs) and return of capital distributions from REITs. 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 June 30, 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. 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 at least equal to 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 six months ended June 30, 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 June 30, 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 June 30, 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 has agreed to 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 margin may be in the form of cash or securities, which is returned when the Portfolio’s obligations under the contract have been

MIST-16

Met Investors Series Trust

T. Rowe Price Mid Cap Growth Portfolio

Notes to Financial Statements—June 30, 2014—(Continued)

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. Futures contracts are exchange-traded and 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 six months ended June 30, 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 $98,078,795 in equity index futures contracts. At June 30, 2014, the Portfolio did not have any open futures contracts. For the six months ended June 30, 2014, the Portfolio had realized losses in the amount of $496,617 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; 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 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 addendums 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 six months ended June 30, 2014 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	221,684,412	$	0	$	479,903,055

MIST-17

Met Investors Series Trust

T. Rowe Price Mid Cap Growth Portfolio

Notes to Financial Statements—June 30, 2014—(Continued)

The Portfolio engaged in security transactions with other accounts managed by T. Rowe Price Associates, Inc. that amounted to $451,845 in purchases and $744,841 in sales of investments, which are included above.

During the six months ended June 30, 2014, the Portfolio engaged in security transactions with other affiliated portfolios. These amounted to $38,672,169 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 six months ended June 30, 2014	% per annum			Average Daily Net Assets
$6,767,631		0.750	%	All

MetLife Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. T. Rowe Price Associates, Inc. is compensated by MetLife Advisers to provide subadvisory services for the Portfolio.

Management Fee Waiver - The Subadviser has agreed to a voluntary subadvisory fee waiver that applies if (i) assets under management by the Subadviser for the Trust and Metropolitan Series Fund (“MSF”) in the aggregate exceed $750,000,000, (ii) the Subadviser subadvises three or more portfolios of the Trust and MSF 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 MSF average daily net assets over $750 million, 7.5% for the next $1.5 billion of combined assets, and 10% for amounts over $3 billion. Any amounts waived pursuant to this subadvisory fee waiver will be allocated with respect to the Trust and MSF portfolios in proportion to such portfolios’ net assets. 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 for the six months ended June 30, 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 Agreements and Plans - The Trust has distribution agreements with MetLife Investors Distribution Company (“MIDC” or the “Distributor”) in which MIDC serves as the distributor for the Portfolio’s Class A, Class B and Class E Shares. MIDC is a wholly-owned subsidiary of MetLife Investors Group, Inc., an affiliate of the Adviser. The Class B and Class E distribution plans provide that the Trust, on behalf of the Portfolio, may pay annually up to 0.50% and 0.25%, respectively, of the average daily net assets of the Portfolio attributable to its Class B and Class E Shares with respect to activities primarily intended to result in the sale of Class B and Class E Shares. However, under the Class B and Class E distribution agreements, payments to the Distributor for activities pursuant to the Class B and Class E distribution plans are currently limited to payments at an annual rate equal to 0.25% and 0.15% of average daily net assets of the Portfolio attributable to its Class B and Class E Shares, respectively. Amounts incurred by the Portfolio for the six months ended June 30, 2014 are shown as Distribution and service fees in the Statement of Operations.

Under the terms of the Class B and Class E distribution plans and distribution agreements, the Portfolio is authorized to make payments monthly to the Distributor that may be used to pay or reimburse entities providing distribution and shareholder servicing with respect to the Class B and Class E Shares for such entities’ fees or expenses incurred.

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 Metropolitan Series Fund, 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.

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Met Investors Series Trust

T. Rowe Price Mid Cap Growth Portfolio

Notes to Financial Statements—June 30, 2014—(Continued)

7. Transactions in Securities of Affiliated Issuers

A summary of the Portfolio’s transactions in the securities of affiliated issuers during the six months ended June 30, 2014 is as follows:

Security Description	Number of shares held at December 31, 2013		Shares purchased		Shares sold			Number of shares held at June 30, 2014		Realized Gain on shares sold		Income earned from affiliates during the period
T. Rowe Price Government Reserve Investment Fund		90,481,926		112,945,740		(122,132,669	)		81,294,997	$	0	$	18,574

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, 2013 and 2012 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2013	2012		2013		2012		2013		2012
$7,918,886	$	22,058,286	$	87,583,827	$	171,062,997	$	95,502,713	$	193,121,283

As of December 31, 2013, 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
$11,389,515	$	171,257,455	$	654,210,701	$	—	$	836,857,671

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, 2013, the Portfolio had no capital loss carryforwards.

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 January 1, 2015, and interim periods within those fiscal years. Management is evaluating the impact, if any, of this guidance on the Portfolio’s financial statement disclosures.

MIST-19

Met Investors Series Trust

Third Avenue Small Cap Value Portfolio

Managed by Third Avenue Management LLC

Portfolio Manager Commentary*

PERFORMANCE

For the six month period ended June 30, 2014, the Class A and B shares of the Third Avenue Small Cap Value Portfolio returned 4.40% and 4.31%. The Portfolio’s benchmarks, the Russell 2000 Value Index¹ and the Dow Jones U.S. Small Cap Total Stock Market Index², returned 4.20% and 5.22%, respectively.

MARKET ENVIRONMENT / CONDITIONS

The final first quarter 2014 Gross Domestic Product (“GDP”) number for the U.S. economy at -2.1% shows far more contraction than previously estimated. However, this downward revision was for the most part anticipated and it is being written off as temporary, due to the cold winter weather extending into March. Second quarter data portrays a healthy improvement, with better home and auto sales, and strengthening employment and residential construction. This improvement is allowing the U.S. Federal Reserve to continue to wind down its bond-buying program while maintaining low rates. Meanwhile, the world’s major Central Bank policies continue to prop up the global economy. This is especially the case in Europe and Japan where Central Banks have indicated they are willing to take a more aggressive stance on monetary easing.

Towards the end of the first half of 2014, we are seeing some consolidation of the bull market in equities, despite the likelihood of a protracted low interest rate environment. The strong rally in Treasuries resulted in higher quality bonds outperforming lower quality bonds. Global and U.S. equity markets posted positive returns across geographies and capitalization segments. The Russell 2000 Value Index returned 4.20% for the first six months of the year. Notably, in the last few months correlations across stocks have decreased. Dispersion in stock performance indicates that fundamentals are, once again, starting to have more impact on stock prices. We believe that this bodes well for our fundamentally driven stock selection strategy.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Portfolio’s outperformance is, to some extent, reflective of a market environment where fundamentals are starting to matter more. In fact, stock selection within sectors was the primary driver of the Portfolio’s relative returns. The three leading contributors to relative returns were Consumer Staples, Financials, and Information Technology (“IT”).

Performance of the Portfolio holdings in Consumer Staples was broad based, yet Susser Holdings Corp. stands out as a substantial contributor. Susser Holdings Corp. is the second-largest non-refining convenience store operator and motor fuel distributer in the state of Texas and one of the largest company-operated convenience store chains in the U.S. Contribution to the Portfolio was led by the announced takeover in late April of Susser Holdings Corp. at a nearly 40% premium to market prices.

In Financials, the Portfolio benefitted from both the underweight to the sector as well as stock selection within the group. The largest contributor within the sector, and also among the top five contributors to the Portfolio, was Legg Mason, a publicly owned asset management holding company going through a very interesting “turnaround” process.

Notably, three of the holdings in Technology were the top three contributors to performance in spite of the fact that Technology as a whole underperformed other sectors in the benchmark. These companies are InterDigital, Inc., Insight Enterprises, Inc., and Genpact, Ltd. InterDigital was the top contributor in both the IT sector and for the Portfolio overall. InterDigital develops technology for wireless communications and is an attractive investment on several counts, including its strong financial position, capacity for continued growth and several development initiatives with value enhancement potential. SemGroup Corp., an Energy company, was also among the top five contributors.

Utilities, Industrials, and Energy were the only sectors that detracted from relative performance over the period. The underweight in Utilities was the largest detractor. It is important to note that the Portfolio has no Utility company holdings as we believe that these stocks are generally priced at a premium and this continues to be the case. The overweight to Industrials also detracted as this sector underperformed the benchmark. Likewise, the underweight in Energy detracted as this was one of the top performing sectors within the Russell 2000 Value Index.

The holdings with most negative contribution to Portfolio performance were: Blucora, Inc., Stepan Co., Kennametal, Inc., Rofin-Sinar Technologies, Inc., and Alamo Group. This is a group of stocks that we continue to view favorably and that now offer very attractive risk/reward characteristics, in spite of some short term price volatility.

Year-to-date there was significant activity in the Portfolio. The Portfolio’s nineteen dispositions reflect the view that valuations or fundamentals had changed to a degree that put capital at risk of permanent impairment, thus necessitating a sale. With few exceptions, the sales came on the heels of a disciplined process as well as profitable outcomes. For example, Orbital was sold after a little more than a year’s time while nearly doubling the Portfolio’s investment. Subsequent to our sales, Orbital became the subject of a takeover bid by a strategic acquirer whose offer price represented only a modest premium above the Portfolio’s last sale prices, corroborating the team’s valuation work. The Portfolio also benefited mightily from its two year holding of J&J Snack Foods. Originally purchased at approximately eleven times operating income, the shares traded closer to seventeen times operating income by the time the Portfolio exited. Combined with a 25% increase in pre-tax earnings during that period, the impact on the share performance was significant. We chose to take advantage of the huge expansion in the earnings multiple, which we felt was unjustified by likely longer-term business economics or private market values for like businesses. Susser Holdings Corp., discussed above, was another notable disposition over the first half of the year.

MIST-1

Met Investors Series Trust

Third Avenue Small Cap Value Portfolio

Managed by Third Avenue Management LLC

Portfolio Manager Commentary*—(Continued)

The team’s efforts during the first half of the year continued to bear fruit with the addition of thirteen new names to the Portfolio, including Genpact, Ltd. and EXLservices Holdings, Inc. Portfolio Management added to its growing sub-portfolio of Business Process Outsourcing (BPO) companies with the acquisition of Genpact and EXLservices Holdings. The investment cases, in a nutshell, are similar: both company’s stocks underperformed the broader equity markets in 2013 as management’s forecasted growth, while solid, did not meet relatively high expectations, thus disappointing investors. Genpact, founded as the captive offshore outsourcing business for General Electric, has the added challenge of finding new revenue sources as it weans its way off of its former parent. However, both BPO companies benefit from healthy longer term demand trends for outsourcing, with services ranging from accounting functions, supply chain and procurement assistance as well as information technology services. Each company enjoys long-term customer contracts that generate a high proportion of recurring revenues. Strong balance sheets and ample cash generation provide the financial flexibility we seek in our investments as well as a meaningful cushion should business conditions deteriorate.

As value investors focused on the assets, balance sheet, management and actual businesses, as opposed to headline earnings numbers, we find the current market environment generates interesting investment opportunities. In fact, two other additions to the Portfolio, Actuant and Genpact, came about as a result of dislocations resulting from what we believe was investors focusing too narrowly on recent earnings news. Actuant’s share price dropped substantially as management announced moderation in the pace of the company’s growth. Genpact’s shares also suffered as a result of lower forecasts. In both cases, market reactions focused on short term earnings as opposed to longer-term business economics.

The Portfolio continues to hold what we consider high quality companies with attractive valuations, both from an absolute and relative to benchmark perspective; and focus on a long term horizon as opposed to short term sentiment driven by quarterly earnings numbers.

Chip Rewey

Curtis Jensen

Tim Bui

Charlie Page

Portfolio Managers

Third Avenue 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 and 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 those of the subadvisory firm as of June 30, 2014 and 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 statements) 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 applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable annuity or insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

MIST-2

Met Investors Series Trust

Third Avenue Small Cap Value Portfolio

A $10,000 INVESTMENT COMPARED TO THE RUSSELL 2000 VALUE INDEX &

THE DOW JONES U.S. SMALL CAP TOTAL STOCK MARKET INDEX

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2014

	6 Month		1 Year		5 Year		10 Year
Third Avenue Small Cap Value Portfolio
Class A		4.40		23.68		17.12		8.78
Class B		4.31		23.39		16.83		8.51
Russell 2000 Value Index		4.20		22.54		19.88		8.24
Dow Jones U.S. Small Cap Total Stock Market Index		5.22		26.29		22.71		10.55

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.

² The Dow Jones U.S. Small Cap Total Stock Market Index is a float-adjusted market capitalization weighted index that reflects the shares of securities of the small-cap portion of the Dow Jones U.S. Total Full Cap Equity Index available to investors in the marketplace. The Index includes the components ranked 751 to 2,500 by full market capitalization.

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 JUNE 30, 2014

Top Holdings

	% of Net Assets
HCC Insurance Holdings, Inc.		2.7
Axiall Corp.		2.6
World Fuel Services Corp.		2.2
Syntel, Inc.		2.1
Progress Software Corp.		2.1
UniFirst Corp.		2.0
SemGroup Corp. - Class A		2.0
EMCOR Group, Inc.		1.9
LSB Industries, Inc.		1.9
Minerals Technologies, Inc.		1.9

Top Sectors

	% of Net Assets
Financials		25.4
Industrials		19.7
Information Technology		16.8
Materials		13.0
Consumer Discretionary		7.3
Health Care		6.6
Energy		5.9
Consumer Staples		2.9

MIST-3

Met Investors Series Trust

Third Avenue Small Cap Value Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

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, January 1, 2014 through June 30, 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.

Third Avenue Small Cap Value Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2014		Ending Account Value June 30, 2014		Expenses Paid During Period** January 1, 2014 to June 30, 2014
Class A(a)	Actual		0.75	%	$	1,000.00	$	1,044.00	$	3.80
	Hypothetical*		0.75	%	$	1,000.00	$	1,021.08	$	3.76
Class B(a)	Actual		1.00	%	$	1,000.00	$	1,043.10	$	5.07
	Hypothetical*		1.00	%	$	1,000.00	$	1,019.84	$	5.01

* 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 (181 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.

MIST-4

Met Investors Series Trust

Third Avenue Small Cap Value Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Common Stocks—95.5% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—0.9%
Cubic Corp.		262,827	$	11,698,430
Auto Components—1.9%
Cooper Tire & Rubber Co.		449,200		13,476,000
Standard Motor Products, Inc.		250,151		11,174,245
				24,650,245
Banks—7.1%
City National Corp.		172,200		13,045,872
Commerce Bancshares, Inc.		382,515		17,786,948
Cullen/Frost Bankers, Inc.		133,480		10,600,982
Prosperity Bancshares, Inc.		362,585		22,697,821
UMB Financial Corp.		330,552		20,953,691
Valley National Bancorp		582,406		5,771,643
				90,856,957
Capital Markets—4.8%
Dundee Corp. - Class A (a)		1,196,988		19,272,062
Legg Mason, Inc.		457,739		23,486,588
Westwood Holdings Group, Inc.		315,624		18,950,065
				61,708,715
Chemicals—8.6%
Axiall Corp.		707,894		33,462,149
LSB Industries, Inc. (a)		579,071		24,129,889
Minerals Technologies, Inc.		364,576		23,908,894
Stepan Co.		335,649		17,742,406
Tredegar Corp.		490,499		11,482,582
				110,725,920
Commercial Services & Supplies—7.0%
ABM Industries, Inc.		433,566		11,697,611
Multi-Color Corp.		541,197		21,653,292
Tetra Tech, Inc.		829,736		22,817,740
UniFirst Corp.		245,765		26,051,090
United Stationers, Inc.		186,800		7,746,596
				89,966,329
Communications Equipment—1.6%
InterDigital, Inc.		441,148		21,086,874
Construction & Engineering—1.9%
EMCOR Group, Inc.		553,733		24,657,730
Diversified Financial Services—2.1%
Ackermans & van Haaren NV		119,266		15,040,315
Leucadia National Corp.		431,859		11,323,343
				26,363,658
Electrical Equipment—2.6%
Encore Wire Corp.		204,417		10,024,610
EnerSys, Inc.		333,219		22,922,135
				32,946,745
Electronic Equipment, Instruments & Components—4.0%
Ingram Micro, Inc. - Class A (a)		432,944		12,646,294
Insight Enterprises, Inc. (a)		551,862		16,964,238
Rofin-Sinar Technologies, Inc. (a)		923,376		22,197,959
				51,808,491
Energy Equipment & Services—1.7%
Era Group, Inc. (a)		353,621		10,141,850
SEACOR Holdings, Inc. (a)		136,804		11,252,129
				21,393,979
Food Products—2.9%
Alico, Inc.		182,045		6,824,867
Cal-Maine Foods, Inc.		142,094		10,560,426
Darling Ingredients, Inc. (a)		937,106		19,585,516
				36,970,809
Health Care Equipment & Supplies—1.5%
Teleflex, Inc.		183,050		19,330,080
Health Care Providers & Services—3.5%
Brookdale Senior Living, Inc. (a)		483,856		16,131,759
Patterson Cos., Inc.		410,700		16,226,757
VCA, Inc. (a)		360,701		12,656,998
				45,015,514
Health Care Technology—1.6%
Allscripts Healthcare Solutions, Inc. (a)		1,314,934		21,104,691
Hotels, Restaurants & Leisure—1.0%
Vail Resorts, Inc.		167,014		12,890,141
Insurance—5.4%
Alleghany Corp. (a)		43,894		19,230,839
Arch Capital Group, Ltd. (a)		271,311		15,584,104
HCC Insurance Holdings, Inc.		708,841		34,690,679
				69,505,622
Internet Software & Services—0.6%
Blucora, Inc. (a)		439,614		8,295,516
IT Services—7.7%
Broadridge Financial Solutions, Inc.		231,074		9,621,921
CSG Systems International, Inc.		777,612		20,303,449
ExlService Holdings, Inc. (a)		374,673		11,034,120
Genpact, Ltd. (a)		1,295,538		22,710,781
ManTech International Corp. - Class A		303,215		8,950,907
Syntel, Inc. (a)		309,759		26,626,884
				99,248,062
Machinery—4.3%
Actuant Corp. - Class A		501,700		17,343,769
Alamo Group, Inc.		317,752		17,187,206
Kennametal, Inc.		201,453		9,323,245
LB Foster Co. - Class A		39,599		2,143,098
Oshkosh Corp.		170,776		9,483,191
				55,480,509

See accompanying notes to financial statements.

MIST-5

Met Investors Series Trust

Third Avenue Small Cap Value Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Media—3.6%
Liberty Media Corp. - Class A (a)		127,822	$	17,470,711
Madison Square Garden Co. (The) - Class A (a)		363,225		22,683,401
Starz - Class A (a)		200,156		5,962,647
				46,116,759
Metals & Mining—3.2%
Kaiser Aluminum Corp.		297,026		21,644,285
SunCoke Energy, Inc. (a)		893,235		19,204,552
				40,848,837
Oil, Gas & Consumable Fuels—4.2%
SemGroup Corp. - Class A		329,183		25,956,079
World Fuel Services Corp.		567,855		27,955,502
				53,911,581
Paper & Forest Products—1.2%
PH Glatfelter Co.		560,423		14,868,022
Professional Services—3.0%
FTI Consulting, Inc. (a)		618,521		23,392,464
ICF International, Inc. (a)		424,733		15,018,559
				38,411,023
Real Estate Investment Trusts—3.5%
American Homes 4 Rent - Class A		466,438		8,283,939
Excel Trust, Inc.		460,996		6,145,076
Post Properties, Inc.		301,843		16,136,527
Tanger Factory Outlet Centers, Inc.		394,042		13,779,649
				44,345,191
Real Estate Management & Development—0.5%
Forestar Group, Inc. (a)		351,795		6,715,767
Software—2.1%
Progress Software Corp. (a)		1,095,112		26,326,492
Specialty Retail—0.8%
CST Brands, Inc.		283,084		9,766,398
Technology Hardware, Storage & Peripherals—0.7%
Electronics For Imaging, Inc. (a)		207,092		9,360,558
Total Common Stocks (Cost $954,497,169)				1,226,375,645
Investment Company Security—1.8%
JZ Capital Partners, Ltd. (b) (Cost $23,536,089)		3,092,000		23,362,532
Preferred Stock—0.3%
Security Description	Shares/ Principal Amount*		Value
Real Estate Investment Trusts—0.3%
Excel Trust, Inc., 8.125% (Cost $3,328,182)		130,800		3,428,268
Short-Term Investments—2.6%
U.S. Treasury—1.2%
U.S. Treasury Bill 0.065%, 08/07/14 (c)		15,000,000		14,999,925
Repurchase Agreement—1.4%
Fixed Income Clearing Corp. Repurchase Agreement dated 06/30/14 at 0.000% to be repurchased at $17,693,020 on 07/01/14, collateralized by $17,960,000 U.S. Treasury Note at 0.625% due 08/15/16 with a value of $18,049,800.		17,693,020		17,693,020
Total Short-Term Investments (Cost $32,692,018)				32,692,945
Total Investments—100.2% (Cost $1,014,053,458) (d)				1,285,859,390
Other assets and liabilities (net)—(0.2)%				(2,122,811	)
Net Assets—100.0%			$	1,283,736,579

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

(a) Non-income producing security.

(b) Illiquid security. As of June 30, 2014, these securities represent 1.8% of net assets.

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

(d) As of June 30, 2014, the aggregate cost of investments was $1,014,053,458. The aggregate unrealized appreciation and depreciation of investments were $277,588,660 and $(5,782,728), respectively, resulting in net unrealized appreciation of $271,805,932.

See accompanying notes to financial statements.

MIST-6

Met Investors Series Trust

Third Avenue Small Cap Value Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

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 June 30, 2014:

Description	Level 1		Level 2		Level 3		Total
Common Stocks
Aerospace & Defense	$	11,698,430	$	—	$	—	$	11,698,430
Auto Components		24,650,245		—		—		24,650,245
Banks		90,856,957		—		—		90,856,957
Capital Markets		61,708,715		—		—		61,708,715
Chemicals		110,725,920		—		—		110,725,920
Commercial Services & Supplies		89,966,329		—		—		89,966,329
Communications Equipment		21,086,874		—		—		21,086,874
Construction & Engineering		24,657,730		—		—		24,657,730
Diversified Financial Services		11,323,343		15,040,315		—		26,363,658
Electrical Equipment		32,946,745		—		—		32,946,745
Electronic Equipment, Instruments & Components		51,808,491		—		—		51,808,491
Energy Equipment & Services		21,393,979		—		—		21,393,979
Food Products		36,970,809		—		—		36,970,809
Health Care Equipment & Supplies		19,330,080		—		—		19,330,080
Health Care Providers & Services		45,015,514		—		—		45,015,514
Health Care Technology		21,104,691		—		—		21,104,691
Hotels, Restaurants & Leisure		12,890,141		—		—		12,890,141
Insurance		69,505,622		—		—		69,505,622
Internet Software & Services		8,295,516		—		—		8,295,516
IT Services		99,248,062		—		—		99,248,062
Machinery		55,480,509		—		—		55,480,509
Media		46,116,759		—		—		46,116,759
Metals & Mining		40,848,837		—		—		40,848,837
Oil, Gas & Consumable Fuels		53,911,581		—		—		53,911,581
Paper & Forest Products		14,868,022		—		—		14,868,022
Professional Services		38,411,023		—		—		38,411,023
Real Estate Investment Trusts		44,345,191		—		—		44,345,191
Real Estate Management & Development		6,715,767		—		—		6,715,767
Software		26,326,492		—		—		26,326,492
Specialty Retail		9,766,398		—		—		9,766,398
Technology Hardware, Storage & Peripherals		9,360,558		—		—		9,360,558
Total Common Stocks		1,211,335,330		15,040,315		—		1,226,375,645
Total Investment Company Security		—		23,362,532		—		23,362,532
Total Preferred Stock*		3,428,268		—		—		3,428,268

See accompanying notes to financial statements.

MIST-7

Met Investors Series Trust

Third Avenue Small Cap Value Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Fair Value Hierarchy—(Continued)

Description	Level 1		Level 2		Level 3		Total
Short-Term Investments
U.S. Treasury	$	—	$	14,999,925	$	—	$	14,999,925
Repurchase Agreement		—		17,693,020		—		17,693,020
Total Short-Term Investments		—		32,692,945		—		32,692,945
Total Investments	$	1,214,763,598	$	71,095,792	$	—	$	1,285,859,390

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

MIST-8

Met Investors Series Trust

Third Avenue Small Cap Value Portfolio

Statement of Assets and Liabilities

June 30, 2014 (Unaudited)

Assets
Investments at value (a)	$	1,285,859,390
Receivable for:
Investments sold		101,000
Fund shares sold		81,778
Dividends		1,415,914
Total Assets		1,287,458,082
Liabilities
Payables for:
Investments purchased		1,227,267
Fund shares redeemed		1,422,649
Accrued expenses:
Management fees		758,733
Distribution and service fees		119,944
Deferred trustees’ fees		58,994
Other expenses		133,916
Total Liabilities		3,721,503
Net Assets	$	1,283,736,579
Net assets consist of:
Paid in surplus	$	838,716,521
Undistributed net investment income		1,586,464
Accumulated net realized gain		171,618,395
Unrealized appreciation on investments and foreign currency transactions		271,815,199
Net Assets	$	1,283,736,579
Net Assets
Class A	$	692,084,053
Class B		591,652,526
Capital Shares Outstanding*
Class A		32,957,477
Class B		28,340,027
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	21.00
Class B		20.88

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

(a) Identified cost of investments was $1,014,053,458.

Statement of Operations

Six Months Ended June 30, 2014 (Unaudited)

Investment Income
Dividends (a)	$	6,856,356
Interest		3,925
Total investment income		6,860,281
Expenses
Management fees		5,143,421
Administration fees		16,352
Custodian and accounting fees		74,448
Distribution and service fees—Class B		717,577
Audit and tax services		18,322
Legal		15,668
Trustees’ fees and expenses		22,085
Shareholder reporting		40,637
Insurance		4,668
Miscellaneous		8,182
Total expenses		6,061,360
Less management fee waiver		(101,732	)
Net expenses		5,959,628
Net Investment Income		900,653
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments		178,933,467
Futures contracts		(4,799,749	)
Foreign currency transactions		7,025
Net realized gain		174,140,743
Net change in unrealized appreciation (depreciation) on:
Investments		(125,694,022	)
Foreign currency transactions		2,545
Net change in unrealized depreciation		(125,691,477	)
Net realized and unrealized gain		48,449,266
Net Increase in Net Assets From Operations	$	49,349,919

(a) Net of foreign withholding taxes of $41,434.

See accompanying notes to financial statements.

MIST-9

Met Investors Series Trust

Third Avenue Small Cap Value Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2014 (Unaudited)			Year Ended December 31, 2013
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	900,653		$	4,045,638
Net realized gain		174,140,743			148,219,351
Net change in unrealized appreciation (depreciation)		(125,691,477	)		261,500,091
Increase in net assets from operations		49,349,919			413,765,080
From Distributions to Shareholders
Net investment income
Class A		(2,575,767	)		(10,601,597	)
Class B		(222,441	)		(5,533,642	)
Net realized capital gains
Class A		(37,064,844	)		0
Class B		(23,606,559	)		0
Total distributions		(63,469,611	)		(16,135,239	)
Decrease in net assets from capital share transactions		(239,074,216	)		(271,188,971	)
Total increase (decrease) in net assets		(253,193,908	)		126,440,870
Net Assets
Beginning of period		1,536,930,487			1,410,489,617
End of period	$	1,283,736,579		$	1,536,930,487
Undistributed net investment income
End of period	$	1,586,464		$	3,484,019

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2014 (Unaudited)						Year Ended December 31, 2013
	Shares			Value			Shares			Value
Class A
Sales		892,709		$	17,707,672			3,097,333		$	54,540,193
Reinvestments		2,008,136			39,640,611			632,931			10,601,597
Redemptions		(14,343,827	)		(284,985,532	)		(14,957,827	)		(267,751,157	)
Net decrease		(11,442,982	)	$	(227,637,249	)		(11,227,563	)	$	(202,609,367	)
Class B
Sales		950,117		$	19,072,476			2,229,564		$	39,879,025
Reinvestments		1,213,289			23,829,000			332,151			5,533,642
Redemptions		(2,680,473	)		(54,338,443	)		(6,196,104	)		(113,992,271	)
Net decrease		(517,067	)	$	(11,436,967	)		(3,634,389	)	$	(68,579,604	)
Decrease derived from capital shares transactions				$	(239,074,216	)				$	(271,188,971	)

See accompanying notes to financial statements.

MIST-10

Met Investors Series Trust

Third Avenue Small Cap Value Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2014 (Unaudited)			Year Ended December 31,
				2013			2012		2011			2010			2009
Net Asset Value, Beginning of Period	$	21.04		$	16.05		$	13.57	$	15.04		$	12.68		$	10.29
Income (Loss) from Investment Operations
Net investment income (a)		0.02			0.07			0.19		0.03			0.03			0.17
Net realized and unrealized gain (loss) on investments		0.85			5.14			2.29		(1.31	)		2.51			2.50
Total from investment operations		0.87			5.21			2.48		(1.28	)		2.54			2.67
Less Distributions
Distributions from net investment income		(0.06	)		(0.22	)		0.00		(0.19	)		(0.18	)		(0.16	)
Distributions from net realized capital gains		(0.85	)		0.00			0.00		0.00			0.00			(0.12	)
Total distributions		(0.91	)		(0.22	)		0.00		(0.19	)		(0.18	)		(0.28	)
Net Asset Value, End of Period	$	21.00		$	21.04		$	16.05	$	13.57		$	15.04		$	12.68
Total Return (%) (b)		4.40	(c)		32.81			18.28		(8.70	)		20.15			26.82
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.76	(d)		0.76			0.77		0.77			0.78			0.78
Net ratio of expenses to average net assets (%) (e)		0.75	(d)		0.74			0.76		0.77			0.78			0.78
Ratio of net investment income to average net assets (%)		0.21	(d)		0.37			1.29		0.17			0.22			1.62
Portfolio turnover rate (%)		22	(c)		46			46		48			11			13
Net assets, end of period (in millions)	$	692.1		$	934.0		$	892.7	$	755.1		$	580.3		$	727.2
	Class B
	Six Months Ended June 30, 2014 (Unaudited)			Year Ended December 31,
				2013			2012		2011			2010			2009
Net Asset Value, Beginning of Period	$	20.89		$	15.94		$	13.51	$	14.99		$	12.64		$	10.25
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.00	(f)		0.02			0.14		(0.02	)		0.02			0.16
Net realized and unrealized gain (loss) on investments		0.85			5.11			2.29		(1.30	)		2.48			2.48
Total from investment operations		0.85			5.13			2.43		(1.32	)		2.50			2.64
Less Distributions
Distributions from net investment income		(0.01	)		(0.18	)		0.00		(0.16	)		(0.15	)		(0.13	)
Distributions from net realized capital gains		(0.85	)		0.00			0.00		0.00			0.00			(0.12	)
Total distributions		(0.86	)		(0.18	)		0.00		(0.16	)		(0.15	)		(0.25	)
Net Asset Value, End of Period	$	20.88		$	20.89		$	15.94	$	13.51		$	14.99		$	12.64
Total Return (%) (b)		4.31	(c)		32.45			17.99		(8.98	)		19.90			26.45
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		1.01	(d)		1.01			1.02		1.02			1.03			1.03
Net ratio of expenses to average net assets (%) (e)		1.00	(d)		0.99			1.01		1.02			1.03			1.03
Ratio of net investment income (loss) to average net assets (%)		0.01	(d)		0.12			0.96		(0.11	)		0.15			1.46
Portfolio turnover rate (%)		22	(c)		46			46		48			11			13
Net assets, end of period (in millions)	$	591.7		$	602.9		$	517.8	$	531.6		$	640.1		$	549.9

(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) Periods less than one year are not computed on an annualized basis.

(d) Computed on an annualized basis.

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

(f) Net investment income (loss) was less than $0.01.

See accompanying notes to financial statements.

MIST-11

Met Investors Series Trust

Third Avenue Small Cap Value Portfolio

Notes to Financial Statements—June 30, 2014 (Unaudited)

1. Organization

Met Investors Series Trust (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 currently offers forty-seven series, each of which operates as a distinct investment vehicle of the Trust. The portfolio included in this report is Third Avenue Small 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 four classes of shares: Class A, B, C and E shares. Class A and B shares are currently offered by the Portfolio. 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 June 30, 2014 through the date the financial statements were issued.

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 (other than short term obligations with a remaining maturity of sixty days or less), 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 MetLife Advisers, LLC (“MetLife Advisers” or the “Adviser”), an affiliate of MetLife, Inc., pursuant to authorization of 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 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.

MIST-12

Met Investors Series Trust

Third Avenue Small Cap Value Portfolio

Notes to Financial Statements—June 30, 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, which 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 and futures contracts that are traded over-the-counter 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 has delegated the determination of the fair value of a security to a 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

MIST-13

Met Investors Series Trust

Third Avenue Small Cap Value Portfolio

Notes to Financial Statements—June 30, 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 Real Estate Investment Trust (REITs). 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 June 30, 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 Master Repurchase Agreement 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 June 30, 2014, the Portfolio had investments in repurchase agreements with a gross value of $17,693,020, 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 June 30, 2014.

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. Futures contracts are exchange-traded and 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 six months ended June 30, 2014, the Portfolio entered into equity index futures contracts which were subject to equity price risk. During the period April 22, 2014 through April 29, 2014, the Portfolio had bought and sold $207,808,268 in equity index futures contracts. At June 30, 2014, the Portfolio did not have any open futures contracts. For the six months ended June 30, 2014, the Portfolio had realized losses in the amount of $4,799,749 which are shown under Net realized loss on futures contracts in the Statement of Operations.

MIST-14

Met Investors Series Trust

Third Avenue Small Cap Value Portfolio

Notes to Financial Statements—June 30, 2014—(Continued)

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; 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 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 addendums 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 six months ended June 30, 2014 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	301,027,791	$	0	$	601,620,105

During the six months ended June 30, 2014, the Portfolio engaged in security transactions with other affiliated portfolios. These amounted to $9,924,283 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 six months ended June 30, 2014	% per annum			Average Daily Net Assets
$5,143,421		0.750	%	First $1 billion
		0.700	%	Over $1 billion

MIST-15

Met Investors Series Trust

Third Avenue Small Cap Value Portfolio

Notes to Financial Statements—June 30, 2014—(Continued)

MetLife Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. Third Avenue 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 reduction	Average Daily Net Assets
0.050%	Over $1 billion

An identical agreement was in place for the period April 29, 2013 through April 27, 2014. Amounts waived for the six months ended June 30, 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 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 Agreement and Plan - 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 Class B Shares. MIDC is a wholly-owned subsidiary of MetLife Investors Group, Inc., an affiliate of the Adviser. The Class B distribution plan provides that the Trust, on behalf of the Portfolio, may pay annually up to 0.50% of the average daily net assets of the Portfolio attributable to its Class B Shares with respect to activities primarily intended to result in the sale of Class B Shares. However, under the Class B distribution agreement, payments to the Distributor for activities pursuant to the Class B distribution plan are currently limited to payments at an annual rate equal to 0.25% of average daily net assets of the Portfolio attributable to its Class B Shares. Amounts incurred by the Portfolio for the six months ended June 30, 2014 are shown as Distribution and service fees in the Statement of Operations.

Under the terms of the Class B distribution plan and distribution agreement, the Portfolio is authorized to make payments monthly to the Distributor that may be used to pay or reimburse entities providing distribution and shareholder servicing with respect to the Class B Shares for such entities’ fees or expenses incurred.

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 Metropolitan Series Fund, 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, 2013 and 2012 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2013	2012		2013		2012		2013		2012
$16,135,239	$	—	$	—	$	—	$	16,135,239	$	—

As of December 31, 2013, 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
$3,856,608	$	59,361,082	$	395,975,943	$	—	$	459,193,633

MIST-16

Met Investors Series Trust

Third Avenue Small Cap Value Portfolio

Notes to Financial Statements—June 30, 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.

During the year ended December 31, 2013, the Portfolio utilized capital loss carryforwards of $88,486,091.

As of December 31, 2013, the Portfolio had no 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 January 1, 2015, and interim periods within those fiscal years. Management is evaluating the impact, if any, of this guidance on the Portfolio’s financial statement disclosures.

MIST-17

Met Investors Series Trust

WMC Large Cap Research Portfolio

Managed by Wellington Management Company, LLP

Portfolio Manager Commentary*

PERFORMANCE

For the six month period ended June 30, 2014, the Class A, B, and E shares of the WMC Large Cap Research Portfolio returned 7.02%, 6.89%, and 6.99%, respectively. The Portfolio’s benchmark, the Standard & Poor’s (S&P) 500 Index¹, returned 7.14%.

BlackRock Advisors, LLC was the Portfolio’s subadviser until February 2, 2014. The following portion of the commentary covers the period from January 1 through February 2, 2014. During that period, the Portfolio’s benchmark was the Russell 1000 Index².

MARKET ENVIRONMENT / CONDITIONS

During the period from January 1 to February 2, 2014, the Russell 1000 Index experienced declines in all sectors but two: Utilities and Health Care. The sectors within the Index that turned in the weakest performance over the period were Energy, Consumer Discretionary, and Consumer Staples.

PORTFOLIO REVIEW / CURRENT POSITIONING

The Portfolio outperformed the Russell 1000 Index during the year-to-date period ended February 2, 2014. Selection of stocks was beneficial in several areas, with notable strength in the media segment of the Consumer Discretionary sector and the Paper Products industry within the Materials sector. In the Industrials sector, stock selection and an overweight to Airlines was a strong contributor. The Portfolio’s overweight in the Health Care sector was also beneficial, as the sector was one of just two to post gains in the month. While the outperformance of the typically defensive Health Care sector in a down market month was not a surprise, the Consumer Staples sector’s underperformance was atypical. Thus, our underweight to Consumer Staples was additive. Positioning points that detracted were the Portfolio’s underweight to Utilities stocks and Real Estate Investment Trusts (REITs), as these segments posted gains for the period.

Peter Stournaras

Portfolio Manager

BlackRock Advisors, LLC

Wellington Management Company, LLP became subadviser to the Portfolio on February 3, 2014. The following portion of the commentary covers the period from February 3 through June 30, 2014. The Portfolio’s benchmark changed from the Russell 1000 Index to the S&P 500 Index when Wellington Management Company, LLP became subadviser.

MARKET ENVIRONMENT / CONDITIONS

Equities rebounded from January’s pullback and re-entered positive territory for the year. Further evidence of a eurozone economic recovery and improved sentiment regarding China, led by better-than-expected trade data, helped turn the tide. In the U.S., despite a myriad of adverse weather-influenced economic data, the S&P 500 Index rebounded in February. Despite a defensive, risk-off feel to the month of March, equities eked out a modest gain. Momentum stocks came under heightened scrutiny late in the month, which caused some market participants to question the staying power of the 5-year-old bull market. Overall, the second quarter marked the eighth consecutive quarter in which equities rallied. Robust merger and acquisition activity, along with accommodative monetary policy from central banks around the globe, aided bullish sentiment. However, six years after the global financial crisis, it is still hard to get the global credit cycle going. Despite tepid economic data out of Europe, a disappointing negative Gross Domestic Product (“GDP”) print in the U.S., and continued risks of a Chinese growth slowdown, investors continued to bid up stocks. Geopolitical clouds also continued to linger. While the worst of the Ukraine crisis appears to be behind us, the outbreak of a civil war in Iraq will likely have detrimental implications for oil prices.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Portfolio modestly trailed its benchmark, the S&P 500 Index, for the portion of the reporting period Wellington managed the Portfolio (February 3 to June 30, 2014). Stock selection within the Information Technology, Consumer Discretionary, and Industrials sectors detracted from relative results. This was partially offset by stronger selection within Consumer Staples, Health Care, and Materials. The latter half of March was challenging as many stocks the Portfolio owned in Information Technology and Consumer Discretionary, particularly those with greater exposure to Internet Retail, Software & Services, sold off during a broad market correction.

Pandora Media, Santander Consumer USA, and Facebook were among the stocks that detracted most during the period. Forest Labs, a position that was eliminated during the period following an acquisition by Actavis, Covidien, and Pioneer Natural Resources, were among the strongest contributors to relative results. Not owning Bank of America, a benchmark constituent that declined during the period, also contributed to benchmark relative performance.

MIST-1

Met Investors Series Trust

WMC Large Cap Research Portfolio

Managed by Wellington Management Company, LLP

Portfolio Manager Commentary*—(Continued)

The Portfolio is generally industry-neutral. However, at the stock-level the Portfolio had larger positions in names within the Retailing, Food & Beverage, and Insurance Brokerage industries, and less exposure to names in the Diversified Telecommunication Services, Diversified Financials, and Integrated Oil & Gas industries as of the end of the period.

Cheryl M. Duckworth

Mark D. Mandel

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 and 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 those of the subadvisory firm as of June 30, 2014 and 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 statements) 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 applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable annuity or insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

MIST-2

Met Investors Series Trust

WMC Large Cap Research Portfolio

A $10,000 INVESTMENT COMPARED TO THE S&P 500 INDEX & THE RUSSELL 1000 INDEX

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2014

	6 Month		1 Year		5 Year		10 Year		Since Inception3
WMC Large Cap Research Portfolio
Class A		7.02		27.79		17.42		7.57		—
Class B		6.89		27.54		17.15		—		4.57
Class E		6.99		27.69		17.27		—		4.67
S&P 500 Index		7.14		24.61		18.83		7.78		—
Russell 1000 Index		7.27		25.35		19.25		8.19		—

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 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.

³ Inception dates of the Class A, Class B and Class E shares are 3/23/1998, 4/30/2007 and 4/30/2007, 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 JUNE 30, 2014

Top Holdings

	% of Net Assets
Apple, Inc.		4.1
Wells Fargo & Co.		2.6
Citigroup, Inc.		2.3
Mondelez International, Inc. - Class A		1.6
Altria Group, Inc.		1.6
Exxon Mobil Corp.		1.5
PNC Financial Services Group, Inc. (The)		1.5
SPDR S&P 500 ETF Trust		1.5
Google, Inc. - Class C		1.5
Covidien plc		1.3

Top Sectors

	% of Net Assets
Financials		19.0
Information Technology		15.5
Health Care		13.9
Consumer Discretionary		13.2
Consumer Staples		11.1
Industrials		9.7
Energy		8.5
Utilities		4.9
Materials		3.9

MIST-3

Met Investors Series Trust

WMC Large Cap Research Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

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, January 1, 2014 through June 30, 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 Large Cap Research Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2014		Ending Account Value June 30, 2014		Expenses Paid During Period** January 1, 2014 to June 30, 2014
Class A(a)	Actual		0.53	%	$	1,000.00	$	1,070.20	$	2.72
	Hypothetical*		0.53	%	$	1,000.00	$	1,022.17	$	2.66
Class B(a)	Actual		0.78	%	$	1,000.00	$	1,068.90	$	4.00
	Hypothetical*		0.78	%	$	1,000.00	$	1,020.93	$	3.91
Class E(a)	Actual		0.68	%	$	1,000.00	$	1,069.90	$	3.49
	Hypothetical*		0.68	%	$	1,000.00	$	1,021.42	$	3.41

* 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 (181 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.

MIST-4

Met Investors Series Trust

WMC Large Cap Research Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Common Stocks—98.2% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—3.9%
Boeing Co. (The)		102,500	$	13,041,075
Honeywell International, Inc.		273,915		25,460,400
Lockheed Martin Corp.		82,240		13,218,435
Northrop Grumman Corp.		74,730		8,939,950
Raytheon Co.		110,940		10,234,215
United Technologies Corp.		206,125		23,797,131
				94,691,206
Air Freight & Logistics—0.3%
FedEx Corp.		45,300		6,857,514
UTi Worldwide, Inc.		80,300		830,302
				7,687,816
Airlines—0.4%
American Airlines Group, Inc. (a)		157,430		6,763,193
Delta Air Lines, Inc.		67,480		2,612,825
				9,376,018
Automobiles—0.6%
Harley-Davidson, Inc.		191,360		13,366,496
Banks—6.5%
Citigroup, Inc.		1,187,200		55,917,120
PNC Financial Services Group, Inc. (The)		398,460		35,482,863
Wells Fargo & Co.		1,185,860		62,328,801
Zions Bancorporation		116,240		3,425,593
				157,154,377
Beverages—2.6%
Anheuser-Busch InBev NV (ADR)		269,600		30,987,824
Diageo plc (ADR)		160,780		20,462,471
Monster Beverage Corp. (a)		162,770		11,561,553
				63,011,848
Biotechnology—2.1%
Alkermes plc (a)		197,120		9,921,050
Alnylam Pharmaceuticals, Inc. (a) (b)		12,520		790,888
Arena Pharmaceuticals, Inc. (a) (b)		372,940		2,185,428
Auspex Pharmaceuticals, Inc. (a) (b)		16,500		367,455
BioCryst Pharmaceuticals, Inc. (a) (b)		164,780		2,100,945
Exelixis, Inc. (a) (b)		227,730		772,005
Genocea Biosciences, Inc. (a) (b)		47,339		887,606
Gilead Sciences, Inc. (a)		103,750		8,601,912
GlycoMimetics, Inc. (a) (b)		99,511		838,878
Incyte Corp., Ltd. (a)		10,700		603,908
Ironwood Pharmaceuticals, Inc. (a) (b)		122,503		1,877,971
Karyopharm Therapeutics, Inc. (a) (b)		22,840		1,063,202
Kite Pharma, Inc. (a) (b)		24,800		717,216
Novavax, Inc. (a) (b)		165,270		763,547
NPS Pharmaceuticals, Inc. (a) (b)		45,980		1,519,639
PTC Therapeutics, Inc. (a)		38,340		1,002,208
Puma Biotechnology, Inc. (a) (b)		9,690		639,540
Regeneron Pharmaceuticals, Inc. (a)		42,920		12,123,612
Seattle Genetics, Inc. (a) (b)		15,330		586,373
Biotechnology—(Continued)
TESARO, Inc. (a) (b)		36,690	$	1,141,426
Trevena, Inc. (a) (b)		140,510		793,882
Ultragenyx Pharmaceutical, Inc. (a) (b)		8,180		367,200
Versartis, Inc. (a) (b)		11,600		325,264
				49,991,155
Capital Markets—1.8%
Ameriprise Financial, Inc.		134,300		16,116,000
Artisan Partners Asset Management, Inc. - Class A		15,548		881,261
BlackRock, Inc.		27,930		8,926,428
LPL Financial Holdings, Inc. (b)		59,170		2,943,116
Moelis & Co. (a)		34,556		1,161,427
Northern Trust Corp.		76,160		4,890,234
TD Ameritrade Holding Corp. (b)		110,190		3,454,456
Virtus Investment Partners, Inc. (a)		11,935		2,527,236
WisdomTree Investments, Inc. (a) (b)		157,600		1,947,936
				42,848,094
Chemicals—1.8%
Cabot Corp.		114,900		6,663,051
Celanese Corp. - Series A		130,430		8,384,040
Dow Chemical Co. (The)		185,600		9,550,976
LyondellBasell Industries NV - Class A		70,400		6,874,560
Sherwin-Williams Co. (The)		59,400		12,290,454
				43,763,081
Communications Equipment—1.1%
Juniper Networks, Inc. (a)		306,125		7,512,307
QUALCOMM, Inc.		233,100		18,461,520
				25,973,827
Construction & Engineering—0.1%
KBR, Inc.		133,685		3,188,387
Consumer Finance—0.6%
Santander Consumer USA Holdings, Inc.		778,010		15,124,514
Containers & Packaging—0.9%
Ball Corp.		272,990		17,111,013
Owens-Illinois, Inc. (a)		164,400		5,694,816
				22,805,829
Diversified Financial Services—0.2%
Intercontinental Exchange, Inc.		17,423		3,291,205
MSCI, Inc. (a)		61,370		2,813,814
				6,105,019
Electric Utilities—3.7%
Duke Energy Corp.		271,420		20,136,650
Edison International		144,420		8,392,246
Exelon Corp.		75,780		2,764,455
ITC Holdings Corp. (b)		92,690		3,381,331
NextEra Energy, Inc.		207,750		21,290,220
Northeast Utilities		105,960		5,008,729

See accompanying notes to financial statements.

MIST-5

Met Investors Series Trust

WMC Large Cap Research Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Electric Utilities—(Continued)
NRG Yield, Inc. - Class A (b)		62,800	$	3,268,740
OGE Energy Corp.		103,250		4,035,010
Southern Co. (The)		476,340		21,616,309
				89,893,690
Electrical Equipment—0.6%
Eaton Corp. plc		180,950		13,965,721
Energy Equipment & Services—1.0%
Baker Hughes, Inc.		28,810		2,144,905
Halliburton Co.		73,200		5,197,932
Nabors Industries, Ltd.		113,450		3,332,026
Oil States International, Inc. (a)		26,042		1,669,032
Patterson-UTI Energy, Inc.		127,020		4,438,079
Superior Energy Services, Inc.		223,153		8,064,749
				24,846,723
Food & Staples Retailing—1.9%
CVS Caremark Corp.		263,600		19,867,532
Sprouts Farmers Market, Inc. (a) (b)		213,015		6,969,851
Walgreen Co.		252,300		18,702,999
				45,540,382
Food Products—2.5%
Ingredion, Inc.		64,905		4,870,471
Kraft Foods Group, Inc.		128,920		7,728,754
Mondelez International, Inc. - Class A		1,035,620		38,949,668
Post Holdings, Inc. (a) (b)		61,300		3,120,783
SunOpta, Inc. (a)		333,388		4,694,103
				59,363,779
Health Care Equipment & Supplies—3.8%
Abbott Laboratories		117,680		4,813,112
Covidien plc		360,940		32,549,569
Medtronic, Inc.		419,440		26,743,495
St. Jude Medical, Inc.		248,720		17,223,860
Stryker Corp.		129,800		10,944,736
				92,274,772
Health Care Providers & Services—3.1%
Aetna, Inc.		214,830		17,418,416
Cardinal Health, Inc.		110,400		7,569,024
Cigna Corp.		109,128		10,036,502
HCA Holdings, Inc. (a)		272,700		15,374,826
McKesson Corp.		86,280		16,066,199
UnitedHealth Group, Inc.		100,424		8,209,662
				74,674,629
Hotels, Restaurants & Leisure—1.0%
Hilton Worldwide Holdings, Inc. (a)		263,545		6,140,598
Las Vegas Sands Corp.		50,440		3,844,537
Norwegian Cruise Line Holdings, Ltd. (a) (b)		91,510		2,900,867
Wyndham Worldwide Corp.		144,400		10,933,968
				23,819,970
Household Products—0.5%
Colgate-Palmolive Co.		163,370		11,138,567
Energizer Holdings, Inc.		700		85,421
				11,223,988
Independent Power and Renewable Electricity Producers—0.7%
Abengoa Yield plc (a)		9,300		351,726
Calpine Corp. (a)		300,410		7,152,762
NRG Energy, Inc.		155,360		5,779,392
Pattern Energy Group, Inc.		83,100		2,751,441
				16,035,321
Industrial Conglomerates—0.8%
Danaher Corp.		257,810		20,297,381
Insurance—5.6%
Aflac, Inc.		167,530		10,428,743
Allstate Corp. (The)		238,800		14,022,336
American International Group, Inc.		515,690		28,146,360
Aon plc		90,900		8,189,181
Hartford Financial Services Group, Inc. (The)		421,628		15,098,499
Marsh & McLennan Cos., Inc.		321,600		16,665,312
Principal Financial Group, Inc.		248,180		12,528,126
Prudential Financial, Inc.		164,200		14,576,034
XL Group plc		452,500		14,810,325
				134,464,916
Internet & Catalog Retail—2.5%
Amazon.com, Inc. (a)		75,110		24,394,226
Netflix, Inc. (a)		10,845		4,778,307
Priceline Group, Inc. (The) (a)		25,560		30,748,680
				59,921,213
Internet Software & Services—3.2%
Akamai Technologies, Inc. (a)		125,229		7,646,483
Envestnet, Inc. (a)		54,507		2,666,482
Facebook, Inc. - Class A (a)		167,270		11,255,598
Google, Inc. - Class A (a)		34,080		19,925,554
Google, Inc. - Class C (a)		60,984		35,082,876
Pandora Media, Inc. (a) (b)		64,461		1,901,599
				78,478,592
IT Services—3.5%
Accenture plc - Class A		182,158		14,725,653
Automatic Data Processing, Inc.		200,700		15,911,496
Cognizant Technology Solutions Corp. - Class A (a)		233,213		11,406,448
EVERTEC, Inc.		146,120		3,541,949
Global Payments, Inc.		64,510		4,699,553
Heartland Payment Systems, Inc. (b)		149,447		6,158,711
Visa, Inc. - Class A		102,585		21,615,685
WEX, Inc. (a) (b)		66,662		6,997,510
				85,057,005
Leisure Products—0.1%
Arctic Cat, Inc. (b)		66,305		2,613,743

See accompanying notes to financial statements.

MIST-6

Met Investors Series Trust

WMC Large Cap Research Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Life Sciences Tools & Services—0.3%
Agilent Technologies, Inc.		108,300	$	6,220,752
Machinery—1.9%
Dover Corp.		119,380		10,857,611
Illinois Tool Works, Inc.		209,440		18,338,566
Luxfer Holdings plc (ADR) (b)		129,900		2,461,605
Pentair plc		201,240		14,513,429
				46,171,211
Media—3.8%
Charter Communications, Inc. - Class A (a)		64,900		10,278,862
Comcast Corp. - Class A		406,550		21,823,604
DIRECTV (a)		330,540		28,099,206
DreamWorks Animation SKG, Inc. - Class A (a) (b)		126,520		2,942,855
Interpublic Group of Cos., Inc. (The)		259,149		5,055,997
Markit, Ltd. (a)		97,200		2,622,456
Time Warner, Inc.		33,105		2,325,629
Walt Disney Co. (The)		220,555		18,910,386
				92,058,995
Metals & Mining—0.3%
Allegheny Technologies, Inc.		56,900		2,566,190
Carpenter Technology Corp.		70,000		4,427,500
Nucor Corp.		19,775		973,919
Universal Stainless & Alloy Products, Inc. (a) (b)		13,335		433,121
				8,400,730
Multi-Utilities—0.5%
Ameren Corp.		139,250		5,692,540
PG&E Corp.		152,700		7,332,654
				13,025,194
Multiline Retail—0.7%
Dollar Tree, Inc. (a)		299,675		16,320,301
Oil, Gas & Consumable Fuels—7.5%
Alon USA Energy, Inc. (b)		527,400		6,560,856
Anadarko Petroleum Corp.		178,826		19,576,082
Cabot Oil & Gas Corp.		347,380		11,859,553
Chevron Corp.		133,440		17,420,592
Cobalt International Energy, Inc. (a)		1,142,891		20,972,050
Concho Resources, Inc. (a)		20,330		2,937,685
CONSOL Energy, Inc.		124,200		5,721,894
Enbridge, Inc.		415,470		19,722,361
Exxon Mobil Corp.		360,270		36,271,984
Gulfport Energy Corp. (a)		91,845		5,767,866
HollyFrontier Corp. (b)		82,755		3,615,566
Laredo Petroleum, Inc. (a) (b)		121,720		3,770,886
Pioneer Natural Resources Co.		70,830		16,277,442
Spectra Energy Corp.		79,185		3,363,779
Williams Cos., Inc. (The)		116,740		6,795,435
				180,634,031
Paper & Forest Products—0.8%
Boise Cascade Co. (a)		207,434		5,940,910
International Paper Co.		247,700		12,501,419
				18,442,329
Personal Products—0.4%
Coty, Inc. - Class A (b)		354,220		6,067,789
Nu Skin Enterprises, Inc. - Class A		54,490		4,030,080
				10,097,869
Pharmaceuticals—4.7%
Achaogen, Inc. (a)		60,140		839,554
Actavis plc (a)		65,960		14,712,378
Aerie Pharmaceuticals, Inc. (a) (b)		33,190		822,116
Bristol-Myers Squibb Co.		521,430		25,294,569
Eli Lilly & Co.		199,030		12,373,695
Johnson & Johnson		237,700		24,868,174
Merck & Co., Inc.		473,810		27,409,909
Relypsa, Inc. (a) (b)		51,090		1,242,509
Tetraphase Pharmaceuticals, Inc. (a) (b)		55,990		755,305
Zoetis, Inc.		175,720		5,670,485
				113,988,694
Professional Services—1.2%
Equifax, Inc.		119,497		8,668,313
Manpowergroup, Inc.		75,040		6,367,144
Nielsen Holdings NV		159,810		7,736,402
Robert Half International, Inc.		30,730		1,467,050
TriNet Group, Inc. (a)		157,075		3,780,795
				28,019,704
Real Estate Investment Trusts—2.8%
American Tower Corp.		184,809		16,629,114
AvalonBay Communities, Inc.		91,480		13,007,541
Public Storage		31,670		5,426,654
Simon Property Group, Inc.		91,184		15,162,076
SL Green Realty Corp.		57,060		6,242,935
Weyerhaeuser Co. (b)		350,770		11,606,979
				68,075,299
Road & Rail—0.4%
Genesee & Wyoming, Inc. - Class A (a)		18,930		1,987,650
J.B. Hunt Transport Services, Inc. (b)		30,570		2,255,455
Kansas City Southern		32,910		3,538,154
Swift Transportation Co. (a) (b)		53,460		1,348,796
				9,130,055
Semiconductors & Semiconductor Equipment—1.7%
Applied Materials, Inc.		321,420		7,248,021
First Solar, Inc. (a) (b)		13,360		949,362
Freescale Semiconductor, Ltd. (a) (b)		968,673		22,763,815
Intel Corp.		199,680		6,170,112
Lam Research Corp.		45,760		3,092,461
Maxim Integrated Products, Inc.		56,030		1,894,374
				42,118,145

See accompanying notes to financial statements.

MIST-7

Met Investors Series Trust

WMC Large Cap Research Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Software—1.3%
Activision Blizzard, Inc.		474,380	$	10,578,674
Cadence Design Systems, Inc. (a) (b)		73,310		1,282,192
Microsoft Corp.		450,390		18,781,263
				30,642,129
Specialty Retail—3.6%
Advance Auto Parts, Inc.		100,710		13,587,793
AutoZone, Inc. (a)		39,180		21,009,883
Lowe’s Cos., Inc.		643,080		30,861,409
Ross Stores, Inc.		200,490		13,258,404
Signet Jewelers, Ltd.		77,870		8,611,644
				87,329,133
Technology Hardware, Storage & Peripherals—4.6%
Apple, Inc.		1,073,781		99,786,468
Western Digital Corp.		132,340		12,214,982
				112,001,450
Textiles, Apparel & Luxury Goods—0.9%
PVH Corp.		67,825		7,908,395
Ralph Lauren Corp.		87,820		14,111,796
				22,020,191
Tobacco—3.3%
Altria Group, Inc.		899,370		37,719,578
Lorillard, Inc.		325,770		19,862,197
Philip Morris International, Inc.		252,670		21,302,607
				78,884,382
Trading Companies & Distributors—0.1%
NOW, Inc. (a) (b)		63,410		2,296,076
Total Common Stocks (Cost $2,202,423,787)				2,373,436,162
Investment Company Security—1.5%
SPDR S&P 500 ETF Trust (Cost $34,888,408)		180,105		35,250,151
Short-Term Investments—4.9%
Security Description	Shares/ Principal Amount*		Value
Mutual Fund—4.1%
State Street Navigator Securities Lending MET Portfolio (c)		100,176,423	$	100,176,423
Repurchase Agreement—0.8%
Fixed Income Clearing Corp. Repurchase Agreement dated 06/30/14 at 0.000% to be repurchased at $20,023,998 on 07/01/14, collateralized by $19,955,000 U.S. Treasury Note at 1.750% due 07/31/15 with a value of $20,428,931.		20,023,998		20,023,998
Total Short-Term Investments (Cost $120,200,421)				120,200,421
Total Investments—104.6% (Cost $2,357,512,616) (d)				2,528,886,734
Other assets and liabilities (net)—(4.6)%				(110,532,534	)
Net Assets—100.0%			$	2,418,354,200

* 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 June 30, 2014, the market value of securities loaned was $98,363,146 and the collateral received consisted of cash in the amount of $100,176,423. The cash collateral is invested in a money market fund managed by an affiliate of the custodian.

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

(d) As of June 30, 2014, the aggregate cost of investments was $2,357,512,616. The aggregate unrealized appreciation and depreciation of investments were $190,302,661 and $(18,928,543), respectively, resulting in net unrealized appreciation of $171,374,118.

(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.

(ETF)— Exchange-Traded Fund

See accompanying notes to financial statements.

MIST-8

Met Investors Series Trust

WMC Large Cap Research Portfolio

Schedule of Investments as of June 30, 2014 (Unaudited)

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 June 30, 2014:

Description	Level 1		Level 2			Level 3		Total
Total Common Stocks*	$	2,373,436,162	$	—		$	—	$	2,373,436,162
Total Investment Company Security		35,250,151		—			—		35,250,151
Short-Term Investments
Mutual Fund		100,176,423		—			—		100,176,423
Repurchase Agreement		—		20,023,998			—		20,023,998
Total Short-Term Investments		100,176,423		20,023,998			—		120,200,421
Total Investments	$	2,508,862,736	$	20,023,998		$	—	$	2,528,886,734
Collateral for securities loaned (Liability)	$	—	$	(100,176,423	)	$	—	$	(100,176,423	)

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

MIST-9

Met Investors Series Trust

WMC Large Cap Research Portfolio

Statement of Assets and Liabilities

June 30, 2014 (Unaudited)

Assets
Investments at value (a) (b)	$	2,528,886,734
Cash		72,400
Receivable for:
Investments sold		32,950,762
Fund shares sold		15,211
Dividends		2,395,765
Prepaid expenses		493
Total Assets		2,564,321,365
Liabilities
Collateral for securities loaned		100,176,423
Payables for:
Investments purchased		43,525,264
Fund shares redeemed		952,912
Accrued expenses:
Management fees		956,087
Distribution and service fees		39,136
Deferred trustees’ fees		58,994
Other expenses		258,349
Total Liabilities		145,967,165
Net Assets	$	2,418,354,200
Net assets consist of:
Paid in surplus	$	2,128,328,395
Undistributed net investment income		9,317,214
Accumulated net realized gain		109,334,473
Unrealized appreciation on investments		171,374,118
Net Assets	$	2,418,354,200
Net Assets
Class A	$	2,191,204,391
Class B		135,368,696
Class E		91,781,113
Capital Shares Outstanding*
Class A		160,731,755
Class B		10,078,207
Class E		6,774,025
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	13.63
Class B		13.43
Class E		13.55

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

(a) Identified cost of investments was $2,357,512,616.

(b) Includes securities loaned at value of $98,363,146.

Statement of Operations

Six Months Ended June 30, 2014 (Unaudited)

Investment Income
Dividends (a)	$	13,955,508
Securities lending income		158,121
Total investment income		14,113,629
Expenses
Management fees		4,690,230
Administration fees		19,025
Custodian and accounting fees		50,367
Distribution and service fees—Class B		163,915
Distribution and service fees—Class E		68,339
Audit and tax services		17,345
Legal		28,530
Trustees’ fees and expenses		22,085
Shareholder reporting		112,688
Insurance		3,787
Miscellaneous		7,372
Total expenses		5,183,683
Less management fee waiver		(596,914	)
Less broker commission recapture		(10,940	)
Net expenses		4,575,829
Net Investment Income		9,537,800
Net Realized and Unrealized Gain
Net realized gain (loss) on:
Investments		294,932,231
Futures contracts		(287,322	)
Foreign currency transactions		(470	)
Net realized gain		294,644,439
Net change in unrealized depreciation on investments		(159,754,559	)
Net realized and unrealized gain		134,889,880
Net Increase in Net Assets From Operations	$	144,427,680

(a) Net of foreign withholding taxes of $119,888.

See accompanying notes to financial statements.

MIST-10

Met Investors Series Trust

WMC Large Cap Research Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2014 (Unaudited)			Year Ended December 31, 2013
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	9,537,800		$	11,583,717
Net realized gain		294,644,439			125,234,656
Net change in unrealized appreciation (depreciation)		(159,754,559	)		209,063,155
Increase in net assets from operations		144,427,680			345,881,528
From Distributions to Shareholders
Net investment income
Class A		(9,997,703	)		(13,732,623	)
Class B		(973,334	)		(1,450,254	)
Class E		(735,714	)		(1,130,845	)
Total distributions		(11,706,751	)		(16,313,722	)
Increase (decrease) in net assets from capital share transactions		998,048,469			(104,463,849	)
Total increase in net assets		1,130,769,398			225,103,957
Net Assets
Beginning of period		1,287,584,802			1,062,480,845
End of period	$	2,418,354,200		$	1,287,584,802
Undistributed net investment income
End of period	$	9,317,214		$	11,486,165

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2014 (Unaudited)						Year Ended December 31, 2013
	Shares			Value			Shares			Value
Class A
Sales		81,936,005		$	1,059,676,121			1,426,710		$	15,892,760
Reinvestments		787,841			9,997,703			1,343,701			13,732,623
Redemptions		(4,524,557	)		(59,127,696	)		(10,114,518	)		(112,671,840	)
Net increase (decrease)		78,199,289		$	1,010,546,128			(7,344,107	)	$	(83,046,457	)
Class B
Sales		622,837		$	7,942,708			1,404,397		$	15,446,313
Reinvestments		77,805			973,334			143,874			1,450,254
Redemptions		(1,052,606	)		(13,532,233	)		(2,416,426	)		(26,460,596	)
Net decrease		(351,964	)	$	(4,616,191	)		(868,155	)	$	(9,564,029	)
Class E
Sales		172,147		$	2,218,452			597,301		$	6,591,050
Reinvestments		58,297			735,714			111,304			1,130,845
Redemptions		(836,408	)		(10,835,634	)		(1,769,279	)		(19,575,258	)
Net decrease		(605,964	)	$	(7,881,468	)		(1,060,674	)	$	(11,853,363	)
Increase (decrease) derived from capital shares transactions				$	998,048,469					$	(104,463,849	)

See accompanying notes to financial statements.

MIST-11

Met Investors Series Trust

WMC Large Cap Research Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2014 (Unaudited)			Year Ended December 31,
				2013			2012			2011			2010			2009
Net Asset Value, Beginning of Period	$	12.86		$	9.71		$	8.65		$	8.70		$	7.82		$	6.67
Income (Loss) from Investment Operations
Net investment income (a)		0.08			0.11			0.14			0.11			0.10			0.09
Net realized and unrealized gain (loss) on investments		0.81			3.20			1.03			(0.06	)		0.89			1.17
Total from investment operations		0.89			3.31			1.17			0.05			0.99			1.26
Less Distributions
Distributions from net investment income		(0.12	)		(0.16	)		(0.11	)		(0.10	)		(0.11	)		(0.11	)
Total distributions		(0.12	)		(0.16	)		(0.11	)		(0.10	)		(0.11	)		(0.11	)
Net Asset Value, End of Period	$	13.63		$	12.86		$	9.71		$	8.65		$	8.70		$	7.82
Total Return (%) (b)		7.02	(c)		34.49			13.59			0.46			12.64			19.34
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.61	(d)		0.62			0.64			0.64			0.64			0.65
Net ratio of expenses to average net assets (%) (e)(f)		0.53	(d)		0.60			0.63			0.63			0.64			0.65
Ratio of net investment income to average net assets (%)		1.21	(d)		1.03			1.54			1.20			1.21			1.39
Portfolio turnover rate (%)		101	(c)		42			103			98			133			130
Net assets, end of period (in millions)	$	2,191.2		$	1,061.3		$	873.0		$	853.3		$	939.4		$	923.5
	Class B
	Six Months Ended June 30, 2014 (Unaudited)			Year Ended December 31,
				2013			2012			2011			2010			2009
Net Asset Value, Beginning of Period	$	12.66		$	9.56		$	8.52		$	8.58		$	7.72		$	6.58
Income (Loss) from Investment Operations
Net investment income (a)		0.06			0.09			0.12			0.09			0.08			0.07
Net realized and unrealized gain (loss) on investments		0.81			3.14			1.01			(0.07	)		0.87			1.16
Total from investment operations		0.87			3.23			1.13			0.02			0.95			1.23
Less Distributions
Distributions from net investment income		(0.10	)		(0.13	)		(0.09	)		(0.08	)		(0.09	)		(0.09	)
Total distributions		(0.10	)		(0.13	)		(0.09	)		(0.08	)		(0.09	)		(0.09	)
Net Asset Value, End of Period	$	13.43		$	12.66		$	9.56		$	8.52		$	8.58		$	7.72
Total Return (%) (b)		6.89	(c)		34.17			13.32			0.18			12.36			19.10
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.86	(d)		0.87			0.89			0.89			0.89			0.90
Net ratio of expenses to average net assets (%) (e)(f)		0.78	(d)		0.85			0.88			0.88			0.89			0.90
Ratio of net investment income to average net assets (%)		0.86	(d)		0.78			1.29			0.99			0.98			1.11
Portfolio turnover rate (%)		101	(c)		42			103			98			133			130
Net assets, end of period (in millions)	$	135.4		$	132.0		$	108.1		$	99.0		$	79.3		$	56.6

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

MIST-12

Met Investors Series Trust

WMC Large Cap Research Portfolio

Financial Highlights

Selected per share data
	Class E
	Six Months Ended June 30, 2014 (Unaudited)			Year Ended December 31,
				2013			2012			2011			2010			2009
Net Asset Value, Beginning of Period	$	12.77		$	9.65		$	8.59		$	8.65		$	7.77		$	6.62
Income (Loss) from Investment Operations
Net investment income (a)		0.06			0.10			0.13			0.09			0.08			0.08
Net realized and unrealized gain (loss) on investments		0.83			3.16			1.03			(0.06	)		0.89			1.16
Total from investment operations		0.89			3.26			1.16			0.03			0.97			1.24
Less Distributions
Distributions from net investment income		(0.11	)		(0.14	)		(0.10	)		(0.09	)		(0.09	)		(0.09	)
Total distributions		(0.11	)		(0.14	)		(0.10	)		(0.09	)		(0.09	)		(0.09	)
Net Asset Value, End of Period	$	13.55		$	12.77		$	9.65		$	8.59		$	8.65		$	7.77
Total Return (%) (b)		6.99	(c)		34.17			13.51			0.21			12.58			19.20
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.76	(d)		0.77			0.79			0.79			0.79			0.80
Net ratio of expenses to average net assets (%) (e)(f)		0.68	(d)		0.75			0.78			0.78			0.79			0.80
Ratio of net investment income to average net assets (%)		0.96	(d)		0.88			1.39			1.04			1.06			1.23
Portfolio turnover rate (%)		101	(c)		42			103			98			133			130
Net assets, end of period (in millions)	$	91.8		$	94.3		$	81.4		$	94.8		$	105.2		$	101.8

(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) Periods less than one year are not computed on an annualized basis.

(d) Computed on an annualized basis.

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

(f) The effect of the voluntary portion of the waiver was 0.03% for the six months ended June 30, 2014 (see Note 6 of the Notes to Financial Statements).

See accompanying notes to financial statements.

MIST-13

Met Investors Series Trust

WMC Large Cap Research Portfolio

Notes to Financial Statements—June 30, 2014 (Unaudited)

1. Organization

Met Investors Series Trust (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 currently offers forty-seven series, each of which operates as a distinct investment vehicle of the Trust. The portfolio included in this report is WMC Large Cap Research 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 Large Cap Core Portfolio to the WMC Large Cap Research 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 four classes of shares: Class A, B, C and E shares. Class A, B and E shares are currently offered by the Portfolio. 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 June 30, 2014 through the date the financial statements were issued.

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 (other than short term obligations with a remaining maturity of sixty days or less), 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 MetLife Advisers, LLC (“MetLife Advisers” or the “Adviser”), an affiliate of MetLife, Inc., pursuant to authorization of 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 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.

MIST-14

Met Investors Series Trust

WMC Large Cap Research Portfolio

Notes to Financial Statements—June 30, 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, which 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 and futures contracts that are traded over-the-counter 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 has delegated the determination of the fair value of a security to a 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

MIST-15

Met Investors Series Trust

WMC Large Cap Research Portfolio

Notes to Financial Statements—June 30, 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 adjustment. 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 June 30, 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 Master Repurchase Agreement 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 June 30, 2014, the Portfolio had investments in repurchase agreements with a gross value of $20,023,998, 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 June 30, 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. 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 at least equal to 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 six months ended June 30, 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 June 30, 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 June 30, 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 has agreed to indemnify the Portfolio in the case of default of any securities borrower.

MIST-16

Met Investors Series Trust

WMC Large Cap Research Portfolio

Notes to Financial Statements—June 30, 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. Futures contracts are exchange-traded and 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 six months ended June 30, 2014, the Portfolio entered into equity index futures contracts which were subject to equity price risk. During the period April 29, 2014 through May 2, 2014, the Portfolio had bought and sold $683,792,780 in equity index futures contracts. At June 30, 2014, the Portfolio did not have any open futures contracts. For the six months ended June 30, 2014, the Portfolio had realized losses in the amount of $287,322 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; 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 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.

MIST-17

Met Investors Series Trust

WMC Large Cap Research Portfolio

Notes to Financial Statements—June 30, 2014—(Continued)

Customer Account Agreements and related addendums 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 six months ended June 30, 2014 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	2,756,068,372	$	0	$	1,753,618,026

During the six months ended June 30, 2014, the Portfolio engaged in security transactions with other affiliated portfolios. These amounted to $357,450,365 in purchases and $3,825,820 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 six months ended June 30, 2014	% per annum			Average Daily Net Assets
$4,690,230		0.625	%	First $250 million
		0.600	%	$250 million to $500 million
		0.575	%	$500 million to $1 billion
		0.550	%	$1 billion to $2 billion
		0.500	%	Over $2 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.

Management Fee Waiver - Pursuant to a management fee waiver agreement, MetLife Advisers has agreed, for the period February 3, 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
0.070%	First $250 million
0.045%	$250 million to $2 billion
(0.005%)	$2 billion to $19.25 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 reduction	Average Daily Net Assets
0.025%	$500 million to $2 billion

Amounts waived for the six months ended June 30, 2014 amounted to $329,665 and are included in the total amount shown as management fee waivers in the Statement of Operations.

MIST-18

Met Investors Series Trust

WMC Large Cap Research Portfolio

Notes to Financial Statements—June 30, 2014—(Continued)

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 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. $267,249 was waived in the aggregate for the six months ended June 30, 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 Agreements and Plans - The Trust has distribution agreements with MetLife Investors Distribution Company (“MIDC” or the “Distributor”) in which MIDC serves as the distributor for the Portfolio’s Class A, Class B and Class E Shares. MIDC is a wholly-owned subsidiary of MetLife Investors Group, Inc., an affiliate of the Adviser. The Class B and Class E distribution plans provide that the Trust, on behalf of the Portfolio, may pay annually up to 0.50% and 0.25%, respectively, of the average daily net assets of the Portfolio attributable to its Class B and Class E Shares with respect to activities primarily intended to result in the sale of Class B and Class E Shares. However, under the Class B and Class E distribution agreements, payments to the Distributor for activities pursuant to the Class B and Class E distribution plans are currently limited to payments at an annual rate equal to 0.25% and 0.15% of average daily net assets of the Portfolio attributable to its Class B and Class E Shares, respectively. Amounts incurred by the Portfolio for the six months ended June 30, 2014 are shown as Distribution and service fees in the Statement of Operations.

Under the terms of the Class B and Class E distribution plans and distribution agreements, the Portfolio is authorized to make payments monthly to the Distributor that may be used to pay or reimburse entities providing distribution and shareholder servicing with respect to the Class B and Class E Shares for such entities’ fees or expenses incurred.

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 Metropolitan Series Fund, 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, 2013 and 2012 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2013	2012		2013		2012		2013		2012
$16,313,722	$	12,903,067	$	—	$	—	$	16,313,722	$	12,903,067

As of December 31, 2013, 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
$11,540,050	$	—	$	324,744,232	$	(178,925,520	)	$	157,358,762

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.

MIST-19

Met Investors Series Trust

WMC Large Cap Research Portfolio

Notes to Financial Statements—June 30, 2014—(Continued)

During the year ended December 31, 2013, the Portfolio utilized capital loss carryforwards of $121,618,864.

As of December 31, 2013, the Portfolio had no post-enactment accumulated capital losses and the pre-enactment accumulated capital loss carryforwards and expiration dates were as follows:

Expiring
12/31/2017

$178,925,520

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 January 1, 2015, and interim periods within those fiscal years. Management is evaluating the impact, if any, of this guidance on the Portfolio’s financial statement disclosures.

MIST-20

Item 2. Code of Ethics.

Item applicable only to annual report on Form N-CSR.

Item 3. Audit Committee Financial Expert.

Item applicable only to annual report on Form N-CSR.

Item 4. Principal Accountant Fees and Services.

Item applicable only to annual report on Form N-CSR.

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) Not applicable.

(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.

MET INVESTORS SERIES TRUST

By:	/s/ Elizabeth M. Forget
	Elizabeth M. Forget
	President and Chief Executive Officer

Date: September 4, 2014

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: September 4, 2014

By:	/s/ Peter H. Duffy
	Peter H. Duffy
	Chief Financial Officer and Treasurer

Date: September 4, 2014